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PSYCHOSYNTHESIS AND EDUCATION TRUST FINANC IA L STATEMENTS 31 AUGUST 2008

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PSYCHOSYNTHESIS AND EDUCATION TRUST REFERENCE & ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2008 Company number
Charity number

3838253
1077365

Registered office and operational address

92-94 Tooley Street LONDON SE1 2TH

Trustees

Lady Diana Whitmore Brenda Squires Chris Burgess Hugh Lee Askar
Peter Hein Michael Shaw Helen Sieroda John Shiers

President Chairperson Treasurer

Principal staff

Keith Silvester Jim Wallman

Director of Programmes Director of Operations and Development and Company Secretary

Bankers

Barclays Bank PLC Southwark Branch

29 Borough High Street London

SE1 1LY

Solicitors

Bates, Wells & Braithwaite 2-6 Cannon Street London EC4M 6YH

Auditors

Sayer Vincent Chartered Accountants Registered Auditors

8 Angel Gate City Road London EC1V 2SJ

PSYCHOSYNTHESIS AND EDUCATION TRUST Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2008 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 2008. 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:
You cannot switch on the radio or TV these days without being assailed by news of the financial crisis facing the world; a deepening recession looks ever more likely and with it a downturn in all sectors of the economy. This is hard to ignore. The likely knock-on effects are an increase in unemployment, a potential rise in crime, a slump in manufacturing and retail, and a general sense of malaise.

I am reminded, though, of Assagioli's comments when he was imprisoned in 1938 in Mussoloni's Italy for being a Jew and because of his internationalist views.
I quote: 'I realised I was free to take one of many attitudes toward the situation, to give one value or another to it, to utilise it in one way or another. I could rebel inwardly and curse, or I could submit passively, vegetating; or I could take the situation in a sporting way and with a sense of humour, considering it as a novel and interesting experience. I could make of it a rest cure or a period of intense thinking, either about personal matters or about philosophical and scientific problems; or I could take advantage of the situation to undertake a personal psychological training; or, finally I could make it into a spiritual retreat. I had the pure clear perception that this was entirely my own affair; that I was free to choose any or all of these activities; that this choice would have unavoidable effects which I could foresee and for which I was fully responsible. There was no doubt in my mind about this inherent freedom and power and their inherent privileges and responsibilities.' While few of us have Assagioli's equanimity of spirit and inner wisdom, it is worth recalling that, in essence, when all else is taken away, we retain consciousness and will. We do have more choice and freedom than we are generally aware of . As a training body and centre of psychosynthesis we will of course be affected by what is going on the world at large, yet it is up to us how we choose to respond. Change engenders fear; we want to cling to what we know and feel comfortable with. But we can choose to acknowledge our own and others' fears and then move beyond them, not in a blind, defensive way but realising that we will have to adapt and be flexible, not only to survive as an organisation but to continue to be of service, which is what we are there for. We will also need to be attuned to the differing needs and circumstances of those coming through our doors. Over the last year we trustees have been putting our heads together to envision the future of Psychosynthesis and Education Trust. What we came up with, individually and then collectively, is worth recording. We see the trust continuing as a training body but in addition developing as a hub and facilitating centre for other organisations working in the community. This will take time and resources, but we have started on the journey. In appointing Jim Wallman we added a development brief to his role. In addition, a development subcommittee has been focussing on such issues as the applied stream within the training, the creation of more Essentials groups outside London, a lecture series beginning this autumn, and furthering links with community organisations, such as the Cancer Resource Centre in Wandsworth.

PSYCHOSYNTHESIS AND EDUCATION TRUST Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2008 All this is happening slowly. The mainstay of Psychosynthesis and Education Trust remains the counselling and psychotherapy training; after all, that is what we are good at and transformation starts with the individual. But things are moving. If you have any ideas how the trust might develop towards greater community involvement do please make yourself and your interests known to the trustees or the development subcommittee via myself or Jim Wallman.

Brenda Squires Chair of Trustees Structure, governance and management 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 (EFPP). 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 service also includes low cost counselling for those on low incomes.

Objectives and Activities

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 TRUST Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2008 Our aims are: work with people in life crisis suppo rt people as they find their place within an intricate network of relationships and within society. promote the practice of transpersonal counselling and psychotherapy by providing a training centre of excellence. provide psychosynthesis educational techniques suitable for schools and adult education. promote the value of psycho-spiritual work in counselling, psychotherapy and education through research, dissemination and publication.

This is primarily achieved by: Training Psychosynthesis counsellors and therapists. The charity offers a validated, one year, part time Graduate Certificate in Psychosynthesis 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 Diploma is accredited by the British Association of Counselling and Psychotherapy (BACP), and the MA by the United Kingdom Council for Psychotherapy (UKCP). All three are accredited by the University of East London (UEL). Training Psychosynthesis and non-Psychosynthesis counsellors and therapists. The charity offers a one year, Post Graduate Certificate in Psychosynthesis Studies, as a professional development course for non-Psychosynthesis trained counsellors and also a one year, Postgraduate Certificate in Transpersonal & Integrative Supervision: from an integrated and transpersonal perspective for Psychosynthesis and non-Psychosynthesis trained counsellors and therapists. Both are accredited by the University of East London (UEL). Offering introductory courses in Psychosynthesis to the public (such as the popular Essentials course) and on-going professional training for graduates and other qualified therapists; Offering a counselling referral service, including a low-cost counselling service, for the general public; and
Offering a free or a subsidised rate for the use of rooms at 92-94 Tooley Street for organisations furthering Psychosynthesis. 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 close consultation with the Trustees, at the full quarterly meetings, and at meetings of Trustee subcommittees.

PSYCHOSYNTHESIS AND EDUCATION TRUST Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2008 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. New trustees have an induction process, and were they are not already familiar with the background and principles of psychosynthesis they attend a short training course. All trustees guarantee to contribute an amount, not exceeding 1, in the event of winding. At 31 August 2008 the charitable company had 8 guaruntees (2007: 8). No trustees have any beneficial interest in the charity. The Trust is associated with the Psychosynthesis Professional Association (PPA), a no for profit limited company, and the two Executive Directors of the Trust sit on the PPA Board of Directors in an ex-officio capacity. Review of activities 2007/08 Counselling & Psychotherapy Training The Trust's professional counselling & psychotherapy training student numbers increased with a total of 116 new student enrolments (18% up from 98 in 2006/07). This does not include 106 new students on the introductory Essentials course, which runs six times a year (9% up from 97 in 2006/07). The Trust continues to have two intakes of the 3-year PG Diplomas (in two different formats). The Training in Supervision course and Graduate Certificate in Psychosynthesis Counselling and Therapy, and the MA in Psychosynthesis Psychotherapy all ran successfully. 20 Students qualified as counsellors and 8 students successfully completed their Masters course in 2007-08. This compared with 18 and 3 respectively in 2006-07. Graduate studies Programme We have had a wide range of events in this programme aimed at graduates and others interested in professional development. The programme involved an event at least once a month.
Training & Research Conference The Trust held its third annual research conference in April 2008 open to staff, graduates and students, with a capacity attendance of more than 50 people. This year's theme was 'The Virtual Self.

Counselling Service
The counselling service continued to deliver psychosynthesis counselling to the general public, some of it low cost. The overall number of clients declined a little from 114 in 2006-07 to 86 in 2007-08 of which 36% were low cost clients. Development of New Courses During the year the Programmes team developed the Applied Psychosynthesis Postgraduate Diploma. This course is aimed at students wishing to use the thinking and practice of psychosynthesis in areas other than counselling and psychotherapy. This course is due to run for the first time from September 2008.

PSYCHOSYNTHESIS AND EDUCATION TRUST Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2008 European Federation Summer School The Trust co-hosted the fourth gathering of professional psychosynthesis therapists from around Europe. This was initiated by the European Federation of Psychosynthesis Practitioners in collaboration with the Trust and Re.Vision. This is an event held every two years, and over 100 people attended. The theme for this conference was "The Soul's Challenge - between hope and anguish at a time of planetary crisis" Strategic planning and visioning
During the year the trustees have been focussing on the longer term strategic direction of the Trust particularly turning its attention towards partnership working and greater outreach. As mentioned in the Chair's report we envision PET as a greater resource and educational support for community groups and initiatives. We will strengthen links with other organisations in the locality, such as the Cancer Resource Centre (soon to be: The Paul d'Auria Centre) Other areas of potential growth include work within prisons.

Essentials Out of London Planning was completed on the first Essentials course to be run outside London for some years, and this is scheduled to happen at the Findhorn College in Scotland in February 2009. Future developments s s s Expanding the annual Training and Research Conference to a wider audience. Developing Partnership working fu rther Delivering new courses
A new short one-day taster course will be developed as a more accessible route for those new to the ideas and model of psychosynthesis. s Extending the `Essentials out of London' programme Developing a Research Network

Public Benefit 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.

PSYCHOSYNTHESIS AND EDUCATION TRUST Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2008
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 45k. The effect of the loss was to reduce the balance carried forward from 409k to 364k. The main cause of the loss was reduced income due to lower student numbers than previous years and a gap in the tenancy of the second floor. Reserves Policy The Trustees have reviewed their reserves 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 the charity to manage change effectively, particularly where the regulatory and educational frameworks within which the Trust operates undergoes change. Currently the reserves policy is to retain six months operating costs, covering key staff and overheads, amounting to some 165k. This level has not yet been achieved.
Risk The Trustees have examined, in conjunction with the senior management team, the significant risks that might affect the continued operation of the charity.

They maintain a risk register, and this is reviewed regularly to ensure that all risks have been properly identified and amelioration plans are in place where appropriate.
Responsibilities of the Trustees Company and charity law require the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity, and of the surplus or deficit of the charity for that period. In preparing these financial statements the Trustees have: select suitable accounting policies and then apply them consistently make judgements and estimates that are reasonable and prudent s state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements s prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company will continue on that basis The Trustees have overall responsibility for ensuring that the charity has appropriate systems of controls, financial and otherwise. They are also responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity, and enable them to ensure that the financial statements comply with the Companies Act 1985 and the Charity Act 1993.

PSYCHOSYNTHESIS AND EDUCATION TRUST Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2008
They 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 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 appointed as the charitable company's auditors after the year end and have expressed their willingness to continue in that capacity. Approved by the Trustees on 4 December 2008 and signed on their behalf by

Brenda Squires Chair of the Trustees

Independent auditors' repo rt To the members of PSYCHOSYNTHESIS AND EDUCATION TRUST We have audited the financial statements of Psychosynthesis and Education Trust for the year ended 31 August 2008 which comprise the statement of financial activities, balance sheet and related notes. These financial statements have been prepared in accordance with the accounting policies set out therein. This report is made solely to the charitable company's members, as a body, in accordance with section 235 of the Companies Act 1985. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of the Trustees and auditors
The responsibilities of the Trustees (who are also the directors of Psychosynthesis and Education Trust for the purposes of company law) for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 Standards on Auditing (UK and Ireland). We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. We also report to you whether the information given in the annual report of the Trustees is consistent with the financial statements. In addition, we report to you if, in our opinion, the charitable company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding the Trustees' remuneration and other transactions is not disclosed.

We read the annual report and consider the implications for our report if we become aware of any apparent misstatements within it. Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Trustees in the preparation of the financial statements, and of whether the accounting policies are appropriate to the charitable company's circumstances, consistently applied and adequately disclosed. 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.

Independent auditors' repo rt To the members of PSYCHOSYNTHESIS AND EDUCATION TRUST Opinion In our opinion: the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice of the charitable company's state of affairs as at 31 August 2008 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; and the financial statements have been properly prepared in accordance with the Companies Act 1985; and the information given in the report of the Trustees is consistent with the financial statements.

9 January 2009

AYER VINCENT

Chartered accountants & registered auditors London

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PSYCHOSYNTHESIS AND EDUCATION TRUST STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an income and expenditure account) FOR THE YEAR ENDED 31 AUGUST 2008 2008 2007

Notes INCOMING RESOURCES Incoming resources from charitable activities: Programmes and Courses Counselling services Room rentals Book sales Incoming resources from activities for generating funds: Property income Voluntary & other income: Donations and gifts Investment income TOTAL INCOMING RESOURCES RESOURCES EXPENDED Cost of generating funds: Charitable activities: Training & CPD Counselling Room Rental Governance costs TOTAL RESOURCES EXPENDED NET (OUTGOING) RESOURCES AND NET INCOME/(EXPENDITURE) 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 3

Total

Total

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

435,630 13,929 81,217 4,748

76,140

65,805

2,262 664,300

25 4,667 606,021

35,924 584,121 44,036 35,335 10,130 709,546

25,920 511,701 71,440 42,148 7,905 659,114

(45,246)

(53,093)

( 181) ( 45,427) 408,976 363,549

(405) (53,498) 462,474 408,976

All of the above results are derived from continuing activities and are unrestricted. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 13 to the financial statements.

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PSYCHOSYNTHESIS AND EDUCATION TRUST (Limited by guarantee) BALANCE SHEET As at 31 August 2008 2008 2007

Notes FIXED ASSETS Investments Tangible assets

7 8

969,875 969,875

80,517 991,253 1,071,770

CURRENT ASSETS Stocks Debtors Cash at bank and in hand

8,258 83,619 102,785 194,662 (264,922) (70,260) 899,615

8,258 89,566 1,227 99,051 (225,779) (126,728) 945,042 (536,066)

CREDITORS: Amounts falling due within one year NET CURRENT (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due after more than one year NET ASSETS

10

12

(536,066)

363,549

408,976

FUNDS UNRESTRICTED FUNDS General funds Designated funds TOTAL FUNDS

363,549 363,549

363,469 45,507 408,976

Approved by the Trustees on 4 December 2008 and signed on their behalf by Brenda Squires

ST--

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PSYCHOSYNTHESIS AND EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2008 1. Accounting policies The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments which are included at market value. The financial statements also comply with the Statement of Recommended Practice for Accounting by Charities and the Companies Act 1985.
Income

The charity's income is derived from six main sources: programmes and courses, counselling, room hire, book sales, donations and investment income. Recognition of programmes and courses, counselling and room hire income is on a accruals basis. Where the income is received in advance of programmes and courses being performed, the 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 income as the programmes and courses are performed. Donations are included in income when receivable. Income from investements is recognised on a receivable basis. Fund accounting Unrestricted funds are available for use at the discretion of the Trustees in fu rtherance of the general objectives of the charity. Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. Fixed assets All fixed assets are initially recorded at cost. Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful ecomomic life of that asset as follows: Freehold property Furniture & Fittings Office Equipment Plant and machine ry 2% on cost 4 years straight line 4 years straight line 10 years straight line

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PSYCHOSYNTHESIS AND EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2008

1. Accounting policies (continued)

Investments

Investments are included at market value at the balance sheet date. Any changes in value during the year, whether realised or unrealised are reported as other recognised gains and losses in the Statement of Financial Activities. Stocks Stocks have been valued at the lower of costs and net realisable value. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Costs of generating 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 apportioned 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 2008 Total Interest receivable on Investments in Treasury Stock Bank interest receivable 2,262 2,262 2007 Total 4,522 145 4,667

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PSYCHOSYNTHESIS AND EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2008 3. RESOURCES EXPENDED Costs of generating funds Costs of generating funds: Adve rtising 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 24,777

Training & CPD

Counselling Room Rentals -

Governance -

2008 Total 24,777

2007 Total 13,681

11,147 35,924

390,503 16,583 17,117 5,658 8,734 12,936 14,139 52,316 21,692 10,659 619 7,646 29,898 (4,379) 584,121

16,878 4,481 2,140 707 1,092 1,617 1,767 6,539 2,711 1,333 78 956 3,737 44,036

12,658 2,140 707 1,092 1,617 1,767 6,539 2,711 1,333 78 956 3,737 35,335

1,905 8,225 10,130

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 11,147 709,546

405,226 9,831 9,825 23,165 5,262 9,977 14,622 14,597 55,813 26,591 10,045 961 17,201 22,766 1,312 6,000 12,239 659,114

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PSYCHOSYNTHESIS AND EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2008

4.

TRUSTEES' REMUNERATION The trustees neither received nor waived any emoluments during the year (2007: nil). Travel expenses of 250 were re-imbursed to trustees, (2007: nil)

5.

NET OUTGOING RESOURCES FOR THE YEAR This is stated after charging:

Total 2008 Auditors' remuneration Audit fee Operating lease rentals - Equipment Depreciation (note 8) 6. STAFF COSTS AND NUMBERS
Total 2008 Wages and salaries Social security costs 213,614 20,526

Total 2007 6,000 34,469 26,591

8,225 38,895 27,114

Total 2007 198,891 17,846

234,140

216,737

No employee received emoluments of more that 60,000 (2007 - none). The average number of employees during the year, calculated on the basis of full time equivalents:
2008 1 8 2007 1 8

Counselling Administrative and Finance

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PSYCHOSYNTHESIS AND EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2008 7. FIXED ASSET INVESTMENTS At Valuation Market value at 1 September 2007 Additions Disposals Net losses on revaluation
Market value at 31 August 2008 Analysis of investments 80,517 80,922

(80,517) (405) 80,517

Fixed interest securities

Market Value Cost

80,517

78,650

8.

TANGIBLE FIXED ASSETS Freehold Land & Buildings

COST At 1 September 2007 Additions in year

Plant & Machinery 16,857 16,857

Furniture Office & Fixtures Equipment 41,329 5,736 47,065 6,093 6,093

Total 1,202,058 5,736 1,207,794

1,137,779 1,137,779

At 31 August 2008 DEPRECIATION At 1 September 2007 Charge for the year

At 31 August 2008 NET BOOK VALUE At 31 August 2008 At 1 September 2007

156,194 22,755 178,949

8,428 1,686 10,114

40,090 2,673 42,763

6,093 6,093

210,805 27,114 237,919

958,830
981,585

6,743
8,429

4,302
1,239 -

969,875 991,253

All tangible fixed assets are used for direct charitable purposes.
9.

DEBTORS 2008 Trade debtors Other debtors Prepayments and accrued income Bad Debts Provision 28,579 7,822 49,996 (2,778) 83,619 2007 73,929 15,637 89,566

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PSYCHOSYNTHESIS AND EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2008

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2008

Trade creditors Other creditors Other taxation and social security Accruals Deferred income 21,576 11,029 6,114 8,481 217,722

2007
55,829 5,332 8,908 155,710

264,922
11. DEFERRED INCOME - COURSES 2008

225,779

2007

Balance at 1 September 2007 Cash received Student fees recognised in the year Deferred income at 31 August 2008 12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

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

106,672 348,818 ( 29 9,780) 155,710

2008
Bank loan repayable in over five years 536,066 536,066

2007
536,066 536,066

The bank loan is an interest only mortgage with Northern Rock plc repayable in full in 2022. 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.
The outstanding amounts in the above loans represent 56% (2007: 55%) of the book value of 92-94 Tooley Street, London, SE1 2TH.

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PSYCHOSYNTHESIS AND EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2008 13. STATEMENT OF FUNDS Balance at 1 September 2007 General Rese rve
Designated Rese rves

Incoming resources 664,300

Outgoing resources (709,727)

Transfers 45,507

At 31 August 2008 363,549

363,469

Development fund Total unrestricted funds Designated reserves

45,507 408,976

664,300

(709,727)

(45,507) -

363,549

The Development fund was established as a fund to provide for future marketing and education for the charity. 14. TAXATION The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 15. RELATED PARTY TRANSACTIONS During the year Keith Silvester (Director of Programmes) was paid 10,640 in fees relating to the provision of tutoring services. There were no other related parties transactions during the year. 16. COMMITMENTS OPERATING LEASES
At 31 August 2008 the charity had the following annual commitment under non-cancellable operating leases: Office equipment 2008 2007 36,967

Operating leases which expire

Within two to five years 17. COMPANY LIMITED BY GUARANTEE

Each member of the charity has guaranteed to contribute up to 1 in the event of a winding up.

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