-Company No. 3838253 Charity No.

1077365

Psychosynthesis and Education 'Trust Financial Statements

31 August 2009

sayervtncent
consultants and auditors

Psychosynthesis and Education Trust Reference & Administration Details For the year ended 31 August 2009 Company number Charity number 3838253 1077365

Registered office and operational address

92-94 Toole) Street LONDON SE1 2TH

Trustees

Lady Diana 1Jhitmore Brenda Squi es Chris Burge: 3 Hugh Lee A; ar Peter Hein Emma Red Michael Sh&:i Helen Sieroc 3 John Shiers Barry Bartm,, n Keith Silvest r Jim Wallmar

President Chair Treasurer

(resigned September 2009)

(appointed 18 March 2010)

(resigned 18 March 2010) (appointed 18 March 2010) Director of Programmes Director of Operations and Development and Company Secretary

Principal staff

Bankers

Barclays Ba r k PLC Southwark Branch 29 Borough I ligh Street London SE1 1 LY

Solicitors

Bates, Wells & Braithwaite London LLP 2-6 Cannon ')treet

London EC4M 6YH

Auditors

Sayer Vincei t Chartered A( countants Registered F iditors 8 Angel Gate City Road London EC1 V 2SJ

Psychosynthesis and Education Trust Report of the Trustees

For the year ended 31 August 2009

The Trustees of Psychosynthesis and Education Trust, who are also the Directors of the charitable company, present their annual report and the audited financial statements for the year ended 31 August 2009. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities.

A word from the Chair:

Old wine in new casks: the challenge to renew The downturn in the economy has caused many businesses to go to the wall and companies to make across-the-board redundancies. Charities are receiving fewer donations and the general demand on all organisations is to look carefully at costs and expenditure, making economies where they can. At the Trust we, too, have felt the pinch. With student numbers down we realised we would not be sustainable unless we did some serious restructuring.

In line with this we, as a board, needed to take swift action in order to satisfy our auditors that we represented a going concern and to satisfy the bank that we had a sound business plan which meant not only that we could ride out the present financial crisis but that we would be viable into the foreseeable future.
We are now part way through this restructuring. Times of change can be very difficult and decisions made do not always meet with approval. As the adage goes: If it ain't broke, don't fix it.' There was and is so much about PET that is hugely successful. Student feedback about the training and trainers is consistently good. We enjoy a good reputation. However as a business model PET left a lot to be desired. Despite the fact that the rentals from the building subsidise the training to the tune of a hundred thousand pounds per annum, in lean years we create an unacceptable deficit because the organisation is not being run in the most efficient way. The challenge before us is how to put the organisation and training on a sound financial footing at the same time as maintaining the good name that PET has built up over the years. In addition to this we want to develop the activities, courses and partnerships that PET is involved in. There are several measures it was necessary to take. Firstly, in order to devise and see through a sound business and organisational plan to secure the bank loan we needed, we streamlined the management and created a single director. Jim Wallman, with his experience in management and charity work, has been doing a fine job here. Secondly, we looked at how the training is carried out. Now we have excellent trainers and they represent the core of the work. But they are hired on a freelance basis and over time this has become unwieldy and costly. We decided to alter the way we deliver the courses by switching, in an incremental fashion, to a staff trainer system whereby a core of trainers are employed to carry out the bulk of the training. This will not only greatly save costs but it will make it easier to build a team of trainers who are involved in the development of courses and who have direct representation on the Trustee board. We hope this will further enhance the talents, skills and experience of the trainers as a group. Peripatetic trainers will continue to be used for specialist areas.

Psychosynthesis and Education Trust Report of the Trustees

For the year ended 31 August 2009

In addition we are undertaking a review 1 the curriculum. This will happen over the coming months and is due for completion some time in 2:)11. A curriculum subcommittee including trainers, Trustees and senior management will oversee th s process. The subcommittee has already taken on board recommendations of the programme boe d. It will review the basic training programme, seeing where it might become leaner without losing thE heart and essence of psychosynthesis. Any revised training programme will fully meet BACP ar j UKCP requirements. We will see how the Applied Psychosynthesis course might be moulc d to offer tools and perspectives applicable in varied fields such as education and health care. As part of the activity of the development subcommittee we plan to devise short courses for use in business and external organisations. The Continuing Development Programme will adapt to people's percei! ed training and growth needs. If we step back and look at the larger pi( ture of today's economic crisis it is not all bad. As a society we are being made to question our unthinking pursuit of economic growth and materialism. As our security and known structures are challr nged we become less complacent and more conscious of basic values, so we ask ourselves what s really important. It becomes essential to reframe financial challenges as opportunities for new gro\n :h.

Within PET we have been forced to exa nine where the fault lines lie. One that has become evident over recent months is a split running hrough the organisation whereby the training is see'l as separate from the administration, almos. as though there are two 'camps' or 'sides.' Viewed more closely this is a false perception. Withou a sound administrative and organisational base we cannot offer well-run courses and service our s,idents. By the same token without experienced and skilled trainers we will have no programme to offer. One of the challenges we face at this juncture is a healing of the split between the various f nctions that collectively make up the 'being' that is PET.
There are areas that can and will be fur ier developed. Marketing is one of these. For example, we have had several requests for informatici from people who have been made redundant and want to retrain. How could we reach more of the, ,e people? How can we accommodate their needs? Research is another exciting area. I hz 'Knowing me? Knowing you?' in Septe informative. The new developments in n and its 'whole-brained' approach. We co Development need to become an integn the work in this direction and we welcorr to the curriculum subcommittee. d the privilege of attending the excellent PET conference -nber 2009. The conference was hugely stimulating and uroscience are relevant to the practice of psychosynthesis Id be at the forefront of these developments. Research and I part of our programme. Keith Silvester will be heading up a his skills and input. Keith will also be acting as consLltant

Our sister organisations World Youth Service Enterprise (WYSE) and Children Our Ultimate Investment (COUI) are respectively train ng young people for leadership and providing an innovative approach for working with young peoplE who have slipped through the educational and vocational net. As the Charity Commission looks mure carefully at how designated charities practice their 'public benefit' role, PET will need to demonsi ate how we benefit the wider society not only by offering counselling and psychotherapy training, >ut also by showing how we meet the needs of our diverse culture through courses and a counsellin l service that reach its more disadvantaged members.

Psychosynthesis and Education Trust Report of the Trustees

For the year ended 31 August 2009 The tasks and challenges before us are numerous. In the coming months and years we will need to take stock again and again in order to remain aware of how we are operating and what we have to offer. We will need to look out into the world and see how we, as an organisation, can continue to be of service to others and how we can adapt and be creative in our approach. As a legacy and living thought form psychosynthesis is too vital to lose. Hopefully PET will continue to be a vehicle and expression of psychosynthesis at its best.

Brenda Squires Chair of Trustees The Organisation The Psychosynthesis and Education Trust is the longest established psychosynthesis centre in Britain. It was founded in 1965 by'the father of psychosynthesis', Roberto Assagioli, together with Sir George Trevelyan, Dr Martin Israel and Geoffrey Leytham.
The modern training programmes were developed from 1982 onwards by Diana Whitmore and others, who studied under Assagioli, and who now continues her connection with the Trust as a Trustee.

The Trust is a training and accrediting member of the Humanistic and Integrative Psychology Section of the United Kingdom Council for Psychotherapy (UKCP), and was one of the first counselling training organisations to be accredited by the British Association for Counselling (and Psychotherapy).
The Trust is also a member of the European Association for Psychotherapy (EAP) and a founding member of the European Federation for Psychosynthesis Psychotherapy (EFIPP). All Trust staff subscribe to Codes of Practice and Ethics of these bodies. A team of qualified psychosynthesis practitioners teach and supervise students. The team members are drawn from various backgrounds and disciplines, including psychology, education, philosophy, religious practice, psychiatry, organisational work and management. The Trust's programmes are validated by the University of East London (School of Psychology). The Trust operates its own Counselling Referral Service which is particularly suitable for clients who might be less confident about contacting a therapist directly. The Counselling Service Manager assesses and places clients with the counsellor who best fits their needs and diagnosis. This se rvice also includes low cost counselling for those on low incomes.

Aims and Obiectives

The Trust's main purpose is to gain recognition for the central role of soul and self in psychology and to renew the soul in the everyday life of individuals, the family, groups, organisations and society. Our vocation is to address the needs of the students and clients in a way that is pragmatic as well as spiritual and relevant to everyday life. We acknowledge both pain and potential in the human experience.

Psychosynthesis and Education Trus Report of the Trustees

For the year ended 31 August 2009 Our aims are:

work with people in life crisis suppo rt people as they find their )lace within an intricate network of relationships and within society.
promote the practice of transpen onal counselling and psychotherapy by providing a training centre of excellence.

provide psychosynthesis educat onal techniques suitable for schools and adult education. promote the value of psycho-s p iritual work in counselling, psychotherapy and education through research, dissemination an] publication.

This is primarily achieved by: Training Psychosynthesis counsellor s and therapists. The charity offers a validated, one year, part time Graduate Certificate in Psychc synthesis Foundations, a two year, part time Post Graduate Diploma in Psychosynthesis Counselling and a two year, part time Master of Arts in Psychosynthesis Psychotherapy. The Post Graduate Dipioma is accredited by the British Association of Counselling and Psychotherapy (BACP), and the MP by the United Kingdom Council for Psychotherapy (UKCP). All three are accredited by the University of East London (UEL). Training Psychosynthesis and non-P ~.ychosynthesis counsellors and therapists. The charity offers a one year, Post Graduate Cortificate in Psychosynthesis Studies, as a professional development course for non-Psychosynihiesis trained counsellors and also a one year, Postgraduate Certificate in Transpersonal & Integn tive Supervision: from an integrated and transpersonal perspective for Psychosynthesis and no i-Psychosynthesis trained counsellors and therapists. Both are accredited by the University of East I ondon (UEL).

Offering introducto ry courses in Psyc hosynthesis to the public (such as the popular Essentials course) and on-going professional trainir g for graduates and other qualified therapists;
Offering a counselling referral se rv ic ~:, including a low-cost counselling service, for the general public; and Offering a free or a subsidised rate fc the use of rooms at 92-94 Tooley Street for organisations furthering Psychosynthesis. Access It is important to us that access to trair believe our pupils benefit from learning through social interaction, conversation understanding of the perspectives of oth(

ng is not restricted to those who can afford our fees. We vithin a diverse community. A great deal of learning occurs ind shared experiences which helps our pupils develop an r people that will be vital in their adult lives.

Our bursary policy together with our 'Tei ching Links' programme contribute to a widening of ac.-ess to the education we offer and the facilitie , we enjoy.

Psychosynthesis and Education Trust Report of the Trustees

For the year ended 31 August 2009

Teaching Links

Our School is a part of a wider community and we are keen that our staff and pupils participate. Our School also offers a resource to support a range of educational activities for the benefit of local children attending state schools and their teachers. Our Governors are committed to developing our 'Teaching Links' programme of cooperation and joint working with local state junior and secondary schools. The activities undertaken and the success of our 'Teaching Links' programme are explained in the review of activities and achievements section of this report. Bursary policy
The Governors view our bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education we offer. Our bursary awards are available to all who meet our general entry requirements and are made solely on the basis of parental means or to relieve hardship where a pupil's education and future prospects would otherwise be at risk for example in the case of redundancy. In assessing means we take a number of factors into consideration including family income, investments and savings and family circumstances for example dependant relatives and the number of siblings.

However, our School does not have a large endowment and in funding our awards we have to be mindful that we must ensure a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child's education, and those benefiting from the awards.
The bursary awards range from 10% to 50% remission of fees. We also have a hardship fund that supplements bursary awards to pay for co-curricular activities, equipment and school trips. Information about fee assistance through bursaries is provided to all applying to the School. We also advertise the awards each summer in the local press and at local libraries. Further details of our bursary policy and how to apply are available on our website.

The success of our bursary scheme is explained in our review of activities and achievements section of this report.
Constitution and Management The Psychosynthesis and Education Trust is a registered charity and charitable company limited by guarantee. It is governed by its Memorandum and Articles of Association of 10 September 1999. Day to day management is delegated to and carried out jointly by the Director of Programmes and the Director of Operations and Development, in c ose consultation with the Trustees, at the full quarterly meetings, and at meetings of Trustee subcommittees. Trustees are selected from interested applicants by a panel of existing trustees, who consider the needs of the Trust, in terms of the skills individual new Trustees bring to the board, the spread of skills, and the social diversity of the board.

Psychosynthesis and Education Trus' Report of the Trustees

For the year ended 31 Auaust 2009

New trustees have an induction process, and where they are not already familiar with the background and principles of psychosynthesis they attend a short training course. Existing Trustees review available opportunities for networking arid training. In the last year members of the board atteided the Annual Charity Conference.

Where appropriate Trustees are invited :o attend other seminars and conferences related to charity organisation and management. No Trustees have any beneficial interest n the charity.
The Trust is associated with the Psych osynthesis Professional Association (PPA), a not for profit limited company, and the two Executive )irectors of the Trust sit on the PPA Board of Directors in an ex-officio capacity. Review of activities 2008/09 Counselling & Psychotherapy Traininc i

The Trust's professional counselling & p~ ychotherapy training student numbers increased with a total of 115 new student enrolments (1 % dow i from 116 in 2007/08).
This does not include 108 new student times a year (2% up from 106 in 2007/0E on the introductory Essentials course, which runs ssven

The Trust continues to have two intake: of the 3-year PG Diplomas (in two different formats). The Training in Supervision course and ( raduate Certificate in Psychosynthesis Counselling and Therapy, and the MA in Psychosynthesi; Psychotherapy all ran successfully.

33 Students were awarded Postgraduz te Diplomas and 4 students successfully completed their Masters course in 2008/09. This compai ad with 20 and 8 respectively in 2007/08. Graduate studies Programme
We have had a wide range of events in his programme aimed at graduates and others interested in professional development. The program ne involved an event at least once a month.

Training & Research Conference

The Trust held its fourth annual researc i conference in September 2009 with an attendance of 40 participants. This year's theme was 'K owing Me Knowing You'- evidence for psychosynthesis in research-conscious times. This was opened to a wider audience th~ t just our own staff and students.

Counselling Service The counselling service continued to del ier psychosynthesis counselling to the general public, some of it low cost. The overall number of dliE ts increased a little from 86 in 2007/08 to 111 in 2008,'09 of which 52% were low cost clients ( incre ssing from 38% in 2007/08). Taster Day
A new, one-day 'taster' course was deve oped, aimed at introducing newcomers to the central i d eas of psychosynthesis. This ran four times i 2008/09.

Psychosynthesis and Education Trust Report of the Trustees

For the year ended 31 August 2009 Essentials Out of London The first Essentials course to be run outside London for some years was held at Findhorn College in Scotland and ran very successfully in February 2009. Planning started on a second Essentials course out of London, based at Schumacher College in Devon. Future developments
s

Developing fresh workshops aimed at those working in business.

Developing Partnership working further and re-engaging with existing partners Delivering new courses

s
s

Extending the 'Essentials out of London' programme

Revising, refreshing and developing our curriculum

Public Benefit

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. As befits our charitable status we are looking at ways in which we can be of greater service to the community. We intend to increase the availability of low cost counselling, bursaries and internships as and when we can afford to do so. We are keen to expand our responsiveness to social need by adapting and creating new short courses for the public alongside the training. We are also looking to increase the diversity of our student body so that it is more representative of the population at large.
Income generation and fundraising Some income is generated by book sales and publishing; a small amount of capitation funding is received from the University of East London; but most of the Trust's income is generated by tuition fees and letting the building. The Trust has not invested resources in fundraising during the financial year. Financial Position The financial results for the year ended 31 August were better than those in the prior year, but still showed a loss for the financial year of approximately 34k. The effect of the loss was to reduce the balance carried forward from 364k to 330k. The main cause of the loss was reduced income from student intake than previous years, a gap in the tenancy of the second floor and increased costs arising from essential maintenance. The Trustees have taken steps in early 2010 to address the cash deficit position by re-mortgaging the building, which will release capital and enable the important restructuring work to create a surplus cash position and build up reserves.

Psychosynthesis and Education Trus` Report of the Trustees For the year ended 31 August 2009 Reserves Policy

The Trustees have reviewed their res rves policy and aim to commit as much as possible to furthering the charity's objectives, while retaining financial stability and the potential to respond to new opportunities. The main role of reserves is to permit thc charity to manage change effectively, particularly where the regulatory and educational frameworks v ithin which the Trust operates undergoes change. Currently the reserves policy is to re ain six months operating costs, covering key staff and overheads, amounting to some 165k. This level has not yet been achieved and the level of free reserves at the year end stood at a negaiive 99k. Risk
The Trustees have examined, in conjunc tion with the senior management team, the significant risks that might affect the continued operation Df the charity. They maintain a risk register, and this is reviewed regularly to ensure that all risks have been properly identified and amelioration plan: are in place where appropriate.

Responsibilities of the Trustees

Company and charity law require the Tn stees to prepare financial statements for each financial year that give a true and fair view of the statc ! of affairs of the charity, and of the surplus or deficit cf the charity for that period. In preparing thes( financial statements the Trustees have:

selected suitable accounting policie s and then applied them consistently made judgements and estimates th it are reasonable and prudent stated whether applicable accountii g standards and statements of recommended practice have been followed, subject to any mE terial departures disclosed and explained in the financial statements prepared the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continu ! on that basis
The Trustees have overall responsibility for ensuring that the charity has appropriate systems of controls, financial and otherwise. They re also responsible for keeping proper accounting records that disclose with reasonable accuracy it any time the financial position of the charity, and enable them to ensure that the financial stateme its comply with the Companies Act 2006. Each Trustee confirms to the best of hi; of which the auditors are unaware. The steps to ensure that they themselves information has been communicated to t (her knowledge there is no information relevant to the audit Trustees also confirm that they have taken all necessary are aware of all relevant audit information and that this e auditors.

Psychosynthesis and Education Trust Report of the Trustees For the year ended 31 August 2009
The Trustees are also responsible for safeguarding the assets of the charity, and hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities, and to provide reasonable assurance that:

The charity is operating efficiently and effectively; Its assets are safeguarded against unauthorised use or disposition; Proper records are maintained and financial information used within the charity or for publication is reliable; and The charity complies with relevant laws and regulations.

The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include: s s
s

A strategic plan and an annual budget approved by the Trustees; Regular consideration by the Trustees of financial results, variance from budgets, non-financial performance indicators and benchmarking reviews;
Delegation of authority and segregation of duties; and Identification and management of risks.

Auditors Sayer Vincent were reappointed as the charitable company's auditors during the year and have expressed their willingness to continue in that capacity. Approved by the Trustees on 20 May2010 and signed on their behalf by

Brenda Squires Chair of the Trustees

10

Independent Auditors' Report To the members of

Psychosynthesis and Education Trus( We have audited the financial statement of Psychosynthesis and Education Trust for the year ended 31 August 2009 which comprise the stat( ment of financial activities, balance sheet and related notes. These financial statements have been I repared in accordance with the accounting policies set oui: therein.
This report is made solely to the chari~able company's members, as a body, in accordance with section Chapter 3 Part 16 of the CompE iies Act 2006. Our audit work has been undertaken so that we might state to the charitable compan,!'s members those matters we are required to state to them in an auditors' report and for no other )urpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any )ne other than the charitable company and the charitable company's members, as a body, for o ir audit work, for this report, or for the opinions we have formed. Respective responsibilities of the Tru.ntees and auditors

The responsibilities of the Trustees (wh ) are also the directors of Psychosynthesis and Educatior Trust for the purposes of company law) or preparing the annual report and the financial statements in accordance with applicable law anc United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practic:;), are set out in the statement of responsibilities of the Trustees.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standard ; on Auditing (UK and Ireland). We report to you our opinion as to whet accordance with United Kingdom Gene accordance with the Companies Act 2( whether in our opinion the information c those financial statements. In addition accounting accounting require for we report to you if, in ou records, if the charitable coi records and returns, if we ! our audit, or if certain disck ier the financial statements have been properly prepared in ally Accepted Accounting Practice, have been prepared in 06 and give a true and fair view. We also report to you ven in the annual report of the Trustees is consistent with

opinion, the charitible company has not kept adequate ipany's financial statements are not in agreement with the ave not received all the information and explanations we sures of Trustees' remuneration specified by law are not

We read the annual report of the Truste; s and consider the implications for our report if we become aware of any apparent misstatements wi hin it.

Basis of opinion
We conducted our audit in accordance issued by the Auditing Practices Board. relevant to the amounts and disclosures of the significant estimates and judgeme statements, and of whether the accoun consistently applied and adequately disc with International Standards on Auditing (UK and Ire and) kn audit includes examination, on a test basis, of evidence in the financial statements. It also includes an assessment Its made by the Trustees in the preparation of the financial ng policies are appropriate to the charity's circumstances, )sed.

11

Independent Auditors' Report To the members of

Psychosynthesis and Education Trust We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. Opinion In our opinion:
the financial statements give a true and fair view of the state of the charity's affairs as at 31 August 2009 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; the financial statements have been properly prepared in accordance with the Companies Act 2006; and the information given in the annual report of the Trustees is consistent with the financial statements.

8 Angel Gate City Road LONDON EC1 V 2SJ

Helen Elliott Senior Statutory Auditor for and on behalf of Sayer Vincent, Statutory Auditors

30 June 2010

12

Psychosynthesis and Education Trust Statement of Financial Activities (Inco porating an income and expenditure account) For the year ended 31 August 2009 2009 Notes Incoming resources Voluntary & other income: Donations and gifts Investment income Other income Incoming resources from charitable activi ies: Programmes and Courses Counselling services Room rentals Book sales Incoming resources from activities for gerierating funds: Property income Total incoming resources 2008

465 2 2,262

9,516

519,514 19,482 89,721 5,390

479,300 10,725 90,147 5,726

109,108 753,196

76,140 664,300

Resources expended
Cost of generating funds: Charitable activities: Programmes and Courses Counselling services Room rentals 25,538 667,128 42,160 36,983 15,420 3 5 787,229 (34,033) 35,924 584,121 44,036 35,335 10,130 709,546 (45,246)

Governance costs
Total resources expended Net outgoing resources for the year Other recognised gains and losses Net loss on investment assets Net movement in funds Funds at the start of the year Funds at the end of the year

18 1. (34,033) 363,549 329,516 (45,427) 408,976 363,549

All of the above results are derived froi i continuing activities and are unrestricted. There were no other recognised gains or losses other th in those stated above. Movements in funds are disclosed in note 12 to the financial statements.

13

Psychosynthesis and Education Trust (Limited by guarantee) Company Number: 3838253 Balance Sheet As at 31 August 2009

Note Fixed assets Tangible assets

2009

2008 F-

955,279

969,875

Current assets
Stocks Debtors Cash at bank and in hand 8 8,258 79,753 11,240 8,258 83,619 102,785

99,251
Creditors: Amounts falling due within one year Net current ( liabilities) Total assets less current liabilities Creditors: Amounts falling due after more than one 11 year 9 (233,269) (134,018) 821,261 (491,745)

194,662
(264,922) (70,260) 899,615 (536,066)

Net assets

329,516

363,549

Funds Unrestricted funds

General funds 12 329,516 363,549

Total funds

329,516

363,549

Approved by the Trustees on 20 May 2010 and signed on their behalf by

Brenda Squires Chair of Trustees

14

Psychosynthesis and Education Trust Notes to the financial statements For the year ended 31 August 2009 1. Accounting policies The financial statements have been I repared under the historical cost convention. The financial statements also comply with the State nent of Recommended Practice for Accounting by Chariiies and the Companies Act 2006. Income The charity's income is derived from six main sources: programmes and courses, counselling, room hire, book sales, donations and i~rvestment income. Recognition of programmes and co L *ses, counselling and room hire income is on a accruals basis. Where the income is received in ac vance of programmes and courses being performed and rental income charged in advance, th(, charity recognises, as deferred income, a liability equal to the amount received, representing its obligations to carry out the programmes and courses. That liability is reduced and reported as inc ime as the programmes and courses are performed. Donations are included in income when receivable. Income from investments is recognise I on a receivable basis. Fund accounting Unrestricted funds are available for i se at the discretion of the Trustees in furtherance of the general objectives of the charity. Desognated funds are unrestricted fun( s earmarked by the Trustees for particular purposes. Fixed assets All fixed assets are initially recorded a cost. Depreciation Depreciation is calculated so as to wn e off the cost of an asset, less its estimated residual valae, over the useful economic life of that a: set as follows: Freehold prope rty Furniture & Fittings Office Equipment Plant and machine ry 2% on cost 4 years straight line 4 years straight line 10 years straight line

Stocks
Stocks have been valued at the lower )f costs and net realisable value.

15

Psychosynthesis and Education Trust Notes to the financial statements For the year ended 31 August 2009 1. Accounting policies (continued) Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Costs of generating funds comprise the costs associated with the running of room rentals. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and any costs linked to the strategic management of the charity. All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. The following costs are allocated directly to a particular activity: Staff, trainers' fees and costs Bursaries Counselling service All other costs are appo rt ioned on an appropriate basis, based on activity. Operating leases Rentals on operating leases where substantially all of the risks and rewards of ownership remain with the lessor are charged to the statement of financial activities on a straight line basis over the period of the lease. 2. Investment income 2009 Total Bank interest receivable 2008 Total 2,262 2,262

16

Psychosynthesis and Education Trust Notes to the financial statements

For the year ended 31 August 2009

3. Resources Expended Costs of generating funds Costs of generating funds: Advertising and marketing costs Costs directly attributable to charitable activities: Staff, trainers' fees and costs Bursaries Counselling service Printing and stationery Post and telephone Insurance Sundries Rates and utilities Repairs, maintenance and cleaning Depreciation Computer consumables Bank charges Consultancy fees Interest payable Bad debt provision Audit fees Other professional fees 25,538

Training & CPD

Counselling

Room Rental

Governance

2009 Total

2008 Total

25,538

24,777

473,908 21,597
5,534 10,572 8,712 32,206 14,422 46,308 23,191 11,328

20,706 692 1,322 1,089 4,026 1,803 5,789 2,899 1,416

15,529 692 1,322 1,089 4,026 1,803 5,789 2,899 1,416

7,500 -

786 2,312 16,252

98 289 2,031

98 289 2,031 7,920

517,643 21,597 6,918 13,216 10,890 40,258 18,028 57,886 28,989 14,160 982 2,890 20,314 7,920 -

421,944 16,583 4,481 21,397 7,072 10,918 16,170 17,673 65,394 27,114 13,325 775 9,558 37,372 (4,379) 8,225 11,147

25,538

667,128

42,160

36,983

15,420

787,229

709,546

17

Psychosynthesis and Education Trust Notes to the financial statements

For the year ended 31 August 2009

4. Trustees' remuneration

The trustees neither received nor waived any emoluments during the year (2008: nil). No trustee was reimbursed for any expenses during the year (2008: 250)

5.

Net outgoing resources for the year

This is stated after charging:

Total 2009 Total 2008

Auditors' remuneration
Audit Operating lease rentals - Equipment Depreciation (note 7) 7,920 30,180 28,989

8,225 38,895 27,114

6.

Staff costs and numbers

Total 2009 Total 2008

Wages and salaries Other staff costs Social security costs 237,759 9,000 22,606 269,365

213,614 20,526 234,140

No employee received emoluments of more that 60,000 (2008 - none). The average number of employees during the year, calculated on the basis of full time equivalents
2009 No. 0.4 8.2 8.6 2008 No. 1 8 9

Counselling Training and CPD

18

Psychosynthesis and Education Trust Notes to the financial statements For the year ended 31 August 2009 7. Tangible fixed assets Fr, !ehold
I and & Buildings COST At 1 September 2008 Additions in year 1,1: 7,779 Plant & Machinery 16,857 3,228 Furniture & Fixtures Office Equipment 6,093 1,265 Total !: 1,20'7,794 1 -4,393

47,065 9,900

At 31 August 2009 DEPRECIATION At 1 September 2008 Charge for the year

At 31 August 2009 NET BOOK VALUE At 31 August 2009

1,1 7,779

20,085

56,965

7,358

1,22,2,187

1 8,949 2,756 2(1,705

10,114 2,008 12,122

42,763 3,909 46,672

6,093 316 6,409

23 7 ,919 23,989 26 6 ,908

9'J6,074 9! 18,830

7,963 6,743

10,293 4,302

949 -

95 5 ,279 969,875

At 1 September 2008

All tangible fixed assets are used for direct charitable purposes. The trustees believe that the markel value of the Freehold Land and Buildings is in excess o f the net book value.

8.

Debtors
2009 Trade debtors Other debtors Prepayments and accrued income Bad Debts Provision 2008 f:

57,296 23,579 10,775 7 ,822 14,460 49 ,996 2,778 _(2,778)

79,753

8'3,619

19

Psychosynthesis and Education Trust Notes to the financial statements For the year ended 31 August 2009 9. Creditors: Amounts falling due within one year 2009 Trade creditors Other creditors Bank overdraft Bank loan (note 11) Other taxation and social security Accruals Deferred income
76,275 11,150

2008
21,576 11,029

6,193 35,336 6,517 7,988

89,810

6,114 8,481
217,722

233,269 10. Deferred income - courses 2009 Balance brought forward

Cash received Student fees recognised in the year Balance carried forward 11. Creditors: Amounts falling due after more than one year

264,922

2008 155,710
442,980 (380,968) 217,722

217,722
288,865 (416,777) 89,810

2009 Bankloan
491,745 491,745

2008
536,066 536,066

The bank loan is a mortgage with Northern Rock plc repayable in full in 2022. A three year repayment holiday came to an end in the year meaning capital repayments recommenced. A new payment holiday has been secured from November 2009. Interest is payable at a rate of 1.50% above the Northern Rock base rate. The loan is secured by a legal charge over the charity's property at 92-94 Tooley Street, London, SE1 2TH. This is repayable as follows:

2009
in less than 1 year between 2 and 5 years in more than 5 years 35,336 106,008 385,737

2008
536,066

527,081

536,066

The outstanding amounts in the above loans represent 56% (2008: 56%) of the book value of 9294 Tooley Street, London, SE1 2TH.

20

Psychosynthesis and Education Trust Notes to the financial statements For the year ended 31 August 2009 12. Statement of funds At 1 September 2008 Incoming resources Outgoing resources At 31 Aug ust 200 9

753,196 753,196

(787,229)

;E

General Reserve Total unrestricted funds

363,549 363,549

329,51 1 3

(787,229) _ 329,516

13. Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

14. Related party transactions During the year Keith Silvester (Din.ctor of Programmes) was paid 8,405 in fees relating to the provision of tutoring services. There were no other related parties transactions during the year. 15. Commitments Operating leases
At 31 August 2009 the charity hE 1 the following annual commitment under non-cancellable operating leases:

Office equipment 2008 2009 E Operating leases which expire

Within two to five years 22,306 14,705

16. Company limited by Guarantee Each member of the charity has gu~iranteed to contribute up to 1 in the event of a winding up.

21