201. psychosynthesis & education trust annual accounts 2007

7/31/2019 201. Psychosynthesis & Education Trust Annual Accounts 2007.

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PSYCHOSYNTHESIS AND EDUCATION TRUST

FINANCIAL STATEMENTSYEAR ENDED 31 AUGUST 2007

REGISTERED CHARITY NUMBER: 1077365REGISTERED COMPANY NUMBER: 3838253

DRAFT ACCOUNTS

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PSYCHOSYNTHESIS AND EDUCATION TRUST

PRESIDENTCHAIR PERSONTRUSTEES

Lady Diana Whi tmoreBrenda SquiresHugh Lee AskarChris W BurgessPe te r He inMichael ShawHelen SierodaJohn ShiersBrenda SquiresLady D iana Whitmore

COMPANY SECRETARY Jim WallmanDIRECTOR OF PROGRAMMES Keith Si lvesterDIRECTOR OF OPERATIONS AND DEVELOPMENT J im Wal lmanCOMPANY REGISTRATION NO. 3 8 3 8 2 5 3REGISTERED AND PRINCIPAL OFF ICE 92-94 Tooley StreetLondon

SE1 2THREGISTERED CHARITY NO. 1 0773 6 5AUDITOR Maclntyre Hudson LLP

Chartered AccountantsEuro House1394 High RoadLondon N20 9YZ

BANKERS

SOLICITORS

Barc lays Bank PLCSou thwa r k branch29 B oro u gh High Stree tLondonSE1 1 LYBates , We l l s & Bra i thwa i t e2-6 Can n o n StreetLondonEC4M 6YH


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PSYCHOSYNTHESIS AN D EDUCATION TRUSTTHE DIRECTORS' A ND TRUSTEES' REPORTYEAR ENDED 31 AUGUST 2007

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Th e Trustees of the Psychos yn thesi s & Educa ti on Trust, who ar e a ls o t he Directors of the charitable c om pa ny o f th e sa me n am e , p re s en tt he ir a n n ua l report and th e audited s ta temen ts fo r the year ended 31 August 2007. Psychosynthesis a n d Educat ion Trust is a companyl imi ted by gua ran t ee .A WORD FROM THE CHAIR:Psychosyn t h e s i s : a psycho logy fo r ou r t ime s?In the early twent ieth century neuro log is t S igmund F reud and hi s fol lowers were pioneer ing work with talk ing t herapy , ana l ysi s of dreamsand word associat ion. In this way t hey were attempting to map o ut th e effect of unconscious drives on ou r wak ing l if e an d thus helpalleviate th e s ymp toms o f patients who were suffer ing f rom neuroses .An Italian psychia tr is t, Rober to Assagiol i, was o ne o f t he p arty. An ea rl y fol lower of Freud, Assagiol i was the first to bringpsychoanalysis to Italy. Soon howe v er a f issure began to appear . Assagiol i took excep t ion t o Freud's emphas is on th e sexual lyrepressed and primit ive aspects of the unconsc ious . Sure l y, he maintained, the unconsc ious is also the source of ou r greatest wor ks o fa rt and sc ienti f ic breakthroughs?Over t ime Assag io l i was to develop this v iew i nt o a theory of th e unconsc ious. He d ist ingu ished va r ious face ts o f t he psyche: he spokeof the superconscious - the r ea lm o f inspirat ion an d abstract thinking, th e midd le unconsc ious - just beyond ou r everyday awa reness ,and of the l ower unconsc ious , wh ich corresponds t o F reud 's unconsc ious. He melded together his interest in tradit ional Eastern thoughtand phi losophy with his research into Western humanistic psychology. Assagiol i was keen to study what was hea l thy and c rea t ive in usa s we ll as understanding what was pa tho log ica l; it is as val id, he s a id , t o trace the h ighes t ach ievements and exper iences of mankind asit is to disentangle what is dysfunctional.Our a we a nd ou r jo y matter as much, if no t more, than our despair. In fact ou r despa i r can oftenb e the key to our spiri tual awakening. In t ime h is work gave rise to psychosynthesis, which is a form of t ranspersona l psychology.It has often been said that in ou r t imes there is a need fo r a new type of spirituality and 'spir i tual ' expression. Fo r many, orthodox rel igionhas lost its impact. Psychosynthesis of fers a blend of psychology an d spirituality. It addresses ou r need t o know ourse l ves in the ful lnessof ou r being, as we ll a s satisfying th e urge to exper ience ourselves as par t of a larger whole. In i tself psychosynthes is nei ther endorsesno r refutes religion fo r it focuses on experience rather th an o n inte llec tua l bel ief . In an er a whe re t he re is a danger of black and whitethinking on spiri tual matters it o ff er s an opportunity to explore one's inner world without the necessity of adhe ri ng to p re se t tenets.Assagiol i was a secular Jew, a t o ne t ime impr is oned unde r Mussolini. He pract ised and worked in Florence, the Italian city that more thanany o the r embod ies the idea l s and aspirat ions of the Renaissance. In h is own way he was a Renaissance ma n with an interest inpsychiatry, science, art, rel igion an d phi losophy. It is smal l wonder t hen t ha t Assagiol i sought to gather what was best an d strongest indif ferent traditions.Assag io l i d i st ingu ishes psychosynthes is from psychoana lys is . In tradit ional psychoana lys is the contents of the psyche are ana ly sed andinterpreted by the therapist. Although dea l ing with highly charged emot iona l material , it is primari ly an inte l lec tual p rocess whereby whatha s been repressed is unearthed and explored in th e safety of the therapeutic relat ionship. This sur fac ing helps g ive greater f reedom andawareness to t he ana l ysand . Psychosynthes is bui ld s on t his process and has many elements in common with it, bu t it goes further inemploy ing an array of methods and t echn iques , wh ich t ap d i rec tl y into the creativ ity o f th e c li en t and help him or he r discover innerresources and wisdom. The me thods used include gu ided imagery, ac ti ve imag ina ti on work , f ree d rawing , Gest al t wo rk and role-play.Through techniques s uc h a s these th e various warring e lements wi th in the person ca n be brought into harmony. Working in a periodbefore resea rch had revealed what we now know about hemispheri ca l specia li sa t ion , Assag io l i unders tood perfect ly the necessity ofsynthesising th e tw o sides o f th e b ra in for op t ima l funct ion ing. Thus imaginat ion is ba lanced by rat ional th ink ing, and emo ti on bypracticality.A psychology for now?At a t ime when institutions and be li ef s are shifting, the individual often exper iences a s en se o f dislocat ion and ca n fee l d i sconnec ted fromhis or he r inner world. Th is c a n lead n ot o nly to an aridity of s pi rit , but a gene ra l state of confusion. Why am I here? What is impor tant tome? What is the purpose of my l i fe? How ca n I find meaning and ful fi lment?Often th e a n sw er s to these quest ions ar e nearer t han we might think. Thanks t o the innovative work of Roberto As sag io li a nd o th e rs in thefield of psychosynthesis, w e now how have a body of knowledge and experience to help us in the journey of sel f discovery.

B r en d a Squ i re sChai r


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PSYCHOSYNTHESIS AN D EDUCATION TRUSTTHE DIRECTORS' AND TRUSTEES' REPORTYEAR ENDED 31 AUGUST 2007PRINCIPAL ACTIVITIES

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Th e pr inc ipa l act iv ity o f t he company is t o " fos te r psychologica l research into th e va r ious e lements of th e human psyche including withoutl imitation body, mind , emo ti ons and spirit a nd th e synthesis thereof (known as bio-Psychosynthesis) and its dissemination to the publicthrough educational, scientif ic and charitable activit ies.

Th e Psychosynthesis an d Educa t ion Trus t is t he l ongest establ ished psychosynthes is centre in Britain. It was founded in 1965 by ' the fatherof psychosynthesis ' , Roberto Assag io l i, together with Sir George Trevelyan, Dr Mar tin Israel and Geoffrey Leytham.

Th e modern training p ro g ramm e s w e re d e ve lo p ed f ro m 1 98 2 onwa rds b y D iana Wh itm or e a n d o th e rs , who s tu d ie d unde r Assag io l i, a n d whon ow con t i nues h e r connec t i on wi th th e Trust a s Presiden t .Th e Trust is a training and acc red it ing member o f t he Human is ti c and I nt eg ra ti ve Psycho logy Sec tion o f t he United K ingdom Counc il fo rPsychotherapy ( UKCP ), and was on e of th e first counselling training organisations to be accredited by t he Br it is h Assoc ia t ion fo r Counsel l ingand Psychotherapy.

Th e Trust is also a member o f t he European Associat ion fo r Psychotherapy (EAP) a nd a f oundi ng membe r o f t he European Federa tion fo rPsychosynthesis Psychotherapy (EFPP). All Trus t s t af f subscribe to C od es o f Pract ice an d Ethics of these bodies. A te am o f qual if iedpsychosynthesis p rac t it ioners teach and s upe rv is e s tu dent s. The t eam members are drawn f rom va ri ous ba ckg rounds an d discipl ines,including psychology, educat ion, phi losophy, rel igious pract ice, psychiatry, organisat ional work and management . The Trust 's programmesar e val idated by the University o f E as t London (School ofPsychology).Th e Trust opera tes it s own Counse l li ng Re fe r r al Se rv ic e which is pa rti cularly sui tab le fo r cl ients who might be l es s con fi d en t abou t contac t inga therap is t directly. Th e Counsel l ing Se rv ic e Manage r a ss es se s a n d p la ce s c l ients wi th t he c o un s e ll or who best fits the i r n e e d s an ddiagnos is . This service a l so i n c lu d e s lo w cost coun s el li n g f o r t hos e o n lo w i n comes .

CONSTITUTION OF THE CHARITY

Th e Charity is a company limited by guarantee an d is governed b y th e Rules and Regulat ions of th e Memorandum and Articles ofAssocia tion incorpora ted on 3 September an d registered on 10 September 1999. Th e power of appoint ing and remov ing Di rec to rs andTrustees f rom t he Board is vested in th e Board of Di rec to rs and T rus tees. New t rust ees ar e recruited t hr ough r ecommendat ions . Member sh ipis non transferable a nd c ea se s u po n d ea th . A minimum of 2 members is required a t a ll tim es. New Trustees ar e p rovided wi th an induc ti onpack to accl imatise them to th eir n ew role and further training is discussed and re levant t ra ining courses attended.

Da y to da y managemen t is delegated to an d ca rr ied ou t jointly by the Director of Programmes an d the Director of Operat ions, i n c lo seconsul ta tion wi th the Trustees, a t t he ful l quarter ly meetings, an d at meet ings of Trustee subcommit tees.

Th e Charity ha s the power to invest moni es , n o t immedia tely required fo r the furtherance of its object ives, in such investments , securities orp rope rt y a s it thinks fit, subject to any sta tutory requirements . Th e investments currently he ld we re acquired in accordance with these powers.CHARITY OBJECTIVESTh e Trust's main purpose is t o ga in recognition fo r t h e cen tra l r ole o f Soul an d Self in psychology a n d to r enew t h e soul in th e eve ry da y l i f e ofi ndiv iduals , t h e family, groups, o rgan i s a ti ons a n d society .Our vocat ion is t o address th e needs of humani ty in a way that is pragmat ic as well as s p ir it ua l a nd relevant to everyday life. Weacknowledge both pain and potentia l in the human experience.Ou r a ims are:-- Work with people in l i f e crisis suppor t people as t hey f ind their place within an int ri ca t e ne twork o f re lat ionships and within society. promote t he pract ic e of t ranspersonal counsel l ing and psychotherapy by prov id ing a training centre of excel lence.= prov ide psychosynthes is educat ional techniques suitable fo r schools and adul t education. promote th e v alue o f psycho-spir itual work in counsel ling, psychotherapy and educa t ion through resea rch , dissemination and publ icat ion.


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PSYCHOSYNTHESIS AND EDUCATION TRUSTTHE DIRECTORS' AND TRUSTEES' REPORTYEAR ENDED 3 1 AUGUST 2007

CHARITY OBJECTIVES (co n t i nu ed )The Charity's ob jec ti ves a re primarily achieved by:

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Training Psychosynthesis counsellors an d t he rap is ts . The charity offers a val idated, one year, part t ime Graduate Cert if icate inPsychosynthesis Foundat ions, a two yea r, p ar t t ime Post Gradua te Dip loma in Psychosynthesis Counsell ing, an d a two yea r, p a rt t imeMaster of Arts in Psychosynthesis Psychother ap y. The Pos t Gradua te Diploma is accredited by the British Association o f Counsell ingan d Psychotherapy (BACP), a nd th e MA by the United Kingdom Counc il for Psychotherapy (UKCP). All three ar e accredited by th eUniversity of East London (UEL).Training Psychosynthesis an d non-Psychosynthesis counsellors and therapists. The cha ri ty o ff ers a one year, Post Graduate Certificatein Psychosynthesis Studies, as a professional development course for non-Psychosynthes is t ra ined counsellors. The char ity also offersa on e year, Postgraduate Certificate in Transpersonal & Integrative Supervision: from an integrated and t ranspersonal perspective fo rPsychosynthesis an d non-Psychosynthes is t ra ined counsellors and therapists. Both are accredited by the University of East London(UEL).Offering introductory courses in Psychosynthesis (such a s th e popular Essentia ls course) to th e public an d on-going professionaltraining fo r graduates and o the r qual i fied therapists;Offering a counsell ing referral service, including a low-cost counsel ling service, fo r the general public; an dOffering a free or a subsidised rate for the us e o f rooms a t 92-94 Tooley Street fo r organisat ions furthering Psychosynthesis.The directors consider that th e objectives set for 2007 have been ach ieved in respec t of courses of fered, and th e fianancial objectivesare under review.REVIEW OF ACTIVITIES - 2006107

Counsell ing & Psychotherapy Tra in ingThe Trust 's p ro fess iona l counse ll ing & psychotherapy training s tuden t numbers dec reased with a total o f 98 new student enrolments(from 139 in 2005/06). This does no t include 97 s tuden ts (up from 76 in 2005/06) on th e introductory Essent ials course, which runs si xtimes a year.The Trust continued to h ave two in takes o f th e former, 3-year PG Diplomas (in two different formats). The former Training inSupervision course and Gradua te Certif icate in Psychosynthesis Counsel ling an d Therapy, a nd th e MA in PsychosynthesisPsychotherapy a ll ra n successfully.24 Students qualified as counsellors and 3 s tuden t s suc ces s fu ll y completed theirMasters course in 2006-07. This compared favourablywith 18 and 5 respectively in 2005-06.Graduate stud ies ProgrammeW e have had a w id e r an ge of events in this programme aimed at graduates and others interested in profess ional deve lopment . Theprogramme involves an event at least once a month.Training & Resea r ch Con f e r e n ceTh e Trust held it s s e co nd a n nu al con ference in March 2007 open t o staff, graduates an d students, with more than 50 at tendees .In come fr om le ttin g s pa ce in th e buildingIn February 2007 the second floor tenant moved o ut a nd it proved difficult to re-let. A new t enan t was secured in November 2007.Counse l ling ServiceThe counsel l ing service cont inued to del iver psychosynthesis counsel l ing to th e general public, some of i t l ow cost . The number ofclients rose very slightly, from 1 1 3 in 2005-06 to 1 1 4 in 2006-07 -of which 41 / a were lo w cost clients.

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PSYCHOSYNTHES IS AND EDUCATION TRUSTTHE DIRECTORS' AND TRUSTEES' REPORTYEAR ENDED 31 AUGUST 2007FUTURE DEVELOPMENTS

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The development of new c ou rs es w h ic h e x pa n d th e p o rt fo lio of c o ur se s o ff er ed b y th e Trust, to inc lude an App li ed s tr and for th e Pos t GraduateDiploma a nd M A; Develop a holistic market ing plan, taking account of our va r ious s takeho lde rs an d d e ve lo p in g f ur th e r t he uptake of cour ses , sa le of pub li ca t ions andgeneral ly raising t he T ru s t' s prof i le. To market the courses more wide ly, in order to attract students from more var ied backgrounds; To co-host the European Federat ion summer school in Br ita in in the summer of 2008. S tr eng then f i n a nc ia l m a n a g em e n t a n d s tr a te g ic p lann ing within th e Trust. To co-hos t th e Eu r ope an F e d er at io n s umm e r schoo l in Britain in th e s u mm e r o f 2 00 8. Streng then f i nanc ia l m a n a g em e n t an d strategic p lann ing w it hi n t he Trust. Raise t he p ro f il e of psychosynthes is an d ou r t ra in i n g b y ex t end i ng ou r p rog r amme o f e s s e n ti a ls t ra in i n g g ro u p s to v ar io u s p a rts of th e UK ou t s ideLondon. To increase s tudent intake by a t least 10%. To de ve lo p par tnersh ips w i th o th e r psychosynthesis organisations, for t raining an d p ro fes s iona l d eve lopmen t . Develop a c h ar it ab le B u rs a ry Fund to support s tudents on low i ncomes, and to fundraise to s up p or t t he fund. To d e v el op f ur th e r t he counsel l ing serv ice's outreach to th e local communi ty and d is ad van taged groups, a s w ell a s to l o ca l businesses .The strategy for achieving these objectives is unde r con ti n ious rev iew.INCOME GENERATION AND FUNDRAIS ING

Some in c ome is genera ted by book sales and publ ish ing; a sma l l amoun t of fund ing is received f rom t he Un iv e rs it y of East London ; bu t mos t of th ei ncome is generated by t u it ion f ees an d t he l e tt ing of the bu i ld ing . The Trust ha s no t i nv e st ed r e sou rc e s in fundrais ing during t he f inanc ia l year .INVESTMENT POL ICY AND RETURNSAside from a Treasury Bond held by the Trust, any funds that a re not required for immediate needs are placed on deposi t . In view of t he f inanc ia lpos it ion o f th e char i ty th e Trustees have decided no t to make any further longer term investment deposits at this t ime.FINANCIAL POSITIONThe f inanc ia l resu lts fo r the year ended 31 Augu s t 2 0 07 show ne t r e sou rce s expended , prior to recogn ised gains a nd lo ss es , of 53,093 (2006:60 ,066) .The main cause of th e deficit was reduced income due to l ow e r s tu d ent n um b er s th an p re vio us y ea rs and a ga p in the tenancy of th e second f lo o r. T hemajor i ty of th e expenditure has been the cost of freelance trainers for th e courses, an d in management, admin is tra t ion , p ro fessiona l consul ta n cy , cap it a lexpendi ture, and maintenance of the bui ld ing. Since th e year end th e t rustees an d staff have taken s teps to address this trend, by focus ing on incomegene ra ti o r measu res an d r educi ng ov e rheads.

The Trust has pu t in p l ace n ew f in a n ci al p ro c ed u re s a n d a fo rward th r ee -year budge t i ng p l a n wh i ch , t a ken t oge ther with a r e vi se d ma r ke t in g s t ra t eg y a n dstrategic man ag eme n t p lan is e xpe c t e d to l ead to i m pr ov ed s tu d en t u p ta ke in 2007-08 an d beyond. This wil l , if th e p lans a re s u c c es s f ul , e n a b le th e Trustto rebui ld it s r e s e rv es an d d e v e lo p g re a t er f i n an c i a l stabi l i ty.

The major i ty of the expenditure ha s been in supp lying t ra iners fo r th e courses, an d in managemen t , admin is t ra t ion , profess ional consul tancy, capi ta lexpendi ture, and maintenance of the bui ld ing.The directors c on si de r t ha t the ma r ke t v a lu e of the char i ty 's land and bu il d ings is in e xc es s of 2 mil l ion.

RESERVES POLICYThe Trustees have r e vi ewed t hei r r ese r ves po li c y an d aim to safe ly commi t a s much as poss ib le to furthering the cha r it y 's ob jec ti v es , wh i le re ta i n ingf inancia l stability and the potent ia l to respond to ne w opportunit ies .Th e main role of reserves is to permi t th e charity to manage change ef fec t ive ly , par t icu larl y where t he r e gu la t or y a nd ed uc a ti on a l f ramewo rk s w it hi nwhich the Trust opera tes undergoes change.Currently t he r es e rv e s p o li cy is to retain six mon th s o p e ra ti ng c o st s, c o ve rin g k e y staff an d overheads, amount ing to some 164,000 . This l eve l ha s noty et b ee n ach ieved .


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PSYCHSYNTHESIS AND EDUCATION TRUSTTH E DIRECTORS' AND TRUSTEES' REPORTYEAR ENDED 31 AUGUST 2007

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MANAGEMENT OF R ISKThe T ru s te e s h a v e e x am in ed, in con junc ti on w i th the senior managemen t team, t he s ign if ic an t risks that migh t a f fe c t the continued operat ion of th echarity. They main ta in a r isk regis ter, and this is rev iewed regular ly to en su re t ha t al l r isks have been proper ly identif ied an d amel iorat ion p la n s a re inp lace where approp r ia te .BOARD OF TRUSTEES AND DIRECTORSThe Directors and T ru s te e s who s er ve d t he C h ar it y d ur in g th e year were as fo l lows:D Whitmore P Hein J ShiersH L Askar H Sie roda I E Horton ( Re s ig n e d 2 2 Feb rua r y 2007 )B Squires M Shaw CW BurgessThese f i nanc ia l s t a t emen t s c omp ly w ith th e Chari ty 's gove rn i ng d o c um e n t, t h e Sta t emen t of Re comme n d e d Pract ice 'Account ing an d Repo rt in g byChar i t ies ' (SORP 2005) an d the spec i a l prov is ions fo r sma l l c omp an i e s u n d e r Part VI I o f t he Comp a n ie s Act 1985.AUDITORThe resolut ion to reappo in t Maclntyre Hudson LLP as auditors fo r th e e n su in g y e ar will be proposed a t th e nex t meet ing of t he B o ard of Directors andTrustees.


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PSYCHOSYNTHESIS AND EDUCATION TRUSTSTATEMENTOF BOARD OF D IR EC TORS ' AND TRUSTEES' RESPONSIBILITIESYEAR ENDED 31 AUGUST 2007GOVERNANCE AND INTERNAL CONTROL

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Company la w and Charity la w requires t h e Boa rd o f D ir e ct o rs a n d Trus t ees t o p repa re f inancial sta temen ts fo r each f i nanc ia l year which g i v ea t rue a n d fair v ie w o f th e s ta te o f a f f a i r s of the Chari ty a nd o f t he surplus o r deficit o f in co m e o f th e Charity

selected su it ab le ac coun ti ng policies an d then app ly them consis tent ly ;

made judgements and estimates that a re r ea s onab le a nd prudent ;

stated whe ther app l ic ab l e accounting s tandards an d statements of r ecommended pract ice have been f o ll owed, sub jec t to anydepar tures disclosed an d exp la ined in t he f in a n ci a l s ta t emen t s;

- p re pa re d t he f in a nc ia l s ta te m e nt s on a go ing conce r n bas i s un l ess it is i nappropr i a t e to presume that t he C h a rity wi l l con t i nue inopera t ion .

The Board of D ir ec to rs a n d T ru ste e s are responsib le fo r ensuring that t he c ha rity ha s appropriate systems of c on tro ls , f in a nc ia l a n do th e rw is e , k e e p in g p r op e r accounting records which disclose w it h r ea s onab le a c c ur a cy at any time th e financial posit ion of

They a re a ls o responsib le for s a fe gua r di ng t he a s s et s of th e C h ar ity a n d hence fo r tak ing reasonable s teps fo r th e prevent ion and detect ionof f ra u d and o th e r i rr eg u la r it ie s an d to p rov id e reasonab l e assurance that :

th e charity is operat ing efficiently an d effectively;i ts asse ts are safeguarded against unauthorised use or disposition;

- proper records a re main ta ined an d financial i n fo rma t ion used within th e char i ty or for publ icat ion is re l iable ; an d- th e char i ty complies w i th r e le v a n t laws and regulat ions.Th e systems of internal contro l are des igned to prov ide r ea s on ab le , b u t no t absolute, assurance againstmater ia l misstatement or loss. Theyinclude:- a strategic plan and an annua l budget approved by t he T rus t ees ;

regu lar consideration by th e Trustees of financial results, v a ri a nc e f rom bud ge ts , no n f inanc ia l p e r fo rmance ind ic a t o rs an dbenchmark ing rev iews ;- delegation of au tho r it y and segregation of du ti es; and- i den t if ic a t ion and management of r isks.In so far as e ac h a nd every Trustee and director is aware :- there is no r e le van t aud it information of which t he audi to rs are unawa re ; a n d

e ac h a nd every T ru s te e and director ha s taken a ll s te p s that th e y o u gh t to have taken to make t hems e lv e s aware of any re levant auditinformat ion and to estab l ish that th e auditor is aware ofthat informat ion.Ap pr ov ed a n d s ig ne d on b e h al f o f th e B o ar d o f D i re c t o rs a n d Trustees on ... ) . `$AQ100.8) ........

Chris BurgessTrustee


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PSYCHOSYNTHESIS AND EDUCATION TRUST Page 7T~PJI /~~nT /'Y ~ 11''R1'frcRl'fC0vI~~//~IPv7C/\IT11rCC1 KIM f'P111I~ I1 Tf\\I TPfI lGTIIVtJCPENDEYTAUV-10l[ RErnviTncvIGIVI~ rr r1'1J1~n 1 Iv InLO MvvLuuVMlvr1nVYEAR ENDED 3 1 AUGUST 2007

We ha ve audited the f inanc ia l s ta t emen ts o f Psychosynthesis And Educa t ion T rus t f or th e year ended 3 1 August 2007 which comprisethe Statement of Financial Activities, th e Ba lance Sheet an d re la te d n ote s o n pages 6 to 13 which have been p re pare d under thehistorical cos t convent ion an d the account ing policies se t out on page 10.

This report is made solely to th e Char ity 's t rus tees, as a body, in accordance w it h Secti on 2 35 of the Compan ie s Ac t 1985. Our aud itwork ha s been undertaken so that we might state to th e Charity's members those matters we are required to state to them in anaudi tor 's report an d fo r no other purpose. To th e fu lle st e xte nt p e rm itte d b y law, we do no t accept or assume responsibi li ty to anyoneother than th e Charity an d t he Char it y 's members as a body, fo r ou r aud i t work , fo r this report, or fo r the opin ions we have formed.RESPECTIVE RESPONSIB ILITIES OF THE BOARD OF DIRECTORS AND AUDITORSThe Board of Directors' an d Trustees' are responsible fo r prepar ing th e Board of Directors' an d Trustees' Annua l Report an d thef inancial s ta tements in accordance w ith app lic abl e la w an d Unite d K in gd om Acc ou nt in g Standards (United K in gdom Genera llyAccepted Accounting Practice) as se t ou t in th e Statement of Board of Directors' an d Trus tees ' Respons ib i li ties on page 6.

Our responsibi li ty is to audit the f inanc ia l s ta t emen ts in accordance w ith r el evan t legal an d regulatory requirements an d InternationalStandards on Aud it ing (UK an d Ireland).We report to yo u ou r opinion as to whether the f inancial statements give a true and fair view an d a re p rope rl y p repa red in accordancewith the Companies Act 1985, whether information given in th e B oa rd of Directors' and Trustees' Report i s cons is tent wi th the f inancialstatements, if the Chari ty has not kept proper accounting r ecor ds , if we ha ve not received al l th e information an d explanations werequire fo r ou r audit, or if information specif ied by law regarding directors' an d trustees' remuneration an d transactions with the Charityis no t disclosed.We read other information conta ined in the Board of Directors' an d Trustees' Report and consider whether it is cons is tent wi th theaudited f inanc ia l statements. We consi de r t he imp li ca t ions fo r our a udi t repo rt i f we become aware of any appa ren t m iss ta temen ts ormater ia l incons is tenc ies with the f inanc ia l s ta tements . Ou r responsibil ities do no t extend to any other information beyond that referred toin this paragraph.BASIS OF OPINION

We conducted ou r audit in accordance with In te rna tiona l Standards on Auditing (U K an d Irel and) i ssued b y th e Auditing PracticesBoard. An audit includes examination, on a t es t bas is , of ev idence relevan t to th e amounts an d disclosures in t he f inanc ia l statements.It also includes an a ss es sment o f th e s ign if icant est imates an d ju dg em e nts m a de b y th e Board of Directors and T rus tee s in thepreparat ion of the f inancial statements, and o f w he th er th e accounting policies are appropr iate to the Char ity 's c i rcumstances ,consistently applied an d adequately disclosed.We planned an d pe rf ormed our a udi t so as to obtain a ll th e information an d explanations which we considered necessary in order toprovide us with sufficient evidence to g iv e r ea s on abl e a s su ra n ce as to whether the f inancial statements are free from materialmisstatement, whether caused by fraud or o ther i rregu la ri ty or error. In forming ou r opinion we also evaluated the overal l adequacy ofth e presentat ion of information in the f inancial statements.

OPINIONIn ou r opinion the f inanc ia l s ta tements :

give a true an d fa i r view, in accordance with United Kingdom Genera lly Accepted Accounting Practice, of the state ofth e Charity's affairs as a t 31 August 2007 an d of it s incoming resources an d appl icat ion of resources , inc lud ing itsincome an d expenditure, fo r the y ea r t he n ended ; andhave been properly prepared in accordance with the Compan ies Act 1985.

In ou r opinion th e in fo rmation g iven in the Directors' an d Trustees' Report is cons is tent wi th the statements.1 1

~~ Nke~ lu~Euro House Maclntyre Hudson LL P1394 High Road Chartered Accountants andLondon 20 9YZ Registered Auditorlit~ ~ . . . . . . . . . .


10/17

19'SY(~HUSYN 1 HtSIS------------- AND --..___.TRUSTt V L 7 tLiUI.HtIVN.._STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNTFO R THE YEAR ENDED 3 1 AUGUST 2007

INCOMING RESOURCESIncoming resources f rom char itable activ i ties:Programmes and CoursesCounse ll ing serv icesIncoming resou rces f rom activities fo r generating funds:Room rentalsVoluntary & other incomeDonations a nd G ift sI nvestmen t I ncomeOther incomeTOTAL INCOMING RESOURCES

440,378 - 440,378 459,43913,929 - 13,929 2 1 , 5 53

Unrestricted Funds 2007 2006Genera l Des igna tedF u n d s Funds Total TotalNotes

I

RESOURCES EXPENDED 2Costs o f genera ti ng fundsCharitable activitiesGovernance costsTOTAL RESOURCES EXPENDEDNET OUTGOING RESOURCESFOR THE YEAR BEFORE TRANSFERSTransfers between fundsNET RESOURCES EXPENDED/INCOMING RESOURCESBEING NET EXPEND ITURE FOR THE YEAROTHER RECOGNISED GAINS AND LOSSESNe t gain/( loss) on i n ves tmen t assetsNET MOVEMENT IN FUNDSBALANCES BROUGHT FORWARDAT 1 SEPTEMBER 2006BALANCES CARRIED FORWARDAT 3 1 AUGUST 2007

147,022 - 1 47,022 1 66 ,057

25 - 25 804,667 - 4,667 5,528- - - 250

606,021 - 606,021 652,907

13,681 - 13 ,681 30,202627,194 - 627 ,1 94 663 ,47518,238 - 18,238 19,296659,113 - 659 ,113 712,973

(53,093) - (53 ,093 ) (60,066)

(53,093) - (53 ,093 ) (60,066)

(405)

Page o

(405) (2 ,73 0)(53,498) - (53 ,498) (62,796)

41 6 ,967 45 ,507 462 ,474 525 ,270

363,469 45,507 408,976 462,474

There were no other recognised gains o r lo s se s .Al l operations are continuing.

The notes an d accounting policies on pages 10 to 15form part of the financial statements


11/17

F'ST.I-IUS7N HSISA N D EUUL%iTIUN TRUSTBALANCE SHEETAT 31 AUGUST 2007

2007 2006Notes

Page 9

FIXED ASSETSInvestments 6 80,51 7 80 ,922Tangible assets 7 991 ,253 1 ,01 7,8441 ,071 ,770 1 ,098 ,766CURRENT ASSETSStocks 8 ,258 3 , 598Debtors 8 89,566 116,824Cash at bank an d in hand 1,227 25,247

99,051 145 ,669CREDITORS: Amounts fal l ing duewithin one year

NE T CURRENT LIABILITIESTOTAL ASSETS LESS CURRENT LIABILITIESCREDITORS: Amounts fal l ing dueafter more than one yearNET ASSETS

FUNDS

UNRESTRICTED FUNDSGene ra l f undDesignated funds

TOTAL FUNDS 408,976 462,474

These f inanc ia l s ta tements have been prepared in accordance with the specia l prov i si ons o f Pa rt V II of the Compan ies Act 1985 relatingto smal l companies, th e Financial Report ing Standard fo r Smal le r En t it ies (e ffec tive January 2005), the Char it ie s Act 1993 a nd inaccordance with th e Statement of Recommended Pract ice 'Accounting by Cha ri ti es ' (SORP 2005).

Approved b y th e Board o f Directors an d Trus tees on...............~---~ Vr-- ,

Brenda SquiresChai r

9 ( 2 2 5 , 7 7 9 )

10

(247,881)

(126,729) ( 102 ,212 )945,042 996 ,554

(536, 066 ) (534,080)408 ,976 462 ,474

12 363,469 416,96712 45,507 45,507

~Q1Chris Bu rge ssTrustee

Th e notes a n d a c co u n ti n g policies o n p ag es 10 to 15form par t of the f in a n c i a l s t at em e n ts


12/17

PSYCHOSYNTHESIS AND EDUCATION TRUSTCTATFMFNT OF ACCOUNTING POLICIESYEAR ENDED 31 AUGUST 2007BASISOFACCOUNTINGTh e financial s tatements have b e en p re p a re d unde r t he his tor ical cost convention as modified by the reva luat ion of certa in f ixed assets an d w i th e xcep ti o n ofi n ve s tmen ts wh i ch ar e inc luded at market value, and in ac cordance w i th th e Financ ia l Repor t ing Standard fo r Smaller Ent i ties (e f fec tive January 2005). Th ef inanc ial s tatements also comp ly with th e Sta tement of Recommended Pract ice fo r Account ing b y Char it ie s ( SORP 2005), th e Chari t ies Ac t 1993 a n d t heCompan ies Act 1985.GOING CONCERNThe f inanc ial s ta tements have b e e n p r e pa r e d u n de r t he g oin g c o n c e r n b a s is n o t w it h st a n di n g n e t c u r re n t l iabi l i t ies of 126 ,729 (2006: 102,212) .

Page 1 0

The val idi ty of this assumption depends on the Charity 's abil ity to meet the repayments due on its loans as an d when they fall due. The Trus tees have rev iewed theChari ty 's trading forecasts , budgets a nd c as h flow projections for a per iod of twelve months fol lowing th e approval of t hese f inanc ial s tatements . Based on theirreview they antic ipate that the Charity 's wo rk ing cap i ta l d e f ic i t wil l be reduced a nd th e Charity wil l be able to meet its short term l iabil ities as they fall due.Accord ing ly , these f inanc ial s tatements have been prepared on a going concern basis.TITLETh e company ha s an exemption unde r sec ti on 30(5 ) of th e Compan ies Act 1985 from us ing "L imi ted" i n t he t it le .

INCOMETh e Chari ty 's i n come is der i ved f rom five ma in s o ur ce s ; p r o gr amm es a n d c o u r s es , c o u n s el li n g, r oom h ir e, dona t i o ns an d i n ves tmen t i ncome .Recogni t ion o f p ro gr am m e s a nd c o ur se s, counse l l i ng an d room hire i n come is on a acc rua l basis .

Where the i ncome is received in ad vance of programmes an d courses being per fo rmed, the Charity r ecogn ises , a s de fe rred income, a l iabil ity equa l to th e amoun treceived, representing its obl igations to carry out th e p ro gr ammes a nd c our se s . Th a t l ia b il it y i s reduced an d reported as i ncome as th e programmes an d coursesa re per fo rmed.Donations a re inc luded in income when rece ived .Income f rom i nv e s tm en ts i s r e cog n is e d on a receivable basis.FUND ACCOUNTINGUnrestr ic ted funds ar e available f or u se at th e discretion of th e Board of Directors an d Trus tees in furtherance of th e genera lobject ives of th e Chari ty .Designated funds are unres t ric ted funds earmarked by th e Board of Directors an d Trus tees for part icu lar purposes .FIXED ASSETSAll f ixed a s s et s a r e initial ly recorded at cost.INVESTMENTSInvestments a re i nc luded at marke t v a lu e at t he b a la n ce shee t date. Any c h ange s in value during th e year, whether r e al is e d o r unreal ised a re reported as otherr e cogn is ed ga in s an d losses in th e Sta tement of f i nanc ia l Ac t i v it ies.STOCKSStocks have been va l ued at the lower of costs an d net realisable value.DEPRECIATION

Deprec iation is calculated so as to write off t he c os t of an a s se t, l es s i t s es t imated residual v a lu e, o v er th e usefu l economic life of that asset a s f o ll ows:Freeho l d p rope rt y - 2% on cost or revalued amoun tFurniture & Fitt ings - 4 yea rs s t ra i gh t lineOf fi c e Equ ipmen t - 4 yea rs s t ra i gh t linePlant an d machinery - 10 yea rs s t ra i gh t line

RESOURCES EXPENDEDExpenditure is recognised on an ac c ru a l bas is as a l iabil ity is incurred.Costs of generating f und s comp r ise th e cos ts as s oc ia ted w i th th e running of room rentals.

Char i tab le expenditure comprises t hose costs i n cu r red b y t he chari ty in th e del ivery of its activities and se rv i ce s f o r its benef ic iar ies.Gove rnance cos ts include t hose costs assoc iated w i th mee t ing the consti tu t ional an d s ta tuto ry requ irements of th e chari ty a n d i nc lu de th e aud i t fees an d a n y c o st sl inked to th e strategic management of th e chari ty .A ll costs a r e allocated between the expenditure categories of the SoFA on a basis designed to reflect the u s e o f the resource.

Costs relat ing to a part icu lar activ i ty ar e al located directly, others a re appor t ioned on a appropr ia te bas is based on ac t iv i t y, (no te 2).OPERATING LEASESRenta ls on operat ing leases where substantially a ll of th e r isks an d rewards of ownership remain with th e lessor a r e c h a rg edto th e Statement of Financial Activities on a straight line b a si s o v er the period of th e lease.


13/17

PSVrNQSVNTHFSIS ANn Fn11r:ATI(fN TRIIST

NOTES TO TH E FINANCIAL STATEMENTSYEAR ENDED 3 1 AUGUST 2007

1 Inves tment income

In te res t r ece i vable on Investments in Treasury StockBank interest receivable

2 Resources expended

Costs o f genera t i ng fundsLegal f ees o f negot ia t ing new renta l l easeAdvertising an d ma r ket ing cos ts

Basis ofallocation

Paae 11

2007 2006Total Tota l 4,522 4,522144 1,006

4,666 5 ,5 28

Tota l Total2007 2006

4,64413,681 25, 55813,681 30,202

Costs directly attributable to charitable activitiesStaff, trainers' fees an d costsUEL registration costsBursariesCounse l li ng serv i cePrinting an d stationeryPost an d telephoneInsuranceSundr iesRates an d util itiesRepairs, maintenance an d cleaningDepreciationComputer consumablesBank cha rgesConsul tancy feesInterest payableBad debt p ro v is io n

Governance cos ts a l loca ted to act iv i ties:Sta f f salariesAudit feesOther pro fess iona l f ees

DirectDirectDirectDirectP ro r at a o n activityP ro r at a o n activityP ro r at a o n activityP ro r at a o n activityP ro r at a o n usageP ro r at a o n usageP ro r at a on activityP ro r at a o n activityP ro r at a on activityP ro r at a on activityP ro r at a on activityDirect

Training & RoomCPD Counse lling Ren ta l

3 7 6 , 5 4 6

9,83118 ,5324,2107,98111,6987,29927,90721,2738 ,036

770

18 ,2131 ,312

513 .606

15 ,473 13 ,207

9 ,825 -2 , 317 2 ,317526 526998 998

1 , 4 6 2 1 , 4 6 23,649 3 , 6 4 9

13,953 1 3 , 9 5 32,65 9 2 ,65 91 ,005 1 ,005

96 9617,2012,277 2 ,277

71 ,440 42 ,148

405,226 407,022- 3 ,0009,83 1 8,81 39,825 9,725

23 ,165 26 ,7195,262 9,4979,977 15,02214,622 15,93314,597 15,14055,81 3 52,07426,591 30,03410,045 6,545

962 1,14417,201 12,56222,766 50,2451,312 -

627,194 663 ,475

- 6,4136,000 6,00012,238 6,8831 8 , 2 3 8 1 9 , 2 9 6

Tota l r e sou rc e s expended3 TRUSTEES REMUNERATIONThe t rus tees ne it he r r ec e iv ed no rwaived an y emoluments dur ing the year ( 2006 : n il ).Ou t of pocke t expenses were re-imbursed to t rus tees as follows:

Travel

659,113 712,973

2007 2006

3 12


14/17

, CHOSYNTHESIS AND EDUCAT ION TRUSTTO THE FINANCIAL STATEMENTS (continued)

ENDED 3 1 AUGUST 2007TOTAL RESOURCES EXPENDED

659 ,113

Staff Deprec i a t i on Other Allocated Tota l TotalCosts Costs 2007 2006 Costs of genera t ing funds - -Costs directly attributable to ch arita ble a ctiv ities 2 05 ,91 7 26,591Governance costs - -

205 ,917 26,591

13 ,681394,68618 ,23813,681627,19418,238

30,202663 ,47519 ,296

Other direct cos ts include :

Auditor's remunerationAudit fe eOpera ting lease rentals -EquipmentDepreciation (note 7)

5 STAFF COSTS AND NUMBERS

Wages an d salar iesSocial security costs

426,605

Pane 12

712,973

Tota l Tota l2007 2006

6,000 6,00034,469 33,72826,591 30,034

Tota l Tota l2007 2006 198,891 197,63617,846 16,490216,737 214 ,126

No employee rece ived emo lument s o f mo re t ha n 60 ,000.Th e average number of emp loyees du ring th e year, ca lcu lated on th e basis of full t ime equivalents:Counsell ing 1 1Adminisrat ive an d Finance 8 8

6 FIXED ASSET INVESTMENTSAt ValuationMarket value a t 1 September 2006AdditionsNe t l osses on reva lua tionMarket value at 31 August 2007

Analysis of investmentsCost

80,922 83 ,652(405) (2 ,730)

80 ,517Market MarketValue Value2007 2006

Fixed interest securities 78,650 80,51 7 80,922


15/17

F'SYv~V3 iV ii~3vAND TRUSTNOTES T O T HE FINANCIAL STATEMENTS (continued)YEAR ENDED 31 AUGUST 2007

7 TANGIBLE FIXED ASSETS

o...... ~ ~

Freehold Land Plant & Furniture & Office& Buildings Machinery Fixtures Equipment Total

COST OR VALUATIONAt 1 Sep t embe r 2006 1 , 137 , 779 1 6 ,8 5 7 41 ,3 29 6 ,093 1 ,202 ,058Addi t ions - - - - -Disposa ls - - - -At 31 August 2007 1 , 137 , 779 1 6 ,8 5 7 41 ,3 29 6,093 1 ,202 ,058DEPRECIATIONAt 1 Sep tembe r 2006 133,438 6,743 39 ,439 4,594 184 ,214C ha rg e fo r y ea r 22 ,756 1 ,685 65 1 1 ,499 26 ,591On disposals - - - - -At 31 August 2007 156 , 194 8 ,428 40 ,090 6 ,093 21 0 ,805N ET BOO K VALUEAt 31 Augus t 2007 981,585 8 ,429 1 ,239 991,253At 1 Sep tembe r 2006 1 ,004,3 41 1 0 , 1 14 1,890 1 ,499 1 ,0 1 7 ,8 44

The f ix e d assets are used by t he Cha ri ty for th e furtherance of i t s ob ject ives.The f reeho ld property is used as security aga ins t th e bank l oan shown in note 1 1 .The f re e ho ld p ro p er ty ha s no t been profess ional ly valued. The d ir ec to rs c o n si de r t ha t t he ma r ke t v a lu e is in excess of 2 mill ion at 31 . 8 . 07 .

8 DEBTORS

2007 2006

Trade debtorsOther debtorsP re p a ymen ts a nd accrued income

73,929 112,275

15,637 4,549

89-566 116 ,8249 CREDITORS : AMOUNTS FALLING DUE WITHIN ONE YEAR

2007 2006

Bank l oans an d overdraf tsOther l oansTrade cred itorsOther cred itorsOthe r t a xa ti o n and s o ci al s e cu ri tyAccrualsDeferred income

21 , 852- 10 ,000125 ,544 47 ,528- 32 , 2665 ,3 3 2 5 ,293

8 ,908 24,27085 ,995 1 06 ,672

225,779 247,881


16/17

NOTES TO THE F INANC IAL STATEMENTS(continued)YEAR ENDED 31 AUGUST 2007

10 DEFERRED INCOME - COURSESBa lance a t 1 Sep tember 2006Amoun t re leased to in com i ng resourcesAmoun t deferred in th e year

Ba l ance a t 31 August 2007

11 CREDITORS: AMOUNTS FALLING DUE WITH IN AFTER MORE THAN ONE YEAR

2007 2006

106 ,672 81 ,084(106 , 372 ) (81 ,084)85 ,695 106,672

85 ,995

2007

Bank loans and overdraf ts 536 ,066

BankloanAmounts repayab le b etw ee n o ne a nd tw o years

536 ,066

106 ,672

2006

534 ,080

534 ,080

21 ,852

Amounts repayab le between tw o and f ive years - 65,556Amounts repayab le after f ive years 536 , 066 446,672536 , 066 534 ,080

Amounts repayab le within on e year 21,852536 , 066 555 ,932

The b an k lo a n is wi th No rt he rn Rock p lc a n d has f i f t een years r em a i n i n g a t t h e balance sheet d a t e on a n in te re st o n ly b as is . Asum o f NIL (2006: 21,852) is i n c l u d e d w i t h i n current l iabi l i t ies. I n t e r e s t is payable a t a r a te of 1.50% above th e No rt he rn Roc kb a s e rate. The l o a n is secured b y a l e g a l c h a r g e over th e char i ty 's p r o p e rt y a t 92-94 Tooley St ree t , L o n d o n , SE1 2TH.

The other lo an w as with Bo l tons T rus t and has been ful ly se ttl ed a t th e b ala nc e s he et date . A s um o f N IL (2 00 6: 10 ,000) i sincluded within cu rr en t l ia b il it ie s . In te re s t was payab le at a rate of 1.5%. The lo an w as s ecu red ove r t he Char it y 's property at 92 -94 Tooley Street , London, SE1 2TH.

The outs t anding amounts in th e above loans represent 5 5% (2 00 6: 5 3 %) of th e book value of 92-94 Tooley Street , London, SE 12TH.


17/17

cr

PSYCHOSYNTHESIS AND EDUCATION TRUSTNOTES TO THE FINANCIAL STATEMENTS (continued)YEAR ENDED 31 AUGUST 2007

12 STATEMENT OF FUNDS

Page 1 1 5

Balan ce Ba lan ce0 1 Sep Income Expenditure Transfer between 3 1 Aug2006 funds 2007

Gen er al Re s e rv e 416,967 606,021 (659,519)Reva lu a tio n r ese rve

363 ,469

De s i g n a t e d Rese rv esDevelopment fund 45 ,5 07 - - - 45 ,507

Total u n r e s tr ic t e d f u n d s 462,474 606,021 (659 ,519)

Designated reserves

408,976

The Development fund was established as a fund to provide for future market ing and educat ion fo r the charity.

1 3 RELATED PARTY TRANSACTIONSNo t ransact ions w it h r el ate d pa rtie s were under taken s uc h a s are required to be d is c lo sed unde r th eRepo rt ing Standa rd fo r Smal ler Enti tes (January 2005) .

14 C O M M I T M E N T S

OPERATING LEASES

At 31 August 2007 th e Chari ty had th e following annua l commi tmen t under non -cance l lab l e ope ra ti ng l eases :Off ice e q u i pm e n t

2007 2006Opera t ing l e a ses wh ich e xp ir e

Within o ne y ea r - 7 ,432Within tw o to f iv e ye a rs 36 ,967 26,288After more than five years - -

1 5 COMPANY L IM IT ED BY GUARANTEEEach member o f th e Chari ty has guaranteed to contr ibute up to 1 in the even t of a winding up .

201. psychosynthesis & education trust annual accounts 2007

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