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2025-08-31-accounts

Company registration number: 03838253 Charitable company registration number: 1077365

Psychosynthesis and Education Trust

(A company limited by guarantee)

Annual Report and Financial Statements for the Year Ended 31 August 2025

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

Psychosynthesis and Education Trust

Contents

Reference and Administrative Details 1
Trustees' report 2 to 12
Independent Auditors' Report 13 to 16
Statement of Financial Activities 17
Balance Sheet 18
Statement of Cash Flows 19
Notes to the Financial Statements 20 to 33

Psychosynthesis and Education Trust

Reference and Administrative Details Reference and Administrative Details
Trustees Sheree Bryant
Christopher Connolly
Sue Fox
John R Hughes (Current Chair on rotation)
Diana Whitmore
Senior Management / Leadership Jamie Joyes, Finance and Operations Director
Team Kim Shiller, Programmes Director
Kelly Tyler, Social Impact Director
Charitable company Registration 1077365
Number
Company Registration Number 03838253
The charitable company 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 2025.

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.

Psychosynthesis and Education Trust is a charitable company limited by guarantee, without share capital. The charity is governed by its Articles of Association dated 22 August 1999, subsequently amended on 21 January 2022.

The Trust’s social purpose is reflected in its status as a charitable educational trust. It is committed to bringing benefit to the individual and collective through teaching psychosynthesis and supporting ongoing inquiry into psychospiritual 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 counsellors and psychotherapists. Its work is based on psychosynthesis – a transpersonal psychological model and approach which integrates the spiritual aspect of the human experience. The Trust is interested in how psychosynthesis can support people’s development and growth, personally, professionally and in the service of others.

The Trust’s intention is to make a contribution in supporting people to finding meaning, purpose, wellbeing 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 organisationally. 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 programme which aims to support a direct 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 programme at no cost, to help reduce anxiety, increase confidence and develop a sense of belonging with people who are at risk of being marginalised, disadvantaged or excluded due to their background, race, mental health, socioeconomic status, gender, physical abilities or sexual orientation. The social impact project is completely reliant on grant funding.

The Trust’s strategic objective of quality underpins all that it does. It reviews objectives and progress towards meeting them, as well as internal and external operating environments, on a regular basis. In 2023 it co-created a new iteration of strategic goals.

Page 2

Psychosynthesis and Education Trust

Trustees' report

The Trust is a training and accrediting member of the Humanistic and Integrative Psychology College (HIPC) of the United Kingdom Council for Psychotherapy (UKCP). Its counselling programme was one of the earliest to be accredited by the British Association for Counselling and Psychotherapy (BACP) in 1989. The 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.

May 2025 marked 60 years of the Trust’s organisational roots as an Advisory Council which started in London, namely Psychosynthesis in Education. With Dr. Roberto Assagioli as the original President, the council (which included Dr. Martin Israel, Sir George Trevelyan, and Geoffrey Leytham) worked for 4 years on the dissemination of information on psychosynthesis and the importance of training others.

By the end of August 1966, operations had moved to Talgarth Road in London, where Assagioli attended one of its meetings that year. Over time, the name of the organisation was altered; firstly, to just Psychosynthesis, and then to Psychosynthesis in Education: An Association for the Study of Personal and Spiritual Integration.

The Centre, Council, lectures and discussion groups were closed in September 1969, but recorded minutes from the time stated that, “Psychosynthesis as a concept would live on and perhaps later be revived in different and more favourable circumstances.” 11 years later saw the reinvigoration of the Psychosynthesis and Education Trust – known today as the Psychosynthesis Trust.

Achievement and performance

Core Training Offer

Key successes include:

Key learnings include:

Key strategic priorities going forward include:

Page 3

Psychosynthesis and Education Trust

Trustees' report

The Trust continues to offer an online-only Foundation course to one group of students at the September intake and makes strategic use of online technology to deliver for smaller groups, some events, and Continued Professional Development (CPD) courses.

The Trust has approval from BACP for an online working accreditation, meaning the courses are now accredited as an in-person training with online competencies.

The four-day intensive Essentials of Psychosynthesis course continues to offer 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.

144 participants attended an Essentials course in this financial period. The Trust continues to offer an online Essentials to support participation from a broader geographical catchment.

The Trust currently has 154 students on roll for core programmes, which includes Advanced Diploma, Supervision 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 outright, 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 this also has an impact on cash flow in terms of timing.

Foundation income was up year-on-year, and the CNG1 and CNG2 figures continue to fluctuate in response to previous intakes and the pipeline these create.

The reintroduction of the Supervision course in 2023 has been a success and now has annual intakes. Those that joined the course as UKCP members have now been registered on the UKCP supervisors list.

The redesigning of the Advanced Diploma, to separate out the fourth and fifth year, continues to support people who need to take a moments’ breath before they embark on their dissertation year, and offers a further opportunity to meet UKCP standards as a psychotherapeutic Counsellor at the end of the 4th year.

The Learning Development Manager is offering support for students in terms of disabilities, inclusion, and accessibility. It is agreed that if a student suspects they have a learning difficulty, then support is offered. This aims to support people on lower incomes who may be on a waiting list for a particular diagnosis. The aim is to create parity in the support that is on offer.

Page 4

Psychosynthesis and Education Trust

Trustees' report

The Trust’s CPD offer delivered a lower revenue than the previous reporting year. The intention of the CPD and event offerings is not to make profit but to offer the Trust’s communities broad and enriching opportunities to learn outside of the core programmes.

Some of this year’s key CPD successes have been:

“The Breath in Psychotherapy” hosted by Claudia Businaro in September 2024 and March 2025 - this popular workshop which explores the interconnection between emotional life and breathing patterns, thus the connection between the mind and the body, continued to attract good numbers.

“Waking Dreams” is a regular short course of our CPD programme that continues each year, drawn from the six skills-based chapters in the book Waking Dreams by Trust trainer Allan Frater.

“Inclusive Reason” and “Lighted Lamp” were two events held at the Trust by respected and influential teach of esoteric philosophy, William Meader, returning to the Trust after two successful events in 2024.

“World Cafe” held in August 2025 - The World Café is a structured, conversational process that encourages collaborative dialogue and shared insight in small groups. It’s grounded in the belief that conversations matter, especially when they’re held in a warm, thoughtful, and inclusive setting.

The event was held using the whole of the Trust building. Tables held included the topics: Intergenerational Trauma and Collective Wounding, Male Isolation and Therapy, The Role of Nutrition and Physical Health, Elderhood, Living in a Volatile and Unstable World, Transition, Exploring the Archetypal Devine Feminine, Sex and Sexuality, Women and Modern Dating. Tables were hosted by a cross-section of the Trust community – students, graduates, trainers, supervisors and trustees.

The flagship free event “Continuing the Conversation” with the four friends (Diana Whitmore, Thomas Yeomans, Piero Ferrucci, and Andrea Bocconi) were joined by Molly Young Brown, attracted 433 ticket applications.

Counselling Services

The Trust’s counselling services has seen and supported substantial growth over the last 5 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 psychosynthesis. All Student Placement Service (SPS) Supervisors are experienced at working across modalities.

Trust graduates can continue with the low-cost service 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 are also offered low-cost 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 the Trust’s education and learning charitable status.

The service continues to attract people by word of mouth. In this period, over 81% of new registrations have stated that they were recommended to the service. This speaks to the service that past clients have received that they recommend the service to people in their network.

Recently, the demographic of clients within the service has shifted – 61% of clients stated they were British, compared to 67% the previous year and over 80% historically.

Page 5

Psychosynthesis and Education Trust

Trustees' report

There is a continuous fluctuation between clients wishing to attend in person or online.

Students served Sept 2023 - Aug 2024 Sept 2024 - Aug 2025
Total number of student counsellors served 101 126
Number
of
which
are
from
external
trainings		 31 52
Number of supervision groups (3-4 students
per group		 26 27
Clients registered per year
Total number of clients registered 559 400
Low-cost clients - seen within SPS 449 428

The Trust’s ‘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 geographical location, is currently being redesigned to work better for therapists and those looking for a therapist.

Room Rentals for counselling services and aligned organisations

Key successes include:

After the previous year’s regrowth of revenues post-pandemic, a similar but challenging budget was set for this period which was almost achieved. With the allocation of spaces for SPS taking preference, the Trust would not expect to see revenues matching that of pre-pandemic levels. Instead, the Trust continues seeing 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 upgrade to the whole building. This is now completed, and although budget was set aside for this it has impacted on year-on-year cash flow.

Chart of yearly room revenue trend (2020 to 2025) shows the regrowth of revenues post-pandemic and the capacity/stability of room rentals across the past two years.

Page 6

Psychosynthesis and Education Trust

Trustees' report

Social Impact Project

Key successes include:

Key learnings include:

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 Counselling Service, and the intention of the Social Impact Project is to reach those who would not consider counselling, due to the stigma associated with it, the cost of counselling and therapy, and mental health in general. Trustees introduced the project as a self-funding 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 Exploring Anxiety in Nature project was created to reduce anxiety, increase confidence and develop a sense of belonging with people who are at risk of being marginalised, disadvantaged or excluded due to their background, race, mental health, socioeconomic status, gender, physical abilities or sexual orientation. The objective is to meet the public at their current awareness level of their mental health needs and gently introduce them to psychosynthesis-informed activities whilst being in nature, in order to help them develop wellness and self-development plans. Research has recognised that anxiety is a growing golden thread that runs through various demographic groups, largely being influenced by political unrest, climate crisis, Covid and the cost-of-living crisis. The Trust wants to make a positive impact through psychospiritual philosophies of psychosynthesis

The project sources participants from self-referrals, working with members of local charities and blue/green social prescribing.

Page 7

Psychosynthesis and Education Trust

Trustees' report

As a result of attending a 10-week programme, participants typically decrease the negative mental and physical impact of anxiety and increase their sense of belonging, social engagement and some secure employment and training through their increased confidence. Please refer to the case study in the Social Impact Report, which goes into this aspect in more depth.

With reserve targets remaining stretched post-pandemic, the Trust continues to explore funding opportunities to train new facilitators and subsidise the running costs of programmes, as the project is funded solely from external grants. We are very grateful to our past and current funders, who enable these programmes to run, and we will be exploring delivering corporates programmes in the future to develop the sustainability of this project.

View the full Social Impact 2025 report here: https://psychosynthesistrust.org.uk/wp-content/uploads/2026/01/2025-Social-Impact-Report.pdf

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 the annual expenditure budget.

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

As at 31 August 2025 our total reserve balance was £328,335 (2024: £347,366). This is made up entirely of unrestricted reserves.

Financial Performance

The budget set for year-end 31 August 2025 was an overall surplus of £2,509.

£49,925 of this was anticipated depreciation, and with some unforeseen factors, the Trust narrowly missed the target that Trustees set and made a small loss:

Inflation and cost of living still significantly impacts the Trust, as it has so many organisations, as the Trust continues to stabilise from pandemic losses. The challenge for the Trust is striking a good balance between prices of its services, in a time where people are hesitant or unable to invest in themselves, against the increasing costs of all services and suppliers for the Trust.

Going forward, the Trust is continuing to embrace a maintenance phase, setting the most immediate budgets to stabilise the Trust, with the year-end 2026 budget aiming to break even. Once the loss trend has been flattened, the Trust will set budgets to carefully rebuild its cash and operating reserve levels.

Page 8

Psychosynthesis and Education Trust

Trustees' report

The table below shows the key financial performance for the accounting period 2024/25, with comparative data from 2023/24, and the budget set by Trustees for 2025/26.

Core area Year-end 31st Aug 2024 Year-end
31st
August
2025		 Budget
year-end
31st
August 2026
Total Income £1,322,432 £1,256,681 £ 1,227,328
Programmes Income £860,574 £776,193 £ 787,360
Counselling Income £215,050 £232,471 £ 220,834
Rental Income £222,456 £221,671 £ 208,000
Total Surplus/(Loss) £8,122 (£19,031) (£1,367) includes £49.9k
depreciation

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

After the resignation of 4 trustees in the summer of 2024, the trustee board has continued to operate with a smaller number whilst spending the period self-evaluating. The proposed recruitment drive for 2025 was put into action and the Trust is looking to increase its trustee membership during 2026, identifying new trustees by looking at skills and expertise gaps and opportunities, challenged by ensuring there is a diverse representation across the Trustee board that mirrors communities and gaps in the industry.

Trustees invited staff and trainers to complete a workplace survey in the summer of 2024 to capture how people were feeling and for the Trust to better understand what areas need to be addressed. This was 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, whilst identifying areas for the Trust to work on.

Recruitment and Appointment of Trustees

Trustees are recruited through a combination of targeted outreach, open advertisement, and personal recommendations to ensure an appropriate balance of skills and experience. Candidates are selected based on their ability to contribute to the Trust’s objectives and any identified skill gaps of the Trustee body, and appointments are approved by the Board of Trustees. New trustees receive an induction covering governance responsibilities, the charity’s activities, and relevant policies.

Recruitment of Staff

The Trust operates an open and transparent recruitment process for staff roles. Vacancies are advertised publicly (e.g., on the Trust’s website and relevant job boards), and applicants are shortlisted against clearly defined criteria. Interviews and, where appropriate, additional assessments are conducted to ensure candidates possess the required skills and experience. Pre-employment checks, including references and eligibility to work, are completed before appointment.

Post year-end

The Trust continues to see a sustained and growing need in the world for the work that it does.

Page 9

Psychosynthesis and Education Trust

Trustees' report

Students from the Foundation course talk about how life-changing the course has been for them. A key thread we have seen across our communities holds the importance of quality throughout all work and services. The Trust’s reputation is expanding because of this; the pragmatic alongside the spiritual, supported by the depth of resources which is offered. The golden threads across all the work will continue to be relational, with quality, and increasing equity (which includes an intersectional approach).

Principal Risks and Uncertainties facing the Trust

The cost-of-living continues to be a prevalent theme, impacting internal and external environments, 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 risks. This forms a base of our current thinking and what we need to think into which in turn impacts and informs strategy.

Trainers’ fees have been benchmarked and increased to better reflect the industry expectations. This increase in costs has been mirrored by an increase in course fees after benchmarking these across peer organisations.

Post year-end there is a continuation of a shift in cashflow levels, in the main contributed by the significant cost of electrical works and a growing number of students paying in instalments. The Leadership Team will be monitoring this closely, reporting regularly to trustees, and are ready to respond to ensure cash in hand is managed at a sustainable level.

Given the growing uncertainties in the world, the Trust will pay particular attention to the impacts on its operational costs and enrolments for the coming year.

The Trustee recruitment process has currently identified 2 potential new trustees who will be invited to a Board meeting as observers before mutually agreeing next steps.

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 by helping people to awaken to who they really are’. The work of the Psychosynthesis Trust is needed now more than ever.

The economic crisis is continuing to impact students and all team members.

Trustees and officers

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

Trustees:

Glyn Bottrell (Resigned 5 September 2024) Sheree Bryant Christopher Connolly Sue Fox John R Hughes (Current Chair on rotation) Emma Marinos (Resigned 4 September 2024) Penny Terndrup (Resigned 4 September 2024) Phillipa Watson (Resigned 4 September 2024) Diana Whitmore

Page 10

Psychosynthesis and Education Trust

Trustees' report

Senior Management / Leadership Jamie Joyes, Finance and Operations Director Team: Kim Shiller, Programmes Director

Kelly Tyler, Social Impact Director

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".

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:

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 charitable company'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.

Page 11

Psychosynthesis and Education Trust

Trustees' report

The annual report was approved by the trustees of the charitable company on 27 May 2026 and signed on its behalf by:

......................................... Christopher Connolly Trustee

Page 12

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 'charitable company') for the year ended 31 August 2025, 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 charitable company 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 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 charitable company'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 13

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

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company 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 11), 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 charitable company'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 charitable company 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 Psychosynthesis and Education Trust

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.

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 charitable company'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

Page 15

Psychosynthesis and Education Trust

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

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

Page 16

Psychosynthesis and Education Trust

Statement of Financial Activities for the Year Ended 31 August 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
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
20		 Unrestricted
£
-
1,230,812
1,660
71
1,232,543
(1,251,574)
(1,251,574)
(19,031)
347,366
328,335		 Restricted
£
24,138
-
-
-
24,138
(24,138)
(24,138)
-
-
-		 Total
2025
£
24,138
1,230,812
1,660
71
1,256,681
(1,275,712)
(1,275,712)
(19,031)
347,366
328,335		 Unrestricted
£
19,915
1,298,874
2,463
1,180
1,322,432
(1,314,310)
(1,314,310)
8,122
339,244
347,366		 Total
2024
£
19,915
1,298,874
2,463
1,180
1,322,432
(1,314,310)
(1,314,310)
8,122
339,244
347,366

All of the charitable company's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 20.

The notes on pages 20 to 33 form an integral part of these financial statements.

Page 17

Psychosynthesis and Education Trust

(Registration number: 03838253) Balance Sheet as at 31 August 2025

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
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
17
Net assets
Funds of the charitable company:
Unrestricted income funds
Unrestricted funds
Total funds
20		 2025
£
767,872
367,630
90,644
458,274
(675,332)
(217,058)
550,814
(222,479)
328,335
328,335
328,335		 2024
£
817,798
362,750
164,168
526,918
(719,975)
(193,057)
624,741
(277,375)
347,366
347,366
347,366

The financial statements on pages 17 to 33 were approved by the trustees, and authorised for issue on 27 May 2026 and signed on their behalf by:

----- Start of picture text -----
.........................................
Christopher Connolly
Trustee
----- End of picture text -----

The notes on pages 20 to 33 form an integral part of these financial statements. Page 18

Psychosynthesis and Education Trust

Statement of Cash Flows for the Year Ended 31 August 2025

Note
Cash flows from operating activities
Net cash (expenditure)/income
Adjustments to cash flows from non-cash items
Depreciation
Investment income
5
Working capital adjustments
Increase in debtors
14
(Decrease)/increase 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		 2025
£
(19,031)
49,926
(1,660)
29,235
(4,880)
(67,415)
21,190
(21,870)
1,660
(38,006)
(15,308)
(53,314)
(73,524)
164,168
90,644		 2024
£
8,122
49,925
(2,464)
55,583
(98,667)
23,004
19,074
(1,006)
2,463
(33,035)
(15,308)
(48,343)
(46,886)
211,054
164,168

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

The notes on pages 20 to 33 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 2025

1 Charitable company status

The charitable company 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 charitable company 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 27 May 2026.

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 charitable company's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charitable company.

Page 20

Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2025

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.

In preparing financial statements certain judgements, estimates and assumptions have to be made that affect the amounts recognised in the financial statements.The trustees consider the following to be significant:

The depreciation charge is based on estimates of the useful economic lives and residual values of fixed assets, and therefore involves management judgement and estimation uncertainty as actual asset performance and lifespan may differ from those estimates.

Income and endowments

All income is recognised once the charitable company 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.

Donations and legacies

Donations are recognised when the charitable company has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charitable company before the charitable company is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charitable company and it is probable that these conditions will be fulfilled in the reporting period.

Grants receivable

Grants are recognised when the charitable company 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

Interest income is recognised using the effective interest method.

Page 21

Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2025

Charitable activities

Income from charitable activities comprises income received from educational course fees and is recognised when the related courses are delivered and the charitable company is entitled to the income. Income received in advance relating to future periods is deferred until the relevant courses have taken place.

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 charitable company 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 time spent and other costs by their usage.

Taxation

The charitable company 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 charitable company 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, being the purchase price together with any incidental expenses of acquisition directly attributable to bringing the asset into use.

After initial recognition, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

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

Page 22

Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2025

Office Equipment Freehold Property

4 years straight line 50 years straight line

Trade debtors

Trade debtors are amounts due from students for course fees 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.

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 charitable company 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 charitable company 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 charitable company.

Restricted income funds are funds that are subject to specific conditions imposed by donors or by the terms of an appeal, which limit the purposes for which they can be applied. Such funds may only be used for the purposes specified and are not available for general use at the discretion of the trustees.

Page 23

Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2025

Pensions and other post retirement obligations

The charitable company operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charitable company 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.

Page 24

Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2025

3 Income from donations and legacies

Donations and legacies;
Donations from individuals
Grants, including capital grants;
Grants from other charities
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
6
Other income
Fees and supplies		 Total
2025
£
-
24,138
24,138
Total
2025
£
477
776,193
232,471
221,671
1,230,812
Total
2025
£
1,660
Total
2025
£
71		 Total
2024
£
1,000
18,915
19,915
Total
2024
£
794
860,574
215,050
222,456
1,298,874
Total
2024
£
2,463
Total
2024
£
1,180

Page 25

Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2025

7 Expenditure on charitable activities

7
Expenditure on charitable activities
Note
Bursaries
Trainers fees
Staff costs not PAYE
Advertising
Support costs
8		 Total
2025
£
650
320,505
13,415
1,149
939,993
1,275,712		 Total
2024
£
300
387,325
1,761
1,805
923,119
1,314,310

8 Analysis of support costs

Support costs

Staff costs
Wages and salaries
Social security costs
Pension costs
Recruitment
Rates, utilities and insurance
Repairs, maintenance and cleaning
Postage and telephone
Computer consumables
Printing and stationery
Trade subscriptions
Sundries
Travel and subsistence
The audit of the charity's annual accounts
Consultancy
Interest and bank charges
Depreciation of plant and machinery
Finance lease interest		 Total
2025
£
536,711
46,976
12,841
290
62,730
43,312
8,615
27,999
1,541
17,055
11,847
22,510
11,184
52,841
28,361
49,926
5,254
939,993		 Total
2024
£
505,329
43,399
11,951
-
57,409
61,996
7,721
20,557
1,642
22,154
22,400
23,581
10,752
44,438
34,611
49,925
5,254
923,119

Page 26

Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2025

9 Net incoming/outgoing resources

Net (outgoing)/incoming resources for the year include:

Audit
Other non-audit services
Depreciation of fixed assets		 2025
£
9,684
1,500
49,926		 2024
£
9,252
1,500
49,925

10 Trustees remuneration and expenses

During the year the charitable company made the following transactions with trustees:

Diana Whitmore

Diana Whitmore received remuneration of £10,954 (2024: £12,829) during the year.

The amounts payable were in relation to trainer fees and expenses.

Sue Fox

Sue Fox received remuneration of £720 (2024: £1,332) during the year.

The amounts payable were in relation to tutor fees.

Christopher Connolly

£1,002 (2024: £757) of expenses were reimbursed to Christopher Connolly during the year.

The amounts payable were in relation to trustee expenses reimbursed.

Glyn Bottrell

£Nil (2024: £469) of expenses were reimbursed to Glyn Bottrell during the year.

The amounts payable were in relation to trustee expenses reimbursed.

Page 27

Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2025

11 Staff costs

The aggregate payroll costs were as follows:

11 Staff costs
The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2025
£
536,711
46,976
12,841
596,528		 2024
£
505,329
43,399
11,951
560,679

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

2025 2024
No No
Charitable activities 19 18

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

The total employee benefits of the key management personnel of the charitable company were £147,084 (2024 - £143,157).

12 Taxation

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

Page 28

Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2025

13 Tangible fixed assets

13 Tangible fixed assets
Cost
At 1 September 2024
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Land and
buildings
£
1,137,779
1,137,779
403,039
12,756
415,795
721,984
734,740		 Furniture and
equipment
£
368,017		 Total
£
1,505,796
368,017 1,505,796
284,959
37,170		 687,998
49,926
322,129 737,924
45,888 767,872
83,058 817,798

Restriction on title and pledged as security

Buildings with a carrying amount of £721,984 (2024 - £734,740) 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:

Furniture and equipment
14 Debtors
Trade debtors
Prepayments		 2025
£
30,616
2025
£
338,046
29,584
367,630		 2024
£
45,924
2024
£
339,459
23,291
362,750

Page 29

Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2025

15 Cash and cash equivalents

Cash on hand
Cash at bank		 2025
£
2,787
87,857
90,644		 2024
£
2,970
161,198
164,168

16 Creditors: amounts falling due within one year

Bank loans
Trade creditors
Hire purchase and finance leases
Other taxation and social security
Accruals
Deferred income		 2025
£
42,190
8,480
15,308
13,374
30,860
565,120
675,332		 2024
£
40,608
83,237
15,308
11,815
25,077
543,930
719,975

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

Mortgage
The mortgage is secured over the charity's freehold property.
Deferred income at 1 September 2024
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end		 2025
£
42,190
2025
£
543,930
565,120
(543,930)
565,120		 2024
£
40,608
2024
£
524,856
543,930
(524,856)
543,930

17 Creditors: amounts falling due after one year

Bank loans
Hire purchase and finance leases		 2025
£
207,171
15,308
222,479		 2024
£
246,759
30,616
277,375

Page 30

Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2025

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

Mortgage 2025
£
207,171		 2024
£
246,759

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

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		 2025
£
15,308
15,308
30,616		 2024
£
15,308
30,616
45,924

Operating lease commitments

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

Other
Within one year		 2025
£
-		 2024
£
2,700

19 Pension and other schemes

Defined contribution pension scheme

The charitable company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charitable company to the scheme and amounted to £12,841 (2024 - £11,951).

Page 31

Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2025

20 Funds

Unrestricted funds
General
General Funds
Restricted funds
Social Impact Project
Total funds
Unrestricted funds
General
General Funds		 Balance at 1
September
2024
£
347,366
-
347,366
Balance at 1
September
2023
£
339,244		 Incoming
resources
£
1,232,543
24,138
1,256,681
Incoming
resources
£
1,321,432		 Resources
expended
£
(1,251,574)
(24,138)
(1,275,712)
Resources
expended
£
(1,314,310)		 Balance at 31
August 2025
£
328,335
-
328,335
Balance at 31
August 2024
£
346,366

The specific purposes for which the funds are to be applied are as follows:

Social Impact Project - Donations and grants received for the Exploring Anxiety in Nature programme.

21 Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted
funds
General
£
767,872
458,274
(675,332)
(222,479)
328,335		 Total funds at
31 August
2025
£
767,872
458,274
(675,332)
(222,479)
328,335

Page 32

Psychosynthesis and Education Trust

Notes to the Financial Statements for the Year Ended 31 August 2025

Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted
funds
General
£
817,798
526,918
(719,975)
(277,375)
347,366		 Total funds at
31 August
2024
£
817,798
526,918
(719,975)
(277,375)
347,366

22 Analysis of net funds

Cash at bank and in hand
Finance leases and hire purchase contracts
Mortgage
Net debt
Cash at bank and in hand
Finance leases and hire purchase contracts
Mortgage
Net debt		 At 1 September
2024
£
164,168
(45,924)
(287,367)
(169,123)
At 1 September
2023
£
211,054
(61,232)
(320,402)
(170,580)		 Cash flows
£
(73,524)
15,308
38,006
(20,210)
Cash flows
£
(46,886)
15,308
33,035
1,457		 At 31 August
2025
£
90,644
(30,616)
(249,361)
(189,333)
At 31 August
2024
£
164,168
(45,924)
(287,367)
(169,123)

Page 33