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2022-08-31-accounts

Company registration number: 03838253 Charity registration number: 1077365

Psychosynthesis and Education Trust

(A company limited by guarantee)

Annual Report and Financial Statements for the Year Ended 31 August 2022

Field Sullivan Limited 9 Hare & Billet Road Blackheath SE3 0RB

Psychosynthesis and Education Trust

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 13
Independent Auditors' Report 14 to 16
Statement of Financial Activities 17
Balance Sheet 18
Statement of Cash Flows 19
Notes to the Financial Statements 20 to 29

Psychosynthesis and Education Trust

Reference and Administrative Details

Trustees Glyn Bottrell
Christopher Connolly
Sue Fox (Chair by rotation November 2022 – February 2023)
John Hughes (Chair by rotation June 2023 – August 2023)
Emma Marinos
Michael Shaw
Penny Terndrup (Chair until October 2022)
Phillipa Watson (Chair by rotation March 2023 – May 2023)
Diana Whitmore
Senior Management / Leadership Jamie Joyes, Finance and Operations Director
Team Kim Shiller, Programmes Director
Kelly Tyler, Social Impact Director
Charity Registration Number 1077365
Company Registration Number 03838253
The charity is incorporated in England and Wales.
Registered Office 92-94 Tooley Street
London
SE1 2TH
Auditor Field Sullivan Limited
9 Hare & Billet Road
Blackheath
SE3 0RB
Bankers Barclays Bank PLC
Southwark Branch
29 Borough High Street
London
SE1 1LY

Page 1

Psychosynthesis and Education Trust

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 August 2022.

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: Glyn Bottrell
Christopher Connolly (appointed 20 April 2023)
Sue Fox (Chair by rotation November 2022 – February 2023)
John Hughes (Chair by rotation June 2023 – August 2023)
Emma Marinos
Michael Shaw
Penny Terndrup (Chair until October 2022)
Phillipa Watson (Chair by rotation March 2023 – May 2023)
Diana Whitmore
Senior Management / Leadership Jamie Joyes, Finance and Operations Director
Team: Kim Shiller, Programmes Director
Kelly Tyler, Social Impact Director

Page 2

Psychosynthesis and Education Trust

Trustees' Report

The Trustees present their report, incorporating their strategic report and financial statements, for the year ended 31st August 2022.

The detail in this report explains the purpose of the Trust, what the Trust has done during the reporting year to carry out these purposes for the public benefit, and in making decisions to that nature Trustees have had due regard to the Charity Commission’s public benefit guidance when exercising any powers or duties to which the guidance is relevant.

Objectives and Activities

The Psychosynthesis and Education Trust continues in its charitable activities, in:

The Trust owns its premises at 92-94 Tooley Street, London SE1 2TH, which is used to deliver and administer the objectives and activities, and additionally generates revenue through room hire for counsellors, psychotherapists, and value-aligned local organisations.

Our social purpose is reflected in our status as a charitable educational trust. We are committed to bringing benefit to the individual and collective through teaching psychosynthesis and supporting ongoing inquiry into psychospiritual development. Our purpose is to reveal wholeness through helping people to awaken to who they really are. The Psychosynthesis Trust has over 40 years’ experience in training the next generation of counsellors and psychotherapists. Our work is based on psychosynthesis – a transpersonal psychological model and approach which integrates the spiritual aspect of the human experience. We are interested in how psychosynthesis can support people’s development and growth, personally, professionally and in the service of others.

Our intention is to make a contribution in supporting people to finding meaning, purpose, wellbeing and a sense of place in an increasingly complex world. Our values consider the whole, both in terms of individuals and society, as well as organisationally. Through our daily work, we seek to embody our values of Love, Inquiry, Will, and Responsibility.

Our strategic objective of quality underpins all that we do. We review our objectives and our progress towards meeting them, as well as our internal and external operating environments, on a regular basis. In 2023 we will co-create a new iteration of our strategic goals.

The Trust is a training and accrediting member of the Humanistic and Integrative Psychology College (HIPC) of the United Kingdom Council for Psychotherapy (UKCP). Our counselling programme was one of the earliest to be accredited by the British Association for Counselling and Psychotherapy (BACP) in 1989. Our Advanced Diploma in Psychosynthesis Psychotherapy and Post Graduate Diploma in Psychosynthesis Counselling are accredited by UKCP and BACP respectively. The Trust is also a member of the European Association for Psychotherapy (EAP) and a founding member of the European Federation of Psychosynthesis Psychotherapy (EFPP). Finally, the Trust is also a member of CPD UK, acknowledging the quality of training.

Page 3

Psychosynthesis and Education Trust

Trustees' Report

Achievement and performance

Our Core Training Offer

We continued to deliver our Programmes training and development fully online at the start of this period with an aim to integrate back in-person as we learnt more from our external environment and by hearing our training and student bodies’ needs and expectations.

We currently have 160 students on roll for core programmes (includes deferred students).

Our key successes include:

Page 4

Psychosynthesis and Education Trust

Trustees' Report

Our key learnings include:

Our key strategic priorities going forward include:

Our four-day intensive Essentials of Psychosynthesis course offers a unique and empowering opportunity for personal growth and transformation and is also a first step in training to become a counsellor or psychotherapist. Designed as an introduction to the vision, models and methods of psychosynthesis, Essentials provides creative tools and transforming techniques that can be applied to both personal and professional life.

The participant uptake for Essentials continues to grow which supports participants to experience the models of psychosynthesis and potential pipeline of near-future student intakes.

Page 5

Psychosynthesis and Education Trust

Trustees' Report

It seems likely that 144 participants will attend an Essentials course in 2022 – a 10% drop from the previous year. Over the past couple of years, we have seen an increase in the percentage of participants attending Essentials converting and entering the Foundation Year. During the pandemic as we moved Essentials online, we reduced group sizes, initially to a maximum of 14 from a baseline in 2018 of a maximum of 23 participants, we have slowly brought the number up to 16, aiming towards capping group sizes at 20.

Feedback is always invited from Essentials participants, including the following note from February 2022:

“I feel as though the landscape of interiority and inner life has been expanded significantly. That I do not hold or create enough space for the imagination. Specifically, the imaginal and serious play and it's use in liminal spaces in relation to working with subpersonalities and choice making. From this I feel an amplified capacity with my will and choice, choice making in life. The final exercise brought this to my attention most when engaging with the reflective/receptive meditation and recognising thoughts, images and values that might be associated with the upper consciousness. The participatory practice of sharing high aspirational contents of my self was felt to be a new experience and I recognised the difficulty in doing so.”

Despite the revenues for our Continuous Professional Development (CPD) offering falling year-on-year, this period has focussed on better understanding our target audiences. What is confirmed is that our audiences are used to online, that this can make training more accessible, and that they are interested in core psychosynthesis. Interestingly only 18% of the respondents are Psychosynthesis Trust graduates. This helps us to understand the wider interest that our CPD events generate and asks the question of where our graduates are looking for their CPD needs to be fulfilled.

‘In Conversation with the Students of Assagioli’ : On Friday 24th June 2022, we held a wonderful event which we made accessible to all psychosynthesis communities. Over 300 participants signed up for this event, with between 200 and 220 participants attending across the evening. This event is now on our YouTube channel: https://youtu.be/iYjx_w7mcIE

‘Know, Love, Transform Yourself’ : Monday 16th May, Petra Guggisberg Nocelli, Swiss author and psychotherapist – a new breed of psychosynthesis researcher, presented her new volume book launch. Nearly 100 people signed up for this event, with 60 participants attending the event. This event was also recorded and can be found on: Meet the Author talk with Petra Guggisberg Nocelli, introducing Know, Love, Transform Yourself II - YouTube

Page 6

Psychosynthesis and Education Trust

Trustees' Report

Our Counselling Services

The delivery of our counselling services started to transition back to in-person from September 2021 after 18 months of online delivery due to the pandemic.

This service has seen and supported substantial growth over the last 2 years. We have increased our offer in our student’s placement service and are seeing a greater number of external students seeking placements at the Trust as our reputation grows. The support and service offers a quality experience in supporting students in their development professionally, and this widens the insight of who we are, within both the professional community as well as the exposure external students gain to the work of psychosynthesis. Where groups are mixed (e.g., Trust students and external students), this opens our students to alternative professional practice and modalities.

We are in process with supporting the next group of graduates into their private practice. This scheme was introduced in building their private practice, within a supportive framework. Graduates are offered full fee-paying clients, whilst remaining in group supervision with Trust recommended supervisors, as they develop their own best practice. This feels like a valuable pathway and fits with our education and learning charitable status which we can offer graduates. This has been enabled as we have seen a slight increase in people seeking to pay at full rates.

Students served Sep 2020 – Aug 2021 Sept 2021- Aug 2022
Total number of student counsellors served 56 87
Number
of
which
are
from
external
trainings		 4 27
Number of supervision groups (3-4 students
per group		 15 23
Clients registered per year
Total number of clients registered 412 496 (+17%)
Low-cost clients - seen within SPS 208 234

496 clients registered for counselling in the year ending August 2022:

With increasing numbers, this has required recruitment of supervisors who are highly experienced and skilled at enabling counsellors in training. As you can see in the table above, one of the impacts of increasing students served means that we have increased the number of supervision groups we hold. This is a complex allocation, ensuring supervision dates do not clash with training weekends, compounded by requirements of a mix of supervision from online and in-person. This supports our need to have a supervision training which is best placed to serve our growing needs.

Page 7

Psychosynthesis and Education Trust

Trustees' Report

Our Room Rentals

The most significant financial impact of the pandemic period has been on our room rentals. The Trust patiently waited to reopen the building during the pandemic, and after listening to our communities and surveying the contextual external environment, reopened cautiously in September 2020. During this accounting period we saw a step-change towards an in-person return as restrictions were gradually eased, and this saw some welcome growth towards rebuilding revenues, albeit currently still not at pre-pandemic levels.

The period also was the first without our long-term tenants after they moved to a new office space, which strategically provided us much needed additional space to train an increasing student body, although reduced our rental revenues significantly.

The chart below shows the journey of these revenues through the pandemic period to accounting period end.

This revenue stream has remained high on agendas and discussion points through the work of Trustees with the Leadership Team. Moving forward, we crafted a room rental strategy to implement from September 2022 as we saw a shift in the external environment moving back to in-person in a broader way. This strategy included:

Social Impact Project

The new director role was built into the flat leadership structure to head up a social psychosynthesis project. A steering group was set up to collaborate on the concepts of delivering a pilot project to learn and grow from. The outcome of this initial task, a needs analysis, uncovered a major theme of anxiety. The focus was on how the Trust could help a broader community with ‘Exploring Anxiety’ using nature, community and psychosynthesis principles. This was due to the key articles, uncovering that 6 in 100 people are currently experiencing anxiety. The cost to society, businesses and the NHS, £8 billion a year and the NHS is struggling to cope with increasing therapy wait times.

Page 8

Psychosynthesis and Education Trust

Trustees' Report

From the insights and data gathered from the participants in a pilot programme, all attendees stated that it met their reasons for joining the programme and would recommend to other people experiencing anxiety. Pre and post assessment questionnaires, revealed that all participants revealed a reduction in how much anxiety was affecting their lives. See illustrated data graph below.:

Figure 1: Pre-Programme

Figure 2: Post-Programme

Project developments include:

Page 9

Psychosynthesis and Education Trust

Trustees' Report

With the Trust’s reserve targets stretched due to the pandemic, we are exploring funding opportunities to develop the sustainability of this project to support the cost of delivering the social psychosynthesis programme.

Financial review

Reserves Policy

The Trustees have a reserves policy in place that is aimed at safeguarding the Trust’s financial resources. The impact of the pandemic has reaffirmed the need for this policy to protect against future crises that can significantly impact a main revenue stream.

The policy has three elements:

  1. Monitoring the Balance Sheet to ensure total capital and reserves exceeds any winding up liabilities.

  2. Holding an Operating Reserve (current assets) of at least 50% of the annual expenditure budget.

  3. Holding a Cash Flow Reserve (cash in hand only) of the annual expenditure budget.

Financial Performance

The table below shows the key financial performance for the accounting period 2021/22, with comparative data from 2020/21 and the budget set by Trustees for 2022/23.

This period continued to be significantly impacted by our external environments, most notably the ongoing COVID-19 pandemic, which saw us navigate through a range of national and local restrictions in correlation to managing the varying needs and expectations of our diverse communities.

Our final financial loss for the period was significantly lower than originally budgeted for as Trustees agreed a cautious budget that reflected the potential of the times we were operating in. Excellent mitigation, micro-detail scrutiny of expenditure, and the increasing trends in student intakes, have enabled us to reach a more satisfactory loss considering the context of the external environment. Our plan going forward is to flatten the trend of loss to a break-even point, and then rebuild our reserves to the levels set by Trustees.

Page 10

Psychosynthesis and Education Trust

Trustees' Report

Core area Year-end 31st Aug 2021 Year-end
31st
August
2022		 Budget
year-end
31st
August 2023
Total Income £853.5k £911.9k £1,046k
Programmes Income £647.3k £692.2k £709k
Counselling Income £115.4k £109.6k £131k
Rental Income £21.9k £92.7k £181k
Cash Balances £409k £249k £263k
Total Surplus/(Loss) (£121.5k) (£141.2k) (£15.7k)

Trustees are confident that stringent measures, monitoring, and budgeting ensure that the Psychosynthesis Trust will continue to be a ‘going concern’.

Structure, governance and management

During this accounting period, the Trustees updated its Articles of Association to refine the governance of the Trust and to bring a more inclusive language to the document.

The recruitment process of new trustees has been refined in preparation for new recruitment to the Trustee board in the following year after the Trustees conducted an exercise looking within to identify skill and experience gaps. The role description has been updated, and applicants will be sought publicly and through the networks of the Trust. An interview panel, formed of two Trustees and two Leadership Directors, will interview any identified candidates through a set criterion, then reporting back to the full Trustee board to make a final decision.

Trustees re-calibrated the leadership model of the Trust after the resignation of the Executive Director, deciding on a flat leadership of three directors that would hold differentiating levels of mastery whilst jointly holding the whole. In early 2022, Kelly Tyler was appointed as Social Impact Director on a fixed-term contract, to make up the third director position on the Leadership Team and explore and develop a social psychosynthesis project that would hold a broader reach beyond our core work using psychosynthesis principles whilst sitting within our chartable objectives.

Post year end

Last year we predicted a sustained need in the world for the work that we do, including a regrowth trend in room rentals which was the most impacted area of revenues during the pandemic. To date, these trends are being realised, through an increased demand for our low-cost counselling services and un upward trend in room hire.

The cost-of-living crisis is the theme most prevalent impacting our internal and external environments and the Trust is as responsive and proactive as possible in addressing the needs of our time. Trustees are also keen to ensure the Trust contributes to averting the environmental crisis by finding more ways to reduce energy consumption and waste.

The strategic thinking of the Trustees at our annual strategy day was designed to answer the question of ‘what does growth mean’, and from this Trustees and the Leadership team have been working on a new iteration of strategic goals and objectives which will affirm the direction of the Trust from 2023-2026.

Page 11

Psychosynthesis and Education Trust

Trustees' Report

In March 2023, Trustees supported the Programmes Director in the UKCP quintennial reaccreditation review meeting. The opening welcome from UKCP was to say how impressed they were by the thoughtful, open, and inclusive papers they had received and that unless anything significant happened during the day, they had no significant concerns at all.

The closing session included the following notable comments:

The new supervision course, the train the trainer programme, and the counselling service were singled out for particular praise and the way in which issues, such as microdosing were discussed robustly and at the cutting edge, was applauded.

There were a few minor recommendations (around language clarifying level 7 competencies; some referencing of HIPC and sending updated membership lists promptly.

It is with great admiration, appreciation, and respect that Trustees want to thank the whole Trust community for their incredible efforts again this year. Over the next year, we look forward to continuing to do all that we can ‘to help reveal wholeness by helping people to awaken to who they really are’. The work of the Psychosynthesis Trust is needed now more than ever.

Statement of trustees' responsibilities

The trustees (who are also the directors of Psychosynthesis and Education Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.

Company law requires the trustees to prepare financial statements for each financial year. 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 of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

Page 12

Psychosynthesis and Education Trust

Trustees' Report

The trustees are responsible for keeping proper accounting records that can 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 the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

The annual report was approved by the trustees of the charity on 12 May 2023 and signed on its behalf by:

......................................... Penny Terndrup Trustee

Page 13

Psychosynthesis and Education Trust

Independent Auditor's Report to the Members of Psychosynthesis and Education Trust

Opinion

We have audited the financial statements of Psychosynthesis and Education Trust (the 'charity') for the year ended 31 August 2022, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 14

Psychosynthesis and Education Trust

Independent Auditor's Report to the Members of Psychosynthesis and Education Trust

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of trustees' responsibilities (set out on page 12 and 13), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Page 15

Psychosynthesis and Education Trust

Independent Auditor's Report to the Members of Psychosynthesis and Education Trust

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to those standard to charitable companies, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the UK financial reporting standards, the Companies Act 2006, Charities Act 2011.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of manangement and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregulairites that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

......................................

Timothy Sullivan FCA (Senior Statutory Auditor) For and on behalf of Field Sullivan Limited, Statutory Auditor

9 Hare & Billet Road Blackheath SE3 0RB

Date:.............................

Page 16

Psychosynthesis and Education Trust

Statement of Financial Activities for the Year Ended 31 August 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
Charitable activities
Investment income
5
Other income
Total income
Expenditure on:
Charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
£
8,878
894,536
1,294
7,144
911,852
(1,053,063)
(1,053,063)
(141,211)
541,974
400,763		 Total
2022
£
8,878
894,536
1,294
7,144
911,852
(1,053,063)
(1,053,063)
(141,211)
541,974
400,763		 Unrestricted
£
47,700
784,705
17,362
3,764
853,531
(975,079)
(975,079)
(121,548)
663,522
541,974		 Total
2021
£
47,700
784,705
17,362
3,764
853,531
(975,079)
(975,079)
(121,548)
663,522
541,974

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note .

The notes on pages 20 to 29 form an integral part of these financial statements. Page 17

Psychosynthesis and Education Trust

(Registration number: 03838253) Balance Sheet as at 31 August 2022

Note
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
15
Creditors: Amounts falling due within one year
16
Net current (liabilities)/assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
17
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds		 2022
£
860,010
242,762
248,892
491,654
(619,367)
(127,713)
732,297
(331,534)
400,763
400,763
400,763		 2021
£
905,090
206,696
408,836
615,532
(601,786)
13,746
918,836
(376,862)
541,974
541,974
541,974

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements on pages 17 to 29 were approved by the trustees, and authorised for issue on 12 May 2023 and signed on their behalf by:

......................................... Penny Terndrup Trustee

The notes on pages 20 to 29 form an integral part of these financial statements. Page 18

Psychosynthesis and Education Trust

Statement of Cash Flows for the Year Ended 31 August 2022

Note
Cash flows from operating activities
Net cash expenditure
Adjustments to cash flows from non-cash items
Depreciation
Investment income
5
Working capital adjustments
(Increase)/decrease in debtors
14
Decrease in creditors
16
Increase in deferred income
17
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
5
Cash flows from financing activities
Repayment of loans and borrowings
16
Repayment of capital element of finance leases and HP contracts
18
Net cash flows from financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at 1 September
Cash and cash equivalents at 31 August		 2022
£
(141,211)
45,080
(1,294)
(97,425)
(36,066)
(8,454)
24,623
(117,322)
1,294
(35,514)
(8,402)
(43,916)
(159,944)
408,836
248,892		 2021
£
(121,548)
45,080
(17,362)
(93,830)
12,448
(6,790)
28,722
(59,450)
17,360
(35,715)
(8,399)
(44,114)
(86,204)
495,040
408,836

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 20 to 29 form an integral part of these financial statements. Page 19

Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2022

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: 92-94 Tooley Street London SE1 2TH

These financial statements were authorised for issue by the trustees on 12 May 2023.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102) - Second edition October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

Psychosynthesis and Education Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Page 20

Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2022

Judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the periods in which the estimate is revised where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

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Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2022

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £400.00 or more are initially recorded at cost.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Plant & Machinery 10 years straight line
Fixtures & Fittings 4 years straight line
Office Equipment 4 years straight line
Freehold Property 50 years straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 Income from donations and legacies

3
Income from donations and legacies
Grants, including capital grants;
Government grants
Grants from other charities		 Total
2022
£
2,378
6,500
8,878		 Total
2021
£
32,164
15,536
47,700

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Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2022

4 Income from charitable activities

Book sales
Programmes and courses
Counselling services
Room rental
5
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Income from rents
6
Other income
Fees and supplies		 Total
2022
£
59
692,178
109,595
92,704
894,536
Total
2022
£
140
1,154
1,294
Total
2022
£
7,144		 Total
2021
£
47
647,330
115,398
21,930
784,705
Total
2021
£
237
17,125
17,362
Total
2021
£
3,764

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Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2022

7 Expenditure on charitable activities

7
Expenditure on charitable activities
Note
Bursaries
Trainers fees
Staff costs not PAYE
Advertising
Legal and professional
Support costs
8		 Total
2022
£
1,875
324,246
1,800
1,073
6,036
718,033
1,053,063		 Total
2021
£
835
294,104
1,356
728
2,118
675,938
975,079

8 Analysis of support costs

Support costs

Staff costs
Wages and salaries
Social security costs
Pension costs
Rates, utilities and insurance
Repairs, maintenance and cleaning
Postage and telephone
Computer consumables
Printing and stationery
Sundries
The audit of the charity's annual accounts
Consultancy
Bad debts
Interest and bank charges
Depreciation of plant and machinery
Finance lease interest		 Total
2022
£
412,312
32,654
9,745
46,004
49,193
6,726
22,727
261
11,230
9,756
46,037
7,022
17,360
45,078
1,928
718,033		 Total
2021
£
408,239
32,788
9,327
35,420
35,554
7,215
25,675
13
11,076
8,868
32,343
5,326
17,087
45,079
1,928
675,938

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Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2022

9 Net incoming/outgoing resources

Net outgoing resources for the year include:

Audit
Other non-audit services
Depreciation of fixed assets		 2022
£
8,256
1,500
45,078		 2021
£
7,368
1,500
36,680

10 Trustees remuneration and expenses

During the year the charity made the following transactions with trustees:

Diana Whitmore

Diana Whitmore received remuneration of £8,005 (2021: £10,205) during the year.

The amounts payable were in relation to trainer fees.

Phillipa Watson

Phillipa Watson received remuneration of £10,335 (2021: £Nil) during the year.

The amounts payable were in relation to professional support fees.

11 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2022
£
412,312
32,654
9,745
454,711		 2021
£
408,239
32,788
9,327
450,354

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

2022 2021
No No
Charitable activities 17 16

No employee received emoluments of more than £60,000 during the year.

The total employee benefits of the key management personnel of the charity were £136,043 (2021 - £107,818).

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Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2022

12 Taxation

The charity is a registered charity and is therefore exempt from taxation.

13 Tangible fixed assets

Cost
At 1 September 2021
At 31 August 2022
Depreciation
At 1 September 2021
Charge for the year
At 31 August 2022
Net book value
At 31 August 2022
At 31 August 2021		 Land and
buildings
£
1,137,779
1,137,779
364,772
12,756
377,528
760,251
773,007		 Furniture and
equipment
£
333,478
333,478
201,395
32,324
233,719
99,759
132,083		 Total
£
1,471,257
1,471,257
566,167
45,080
611,247
860,010
905,090

Restriction on title and pledged as security

Buildings with a carrying amount of £760,251 (2021 - £773,007) have been pledged as security for the mortgage.

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2022 2021
£ £
Furniture and equipment 18,901 27,301

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Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2022

14 Debtors

Trade debtors
Prepayments		 2022
£
211,655
31,107
242,762		 2021
£
195,339
11,357
206,696

15 Cash and cash equivalents

Cash on hand
Cash at bank		 2022
£
668
248,224
248,892		 2021
£
1,029
407,807
408,836

16 Creditors: amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals
Deferred income		 2022
£
37,618
32,028
10,527
-
17,795
521,399
619,367		 2021
£
36,206
43,145
9,293
1,154
15,212
496,776
601,786

Creditors due within one year includes the following liabilities, on which security has been given by the charity:

Mortgage 2022
£
37,618		 2021
£
36,206

The mortgage is secured over the charity's freehold property.

17 Creditors: amounts falling due after one year

17 Creditors: amounts falling due after one year
Bank loans
Hire purchase and finance leases		 2022
£
312,634
18,900
331,534		 2021
£
349,560
27,302
376,862

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Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2022

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the charity:

Mortgage 2022
£
312,634		 2021
£
349,560

The mortgage is secured over the charity's freehold property.

Included in the creditors are the following amounts due after more than five years:

After more than five years by instalments 2022
£
(147,445)		 2021
£
(190,638)

18 Obligations under leases and hire purchase contracts

The total value of future minimum lease payments was as follows:

Within one year
In two to five years		 2022
£
10,327
12,909
23,236		 2021
£
10,327
23,236
33,563

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Other
Within one year
Between one and five years		 2022
£
7,697
6,300
13,997		 2021
£
7,697
13,998
21,695

19 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £9,745 (2021 - £9,327).

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