203. psychosynthesis & education trust annual accounts 2010

7/31/2019 203. Psychosynthesis & Education Trust Annual Accounts 2010.

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Company No. 3838253

Charity No. 1077365

Psychosynthesis and Education TrustFinancial Statements

31 August 2010


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Reference & Administration Details

Company number 3838253

Charity number 1077365

92-94 Tooley Street

LONDON

SE1 2TH

Trustees Lady Diana Whitmore President

Brenda Squires Chair

Hugh Lee Askar Treasurer

Peter Hein (resigned 31 March 2011)Helen Sieroda

John Shiers (resigned 18 March 2010)

Barry Bartman (appointed 18 March 2010)

Emma Red (appointed 18 March 2010)

Penny Terndrup

John Karter

Principal staff Keith Silvester

Jim Wallman Company Secretary

Bankers Barclays Bank PLC

Southwark Branch

29 Borough High Street

London

SE1 1LY

Bates, Wells & Braithwaite London LLP

2-6 Cannon Street

London

EC4M 6YH

Auditors Sayer Vincent

Chartered Accountants and Statutory Auditors

8 Angel Gate

City Road

London

EC1V 2SJ

Solicitors

Registered office and

operational address

Psychosynthesis and Education Trust

For the year ended 31 August 2010

Director of Operations and Development

(to 31 March 2010)

Director of Programmes (to 31 March

2010)

(appointed 20 May 2010, resigned 9

December 2010)

Director (from 1 March 2010 to May

2011)

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Brenda Squires

Chair of Trustees


Report of the Trustees


Last year we looked at how training is carried out. 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 system has not yet been fully implemented.

We are currently reviewing the new system to see how it can be made to work more effectively.

As the state of the economy remains precarious and government cuts bite, public services will be

taking a battering. 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. For

the second year in a row student numbers at PET have been down. Last year we did some serious

restructuring in order to be sustainable. We are now part way through this restructuring. The

challenge before us is how to put the organisation and training on a sound financial footing at thesame 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.

The Trustees of the Psychosynthesis & Education Trust, who are also the Directors of the charitablecompany, present their annual report and the audited statements for the year ended 31 August

2010. 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:

Over the last year we undertook a major review of the curriculum and were able to rationalise it and

iron out any duplication of course material. The revised training programme continues to meet BACP

and UKCP requirements. During the year we were due to undertake a collaborative review with theUniversity of East London. Due to the restructuring, this was postponed to the current academic

year and the University is very pleased with the outcome. Through such working together we aim to

continue to improve and refine what we are offering to students and to keep our courses in line with

up-to-date thinking and practice in the field.

We have many challenges still ahead of us. Hopefully through the stakeholder meetings and the

organisational audit we will continue to make the changes necessary within the organisation in order

that we may continue to offer psychosynthesis training at its best .

In December 2010 we started looking at our reputation as a training organisation and how we might

improve it. This led to series of meetings where we engaged in conversation with all those with a

stake in PET. This exercise has been very useful and is still ongoing. From it we hope to introduce

measures that will make PET a more responsive and vital body. In recent weeks we have also

undertaken an organisational audit to see if we are using our resources and personnel in the most

effective way. At the present time we are awaiting the feedback report from this audit. These

exercises are often salutary. They help us to become aware of what needs to be done in order to

provide a better and more attractive training.

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The Organisation

Aims and Objectives

Our aims are:

support people as they find their place within an intricate network of relationships and within

society.

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 Trusts programmes are validated by the University of

East London (School of Psychology).

provide psychosynthesis educational techniques suitable for schools and adult education.

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. Thisservice also includes low cost counselling for those on low incomes.

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 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'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.

work with people in life crisis.

promote the practice of transpersonal counselling and psychotherapy by providing a training

centre of excellence.

promote the value of psycho-spiritual work in counselling, psychotherapy and education

through research, dissemination and publication.

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This is primarily achieved by:

Graduate Certificate in Psychosynthesis Foundations

Post Graduate Diploma in Psychosynthesis Counselling, years 1 and 2

MA in Psychosynthesis Psychotherapy

Post Graduate Certificate in Psychosynthesis Studies

Post Graduate Certificate in Transpersonal and Integrative Supervision

The Psychosynthesis and Education Trust is a registered charity and charitable company limited byguarantee. 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.

No Trustees have any beneficial interest in the charity.

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 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 and training. In the last year members of the boardattended the Annual Charity Conference.

Where appropriate Trustees are invited to attend other seminars and conferences related to charity

organisation and management.

Offering a counselling referral service, including a low-cost counselling service, for the general

public; and

Running the following courses which are validated by the University of East London and

accredited by BACP or UKCP:

Offering introductory courses in Psychosynthesis Psychosynthesis to the public (such as the

popular Essentials course) and on-going professional training for graduates and other qualified

therapists;

Offering a free or a subsidised rate for the use of rooms at 92-94 Tooley Street for organisations

furthering Psychosynthesis.

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Review of activities 2009/10

Counselling & Psychotherapy Training

Future developments

Developing fresh workshops aimed at those working in business

Developing Partnership working further and re-engaging with existing partners

Delivering new courses

Revising, refreshing and developing our curriculum.

Public Benefit

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.

In addition the Trust continues to have two intakes of the 2 year Post Graduate Diplomas and a

number of Students were awarded these in the year.

Essentials Out of LondonWe have continued the successful Essentials course run outside London at Findhorn College in

Scotland. This continues to be well supported.

Counselling ServiceThe counselling service continued to deliver psychosynthesis counselling to the general public,

some of it low cost. The overall number of clients decreased a little but continued to include low

cost clients.

The Trusts professional counselling & psychotherapy training student numbers decreased in the

year. However new students joined the introductory Essentials course which ran several times this

year. It continues to be well attended and we intend to increase numbers. We also offer a

Foundation course.

Graduate Studies Programme

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.

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. This is done in the context of, and with regard to, the Charity Commissions guidance on

public benefit.

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Income generation and fundraising

Financial Position

Reserves Policy

Risk

The financial results for the year ended 31 August showed a loss of 103k. The effect of the loss

was to reduce the balance carried forward to 226k. The main cause of the loss was reduced

income from student intake due primarily to uncertainty caused by the economic climate. To

increase working capital, 133k was released from the Trust's freehold property by way of

remortgage that was finalised in October 2010.

The Trustees are responsible for preparing the Trustees report and the financial statements inaccordance with applicable law and regulations.

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.

The Trustees have examined, in conjunction with the senior management team, the significant risks

that might affect the continued operation of the charity.

Responsibilities of the Trustees

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 and the level of freereserves at the year end stood at (403,000).

The Trustees have reviewed their reserves policy and aim to commit as much as possible to

furthering the charitys objectives, while retaining financial stability and the potential to respond to

new opportunities.

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 Trusts income is generated by tuition

fees and letting the building. The Trust has not invested resources in fundraising during the

financial year.

Company law requires the Trustees to prepare financial statements for each financial year. Under

that law the Trustees have elected to prepare the financial statements in accordance with United

Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and

applicable law). Under company law the Trustees must not approve the financial statements unless

they are satisfied that they give a true and fair view of the state of affairs of the charitable company

and the incoming resources and application of resources, including the net income or expenditure,

of the charitable company for that period.

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Auditors

In preparing these financial statements, the Trustees are required to:select suitable accounting policies and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

Trustee

Hugh Lee Askar

Approved by the Trustees on 27 May 2011 and signed on their behalf by

Sayer Vincent were reappointed as the charitable company's auditors during the year and have

expressed their willingness to continue in that capacity.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show

and explain the charitable companys transactions and disclose with reasonable accuracy at any

time the financial position of the charitable company and enable them to ensure that the financial

statements comply with the Companies Act 2006. They are also responsible for safeguarding theassets of the charitable company and hence for taking reasonable steps for the prevention and

detection of fraud and other irregularities.

state whether applicable UK Accounting Standards (United Kingdom Generally Accepted

Accounting Practice) and Statements of Recommended Practice have been followed, subject

to any material departures disclosed and explained in the financial statements;

Each of the Trustees confirms that to the best of his or her knowledge there is no information

relevant to the audit of which the auditors are unaware. Each of the Trustees also confirms that he

or she has taken all necessary steps to ensure that he or she is aware of all relevant audit

information and that this information has been communicated to the auditors.

prepare the financial statements on the going concern basis unless it is inappropriate to

presume that the charitable company will continue in operation.

The Trustees are responsible for the maintenance and integrity of the corporate and financial

information included on the charitable company's website. Legislation in the United Kingdom

governing the preparation and dissemination of the financial statements may differ from legislation in

other jurisdictions.

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Independent Auditors' Report

To the members of


We have audited the financial statements of Psychosynthesis and Education Trust for the year ended31 August 2010 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 Chapter 3 Part 16 of the Companies Act 2006. 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 auditorsThe 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 have been properly prepared in

accordance with United Kingdom Generally Accepted Accounting Practice, have been prepared inaccordance with the Companies Act 2006 and give a true and fair view. We also report to you

whether in our opinion the information given in the annual report of the Trustees is consistent with

those financial statements.

In addition we report to you if, in our opinion, the charitible company has not kept adequate

accounting records, if the charitable company's financial statements are not in agreement with the

accounting records and returns, if we have not received all the information and explanations we

require for our audit, or if certain disclosures of Trustees' remuneration specified by law are not

made.

We read the annual report of the Trustees 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 charity's circumstances,

consistently applied and adequately disclosed.

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Independent Auditors' Report

To the members of


Opinion

Emphasis of matter - Going concern

8 Angel Gate

City Road

LONDON

EC1V 2SJ

Helen Elliott

Senior Statutory Auditor

for and on behalf of Sayer Vincent, Statutory Auditors

In our opinion:

the financial statements give a true and fair view of the state of the charity's affairs as at 31

August 2010 and of its incoming resources and application of resources, including its income

and expenditure, for the year then ended;

We planned and performed our audit so as to obtain all the information and explanations which weconsidered 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.

27 May 2011

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.

In forming our opinion on the financial statements, we have considered the adequacy of thedisclosure made in note 1 to the financial statements concerning the charitable companys ability to

continue as a going concern. The charitable company has restructured in order to reduce costs. Its

viability will rely primarily on maintaining student numbers and the bank's renewal of the overdraft

facility. In view of the significance of the uncertainty we consider it should be drawn to your attention,

but our opinion is not qualified in this respect.

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Statement of Financial Activities (Incorporating an income and expenditure account)

2010 2009

Notes

Incoming resources

Voluntary & other income:

Donations and gifts 175 465

Other income 14,336 9,516

Programmes and Courses 458,226 519,514

Counselling services 21,569 19,482

Room rentals 102,960 89,721

Book sales 2,523 5,390

Property income 102,016 109,108

Total incoming resources 701,805 753,196

Resources expended

Cost of generating funds: 36,513 25,538

Charitable activities:

Programmes and Courses 664,413 667,128

Counselling services 43,243 42,160

Room rentals 38,217 36,983

Governance costs 22,764 15,420

Total resources expended 2 805,150 787,229

4 (103,345) (34,033)

329,516 363,549

226,171 329,516

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 11 to the financial statements.

Funds at the start of the year

Funds at the end of the year

Net outgoing resources for the year and net movement in

funds

Incoming resources from activities for generating funds:



Incoming resources from charitable activities:

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2010 2009Not

Fixed assets

Tangible assets 6 930,206 955,279

Current assets

Stocks 8,177 8,258

Debtors 7 71,031 79,753

Cash at bank and in hand 486 11,240

79,694 99,251

8 (256,648) (233,269)

Net current (liabilities) (176,954) (134,018)

Total assets less current liabilities 753,252 821,261

10 (527,081) (491,745)

Net assets 226,171 329,516

Funds

Unrestricted funds

General funds 11 226,171 329,516

Total funds 226,171 329,516

Hugh Lee Askar

Trustee

Psychosynthesis and Education Trust (Limited by guarantee)

As at 31 August 2010

Approved by the Trustees on 27 May 2011 and signed on their behalf by

Creditors: Amounts falling due within one year

Balance Sheet

Creditors: Amounts falling due after more than one

year

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Notes to the financial statements

1. Accounting policies

2% on cost

4 years straight line



Stocks

Fund accounting

Where the income is received in advance of programmes and courses being performed and

rental income charged in advance, the charity recognises, as deferred income, a liability equal to

the amount received, representing its obligations to carry out the programmes and courses and

rental agreements That liability is reduced and reported as income as the programmes and

courses are performed and properly let.

Donations are included in income when receivable.

Bank interest is recognised on a receivable basis.



Recognition of programmes and courses, counselling and room hire income is on an accruals

basis.

The financial statements have been prepared under the historical cost convention. The financial

statements also comply with the Statement of Recommended Practice for Accounting by Charities

and the Companies Act 2006.

The charity's income is derived from six main sources: programmes and courses, counselling,

room hire, book sales, donations and investment income.

Income

Going concern status

The financial statements have been prepared on the going concern basis. The Trust has

restructured in order to reduce costs. For the next financial year the viability of the Trust will rely

primarily on maintaining student numbers and the bank's renewal of the overdraft facility.

Furniture & Fittings

Office Equipment

Plant and machinery

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the

general objectives of the charity.

Fixed assets

All fixed assets are recorded at cost.

Stocks have been valued at the lower of cost and net realisable value.

Depreciation

Depreciation is calculated to write off the cost of an asset, less its estimated residual value, over

the useful economic life of that asset as follows:

Freehold property

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1. Accounting policies (continued)

Staff, trainers' fees and costs

Bursaries

Counselling service

All other costs are apportioned on an appropriate basis, based on activity.

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.

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 strategicmanagement of the charity.

Resources expended

Costs of generating funds comprise the costs associated with the running of room rentals.

Expenditure is recognised on an accruals basis as a liability is incurred.

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.

Operating leases

The following costs are allocated directly to a particular activity:

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2. Resources Expended

Costs of

generating

funds

Training &

CPD Counselling Room Rental Governance

2010

Total

2009

Total

Costs of generating funds:

Advertising and marketing costs 36,513 - - - - 36,513 25,538

Costs directly attributable to charitable activities:

Staff, trainers' fees and costs - 460,118 20,103 15,077 7,282 502,580 517,643

Bursaries - 19,175 - - - 19,175 21,597

Counselling service - - - - - - -

Printing and stationery - 4,421 553 553 - 5,527 6,918

Post and telephone - 8,119 1,015 1,015 - 10,149 13,216

Insurance - 6,940 868 868 - 8,676 10,890

Sundries - 28,939 3,617 3,617 - 36,173 40,258

Rates and utilities - 16,515 2,064 2,064 - 20,643 18,028

Repairs, maintenance and cleaning - 46,322 5,790 5,790 - 57,902 57,886

Depreciation - 24,236 3,030 3,030 - 30,296 28,989

Computer consumables - 15,483 1,935 1,935 - 19,353 14,160

Bank charges - 1,269 159 159 - 1,587 982

Consultancy fees - 16,617 2,077 2,077 - 20,771 2,890

Interest payable - 8,460 1,057 1,057 - 10,574 20,314

Bad debt provision - 7,799 975 975 - 9,749 -

Audit fees - - - - 15,482 15,482 7,920

36,513 664,413 43,243 38,217 22,764 805,150 787,229


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3. Trustees' remuneration

4. Net outgoing resources for the year

This is stated after charging:

Total Total

2010 2009

Auditors' remuneration

Audit 7,500 7,920

Unaccrued prior year audit fees 2009 7,982 -

Operating lease rentals - Equipment 24,681 30,180Depreciation (note 6) 30,296 28,989

5. Staff costs and numbers

Total Total

2010 2009

Wages and salaries 235,346 237,7596,000 9,000

Social security costs 21,804 22,606

263,150 269,365

No employee received emoluments of more that 60,000 (2009 - none).

2010 2009

No. No.

Counselling 0.4 0.4Training and CPD 8.2 8.2

8.6 8.6



The trustees neither received nor waived any emoluments during the year (2009: nil).

Other staff costs

One trustee was reimbursed expenses worth 231 during the year (2009: nil).

The average number of employees during the year, calculated on the basis of full time

equivalents:

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6. Tangible fixed assets

Freehold

Land &

Buildings

Plant &

Machinery

Furniture &

Fixtures Total

1,137,779 20,085 56,965 7,358 1,222,187

- - - (5,993) (5,993)

- - - 5,223 5,223

1,137,779 20,085 56,965 6,588 1,221,417

DEPRECIATION

201,705 12,122 46,672 6,409 266,908

- - - (5,993) (5,993)

Charge for the year 22,756 2,008 3,909 1,623 30,296

224,461 14,130 50,581 2,039 291,211

NET BOOK VALUE913,318 5,955 6,384 4,549 930,206

936,074 7,963 10,293 949 955,279

7. Debtors

2010 2009

Trade debtors 54,212 57,296

Other debtors 7,982 10,775

21,080 14,460

(12,243) (2,778)

71,031 79,753

Bad debts provision

At 1 September 2009

At 31 August 2010

Office

Equipment

COST

At 1 September 2009

Disposals

Additions in year

Prepayments and accrued income

The Trustees believe that the market value of the Freehold Land and Buildings is in excess of the

net book value.

At 31 August 2010

At 1 September 2009

All tangible fixed assets are used for direct charitable purposes.

Disposals

At 31 August 2010

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8. Creditors: Amounts falling due within one yearTh 2010 2009

81,534 76,275

10,097 11,150

42,615 6,193

- 35,336

7,475 6,517

Accruals 26,828 7,988

Deferred income 88,099 89,810

256,648 233,269

9. Deferred income - courses

2010 2009

Balance brought forward 89,810 217,722

Cash received 88,099 288,865

Student fees recognised in the year (89,810) (416,777)

Balance carried forward 88,099 89,810

10. Creditors: Amounts falling due after more than one year

2010 2009

Bank loan 527,081 491,745

527,081 491,745

2010 2009

in less than 1 year - 35,336

between 2 and 5 years 120,857 106,008

in more than 5 years 406,224 385,737

527,081 527,081

At 31 August 2010, the bank loan was managed by Crown Management Ltd (previously Northern

Rock/Lehmans Bank). Interest was payable at a rate of 1.5% above bank base rate. The

property was remortgaged in October 2010 and the whole mortgage was transferred to Barclays

Bank plc. 132,000 equity was released from the property, increasing the mortgage value to

660,000. On start up, 12 months capital holiday was approved by Barclays, thereafter the capital

is repayable in full over 19 years, it is repayable as follows:

Bank loan (note 10)

The outstanding amounts in the above loans represent 58% (2009: 56%) of the book value of 92-

94 Tooley Street, London, SE1 2TH. The loans are secured against this building.

Trade creditors

Other taxation and social security

Bank overdraft

Other creditors

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11. Statement of fundsAt 1

September

2009

Incoming

resources

Outgoing

resources

At 31

August

2010

General Reserves 329,516 701,805 (805,150) 226,171

Total unrestricted funds 329,516 701,805 (805,150) 226,171

13. Taxation

14. Commitments

Operating leases

2010 2009

Operating leases which expire

Less than one year 3,676 -

Within two to five years 9,312 22,306

12,988 22,306

15. Company limited by Guarantee

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

Office equipment

At 31 August 2010 the charity had the following annual commitment under non-cancellable

operating leases:

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

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203. psychosynthesis & education trust annual accounts 2010

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