200. Psychosynthesis & Education Trust Annual Accounts 2006.

7/31/2019 200. Psychosynthesis & Education Trust Annual Accounts 2006.

1/15

I077;(,i

PSYCHOSYNTHES IS AND EDUCAT ION TRUST

FINANCIAL STATEMENTSYEAR ENDED 31 AUGUST 2006

REGISTERED CHARITY NUMBER: 1077365REGISTERED COMPANY NUMBER: 3838253

MR E C E i V E ~ ) B Y F COl~ PL y A N C I: U . " I f l , " S " . ; ' ' t i

F1NLC\CK JtPsydasyMAesk A Education Trust NL531111Audt120081Fiml 2008 eccwnts.alaFlnel2U06 eccourrts.dsFran


2/15

PSYCHOSYNTHESIS AND EDUCATION TRUST

PRESIDENT

CHAIR PERSONTRUSTEES

COMPANY SECRETARYCOMPANY REGISTRATION NO .REGISTERED OFFICE

D Whitmore

B SquiresH L AskarC W B u r g e s sP H e i nI E HortonM ShawH SierodaJ ShiersB SquiresD WhitmoreJ Wallman383825392-94 Tooley StreetLondonSE 1 2TH

REGISTERED CHARITY NO . 1077365AUDITOR Maclntyre Hudson LLPChartered Accountan tsEuro House

1394 High RoadLondon N20 9YZBANKERS

SOLICITORS

Barclays B an k PLCSouthwark branch29 Borough H i g h StreetLondonSE1 1 LYBa te s, We l ls & Braithwaite2-6 Cannon S tr ee tLondonEC4M 6YH


3/15

PSYCHOSYNTHESIS AND EDUCATION TRUSTTH E DIRECTORS' AND TRUSTEES' REPORTYEAR ENDED 31 AUGUST 2006The Trustees of the Psychosynthesis & Education Trust, wh o are also the D irectors of the charitablecompany of the same name, present their annual report and the audited statements fo r the year ended 31Augus t 2006 . Psychosynthesis and Education Trust is a company limited by guarantee.PRINCIPAL ACTIVITIESThe p rinc ipa l activity of the company is t o " fo st er p sycho log ica l research into the various elements of thehuman psyche including without limitation body, mind, emotions and spirit and the synthesis thereof (knownas blo-Psychosynthesls) and its dissemination to the public through educationa l , sc ientif ic andcharitableactivities.ThePsychosynthesis an d Education Trust is th e longest established psychosynthesis centre in Britain. I twas founded in 1965 by'the f at h er o f psychosynthesis ' , Rober to As sagi o li , t o gethe r with Si r GeorgeTrevelyan, Dr M a r t in Israel an d Geoffrey Leytham.The Trust is a training and a cc re di ti n g membe r of th e Humanis t i c an d Integrative Psycho logy Sec t ion of th eUnit ed K ingdom Counci l fo r Psychotherapy ( UKCP), an dwas on e of the first counse l l ing trainingorganisa ti on s to be accredited by the British Assoc iat ion fo r Counse l l ing (and Psychotherapy)CONSTITUTION OF TH E CHARITYTheCharity is a company l imited by guarantee and Is governed by the Rules and Regulations of theMemorandum and Ar t ic les of Association incorporated on 3 September an d registered on 10 September1999. Th e power of appointing and removing D irectors andTrustees from theBoard is vested in theBoardof D irectors and Trustees. Membership is no n transferable and ceases upon death. A minimum of 2members is required at all times. New Trustees are provided with an induction pack to acclimatise them totheir new role.D ay to daymanagement is delegated to an d carried out jointly by the D irector of Programmes and theDi rec t or o f Operations, in close consultation with theTrustees, at th e full quarterly meet ings , an d atmeetings of Trustee s ub c omm ittees.

Th e Chari ty ha s th e power to invest monies , no t immediate ly requ ired fo r th e furtherance of it s objectives, insuch In v es tment s , s e cu ri ties o r proper ty as It thinks fit, subject to an y statuto ry requ irements . Th einvestments currently h e ld w e r e acqu ired in accordance with t hese powers .CHARITY OBJECTIVESTheTrust's main purpose is to gain recogni tion for the ce n t r a l role of Soul a nd S elf in psychology an d torenew t he s ou l in the ev e ryday life of individuals, the family, groups , organisa ti on s an d soc iety.Our vocation is to address theneeds of humanity in away that is pragmatic as well as spiritual and relevantto everyday life. We acknowledge both pain and potential in the human experience.Th e Chari ty a lso seeks to : address despair andthe lack of meaning people feel; renew their direction and purpose and increase theirsense of personal freedom. understand and relieve suffering on a mental, emotiona l and spiritual level. encourage reintegration with one's essential andpurposeful Self.

suppo r t peop le a s they f ind their place within an Intricate ne two rk o f relationships and within society. suppo r t sys tems working towards a sus ta inab l e future fo r humanity. promote the practice of transpersonal counselling and psychotherapy by providing a training centre ofexcellence. provide psychosynthesis educational techniques suitable fo r schools and adult education. promote the value of psycho-spiritual work in counselling, psychotherapy andeducation through research,dissemination and publication.

Page 1


4/15

PSYCHOSYNTHESIS AND EDUCAT ION TRUSTTH E DIRECTORS ' AND TRUSTEES ' REPORTYEAR ENDED 31 AUGUST 2006

CHARITY OBJECTIVES (cont inued)The Charity's o b j e c tive s ar e primarily a c h ie v e d b y :

Page 2

Training Psychosynthesis counsellors and therapists. The charity offers avalidated, one year, part time Graduate Certificate inPsychosynthesis Foundations, a tw o year, parttimePostGraduate Diploma in PsychosynthesisCounselling, anda two year, part timeMaster of Arts in Psychosynthesis Psychotherapy. ThePostGraduate Diploma is accredited by the British Association of Counsellingand Psychotherapy ( BACP ) , and the MA by the United Kingdom Council fo r Psychotherapy (UKCP) . All three are accredited by theUniversity of East London (UEL).Training Psychosynthesis an d non-Psychosynthesis counsellors and therap i st s . The charity offers a on e year , Post Graduate Cert ificateI n Psychosynthesis Studies , as a professional development course fo r non-Psychosynthes i s trained counsellors. Th e c ha ri ty also offersa o ne year, Postgraduate Cert ificate in Transpersonal & Integrative Supe rv is ion: from an i n t egrated and transpersonal perspect ive fo rPsychosynthesis an d non-Psychosynthesis trained counse l lors and therapists. Both are accredi t ed by the University of East London(UEL).Offering introductory courses in Psychosynthesis to the public andon-going professional training fo r graduates and other qualifiedtherapists;Offering a counselling referral service, Including a low-cost counselling service, fo r the general public; andOffering a free or a subsidised rate fo r the use of rooms at 92-94 Tooley Street fo r organisations furthering Psychosynthesis.R EVIEW OF ACTIVITIESCelebrating 25 YearsThe Trust, in its current form, celebra ted it s 25th ann iversary In December 2005 by means of a dedicated e ven t h o l d a t th e newDocklands campus of UE L Thi s wa s a we lcome opportunity to ref lect on th e organ isa t ion 's pa st , i ts p resen t and its future.Counsel ling & Psychotheraov TrainingThe Trust's professional counselling & psychotherapy training student numbers decreased slightly with a total of 180 (from 187 in2004/05). This does not Include 67 students on the introductory Essentials course, which runs 8 timesayear. TheGraduate Studiesprogramme, no w combined with the Public Programme, wasmore successful than expected, and it appears it is likely to be even moresuccessful in the coming year.TheTrust continued to have two intakes of the former, 3-year PG D iplomas (in two different formats) . The former Training in Supervisioncourse andGraduate Certificate in PsychosynthesisCounselling andTherapy, and theMA in Psychosynthesis Psychotherapy all ra nsuccessfully.Pathways to GrowthThis is an initiative with the purpose of finding a wa y to take Psychosynthesis out into the wider community. It is almost a year now sincethe first person registered as a Pathways Leader. A leader plans and deliver workshops based on the basic principles ofPsychosynthesis with the aid of a pack , which hasan extensive, in-depth overview of Psychosynthesis, Psychosynthesis exercises andthe basis fo r how to set up Psychosynthesis workshops. During this year many people havejoined the Pathways project and it iscontinuing to grow. There are plans underway fo r training weekends in running Psychosynthesis groups.PP A-PsvchQsvnthesis Profess iona l Associat ionThe new graduate association was formed during this year, as a separate company. One of the first activities of the PPAwas to electthe board of directors. The purpose of thePPA is to promote anddevelop excellence in the practice of counselling and psychotherapyby the promotion of professional training standards and to maintain and enhance the professional status of counsellors andpsychotherapists. This also Includes opportunities fo r creative networking and social events.Graduate s t ud i es P r oa r ammeWehave had awide range of events in this programmeaimed atgraduates and others interested in professional development. Theprogramme involves an event approximately everymonth.T rai ni ng & Resear c h Con f er e nceTheTrust held its first annual conference in March 2006 open to staff, graduates an d s tudents , with mo r e t h an 50 a ttendees.Income from letting space in the buildingThe to p tw o f loors o f t he Trust 's bui ld ing cont inue to b e successful ly let . This will cont inue to provide th e Trus t with a s table source ofIncome fo r a t le as t th e next 1. 5 years .


5/15

PSYCHOSYNTHESIS AND EDUCATION TRUST Page 3THE DIRECTORS' AND TRUSTEES' REPORTYEAR ENDED 31 AUGUST 2006FUTURE DEVELOPMENTS The development o f new courses which expand the portfolio of courses offered by the Trust, to include areas such as Mediation an d ConflictReso lut ion , and Couple Therapy, aswell asan Applied strand fo r the Post Graduate Diploma andMA ; T o market t h e c o ur se s m o r e widely, In o rde r to a tt r a c t s tudents from more vari ed backgr ounds ; To co-hos t t h e E u ro pe an Federat ion s umme r s c h o o l in B r i t a i n in th e s umme r o f 2008. Strengthen financial management and strategic planning within the Trust. Develop a holistic market ing plan , taking account of ou r various stakeholders anddeveloping further the uptake of courses , sale of publications andgenerally raising the Trust's profile.I NCOME GENERAT ION AND FUNDRAISINGSome income is generated bybook salesand publishing; a small amount of funding i s received from theUniversity of East London; but mos t of theincome i s generated by tuition fees and the letting o f th e building. The Trust hasno t invested resources in fundraising during the financial year.INVESTMENT POLICY AND RETURNSAside from a Treasury Bond held by the Tru st , a n y f und s that are not required fo r immediate needs are placed on deposit. In view of the financialposition of the charity the Trustees have decided no t to make any further longer term investment deposits at this time.FINANCIAL POSITIONThe financial results fo r the year ended 31 August 2006 show a loss of 62,796 (2005:43,197). This is mainly due to overhead costs rising ahead ofincome during the year. Since the year end the trustees and staff have taken steps to address this trend, by focusing on income generation measuresand reducing overheads. The effect of the loss was to reduce reserves from 525K to 462k.

The majority of the expenditure has been in supplying trainers fo r the courses, and in management, administration, professional consultancy, capitalexpenditure, and maintenance of the building.RESERVES POLICYThe Trustees have reviewed their reserves policy and aim to safely commit as much as possible to furthering the charity's objectives,while retainingf inanc ia l s t ab i li t y a nd th e potent ial to respond tonew opportunities.

The main role of reserves is to permit the charity tomanage change effectively, particularlywhere the regulatory and educational frameworkswithinwhich the Trust operates undergoes change.Currently the reserves policy is to retain six months operating costs, covering key staff an d overheads, amounting to some 164k. This level has no t yetbeen achieved.MANAGEMENT OF RISKThe Trustees have examined, in conjunction with the senior management team, the significant risks t h at m i gh t affect the continued operation of thecharity. Theymaintain a risk register, and this is reviewed regularlyto ensure that all risks have been properly identified and amelioration plans are inplace where appropriate.BOARDOF TRUSTEES AND D IRECTORSTh e Directors and Trustees wh o served the Charity during the year were as f o l l o w s :D Whitmore (Appo i n t ed 02 /12 /05 ) P Hein J Shiers (Appointed 02/12/05)H L Askar H S i e r oda I E Ho rton (Appo inted 09/03/06 & r e s i g ned March 2007 )B Squi r es J Sh aw C W Bu rg ess (Appo i n t ed 09/03/06)These financial statements comply with the Charity's governing document, the Statement of Recommended Practice 'Accounting andReporting byCha ri t ies' (SORP 2005) and the special provisions fo r small companies under Part VI I of the Companies A ct 1985.AUDITORThe resolution to reappointMaclntyre Hudson LLP as auditors fo r the ensuing year will be proposed atthe next meeting ofthe Board of Directors andTrustees.Approved an d signed on behal f o f th e Board o f D i rec tor s an d Trustees on . .. .. .L~~..

Brenda SquiresChair


6/15

PSYCHOSYNTHESIS AND EDUCATION TRUSTSTATEMENT OF BOARD OF D IRECTORS ' AND TRUSTEES ' RESPONSIBILITIESYEAR ENDED 31 AUGUST 2006

Company law an d Charity law requires the Board of Directors an d Trustees to prepare financials t a t ement s f o r each financial year which give a true an d fair view of th e s tate of affairs of th e Charityan d of th e surplus or deficit of i n c ome of th e Charity for t hat y e ar . I n preparing those financials tatements , th e Board of Directors an d Trustees ar e required to :

select suitable accounting policies an d then apply them consis tently;

- make judgements an d estimates that are reasonable and prudent;- statewhether applicable accounting standards andstatements of recommended practice have

been followed, subject to anydepartures disclosed and explained in the financial statements;

- prepare the financial statements on a going concern basis unless it is inappropriate to presume thattheCharity will continue in operation.

The Board of D irectors and Trustees are responsible fo r keeping proper accounting records whichdisclose with reasonable accuracy atany time the financial position of the Charity andto enable them toensure that the financial statements comply with the Companies A ct 1985, the Statement ofRecommended Practice fo r Accounting by Chari ti es 2005 and the Charity's governing document.

They ar e also responsible f o r safeguarding the assets of the Charity an d hence fo r taking reasonablesteps fo r the prevention and detection of fraud an d other irregularities and to provide reasonableassurance that:

th e charity is o p e r a tin g efficiently an d effectively;it s assets ar e s a feguarded aga ins t unauthor ised use or disposition;proper records aremaintainedand f inancia l information used within the charity or fo r publication isreliable; andthe charity complies w i t h re levant laws and regulations.

The systems of Internal control are designed to provide reasonable, but not absolute, assurance agains tmaterial mis s t a t ement or loss. They include:a strategic plan a nd a n annual budgetapproved by theTrustees;regularconsideration by the Trustees of financial results, variance from budgets, non f inanc ia lperformance indicators andbenchmarking reviews;delegation of authority andsegregati on of duties; andidentifica ti on an d manag emen t of risks.

In so fa r as each and every Trustee and director is aware:- there is no relevant audit information of which the auditors are unaware; and

Page 4

- each and every Trustee and director has taken all steps that they ought to have taken to makethemselves aware of any relevant audit information and to establish that the auditor is aware of thatinformation.


7/15

PSYCHOSYNTHESIS AN D EDUCATION TRUSTI NDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSYCHOSYNTHESIS AND EDUCATION TRUSTYEAR ENDED 31 AUGUST 2006

Page 5

We have audited the financial statements of Psychosynthesis A nd Education Trust fo r theyear ended 31 Augus t 2006 which comprisethe Statement of Financial Activities, the Balance Sheet and related notes on pages 6 to 13 which have been prepared under thehistorical cost convention and the accounting policies set out on page 8.

This report is made solely to theCharity's trustees, as a body, In accordance with Section 43(2)of the Charities A ct 1985. Our audit workhas been undertaken so that we might state to the Charity's members those matters we are required to state to them in an auditor'sreport and fo r no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other thanthe Charity and theCharity's members as a body, fo r our audit work, fo r this report, or fo r the opinions we have formed.RESPECTIVE RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND AUDITORSThe Board of D irectors ' and Trustees' are responsible fo r preparing the Board of D irectors ' and Trustees' Annua l Report and thefinancial statements in accordance with applicable law and United Kingdom Ac c oun ti ng Standards (United Kingdom GenerallyAccep ted Account ing Practice) as set out in theStatement of Board of D irectors' andTrustees' Responsibilitieson page 4.Our responsibility Is to audit the financial statements In accordance with relevant legal and regulatory requirements and InternationalStandards on Auditing (UK and Ireland).

We report to yo u our opinion as to whether the financial statements give a trueand fair view and are properly prepared in accordancewith the Companies A c t 1 98 5, whether theBoard of D irectors' and Trustees' Report is not consistent with the financial statements, if theCharity has not kept proper accounting records, if we have not received al l the information and explanations we require f o r o ur audit, orif information specified by law regarding directors' and trustees' remuneration and transactionswith theCharity is not disclosed.We read other Information contained in the Board of D irectors' and Trustees' Report and consider whether it is consistent with theaudited financial statements.We consider the implications fo r our audit report if we become aware of anyapparent misstatements ormaterial inconsistencies with the financial statements. Our responsibilities do no t e xt end to anyother information beyond that refe rred toin thisparagraph.BASIS OF OPINIONWe conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the A uditing PracticesB oard. An audit includes examina ti o n, on a test basis, of evidence relevant to th e am o un t s a n d disclosures in the financial s t a t ement s .I t also inc ludes an assessment of the s ignif icant estimates and judgement s made by the Board of Directors an d Trustees in th eprepara ti on of the financial statements, and of whether th e accoun t ing policies ar e approp riate to the Charity's c ircumstances ,consistently appliedand adequately disclosed.We planned and performed our audit so as to obtain all the information andexplanations which we considered necessary in order toprovide us with sufficient evidence to give reasonable assurance as to whether the financial statements are free from materialmisstatement, whether caused by f ra ud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy ofthe presentation of information in the financial statements.

OPINIONIn ou r opin ion th e f inancial s ta tements :

give a true and fair view, in accordance with Uni ted Kingdom Generally Accep ted Account ing Practice, of the state oftheCharity's affairs asat 31 August 2006 and of its incoming resources and application of resources, including itsIncome andexpenditure, fo r the year then ended; and

' have been properly prepared in accordance with theCompanies Act 1985. I t , ( z l d w ~~ 1 4 4 4 L Q t - 0Euro House Maclntyre Hudson LLP1394 High Road Cha rtered Accountants an dL on do n N 20 9YZ Regis tered Auditor

2 o ~


8/15

PSYCHOSYNTHESIS AND EDUCAT ION TRUSTSTATEMENT OF FINANCIAL ACT IV IT IES AND INCOME AND EXPEND ITURE ACCOUNTFOR THE YEAR ENDED 31 AUGUST 2006

Page 6

Unres t r i c t ed Funds 2006 2005Gene ra l Designa tedF u nds F u nd s Total Tota l

Notes INCOMING RESOURCESIncoming resources from charitable activities:Programmes andCoursesCounselling services 459,439 459,439 452,48621,553 - 21,553 11,230Incoming resources from activities fo r generating funds:Room rentalsVoluntary & other i ncomeDonat io n s and GiftsI n ves tmen t IncomeOther incomeTOTAL INCOMING RESOURCES

166,057 - 166,057 165,449

80 - 80 2675,528 - 5,528 6,851250 - 250 -

1

RESOURCES EXPENDED 2Costs of g en e r atin g fu nd sCha r it a b le a c ti v i ti esGove rnance cos ts

652,907 652,907 636,283

30,202 - 30,202 30,412663,475 - 663,475 642,40319,296 - 1 9,296 8,1 67

TOTAL RESOURCES EXPENDEDNET OUTGOING RESOURCESFO R THE YEAR BEFORE TRANSFERS

712,973 - 712,973 680,982,

(60,066) - (60,066) (44,699)Transfers be tween fundsNET RESOURCES EXPENDED /INCOMING RESOURCESBEING NET EXPEND ITURE FOR THE YEARNe t gain/( loss) o n investment assetsNET MOVEMEN T IN FUNDSBALANCES BROUGHT FORWARDAT 1 SEPTEMBER 2005BALANCES CARRIED FORWARDAT 28 31 AUGUST 2006

(60,066) - (60,066) (44,699)(2,730) (2,730) 1,502

(62,796) - (62,796) (43,197)

479,763 45,507 525,270 568,467

416,967 45,507 462,474 525,270

There were no o ther recognised ga i ns or losses.All operations a re continuing.

Th e no tes an d accoun ti n g po l ic i e s on pa ges 8to 1 3form part of th e f inancia l sta t ements


9/15

PSYCHOSYNTHESIS AND EDUCATION TRUSTBALANCE SHEETAT 31 AUGUST 2006

2006 2005Notes F I XED ASSETS

Investments 6 80 ,922 83,652Tangible assets 7 1,017,844 1,047,8781,098,766 1,131,530

CURRENTASSETSStocks 3 , 598 3 ,598Debtors 8 116,824 20,020Cash at bank an d in hand 25,247 111,300

145,669 134,918CRED ITORS : Amoun t s f al li ng duewithin one year 9 (247,881) (186,913)

NET CURRENT LIABILITIES (102,212) (51,995)TOTAL ASSETS LESS CURRENT LIABILITIES 996,554 1,079,535CRED ITORS : Amoun t s fal l ing dueafter more than one year 10 (534,080) (554,265)NET ASSETS 462,474 525,270

FUNDS

UNRESTR ICTED FUNDSGenera l fund 1 1 416,967 479,763Designated funds 1 1 45,507 45,507TOTAL FUNDS 462,474 525,270

These financial statements have been prepared in accordance with the special provisions of Par t VII of theCompanies A ct1985 relating to small companies, the Financial Reporting Standard fo r Smaller Entities (effective January 2005), theCharitiesA ct 1993 and in accordance with the Statement of Recommended Practice 'Accounting by Charities' (SORP 2005).

Approved by th e Board of Directors a nd T ru s te e s o n 2I 6 ~ 0~

Brenda Squi res Chris BurgessChair Trus tee~Th e no tes an d account ing pol ic ies on pa ges 8 to 13form pert of th e f inancia l s ta tements

Page 7


10/15

PSYCHOSYNTHESIS AND EDUCATION TRUSTSTATEMENT OF ACCOUNTING POLICIESYEAR ENDED 3 1 AUGUST 2006BASIS OF ACCOUNTINGThefinancial statements have been prepared under the historical cost convention , with exception of investments which are included atmarket value, an d In accordancewith the Financial Reporting Standard fo r Smaller Entities (effective January 2005). The financialstatements a lso comply with the Statement of RecommendedPractice fo r Accounting by Charities (SORP 2005), the Charities A ct 1993andtheCompanies A ct 1985.

GOING CONCERNThe financial statements have been prepared under the going concern basis notwithstanding ne t current liabilities of 102,212 (2005:51,995).The validity of this assumption dependson the Charity's ability to meetthe repayments du e on it s loans as a n d w h en t he y fall due. TheTrustees have reviewed theCharitys trading forecasts, budgets an d cash flow projections fo r aperiod of twelve months following theapproval of these financial statements.Based on their review they anticipate thatthe Charity's working capital deficitwill be reduced an dthe Charity w i l l be abl e t o meet Its short term liabilities as they fall due. Accordingly, these financial statements have been prepared on agoing concern basis.TITLEThe company has an exemption under section 30(5) of theCompanies A ct 1985 f rom usi ng "Limited" in the title.INCOMETh e Charity's Income is derived f rom f iv e main sources ; programmes an d cou rses , counse l li ng , room hire, donat ions an d Inves tmentIncome.Recognition of programmes an d courses, counselling an d room hire income Is on a accrual basis.Where the income is received in advance of programmes and courses being performed, the Charity recognises, as deferred income, aliabi li ty equal to the amount received, representing Its obliga tions to carry ou t the programmes and courses. That liability Is reduced andrepo rted as income as the programmes and courses are performed.Donati ons are Inc luded In Income when received.I ncome f rom inves tments is recognised on a rece ivab le basis.FUND ACCOUNTINGUnrestricted funds are available fo r use at th e discretion of the Board of D irectors an d Trustees In furtheranceof t h e g en er a lobjectives of the Charity.Designated funds are unrestricted funds earmarked by the Board of D irectors an d Trustees for particular purposes.FIXED ASSETSA ll f ixed asse ts ar e Initially recorded at cost.INVESTMENTSInvestments ar e included at market value at th e balance sheetdate. A ny changes in value during the year, whether realised orunreali sed ar e repo rted as other recognised gains an d losses I n th e Statemen t of financial Activi t i es.STOCKSStocks have been va lued at the lower of c os ts a n d ne t rea li s able va lue .DEPRECIATIOND epreciation is calculated so as towrite off thecostofan asset, less its estimated residual value, over the useful economic l i f e of thatassetas follows: Freehold property - 50 years stra ight lineFurniture & Fitt ings - 4 yea rs stra ight l ineOffice Equipment - 4 years stra ight l inePlant an d machinery - 1 0 yea rs s t rai gh t lineRESOURCES EXPENDEDExpenditure I s recognised on an accrual basis as a liability Is Incurred.Costs of generating funds comprise the costs associatedwith the running of room rentals.Char it ab le expend itu re compri ses t hose costs Incurred b y t h e c ha ri ty i n t he delivery of its activit ies an d services fo r Its beneficiaries.Governance costs include those costs associated with meeting the constitutional and statutoryrequirements of the charity and includethe audit fees and an y costs linked to the strategic managementof the charity.All costs are a l loca ted be tween th e expendi ture categor ies of th e SoFA on a basis des igned to ref lect th e us e of th e resource.Costs re lating to a particular activity areallocateddirectly, others are apportioned on a appropriate basis e.g. floor areas as set out innote 2 .

Page a

OPERATING LEASESRentals on operat ing leases where substantially all o f t he r isks and rewards of ownership remain with the lessor are chargedto t h e S t a temen t of Financial Activities on a straight line basis over th e period o f t he lease .


11/15

PSYCHOSYNTHESIS AND EDUCATION TRUSTNOTES TO TH E FINANCIAL STATEMENTSYEAR ENDED 3 1 AUGUST 2006

1 I nves tment I ncome

Interest rece ivab le on I n ve s tmen t s i n T r ea s ur y S t ockBank interest receivable

2 R e s o u r c e s expendedCos ts of generat ing fundsLega l fees o f negotiat ing new r en ta l lease

Advert is ing and marke t ing costs

Basis o fal locat ion

4 , 6 4 4 1 , 5 3 62 5 , 5 5 8 2 8 , 8 7 6

3 0 , 2 0 2 3 0 , 4 1 2

DirectDirectDirectPro r a ta o n ac ti vi tyP ro r ata o n activityPro r at a o n activityPro r at a o n activityPr o ra ta on usageP ro r ata o n u sa geP ro r at a o n activityPro r a ta o n activityP r o r a ta on activityP r o r a ta o n ac ti vi ty

Cos ts d i rec tly attributable to charitable activit iesStaff, tra iners ' fees and c os ts Direct 378,215UEL reg is t ra t ion cos t sBursar iesCounse l l ing serviceAdvertising, printing an d sta t ioneryPos t an d te lephoneI n s u r a n c eS u n d r i e sR a t e s an d u t i l i t i e sRepairs, maintenance an d cleaningDepreciationComputer consumablesBank chargesConsul tancy feesIn te res t payab leB a d d e b t p r o vis io n

Governance costs allocated to activities:Staff salariesAudit feesOther professional fees

547,746

15,542 13,265 407,022 383,563- - 3,000 1,5408,813 6,0419,725 - 9,725 14,4072,672 2,672 26,719 25,05195 0 95 0 9,497 13,9361,502 1,502 15,022 14,218

1,593 1,593 15,933 13,8003 ,785 3 ,785 15,140 12 ,23213,019 13,019 52,074 73,3143,003 3,003 30,034 36,296655 655 6 , 5 4 5 4 , 4 9 0114 114 1 , 1 4 4 1 , 0 4 3

1 2 , 5 6 2 1 2 , 5 6 2 -5 , 0 2 5 5 , 0 2 5 50,245 39,797

287570,146 45,583 663,475 642,403

6,413 -6,000 5,5236,883 2,645

19,296 8,167To ta l re sou rces expended

3 TRUSTEES REMUNERATIONTh e t rustees neither received no r waived an y emo luments during th e yea r (2005: nil).Ou t of pocket expenses were re- imbursed to t rustees as follows:

Page 9

Tota l Tota l

4,522 4,5221,006 2 ,3295,528 6,851

Training & Room To ta l Tota lCP D Counsel l i ng Renta l 2006 2005

3 , 0008 ,81321,3757,59812 ,01812,7467,57026,03724,0275,23691 5

P ro r ata o n activity 40,196Direct -

712,973 68D,982

2006 2005

T r a v e l 31 2 2 1 1


12/15

PSYCHOSYNTHESIS AND EDUCATION TRUSTNOTES TO THE F INANCIAL STATEMENTS (continued)YEAR ENDED 31 AUGUST 2006

Page 10

4 TOTAL RESOURCES EXPENDED

Costs of genera ti ng fundsCosts directly attributable to charitable activitiesGovernance costs

Staff Deprec ia t ion Other Al loca ted Total TotalCo s ts Co s ts 2006 2005

207,713 30,034 30,202 30,202 30,412425,728 663,475 642,4031 9,296 1 9,296 8 , 167

Other direct costs inc lude: Total Tota l2006 2005

Auditor 's remunera t ionAudit fe e 6,000 5,523Operating lease rentals -Equ ipmen t 33,728 19,376Depreciat ion (note 7) 30,034 36,296

5 STAFF COSTS Total Total20 06 2005

Wages and salaries 197,636 172,147Socia l security costs 16,490 16,344214,126 188,491

6 F IXED ASSET INVESTMENTSAt Valuat ionMarket va lue at 1 September 2005 83,652 82,150Additions - -Netgains on revaluation (2,730) 1,502Market value at 3 1 Au g us t 2006 80,922 83,652

Analysis of investments

207,713 30,034 475,226 712,973 680,982

Market MarketValue Value

Cost 2006 2005 Fixed interest securit ies 78,650 80,922 83,652


13/15

PSYCHOSYNTHESIS AND EDUCAT ION TRUSTNOTES TO THE FINANCIAL STATEMENTS (continued)YEAR ENDED 31 AUGUST 2006

7 TANGIBLE FIXED ASSETS

COSTAt 1 Sep tember 2005Addi t ionsDisposalsAt 3 1 August 2006DEPREC IAT IONAt 1 S ept em b e r 2 00 5Charge fo r yearOn disposalsAt 3 1 Augus t 2006NET BOOK VALUEAt 31 Aug u s t 20 06At 1 Sep tembe r 2005

Page 11

Freeho ld Land Plan t & Furniture & Off ice& Buildings Machinery Fixtures Equipment Total

1,137,779 16,857 41 ,3 29 6 ,0 93 1 ,20 2 ,0 58

1,137,779 16,857 41 , 3 29 6 , 093 1 ,202,058

110,683 5,058 35,343 3,096 154,18022,755 1,685 4,096 1,498 30,034

133,438 6,743 39,439 4,594 184,214

1,004,341 10,114 1 , 890 1,499 1,017,8441 ,027 ,096 11,799 5 ,986 2 ,997 1,047,878

Th e fixed a ss ets a re us ed b y th e Cha r it y f o r th e furtherance of it s objec t ives .Th e freehold proper ty is secured by a bank loan s hown in note 10 be low.

8 DEBTORS

Trade deb to rsPrepaymen t s and acc rued income

9 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans andoverdraftsOther loansTrade credi to rsO th e r c r ed it o r sOther taxation and social securityAccruals and de fe r red i n c ome

2 0 06 2 0 05

112,275 7,3804,549 12,640

116.824 20,020

2 006 2 00 5 21 ,852 1 8 ,0 0 01 0 ,0 0 0 20 ,0 0 047,528 14,8703 2 ,266 3 7,8255,293 -1 3 0 ,942 96 ,21 8

247,881 186,913


14/15

PSYCHOSYNTHESIS AND EDUCATION TRUSTNOTES TO TH E FINANCIAL STATEMENTS (Continued)YEAR ENDED 31 AUGUST 200610 CREDITORS: AMOUNTS FALLING DUE WITHIN AFTER MORE THAN ONE YEAR

Page 12

2 00 6 2 005

Bank loans and overdrafts 534,080 554,265Other loans

534,080 554,265

Bank l o a nAmounts repayable b e tw e en o n e an d tw o years 21,852 18,000Amoun t s r epayab le between tw o and five years 65,556 66,000Amounts repayable after five years 446,672 470,265534 ,080 554,265Amounts repayable within o ne y ea r 21,852 18,000

555 ,932 572,265The bank loan is with No rt hern Rock plc and has sixteen years remaining at the balance sheet date. A su m of 21,852 is alsoincluded within current liabilities. Interest is payab le at a rate of 1.50% above t h e No r th e rn Rock base rate. The loan is securedby a l eg al charge over the charity's property at 92-94 Tooley Street , Londo n , SE 1 2TH.The other loan is with The Bolton's and only has one year remaining at the balance sheet date. A sum of 10,000 is includedwithin current liabilities. Interest is payable at a rate of 1.5%. The loan is secured over the Charity's property at 92-94 TooleyStreet, London, SE 1 2TH .

The ou t st andi n g amoun t s in th e above loans represent 53% (2005: 56%) of t he b o ok value of 92-94 Tooley Street , L o nd on , S E 12TH.

11 STATEMENT OF FUNDSBalance Balance01 Se p I n come Expend i ture Trans fe r be tween 3 1 Aug2005 funds 2006

General Rese rve 479,763 652,907 (715,703)Des i gna t ed Rese rvesDeve lopmen t fund

416,967

45 ,507 - - - 45,507To ta l un r es t ri c ted f unds 525,270 652,907 (715,3Designated rese rv esThe Deve l opmen t fu nd i s to provide fo r future mark et ing and educat ion.

12 RELATED PARTY TRANSACTIONS

462,474

No transactions with related partieswere undertaken such as are required to bedisclosed under Financial Reporting Standard 8.


15/15

PSYCHOSYNTHESIS AN D EDUCATION TRUSTNOTES TO TH E FINANCIAL STATEMENTS (continued)YEAR ENDED 31 AUGUST 2006

13 COMMITMENTSOPERATING LEASESA t 3 1 Augu st 2 006 the Charity had the following annual commitment under non-cancellable operating leases:

Office equipment2006 2005

Opera t ing l ea se s wh ic h e xpi reWithin o ne y ea r 7,432 -Within tw o to f ive years 26,288 19,376

14 COMPANY LIMITED BY GUARANTEE

Page 13

Each member of the Charity has guaran teed to contribute up to 1 In the event of a winding up .

200. Psychosynthesis & Education Trust Annual Accounts 2006.

Documents

Transcript of 200. Psychosynthesis & Education Trust Annual Accounts 2006.