Company re8lStration number: 03838253 Charity registration number: 107736S Psychosynthesis and Education Trust IA company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 August 2024 Field Sullivan Limited 9 Hare & Billet Road Blackheath SE3 ORB Iniiiiiiiii *AE24FKER• 0810512025 COMPANIES HOUSE A06
287
Psychosynthesis and Education Trust Contents Reference and Administrative Details Trustees, Report 2to12 Independent Audltors, Report 13to16 Statement of Financial Activities 17 Balance Sheet 18 Statement ofcash Flows 19 Notes to the Financial Statements 20to32
Psychosynthesis and Education Trust Reference and Admin15tratlve Detalls Trustees Sheree Bryant Christopher Connolly Sue Fox John R Hughes Icurrent Chair on rotation) Diana Whitmore Senlor Management l Leadershlp Team Jamie Joyes. Finance and Operations Director Kim Shiller. Pro8rammes Director Kelly Tyler, Social Impact Director Charlty Reglstratlon Number 1077365 Company Registration Number 03838253 The charity is incorporated In En8land and Wales. 92-94 Tooley Street London SEI 2TH Re8lstered Olfice Audltor Field Sullivan Limited 9 Hare & Billet Road Blackheath SE3 ORB Bankers Barclays Bank PLC Southwark Branch 29 8orou8h Hi8h Street London SEI ILY Page I
Psychosynthesis and Education Trust Trustees, Report The trustees. who are directors for the purposes of company law, present the annual report together with the rinancial statements and auditors, report of the charitable company for the year ended 31 Au8USt 2024. Trustee5 and offlcers The trustee5 and offlcers serving durin8 the year and since the year end were as follows.. Trustees: Glyn Bottrell (Resigned S September 20241 Sheree Bryant (appointed 12 October 20231 Christopher Connolly Sue Fox John R Hughes (Current Chalr on rotation) Emma Marlnos (Resigned 4 September 20241 Michael Shaw IResi8ned 19 October 20231 PennyTerndrup (Resigned 4 September 2024) Phillipa Watson IResi8ned 4 September 20241 Dlana Whltmore Senior Management / Leadership Team: Jamie Joyes, Finance and Operations Director Kim Shiller, Programmes Dlrector Kelly Tyler, Social Impact Director Page 2
Psychosynthesis and Education Trust Trustees, Report The Trustees present their report, incorporating their strategic report and financlal statements, for the year ended 31 August 2024. The detail in this rep,ort 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 makin8 decisions to that nature Trustees have had due regard to the Charity Commlsslon's public beneflt guidance when exercising any powers or duties to which the guidance is relevant. Ob-ectives and Activitie The Psychosynthesis and Educatlon Trust continues in its charitable activities, in., educatln8 the public on humanistic and transpersonal growth and development providing accredited training for counsellors and psychotherapi5tS Providin8 a subsidised low.cost counsellin8, to the 8eneral public developln8 and disseminatin8 the psychosynthesis model The Trust owns its premises at 92-94 Tooley Street. London SEI 2TH, which is used to deliver and administer the objectives and activities, and additionally generates revenue throu8h room hire for counsellors, psychotherapists, and value-ali8ned local organisations. The Trust's social purpose is reflected in its statu5 as a charitable educational trust. It is commltted to bringing benefit to the individual and collective through teaching Psych05ynthesis and 5UPPOrtin8 ongoSng Inquiry into psych05piritual development. Its 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 counsellor5 and psychotherapists. Its work is based on psychosynthesis a transpersonal psychological model and approach which inteRrates the spiritual ?spect of the human expprip.ncp.. Thp TrLlSt is interested in how psychosynthesis can support people's development and growth, personally, professionally and in the service of others. The Trust's Intentlon is to make a contriblttion In supporting people to finding meanin& purpose. wellbein8 and a sense of place in an increasingly complex world. Its values consider the whole, both in terms of individuals and society. as well as org3nisation311y. Through its daily work. it seeks to embody the values of Love, Inquiry. Will, and Responsibility. An extension to Its core work. the Trust has developed a social impact outreach pro8ramme which alms to support a dirert need in society, making a positive impact through psychospiritual philosophies of psychosynthesis, for people suffering with anxiety who may not have the opportunity to access counselling and therapy due to marginalisation. Trustees introduced the project in 2022 where participants can access the 10-week pro8ramme at no cost, to help level the playing field of opportunity. The social impact project is completely reliant on 8rant funding. The Trusvs strategic objective of quality underpins 311 that it does. It reviews objertives and progress towards meetin8 them, as well as internal and external operating environments. on a regular basis. In 2023 it co-created a new iteratlon of strategic goals. Page 3
Psychosynthesls and Education Trust Trustees, Report The Trust is a training and accrediting member of the Humanistic and Inte8rative Psychology College IHIPCI of the United Kingdom Council for Psychotherapy IUKCPI. its counsellin8 programme was one of the earliest to be accredited by the British Association for Counselling and Psychotherapy18ACPI in 1989. The Advanced Diploma in Psychosynthesis Psychotherapy and Post Graduate Diploma in P5ychosynthesis Coun5elling are accredited by UKCP and BACP respectively. The Trust is also a member of the European Association for Psychotherapy {EAPI and founding member of the European Federation of Psychosynthesis Psychotherapy IEFPPI. Flnally, the Trust Is also a member of CPD UK. acknowled8ing the quality of training. Achlevement and erfor Core Tralnlng Offer Key successes include: Launchin8 3 second intake of the Supervision Diploma New Advance Diploma pathway started In October 2023 Launched a new Counsellin8 Services directory {January 20241 The Pro8rammes Project Lead role is shiftin8 into Learning Development Mana8er and support Is In place for students with additional needs Several reaccreditations with regulatory bodies have been delivered exceptlonally well. Includin8 8ainin8 an accreditation for online competencies The economic crisis is continuing to impact students and all team members. Industry chan8es and quality standards.. there is a lot of movement around diversity. and there continues to be bi8 debates in psychotherapy around converslon therapy and trans issues, with UKCP In partlcular changing thelr status around thls. Key learnings include,, Key strategic priorities 8oin8 forward include.. Continue with the maintenance phase, so quality is the area of growth focus. Further develop Moodle as a learning platform to meet students. needs and expectations, by recruitment of industry expert to gain the most from the platform120251. Core tralnlng contlnues to be delivered mostly In-person after shifting to online throu8h the hei8ht of the pandemic and trialling a hybrid offer in 2021. The Trust continues to offer an online-only Foundation course to one group of students at the September intake and make5 Strategic use of online techno108V to deliver for smaller 8roups, some events, and Continued Professional Development ICPDI courses. Page 4
Psychosynthesis and Education Trust Trustees, Report Stage I Stage 2 Stage J Stage 4 Stage 5 4 days Essentials l year Foundations 2 years Becomlng a Counsellor l year l year Advanced Studies Advanced Diploma in Psy(hosynthesis in Psychosynthesis The Trust ha5 gained approval from BACP for an online working accreditation, meaning the courses are now accredited as an in-person tralnln8 With online competencles. The four.day intenslve Essentials of Psychosynthesls course continues to offer a unique and empowerin8 opportunity for personal growth and transformation and is also a first step in training to become 3 counsellor or psychotherapist. Designed as an introduction to the vision, models, and methods of psychosynthesis, Essentials provides creative tools and transforming technlques that can be applied to both personal and professional1Sfe. 130 participants attended an Essentials course in 2024 - attr3ctin8 hlgh numbers but a decrease from previous years in which we attracted larger online groups thraugh the pandemic. The Trust continues to offer an online Essentials to support participation from a broader geographical catchment. The Trust currently has 159 student5 on roll for core programmes, which includes Advanced Diploma. SupervSsion course, and deferred students. To support applicants during a period of increasing cost of living, and to help those who would not be able to afford a course fee outri8ht, the Trust offers quarterly and monthly instalment plans - the uptake of these plans is continuing to increase. meaning that more people can access the training. and thls also has an Impact on cash flow in terms of timln8. Foundation income was up year-on-year, and the CNGI and CNG2 figures flurtuated In response to the larger than usual plpellne set In September 2021 when the Trust offered additional Foundation year spaces. The reintroduction of the Supervlsion course has been a success and has led to a second successful intake. Those that joined the course a5 UKCP member5 have now been re8lStered on the UKCP supervisors list. The redesi8nin8 of the Advanced Diploma, to separate out the fourth and fifth year, eontinues to support people who need to take a moments, breath before they embark on thelr dissertation year," and. offers a further opportunity to meet UKCP stsndards as a psychotherapeutic Counsellor at the end of the 4th year. The Trust condurted a Neurodiversity Audit towards the end of the perlod, looking at what the Learnin8 Development Manager is offering students in terms of dlsabilities. inclusion, and accessibility. Page 5
Psychosynthesis and Education Trust Trustees, Report SUPPORT TO STUDENTS BY COURSE SUP students:, 1,5% ADV2 students: .1.5% FDN students:, 5. 23% CNG2 students.. , 6. 27V. FDN-Trans students: I, CNGI Students: ,8,36% It is agreed that if a student suspects they have a learnin8 difficulty, then support is offered. This aims to support people on lower incomes who may be on a walting list for a particular dla8nosls. The aim Is to create parity in the support that Is on offer. The Trust's CPD offer has 8rown again substantially this period, both Sn terms of financial income and quality of offer, a result of better understandin8 tar8et audiences from prevlous years, and the Intention Is to continue to add quality and difference to this programme. Some of this yearfs key CPD successes have been; -How to succeed In your Counselling and Psychotherapy trainin¢, Held in September 2023, Cecilia Jarvis delivered this free online workshop based on their new book. which attracted 110 attendees. he Breath In Psychotherapv hosted by Claudia Businaro in September 2023 and March 2024, this popular workshop which explores the interconnection between emotional Ilfe and breathin8 patterns, thus the connection between the mind and the body. continues to attract 8ood numbers and will be repeated In 2025. Naklng Oreams" is a regular short course of our CPD pro8ramme that contlnues each year, drawn from the six skllls-based chapters in the book Waking Dreoms by Trust trainer Allan Frater. -Eye of Vlslon" and -Prartical Mysticism" were two events held at the Trust by respected and influential teach of e50teric philosophy. William Meader, who is returning in 2025 with two new events. "HelplnE Relationships" held in June 2024 by Piero Ferrucci and Diana Whitmore attracted more attendees than the largest training room could hold, so wa5 delivered from one of the Hilton Hotel's function rooms in London Brid8e. Pa8e 6
Psychosynthesis and Education Trust Trustees, Report Post year-end, the fla8ship free event "Continulng the Conversatlon" with the four friends (Diana Whitmore, Thomas Yeomans, Piero Ferrucci. and Andrea Bocconil were joined by Molly Young Brown, and attracted 433 ticket applications. Reaccreditations continue to be a key theme for the year and provide the cornerstone of the Trusvs offer ènd continue beyond year.end. Counselllng Serv5ces The Trust's counsellin8 services has seen and supported substantial growth over the last 4 years. The Trust has Increased the offer in student's placements and are seeing a greater number of external students seeking placements at the Trust as reputation grows. The support and service offer 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 p5ychosynthesis. Where groups are mixed le.8., Trust students and external students), this opens students to alternative professional practices and modalities. All Student Placement Seryice ISPS) Supervisors are experienced at workln8 across modalities. Trust graduates can continue with the low-cost seNice on qualification as they set up their private practice. This supports an opportunity for low.cost service to continue to meet clients in their evolving needs. Graduates were also offered low-cost clients whilst remainin8 in group supervision with Trust-recommended supervisors as they develop their own best practice. This feels like a valuable pathway and flts with the Trust's education and learnin8 charitable status. The seNice continues to attract people by word of mouth. In this perlod, over 81% of new registrations have stated that they were recommended to the service. This speaks to the sernice that past clients have received that they recommend the service to people in their network. Recently, the demographlc of clients withln the servlce has shifted 67% of clients stated they were British, compared to 70% the previous year and over 80% historically. There is a continuous fluctuation beleen Clients wishin8 to attend in person or online. Students seThed Sept 2022- Aug 2023 95 Sept 2023- Aug 2024 ioi Total number of student counsellors served Number of which are from external trainings 45 31 Number of supervision 8roups {34 students per 8roup 24 26 Clients reglstered per year Total number of clients registered Low-cost clients- seen within SPS 527 559 340 449 559 clients registered for counselling in the year endin8 August 2024, an increase of 6% on last period.. Page 7
Psychosynthesls and Educatlon Trust Trustees, Report 449 of which used the low<ost sernlce, an increase of 32% on last period. Wlth an increased understandin8 of mental health needs, this seIce meets an evolving need. The Twst successfully developed a 'Find a Therapist, online directory which launched in early 2024, reducing some of the administration load from the team. enabling people to find their own counsellor or therapist based on their needs and 8eo8raphical location. Room Rental$ tor counsellin8 servl¢es and all8ned organlsatlons Key successes include: Revenues regrowth to trend in line with a progressive bud8et. Electrical works commenced to ensure safety certification. Key learnings Include: 3.year re-evaluations of buildin8 rebuild cost is important for protectin8 the asset. Annual electrical reviews will miti8ate against high costs and delays to certification every S years. After the prevlous yearfs regrowth of revenues post.pandemic, a progresslve and chèllen8in8 bud8et Was set for thls period which was achieved. Wlth the allocation of spaces for SPS takln8 preference, the Trust would not expect to see revenues matthing that of pre-pandemic levels. Instead. it goes into 2025 5eein8 capacities being reached at peak times and revenues that would sustain the current budget. The renewal of the electrical safety certificate depended on a significant UP8rade to the whole building. This is now completed, and although budget was set èside for this it has impacted on year-on-year cash flow. Chart of monthly trend (September 2021 to August 20241 shows the regrowth of revenues post-pandemic and the capacity/stability of room rentals acro the past two years. Social Impart Project Key successes Include.. 10 facilitators have been trained to deliver Explorlng Anxiety programmes within third sector or8anisations. Page 8
Psychosynthesis and Education Trust Trustees, Report 60 participants have attended pro8fammes across Southwark, Kin8Ston, and Wiltshire with a variety of community gardens and social farms. The Trust has partnered with The Natural Academy to include eco-psychology principles in the programme to enhance the nature connection aspects ofthe programme. Participant5 on average reduce anxiety and depression by Il% on the GAD-7 and PHQ-9 psychological assessments post-pro8ramme. 70% of participants continue to volunteer at the community gardens and have kept en8aged with their group. Successful fundin8 applications from local 8rants and National Trusts, enabling programmes and facilitator trainin8 to take place and for the expansion of the geo8raphlcal areas of dellvery, Key learnin8$ include.. Smaller charities have greater access to fundin8. The Social Impact Project was established to complement the core service offering of the Trust with the objective to increase the equity of those who have access to psychological support. The Trust's low-cost counselling services increases the diversity of those who can access the Counsellin8 SeNice. and the intention of the Social Impact Project Is to reach those who would not consider counselling, due to the stl8ma associated with it. the cost of counselling and therapy, and mental health in general. Trustees introduced the project as a self.fundin8 model, so that no constraint was put on the resources and revenues of the core work which support the training and delivery of services at the Trust. The Explorin8 Anxiety In Nature project wa5 created to reduce anxlety, Increase confldence and develop a sense of belon8in8 Wlth people who are at risk of bein8 mar8inalised, disadvantaged or excluded due to their back8round. race, mental health, socioeconomic status, Sender, physical abilities or sexval orientation. The objective is to meet the public at their cvrrent awareness level of their mental health needs and gently introduce them to P5ychosynthesis-informed actlvities whilst being in nature. in order to help them develop wellness and self.development plans. Research has recognlsed that anxlety is a growlng golden thread that runs through various demographic groups, largely beln8 influenced by political unrest. cllmate crisis, Covld and the cost.of-livin8 crisis. The Trust wants to make a positive impact through psychospiritU31 philosophies of psychosynthesis The project sources participants from self-referrals and bluel8reen social prescrlbin8. It has been a welcome offerln8 for local Social Prescribers, as Anna Green from Southwark Wellbeing Hub states: "I would highfy recommend thi5 programme to anyone who wants to goin useful tools and knowledge to monoge life's everydoy stressors. Anxiety ond Stress ore among the m05t common issue5 foced by our service-u5ers ot Southwork Wellbelng Hub. ond this much-needed progromme provides people wlth o colm ond sofe space to express themselves. uncover their 5tren9ths ond connect." With reserve t3r8ets remaining stretched post-pandemic, the Trust continues to explore funding opportunities to develop the sustainability of thls project, and to support the cost of deliverin8 the social psychosynthesis pro8ramme. View the full report here- htt chos nthesistrust.or -content loads 024 li 24-S cial-lm act-Re df Pa8e 9
Psychosynthesls and Education Trust Trustees, Report Financlal review Reseryes Pollcv The Trustees have a reserves policy in place that is aimed at safeguarding the Trusvs 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: Monitorin8 the Balance Sheet to ensure total capital and reserves exceeds any windin8 up Ilabllltles. Holding an Operating Reserve (current assets) of the annual expenditure budget. Holdin8 a Cash Flow Reserve (cash in hand only) of the annual expenditure bud8et. Financlal Performance The bud8et set for year.end 31 Au8U5t 2024 was an overall loss of £55.308. £49,925 of this was anticipated depreciation, and de5Plte some unforeseen factors, the Trust overachieved the budget that Trustees set and made a small surplus: Programmes Income exceeded bud8ets, partlcularly In CNG2 and CPD Income. Counselling SerNices outperformed budget and grew significantly for another year. Inflation and cost of Ilvin8 Still significantly Impacts the Trust, as it has so many organisatlons, as we continue to recover from pandemic losses. The challenge for the Trust is strikin8 3 good balance between prices of Its services, In a time where people are hesitsnt or unable to invest in themselves, against the increasin8 costs of all sernices and suppliers for the Trust. Golng forward. the Trust is continuing to embrace maintenance phase, settlng the most Immediate budgets to stabilise the Trust, with the year-end 2025 budget aiming to break even. Once the1055 trend has been flattened, the Trust will Set bud8ets to carefully rebuild its cash and operatin8 reSee level5. The table below shows the key financial performance for the accountin8 period 2023124, with comparative data from 2022123, and the budget set by Trustees for 2024125. Core area Year-end 31st Aug 2023 Year-end 31st August 2024 Budgel year-end 31st August 2025 Total Income £ 1,122.9k £1,322.4k £ 1,322.4k Programmes Income £ 813.9k £860.5k £ 833.4k Counselllng Income £ 121.3k £215.Ik £ 243.7k Rental Income £ 186.lk £222.5k £ 225.ok Total Surplusl(Loss) 1£ 61.5k) £8.Ik (£ 7.2k) includes £49.9k depreciatlon Page 10
Psychosynthesis and Education Trust Trustees, Report Trustees are confident that stringent measures. monitoring, and budgeting ensure that the Psythosynthesis Trust will continue to be a 'going concern.. Structure overnanee and mana ernent It was identified in last yearfs report that trustees were conscious that some tenures were coming to 3 close, and two trustees confirmed their departures for their end of tenures in the summer of 2024. At the same time, two other trustees resi8ned from the board after serving multiple tenures. The remainin8 trustees conducted exit InteNiews for all departing trustees and then met with the Leadership Team to evaluate the feedback and discuss a p051tive way fonNard. It was decided that the number of trustees would not exceed 7 lit was previously 91 and that the post year-end meetings would be used to strategically plan the future of the board. A recruitment drive will take place in 2025. and the Trust will continue identifying new trustees by looking at skills and expertise gaps and opportunities. challen8ed by ensurin8 there is a diverse representation across the Trustee board that mirrors ommunities and 8aps in the industry. Trustees invited staff and trainers to complete a workplace suryey in the summer of 2024 to capture how people were feelin8 and for the Trust to better understand what areas need to be addressed. This has now been analysed and reported on by an external HR professional who stated that the average scores were high when compared with scores In engagement surveys in general, whllst Identifying areas for the Trust to work on. Post ear-end The Trust continues to see a sustalned and 8rowlng need in the world for the work that It does. Students from the Foundation course talk about how life-changlng the course has been for them. A key thread we have seen across our communities holds the importance of quality throu8hout all work and seniices. The Trust's reputation is expanding because of this. the pragmatic alon85ide the spiritual, supported by the depth of resources which is offered. The 8olden threads across all the work will continue to be relat.innal. with quolitvi and increaarin6 equity (which includes an intersectional approach). The cost-of-living continues to be a prevalent theme, impacting internal and external envlronments. and the Trust is as responsive and proactive as possible in addressing the needs of the time. The context of the times we are living in Is very complex and the Trust continues to monitor and Identify new rlsks. This forms a base of our current thinking and what we need to think Into which In turn impacts and informs strategy. Post year-end there are si8ns of a shift in cashflow levels, in the main contributed by the Significant cost of electrical works and a growing number of students payin8 in Instalments. The Leadership Team will be monitorin8 this closely, reportin8 re8ularly to trustees, and are ready to respond to ensure cash in hand is recovered to Sustainable level. Trustees would like to express their gratitude and appreciation to the whole Trust community for their efforts this year. Over the next year, the Trust looks forward to continuing to do all that it can 'to help reveal wholeness bv helpin8 people to awaken to who they really are, The work of the Psychosynthesi5 Trust is needed now more than ever. PaBe 11
j i ljill IFII Ij I Iiil f I
Psychosynthesis and Educatlon Trust Independent Auditor's Report to the Members of Psychosynthesis and Education Trust Opinlon We have audlted the flnanclal statements of Psychosynthesls and Education Trust (the 'charity'} for the year ended 31 August 2024, whi¢h comprise the Statement of Financial Activitie5, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reportin8 framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reportin8 Standard appllcable in the UK and Republic 'of Ireland, and applicable law {United Kin8dom Generally Accepted Accountin8 Practice). In our opinion the financial statements.. 8ive a true and fair view of the State of the charity's affairs as at 31 Au8USt 2024 and of it5 incoming resources and application of resources, includin8 Its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accountin8 Practice,. and have been prepared In accordance with the requirements of the Companies Act 2006. Ba51s for oplnlon We conducted our audit in accordance with Internatlonal Standards on Audltln8 IUKI {ISAs IUKII and appllcable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financi315tatementS 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, includin8 the FRC'S Ethical standard. and we have fulfilled our other ethical responsibilities In accordance with these requlrements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Contluslons relatlng to golng concern In auditin8 the financlal staternents, we have concluded that the trustees use of the 80in8 concern basls of accounting in the prepèration of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condltions that, individually or collectively, may cast $18nSflcant doubt on the charity's ability to contlnue as a 8oln8 oncern for a period of at least twelve months from when the ori8inal financlal statements were authorised for Issue. Our responsibilities and the responsibilities of the trustees with respect to 80in8 concern are described In the relevant sectlons of this report. Other Informatlon 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 auditorfs report thereon. Our opinion on the financial statements doe5 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. Pa8e 13
Psychosynthes15 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 knowled8e obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencie5 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 nothingto report In this re8ard. Opinlon on other matter prescribed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements: and the Trustees, Report has been prepared in accordance with applicable le8al requlrements. Matters on whlch we are requlred to report by exception In the li8ht of our knowledge and understanding of the charity and its environment obtained in the course of the audlt, we have not Identified material mls5tatements in the Trustee5' 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.. adequate accounting records have not been kept, or returns adequate for our audit have not been recelved from branches not visited by us; or the financial statements are not in agreement with the accountin8 records and returns; or certain disclosures of trustees remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilltles of trustees As explained more fully in the Statement of trustees, responslbilities (set out on pa8e 121, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 8ive 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 preparin8 the financial statements, the trustees are responsible for assessin8 the charity's ability to continue as a going concern, disclosin8, as applicable, matters related to going concern and using the goin8 concern basis of accounting LFnles5 the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 14
Psychosynthesis and Education Trust Independent Auditor's Report to the Members of Psychosynthesls and Educatlon Trust Auditor responsibilities for the audit of the financlal 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 oplnlon. Reasonable assurance is a hl8h level of assurance, but is not a 8uarantee that an audit conducted in accordance with ISAS IUKI 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 aggre8ate, they could reasonably be expected to Influence the economic declsions of users taken on the basis of these financl31 statements. The extent to which our procedures are capable of detecting Irregvlarities, Includin8 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 re8ulations related to those standard to charitable companies, and we considered the extent to which non-compliance might have a materlal effect on the financlal statements. We Iso 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. Audlt procedures undertaken In response to the potential rlsks relating to Irregularitles Iwhich include fraud and non-compliance with laws and regulations) comprised of.. enquiries of manan8ement and those char8ed with Bovernance as to whether the entity complies with such laws and regulation5,' enquiries with the same concerning any actual or potential litl8ation or claim5,' inspection of relevant le6al correspondence- review of board minutes.. testing the appropriateness of entries in the nomlnèl le¢Jger, includin8 journal éntries; reviewing transactlons 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.compllance were Identified, However, the likelihood of detectin8 Irre8ularities including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timinR and extent of the audit procedures pp.rfnrmpd. Irreeularities that result from fraud mi8ht be inherently more difficult to detect than irre8ulairites that result from error. As explained above, there is an unavoidable rlsk that material misstatements may not be detected, even thoy8h the audit has been planned and performed in accordance with ISAS IUKI. Use of our report This report is made solely to the tharitable 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 auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility fo 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. Page 15
Psychosynthesis and Education Trust Independent Auditor's Report to the Members of Psychosynthesls and Education Trust Timothy Sullivan FCA (Senlor Statutory Auditorl For and on behalf of Field Sullivan Limited, Statutory Audltor 9 Hare & Billet Road Blackheath SE3 OR8 Date.. Pa8e 16
Psychosynthesls and Edu
phos¥Ththesls and Educatlon TNst (Re8lstratlon number. 038382531 Balance Sheet as at 31 Au8U5t 2024 2023 N•X• T•n8ible assets 13 817,794 86T.722 Debto C•sh It •nd In hand 14 15 362.750 164.168 264.Oa3 211.054 526,918 475.137 ClFI. .mounts l•lllwJ dy•Arfihlfi ofi•ye•r 16 719 97S 676 73 N•1 rrIrt UablBtl•s 193.057 (201,2361 624,741 rJedltorn.Afnountsf•l1l du•ft•Y mwt¢h•noMyo•r 17 277.3751 1327.2421 N•t •u•ts 339.244 I$01thrflr. funds TOMI lunds 339.244 Th• finaKlal stattments OTr leS 17 t• 32 were •pprnd by the truste4 and •uthorlsed for 153ue en 28 Apvm 2025 and s*ned onih•lr behall bv: Jphn R Hurfhes (Current c[rOn fOt•tknnl TNst•• The noteson paqei 20 to 32 forni an Inte8rnl part olthem flnaftclal rtatement& Page 18 Seanned wllh CamScanner-' cs
Psychosynthesis and Education Trust Statement of Cash Flows for the Year Ended 31 August 2024 2024 2023 Note Cash flows from operatlng actlvltles Net cash income/lexpenditure} 8.122 161,S191 Adlu5tments to cash flows from non-cash items Depreciation Investment income 49.925 12,464) 49,926 19041 55,583 {12,4971 Working capital adjustments Increase in debtors Increase In creditors 14 198,6671 23.004 19.074 121,3211 36.775 3.457 16 Increase in deferred income 17 Net cash flows from operatlng activities I1,6} 6,414 Cash nows from Investlng actlvities Interest receivable and similar income 2,463 904 Purchase of tangible fixed assets Disposal of tan8ible fixed assets 13 176,5391 18,901 Net cash flows from investin8 activities 2,463 156,7341 Cash flows from flnan¢ln8 artlvltles Repayment of loans and borrowings Repayment of capital element of finance leases and HP contracts 16 133,0351 115.3081 129,850) 42,332 18 Net cash flows from financlng activities 148.3431 12.482 Net decrease In cash and cash equivalents {46,8861 137.838} Cash and cash equlvalents at I September 211.054 248,892 Cash and cash equSvalents at 31 Au8USt 164.168 211,054 All of the cash flows are derived from continUlll8 operations during the above two periods. The notes on pages 20 to 32 form an integral part of these financial statements. Page 19
Psychosynthesis and Educatlon Trust Notes to the Financial Statements for the Year Ended 31 Au8USt 2024 I Charity status The charity Is limited by 8uarantee, incorporated in England and Wales. and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceedin8 £1 towards the assets of the charity in the event of liquidation. The address of Its re8lStered office Is.. 92-94 Tooley Street London SEI 2TH These financlal statements were authorised for Issue by the trustees on 28 Aprll 2025. 2 Accountlng pollcles Summary of slgnlflcant atcountln8 pollcles and key accauniln8 estlmates The princip31 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 compllance The financial statements have been prepared in accordance with Accounting and Reportin8 by Charities.. Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland {FRS 1021 {effective l January 20191 (Charities SORP IFRS 1021- Second edition October 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. They a150 comply with the Companies Act 2006 and Charities Act 2011. 8351$ of preparatlon 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 otherwlse stated in the relevant accounting policy notes. Golng toncern The trustee5 consider that there are no materlal uncertainties about the eharlty's abllity to continue as a going concern nor any si8nificant areas of uncertainty that affect the carryin8 value of assets held by the charity. Page 20
Psychosynthesis and Education Trust Notes to the Financial Statements for the Year Ended 31 August 2024 Key sources of estlmatlon uneertainty In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and a55umption5 about the cJrryin8 arnount of assets and liabilitie5 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 underlyin8 assumptions are reviewed on an on80ing basis. Revisions to accountin8 estimates are recoBnised in the periods in whlch the estimate is revised where revislons 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 recognlsed 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. Ik)notions and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donatSon is sublect to conditions that require a level of performance by the charity before the charity is entitled to the funds. the Income is deferred and not reco8nised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Grants recelvoble Grants are reco8nlsed when the charity has an entitlement to the funds and any conditions linked to the 8rants have been met. Where performance conditions are attached to the grant and are yet to be met, the Income is reco8nised as a liability and induded on the balance sheet as deferred income to be released. Deftrred In<ome Deferred Income represents amounts received for future periods and is released to Incomin8 resources in the period for which. it h35 been received. Such income is only deferred when.. The donor specifies that the grant or donation must only be used in future accounting periods; The donor has imposed conditions which must be met before the charity has unconditional entitlement,. or The income received is for course fee5 that are deliverable in future accounting periods. Investment income Interest Income is recognised usin8 the effective interest method. Pa8e 21
Psychosynthesis and Education Trust Notes to the Flnanclal Statements for the Year Ended 31 August 2024 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 cost5 are allocated to the applicable expenditure heading that aggregate simllar costs to that cate80ry. Where costs cannot be directly attribvted 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. Charltable artlvltles 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. 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 tSme spent and other costs by their usage. Taxatlon The charity is considered'to pass the tests set out in Paragraph I Schedule 6 of the Finance Att 2010 and therefore it meet5 the definition of a charitable company for UK corporation tax purposes. Accordingly* the charity is potentially exempt from taxatlon In respect of income or capital 8alns received wlthln categories covered bv Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Char8eable Gains Act 1992. to the extent that Such income or gains are applied exclusively to charitable purposes. Tanglble flxed assets Individual fixed assets costing £400.00 or more are initially recorded at COSt. Depreclatlon and arnortlsatlon Depreclatlon Is provided on tangible fixed assets so as to write off the cost or valuatlon, less any estimated residual value, over their expected useful economic Ilfe as follows.. A55et class Plant & Machinery Fixtures & Fittin85 Office Equipment. Freehold Property Depreciation method and rate 10 years Straight line 4 years Strai8ht Ilne 4 years strai8ht line 50 years straight line PaBe 22
Psychosynthesls and Educatlon Trust Notes to the Financial Statements for the Year Ended 31 August 2024 Trade debtors Trade debtors are amounts due from students for course fees in the ordinary course of business. Trade debtors are reco8nlsed Initially at the transactlon price, They are subsequently measured at amortised c05t 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 accordin8 to the ori8inal terms of the receivables. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call dep051ts, and other short-term hi8hly liquld Investments that are readily convertible to a known amount of cash and are subject to an Insignlficant risk of chan8e in value. Trade credltors 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 ri8ht, at the end of the reportin8 period. to defer settlement of the creditor for at least twelve months after the reportin8 date. If there is an uneonditional ri8ht to defer settlement for at least twelve months after the reportin8 date. they are presented as non-current Ilablllties. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective Interest method. 8orrowin£s Interest-bearin8 borrowin85 are initially recorded at fair value, net of transaction costs. Interest-bearing borrowin8s ère subsequently carried at amortised cost. wlth the difference betwèen the proceeds, net of transaction costs. and the amount due on redemptlon bein8 reco8nised as a char8e to the Statement of Flnancial Activities over the period of the relevant borrowin8. Interest expense Is reco8nised on the basls of the effective interest method and is Included in interest payable and similar char8es. Borrowings are classified as current liabilities unless the charity has an unconditlonal right to defer settlement of the1Sability for at least e1ve months after the reporting date. Fund struclure Unrestricted income funds are general funds that are available for use at the trustees dlscretion In furtherance of the objectives of the charity. Pa8e 23
Psychosynthesls and Education Trust Notes to the Financial Statements for the Year Ended 31 August 2024 Pensions and other post retirement obligations The charity operètes a defined contribution penslon scheme which is a pension plan under which flxed contributions are paid into a pension fund and the charlty has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay 311 employees the benefits relating to employee service in the current and prior periods.. Contributions to defined contribution plans are recognlsed 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 donatlons and le8acles Total 2024 Donations and le8acies; Donations from individuals Grants, includin8 capital 8rants,' Grants from other charities 1,000 18.915 19,915 4 Income from charltable artivities Toial 2024 Total 2023 Book sales Pro8ramme5 and courses Counselling seryices Room rental 794 517 813,911 121,348 186,090 860.574 215,050 222,456 1,298,874 1.121,866 5 Investment income Total 2024 Total 2023 Interest receivable and slmllar Income. Interest receivable on bank deposits 2,463 904 Pa8e 24
Psychosynthesis and Education Trust Notes to the Financial Statements for the Year Ended 31 August 2024 6 Other Income Totsl 2024 Total 2023 Fees and supplles 1,180 92 7 Expendlture on charltable actlvltles Total 2024 Total 2023 Note Bursarles 300 387,325 1.761 1,805 560 375,192 2,205 1,573 1,133 803,718 Trainers fees Staff costs not PAYE Advertislng Legal and professlonal Support costs 923,119 1.314.310 1,184,381 Pa8e 25
Psychosynthesls and Education Trust Notes to the Financial Statements for the Year Ended 31 August 2024 Analysis of support costs Support costs Total 2024 Total 2023 Staff costs Wages and salaries Social security costs Pension costs 50S,329 43.399 11.951 464,090 36,975 10,395 1,372 60,405 36,336 7,390 15,154 500 IProfitl/loss on disposal of tan8ible fixed assets Rates. utilitie5 and insurance Repairs, maintenance and cleaning Postage and telephone Computer consumable5 Printin8 and stationery Trade subscriptions Sundries Travel and subsistence The audit of the charity's annual accounts Consultancy Bad debts 57,409 61.996 7,721 20,557 1,642 22,154 22,4CM) 23,581 10,752 44,438 27,925 15,034 10.440 44,423 {4,1521 25,306 49,926 2,199 Interest and bank charges Depreciation of plant and machinery Finance lease interest 34.611 49.925 S,254 923,119 803,718 Page 26
Psychosynthesis and Educatlon Trust Notes to the Financial Statements for the Year Ended 31 August 2024 9 Net Incomingloutgoing resources Net incomin81(outgoin81 resources for the year include: 2024 2023 Audit 9.252 1,500 49,925 8,940 1,500 49,925 Other non-audit seplices Oepreciation of fixed assets 10 Trustees remuneratlon and eypenses Durin8 the year the charity made the followine transactions wlth trustees: Dlana Whltmore Diana Whitmore received remuneration of £12,82912023'. £4,335) durin8 the year. The amounts payable were in relation to trainer fees. Sue Fox Sue Fox received remuneratlon of £1.33212023'. £3601 durin8 the yèar. The amounts payable were in relation to tutor fees. Chrlstopher Connolly £75712023.. £Nill of expenses were reimbursed to Christopher Connolly durin8 the year. The amounts payable were In relation to trvstee expenses reimbursed. At the balance sheet date the amount due to Christopher Connolly was £Nil12023'. £1,1321. Glyn Bottrell £469 {2023'. £393) of expenses were relmbursed to Glyn Bottrell during the year. The amounts payable were in relation to trustee expenses relmbursed. Page 27
Psychosynthesls and Education Trust Notes to the Financial Statements for the Year Ended 31 August 2024 11 Staff costs The a88re8ate payroll costs were as follows: 2024 2023 Staff costs durlng the year were: Wages and salaries Social security costs Pension costs 505.329 43,399 11,951 464,090 36.97S 10.395 .560,679 511,460 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: 2024 No 2023 No Charitable activities 18 18 No employee received emoluments of more than £60,000 durln8 the year. The total employee benefits of the key management personnel of the charity were £143,15712023 £152.5911. 12 Taxation The charity Is a re8lstered charity and Is therefore exempt from taxatlon. Page 28
Psychosynthesls and Education Trust Notes to the Financial Statements for the Year Ended 31 August 2024. 13 Tanglble Ilxed assets Land and buildings Fumlture and equipment Total Cost At I September 2023 1,137.779 368,017 1,505,796 At 31 August 2024 1,137,779 368.017 1,505,796 Depreciation At I September 2023 Ch3r8e for the year 390,283 12,756 247,790 37,169 638,073 49,925 At 31 Aueust 2024 403.039 284.959 687,998 Net book value At 31 August 2024 734,740 83,058 817.798 At 31 August 2023 747,496 120,227 867,723 Restrlctlon on title and pledged as securlty Buildings with a carryin8 amount of £734.74012023- £747,495) have been pledged as security for the mortga8e. Assets held under finance leases and hlre purchase contrarts The net carrying amount of tan8ible assets includes the following amounts in respect of assets held under finance leases and hire purchase contract5.' 2024 2023 Furnlture and equipment 45,924 61,232 14 Debtors 2024 2023 Trade debtors Prepayments 339,459 23,291 238,625 2S.458 362.750 264,083 Page 29
Psychosynthesis and Education Trust Notes to the Financial Statements for the Year Ended 31 August 2024 15 Cash and cash equlvalents 2024 2023 Cash on hand Cash at bank 2.970 161,198 2,968 208,086 164.168 211,054 16 Credltors: amounts lallln8 duewithln one year 2024 2023 Bank103ns Trade creditors Hire purchase and finance leases Other taxation and social security Accruals Deferred income 40.608 83.237 15.308 11.815 25,077 543.930 39.084 42,381 IS,308. 10.630 44,114 524,856 719.975 676,373 Credltors due wlthin one year includes the followin8 liabilities, on which security has been 8iven by the charlty: 2024 2023 Mort8age 40,608 39,084 The mortgage Is secured over the charity's freehold property. Pa8e 30
Psychosynthesls and Education Trust Notes to the Financial Statements for the Year Ended 31 August 2024 17 Creditors: amounts falling due after one year 2024 2023 Bank loans 246,7S9 30.616 281,318 45,924 Hire Purchase and finance leases 277,375 327,?42 Creditors amounts falllng due after more than one year includes the following Ilabilities. on which secltrity ha5 been 8iven by the charity= 2024 2023 Mort8age 246,759 281,318 The mortgage is secured over the charity's freehold property. Included In the creditors are the followln8 amounts due after more than flve years: 2024 2023 After more than five years by Instalments {109,689 18 Obllgatlons under leases and hire purchase contrarts The total value of future mlnlmum lease payments wès as follows.. 2024 2023 Within one year In two to five years 15.308 30,616 19,748 59,245 45,924 78.993 Operatlng lease commltmentS Total future minimum lease payments under non-cancellable operating leases are a5 follows: 2024 2023 Other Wlthln one year Beeern one and five years 2.700 3,600 2,700 2,7) 6,300 Page 31
Psychosynthesls and Educatlon Trust Notes to the Financial Statements for the Year Ended 31 August 2024 19 Pension and other schemes Deflned contrlbutlon penslon scheme The charity operates a defined contribution pension scheme. The pension c05t charge for the year represents contributions payable by the charity to the scheme and amounted to £11,95112023 - £10.3951. 20 Analysls of net assets between funds Vnrestritted funds General Total funds at 31 August 2024 Tangible fixed assets Current assets Current liabilities Credltors over l year 817.798 526.918 1719.9751 1277,3751 817,798 526.918 {719,9751 {277,375} Total net assets 347.366 347,366 Unrestrirted funds Geneial Total funds at 31 August 2023 Tan8ible fixed assets Current assets 867,722 475,137 1676,3731 1327,2421 867,722 475,137 1676,3731 1327.242) Current liabilities Creditors over I year Total net assets 339,244 339,244 Page 32