027. Villiers Park Education Trust & Gifted and Talented

8/14/2019 027. Villiers Park Education Trust & Gifted and Talented

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Villiers Park Educational Trust

ANNUAL REPORT OF THE TRUSTEES FOR THE YEARENDED 31 AUGUST 2007

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing DocumentThe charity is governed by its Trust Deed dated 21 July 1924 and which was lastamended in September 2000. The Trust Deed pro vid es for a minimum of 5 and amaximum of 12 trustees.

Recruitment and Training of TrusteesThe power of appointing new trustees is vested in the continuing trustees for the timebeing. A Deed of Appointment is signed by a ll trustees and the new trustee(s). Trusteesare selected on the basis of skills and experience in order to provide sufficient mix ofskills amongst the trustees as a whole, and are drawn from the educational, financial

and commercial sectors. New trustees receive an induction process with the seniormanagement team and are offered further training on the responsibilities of charitytrustees.

Organisational ManagementStrategic and major financial decisions for VilliersPark Educational Trust are taken a t fu lltrustees' meetings, held three times a year. Currently five of the trustees form theF inance &Administration Sub-Committee which also meets three times per year.

The day to day running of the Trust's activities is delegated to the Senior ManagementTeam - Nigel Middleton (Chief Executive, on a part-time basis), Richard Gould (TrustDirector) and Christine Hall (Bursar & Secretary).

Risk ReviewThe trustees have examined the major governance, operational and financial risks to theTrust and confirm that systems are in place to mitigate the impact of these risks. Thepotential risks and management of them are reviewed annually by the trustees.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable ObjectsThe objects of the Trust are such charitable purpose s a s the trustees shall from time to

time in their absolute and uncontrolled discretion think fit.

Aims and Intended ImpactVilliers Park Educational Trust's over-riding charitable aim is to foster inspirationallearning and teaching for post-16 gifted and talented students in th e UK for the publicbenefit. Much of our expertise in this area is gained from running residential subject-specific courses for young people from a ll backgrounds. The first hand knowledge of theirneeds that this regular contact provides enables us to facilitate the sharing of knowledgeand best p ra ctic e be tw ee n te ac he rs, lecturers and students at school, college anduniversity. The objectives and strategies a dopted to fulfil this a im are intend ed toimprove the everyday c lass room experience of all young people whom our work touchesdirectly or indirectly.

Objectives for the Year2006-2007 was th e third year of our 3-year strategic plan Znspirational Classroomsfor the Gifted and Talented. Our objectives were to

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o Continue to provide inspirational courses for students aged 14-19 and utilise ourexperience from these activities in our work with teachers

o Provide professional development opportunities that increase teachers' knowledgeand understanding of th e needs of Gifted and Talented students aged 14-19, theirunderstanding of th e strategies available and their ability to implement thesesuccessfully in their everyday teaching

o Develop the provision of high quality Continuing Professional Development (CPD)for teachers in the Eastern region

o Bring together teachers, lecturers and students in joint learning activitieso Work with universities to improve the quality of outreach provisiono Diversify the Trust's sources of income

Strategies to achieve the year's objectivesA key strategy in the la st five years ha s been to develop partnerships with otherorganisations which share our aims. For 2006-2007 we decided to build on our growingreputation as experts in provision for th e gifted and talented by creating a new post ofGifted & Talented Project Leader and using th e post-holder's expertise to widen theportfolio of our provision.

Broadly speaking, we have identified three groups of beneficiaries - students, teachersand lecturers.

StudentsStrategies for working directly with students in clu ded in cre as in g the number ofresidential courses for post-16 gifted and talented students a t our training centre nearCambridge, and providing one-day courses and activity d ays fre e of charge a t a varietyof locations across England , working closely with the widening participation departmentsof universities. The Na t io na l Academyfor Gifted & Talented Youth (NAGTY)was a keypartner for our residential courses. A ltho ugh wemake a small charge for some of ourcourses, these are highly subsidised (being approximately 20% of the total cost), and weoffer bursaries for residential courses to ensure that fees are not a barrier toparticipation. We increased both the number of student residential courses in 2006-2007and the number of students on each course.

TeachersOur philosophy when developing programmes for teachers is to recognise that teachershave different needs according to their experience and relative strengths andweaknesses. We believe that the concept of personal ised learning should apply as muchto teachers as to their students.

A key development in support of this strategy is the Personalising ProfessionalDevelopment project in partnership with the Esmee Fairbairn Foundation which over the

next 3 years aims to provide a systematic framework that enables schools to betteridentify and provide for the training needs of their teachers. We are working with seniorstaff from six Eastern region schools at different stages in their approaches to CPDprovision to share best practice and develop this project.

We share our experience and expertise in provision for the gifted and talented throughparticipation in several steering groups, think tanks, committees and other meetings,

and through the development of an advisory service to schools and colleges. Particularemphasis this year has been to help improve provision in sixth form and furthereducation colleges, a sector which has fallen behind in providing for gifted and talentedstudents.

Other delivery mechanisms for our work with teachers included 2-day residentialsubject-updating cou rs es , in -house training in schools and joint learning activities forteachers and students together.

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The Cambridge Consortium - a grouping of five successful specialist schools in th eEaste rn Reg ion (Comber ton VillageCollege, Parkside Federation, Saffron Walden CountyHigh School, Sawtry Community College and The Bishop's Stortford High School), led bythe Trust - was set up in 2005 in order to provide teachers and school leaders with newclassroom and management strategies. The significance of the Consortium as a modelfor delivering CPD for te a ch ers a nd school leaders ha s been recognised by the SpecialistSchools & A ca dem ies Trust, and this relationship will be strengthened in the comingyear.

LecturersStrategies for working with lecturers were based on th e delivery of the Reaching OutWith Outreach programme, to improve the quality of outre ach p rovis io n and teaching a tuniversities, and bringing teachers and lecturers together to share knowledge duringactivities aimed a t students. The Sutton Trust ha s endorsed this project a nd p ro vid edfinancial support.

FundraisingDuring th e year we developed a new fundraising strategy with the assistance of aconsultant from th e Development Office of the University of Cambridge, and a project tore-establish contact with student "alumni" by undertaking an impact survey will start inSeptember 2007. Additionalincome is being generated by hiring the Cambridge Centrewhen it is not in use by th e Trust for its own activities, and grant funding is sought fornew projects from charitable trusts and partner universities.

Principal Activities, Achievements and Performance during the year

Activities for StudentsTwenty four 5-day residential courses for post-16 gifted and talented students were runat the Trust's Cambridge Centre, covering a wide range of exciting subjects, includingPhysics: How The Universe Lives and Dies, Linguistics and Psychology: Health & Clinical.New subjects introduced this year included An Exploration of Space , Reading the Past:An Introduction to Archaeology and th e cross-curricular World In Crisis?. Each coursewas led by research students and lecturers from universities and our own staff.

These residential courses were attended by 530 post-16 students (target was 576), anincrease of 110 students over the previous year. The cou rs es received exceptionally highratings in the course evaluations by the participants - achieving 100% Good or Excellentoverall (84% Excellent).

11 one-day masterclasses and activity days were run this year (at the CambridgeCentre, The Sixth Form College Solihull, Keswick School and the University of Sheffield).The project in collaboration with the Department of English at the University of Sheffield

built closer links with particular schools for groups of Year 10 and Year 12 students fromdisadvantaged backgrounds to raise aspirations and encourage university application.During the year we organised two World in Crisis Masterclasses at the Cambridge Centrefor Looked After Children selected by local authority staff as part of our work with theEastern Region Gifted and Talented Partnership. The one-day courses and activity dayswere attended by 413 students and achieved 96.4% Good or Excellent (66% Excellent).

Activities for TeachersTwo residential courses fo r Gif ted and Talented Coordinators were held at our CambridgeCentre in 2006-2007, one for those relatively new to their post and the other fo r thosewith at least 2 years' experience in this role. These courses attracted 29 delegates(target 24) and achieved 100% Good or Excellent ratings (72% Excellent).

Our residential subject-specific course s f or teachers at the Cambridge Centre focused onenriching AS/A2 teaching. Two tutors on each cour se p rovided delegates with pathwaysto accomplish this objective. A university lecturer enabled participants to discover

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exciting new trends in their subject and a skilled practising teacher gave delegates theoppo rt unity to explore a range of learning activi ties like ly to mo tivate able students.Seven courses were run during the y ea r, but disappointingly were only attended by 67delegates (target 104). The courses were highly valued by those attending and achieved97.4% Good or Excellent ratings (50% Excellent).

The Cambridge Consort ium planned a programme of one-day courses and themed schoolvisits fo r te achers covering a wide variety of topic s on aspects of classroom practice,management development and use of new technologies. Tutors were mainly drawn fromthe organisations participating in the Consortium, giving teachers the opportunity tolearn from other practising te ac he rs a nd share ideas with each other. This wa s thesecond year of operation fo r the Cambridge Consortium and it significantly increased thenumber of teachers benefiting from its activities. The Consortium organised 21 activitiesfo r te achers and school leaders - 13 course s, 3 in-house training days and 5 schoolvisits. 309 delegates took part, representing 157 local schools and c olleges. TheConsortium re ce ived outstand ing eva lua tions with 99% of part ic ipants ra ting theiractivity either Excellent (63%) or Good (36%).

The schools' working group for the Personalising Professional Development project beganto develop an online audit tool that will enable schools to establish where they are nowin terms of tailoring training and development programmes to th e needs of individualstaff and to access materials and advice from schools that have successfully addressedsimilar challenges in th e past.

We have shared our experience and expertise through participation in several steeringgroups, committees and meetings. As part of a small think tank commissioned by th eNational Academy for G ifte d a nd Talented Youth, we have produced a paper outlininghow universities and other agencies can support provision for able students. The Trust isa member of the Eastern Region Excellence Hub, established in June 2007 and led by theUniversity of Cambridge and University of East Anglia. We are engaged in providing a

programme based on th e recommendations of th e think tank.We have been a member of the Eastern Region Gifted and Talented Partnership sinceSeptember 2006. This organisation was established by the Department for Children,Schools and Families (DCSF) to provide outreach opportunities for students and todisseminate best practice to teachers in the region. It focuses particularly onunderachievers and those from disadvantaged backgrounds.

Institutional and Classroom Standards have been devised by DCSF to support schools'provision for able students. We are members of the Quality Standards ConsultativeGroup and since January 2007 have been engaged in a project working with two sixthform colleges, two FE colleges and a school with a large sixth form to pilot the use of thestandards at post-16 level. Our advisory service to provide a pathway to improved Giftedand Talented provision has developed from this project. The service consists of dataanalysis based on documentation provided by the school or college; interviews withstudents and teachers; a session to present findings; and a written report indicatingresults and advising the way forward. In 2006-2007 we worked closely with two colleges(SEEVIC College in Essex and Henley College).

We undertook two projects for the National Academy for Gifted and Talented Youth in2006-2007. Firstly, we were commissioned to write four G&T in a Nutshell modules -

Identification; Classroom Environment 14-19; French; and Geography. These are short

on-line tutorials for teachers which are designed to be 'first base' introductions to topicswith G&T significance. The second project was research on how Student Voice can beutilised to improve the quality of post-16 G&T learning. We worked with Luton Sixth

Form College to identify ways by which students can give teachers feedback about theimpact of learning activities and subsequently teachers can use this information to bettermeet the needs of the most able.

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In all, a total of 481 teachers attended a Villiers Park or Cambridge Consor tium course in2006-2007, and many more teachers benefited from the Institutional Quality Standardsproject in the pilot group of sixth form and FE colleges and from a more systematicapproach to CPD provision in the 6 schools in th e working group of th e PersonalisingProfessional Development project.

Activities for LecturersThis was the second year of our Reaching Out with Outreach project, supported by TheSutton Trust. The short training course has been developed to encourage universitylecturers and administrators to reflect on th e quality of their provision, so that what theyprovide closely meets the needs of th e visiting school and college students.

Eight courses were held in 2006-2007, two at University of East London, two atUniversity of Leicester, and one in each of University of Sheffield, University ofHuddersfield, University of East Anglia and Anglia Ruskin University, the latter being formembers of the Higher Education Liaison Officers Association (HELOA) at several EasternRegion universities. In total 73 delegates took part and all rated the course either Good(32%) or Excellent (68%).

Fundraising PerformanceTrading activities (hire of the Cambridge Centre to other organisations) grew by 22%,generating income of 20k and making a positive contribution of 4k to th e bottom lineafter absorption of allocated costs. The implementation of the strategy to reduce relianceon the Baring Foundation funding resulted in funding from several new sources duringthe year. We are grateful to the following organisations for their financial support - th eEsmee Fa irba irn Founda tion, the Heritage Lottery Fund, th e Spec ia lis t Schools andAcademies Trust, The Sutton Trust, th e Eas te rn Reg ion Gifte d and Tale nte d Partnershipand the NationalAcademy for Gifted and Talented Youth. A new fundraising strategy wa sdeveloped during the year ( se e Futu re Plans below).

FINANCIAL REVIEW

The Net Movement in Funds was a surplus of 48,866 (unrestricted deficit 26,023,restricted surplus 74,889) which was 162k better than budget. Incoming Resourcesand Resources Expended have been analysed in accordance with the SORP 2005(Accounting and Reporting by Charities).

Incoming ResourcesIncome for the year was 1,086,975 (2005-2006 886,109), of which 540,000 (2006540,000) was core funding provided by the Baring Foundation. Income increased by200k in total compared to the previous year, mainly due to an increase of 125k in

restricted fund grant income, a31k increase on fees for consultancy projects and 18khigher bank interest. The unrestricted core grant and investment income have not beensplit across activities, but other income has been allocated to the educational activities(for students, teachers or lecturers) to which it relates.

Investment income (primarily on cash deposits) increased to 108,766 (2006 90,612),thanks to higher interest rates.

Fee income increased by 69k compared to the previous year, due to higher numbers ofparticipants in both student and teacher activities and to a substantial (31k) increase ingrants received from NAGTYand the DCSF for consultancy projects.Incoming Resources - Restricted FundsThe turnover of the Cambridge Consortium increased by 36k in the year, due to highernumbers of teacher delegates on courses and a donation of 25k from the SpecialistSchools and Academies Trust. Two new restricted fund projects started during the year -

the Personalising Professional Development project for which 100,000 was received

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from Esmee Fairbairn Foundation, and the "Up The Manor" oral history project for whichthe first instalment of 25k was received from the Heritage Lottery Fund.

Resources ExpendedExpenditure for th e year wa s 1,038,109 (2006 931,782). Expenditure on educationalactivities represented approximately 89% (2006 87%) of total expenditure (excluding

th e exceptional item in 2006).Resources Expended - Restricted FundsExpenditure on the Personalising Professional Development project was 59k, leaving asurplus of 41k to be carried forward to be spent in the coming yea r. L ikewis eonly 3kof the Heritage Lottery Fund grant wa s spent during the last month of the financ ia l year,leaving 22k to be carried forward to be spent on the oral history project activitiesduring the coming year.

Reserves PolicyThe total assets of the Trust are 4.51 million, of which 75k relates to restricted fundscarried forward. Approximately 2 million represents the functional fixed assets of theTrust and a further 470k is tied up in investment properties subject to long-term

tenancies. The trustees have designated a property fund of 1.0 million, the incomefrom which will provide funds for the maintenance of the charity's functional properties.The remaining free unrestricted reserves of 0.98 million represent approx. 12 monthsof unrestricted expenditure. Given the nature of the charity's activities, the trustees feelit is necessary to hold reserves to cover 9-12 months of unrestricted expenditure, andthey maintain these reserves as liquid assets to ensure that shortfalls of income againstexpenditure can be covered whilst alternative sources of sustainable funding are sought.

Investment PolicyInvestment properties subject to long-term tenancies are valued in the balance sheet a t470k. The remaining free reserves are held mainly as interest-bearing cash deposits.

FUTURE PLANS

The coming year (2007-2008) will se e the implementation of our new 3-year strategicplan Inspiring Gifted and Talented Students, which builds on th e work of the la st 3years, but with particular focus on u sing th e expertise of our staff to help disadvantagedstudents. A new mission statement for the charity ha s been adopted by the trustees:

As experts in Gifted and Talented education, we inspireteachers and post-16 students from all backgrounds towardsbetter teaching and learning .

Working with StudentsOur project with the University of Sheffield Department of English will continue as thegroup of students move into Year 13 and the impact on student aspirations anduniversity uptake will be closely monitored.

From September 2007, for our residential courses, preference will be given to studentswhose parents did not undertake higher education, and we will target schools indeprived areas to encourage them to nominate students for our courses.

The oral history project funded by the Heritage Lottery Fund will take place during 2007-2008 and will create a permanent recorded history of the Eton Manor Boys' Club whichthe Trust ran in Hackney and Leyton until its closure in 1967. The project involves a

group Year 10 historystudents from a school in Leyton.

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As a Core Partner we have had a fruitful relationship with th e Na tio na l Academy forG ifte d a nd Talented Youth and now look forward to an equally successful one with th eYoung, G ifte d and Talented Learner Academy.

Working with Teachers2007-2008 will be the third year for the Cambridge Consortium. A sixth school

(Valentines High School in Ilford, Essex) will join the Consortium as a training providerand the Consortium will be appointing its first Associate Member (Swavesey VillageCollege). We plan to build on the success of the second year in increasing the number ofteacher delegates participating in courses and to further develop the relationship withthe Specialist Schools and Academies Trust by delivering new CPD projects.

During the second year of the Personalising Professional Development programme th eaudit tool will be piloted in a wider group of schools.

In view of the difficulty in attracting delegates, th e format and content of the residentialteacher courses is being re-thought for 2007-2008.

Working with LecturersThe Reaching Out With Outreach project is to continue in 2007-2008 with a focus onuniversities participating in Excellence Hubs, the regiona l groups of universitiesestablished to provide a cohesive outreach programme for able students.

Post Balance Sheet Event - FundingA Deed of Termination was signed by the trustees on 20 November 2007 by which thetrustees have agreed that the Funding Agreement with the Baring Foundation will beterminated on 1 December 2007. Under the Funding Agreement the Baring Foundationwas to have provided annual grants for a period of 10 years from 1 September 2004:now, in lieu of future such payments, the Baring Foundation will make a single lump sumpayment of 3,185,243 to Villiers Park Educational Trust. The commuted lump sum will

be added to the Trust'sliquid reserves to provide revenue funding for the Trust's

charitable activities. An appropriate reserves policy will be included in the Trust's annualreport and accounts for 2007-2008.

Fundraising StrategyUsing ideas from a review carried out by a fundraising consultant, a high priority will begiven to preparing the groundwork for sustainable fundraising during th e next 3 years.Research into building a potential donor database will be carried out during 2007-2008.

Statement of Trustees' Responsibilities

Law applicable to charities in England and Wales requires the trustees to preparefinancial statements for each financial year which give a true and fair view of theCharity's financial activities during the year and of the financial position of the Charity atthe end of the year.

In preparing financial statements giving a true and fair view, the trustees should followbest practice and

select suitable accounting policies and th en apply them consistently make judgements and estimates that are reasonab le and prudent state whether applicable accounting standards and statements of recommended

practice have been followed, subject to any departures disclosed and explained inthe financial statements; and

prepare the financial statements on a going concern basis unless it is

inappropriate to assume that the Charity will continue in operation.

The trustees are responsible for keeping proper accounting records which d is clo se withreasonable accuracy at any time the financial position of th e Charity and enable it to

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ensure that the financial statements comply with the applicable law. They are alsoresponsible for safeguarding th e assets of the Charity and hence for taking reasonablesteps for the prevention and detection of fra ud a nd other irregularities.

Signed of behalf of th e Trustees

Trustee

Date

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Independent Auditors' Report to the Trustees ofVilliers Park Educational Trust

We have audited the financial statements of Villiers Park Educational Trust for the year ended 31stAugust 2007 which comprise the Statement of Financial Activities, the Balance Sheet and the relatednotes. These financial statements have been prepared in accordance with the accounting policies setout therein and the requirements of the Financial Reporting Standard for Smaller Entities.

This report is made solely to the charity's trustees, as a body, in accordance with regulations madeunder section 43 of the Charities Act 1993. Our audit work ha s been undertaken for no purpose otherthan to draw to the attention of the charity's trustees those matters which we are required to include inan auditor's report addressed to them. To the fullest extent permitted by law, we do not accept orassume responsibility to any party other than the charity and charity's trustees as a body, for our auditwork, for this report, or for the opinion we have formed.

Respective Responsibilities of Trustees and AuditorsTh e trustees' responsibilities for preparing the Trustees' Annual Report and the financial statements inaccordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally

Accepted Accounting Practice) are set out in the Statement of Trustees'Responsibilities.

We have been appointed as auditors under section 43 of the Charities Act 1993 and report inaccordance with regulations made under section 44 of that Act. Our responsibility is to audit the

financial statements in accordance with relevant legal and regulatory requirements and InternationalStandards on Auditing (UK and Ireland).

We report to you our opinion as to whether the financial statements give a true and fair view and are

properly prepared in accordance with the Charities Act 1993. We also report to you if, in our opinion,

the Trustees' Report is not consistent with the financial statements, if the charity has not kept proper

accounting records, or if we have not received al l the information and explanations we require for our

audit, or if information specified by law in respect of trustees' remuneration and other transactions is

not disclosed.

We read the Trustees' Annual Report and consider the implications for our report if we become aware ofany apparent misstatements within it.

Basis of Audit OpinionWe conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issuedby the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant tothe amounts and disclosures in the financial statements. It also includes an assessment of the

significant estimates and judgements made by the trustees in the preparation of the financial

statements, and of whether the accounting p olic ie s a re appropriate to the charity's circumstances,

consistently applied and adequately disclosed.

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

considered necessary in order to provide us with sufficient evidence to give reasonable assurance thatthe financial statements are free from material misstatement, whether caused by fraud or otherirregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation

of information in the financial statements.

OpinionIn our opinion the financial statements: give a true and fair view, in accordance with the United Kingdom Generally Accepted Accounting

Practice applicable to Smaller Entities, of the state of the charity's affairs as at 31st August 2007

and of its incoming resources and application of resources, including the income and expenditure of

the charity for the year then ended; and have been properly prepared in accordance with the Charities Act 1993.

Devonshire House Kingston Smith LLP60 Goswell Road Chartered AccountantsLondon EC1M 7AD and Registered Auditors

Date :

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Villiers Park Educational TrustStatement of Financial Activities

For the year ended 31 August 2007

Unrestricted Restricted Total TotalNote 2007 2007 2007 2006

Incoming ResourcesIncoming resources from generated fundsVoluntary incomeDonations received from Baring Foundation 540,000 - 540,000 540,000

Activities for generating funds:Trading activities 20,120 - 20,120 16,269

Investment IncomeInvestment income 108,766 - 108,766 90,612Rental income from let properties 11,064 - 11,064 11,264

Incoming Resources from Charitable ActivitiesCourse fees receivable 2 182,916 39,809 222,725 153,846Grants and donations 2 34,300 150,000 184,300 74,118

Total Incoming Resources 897,166 189,809 1,086,975 886,109

Resources ExpendedCost of generating fundsCosts of generating investment income 3 2,601 - 2,601 3,930Costs of generating voluntary income 3 240 - 240 440

Fundraising trading: costs of goods soldand other costs 3 15,626 - 15,626 15,119

Charitable activitiesEducational activities 3-4 811,448 114,920 926,368 854,344

Exceptional item - pension contribution 3-4 - - - (43,177)Governance costs 3 71,025 - 71,025 80,210Other Resources Expended 3 22,249 - 22,249 20,916

Total Resources Expended 923,189 114,920 1,038,109 931,782

Net (Outgoing)/Incoming Resources (26,023) 74,889 48,866 (45,673)

Other Recognised Gains/(Losses)Unrealised gain on investment properties - -

Net Movement in Funds (26,023) 74,889 48,866 (45,673)

Fund Balances brought forward at1 September 2006 4,464,101 492 4,464,593 4,510,266

Fund Balances carried forward at31 August 2007 9-12 4,438,078 75,381 4,513,459 _j,464,593_

The notes on pages 13 to 18 form part of these financial statements.

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Villiers Park Educational TrustBalance Sheet at 31 August 2007

Fixed Assets

Tangible assetsInvestments

Note 2007 2007 2006 2006 E

56

1,966,691 1,997,145470,000 470,000

2,436,691 2,467,145

Current AssetsDebtors 7 97,043 98,844Cash at bank and in hand 2,124,257 2,052,770

2,221,300 2,151,614

Current LiabilitiesCreditors: amounts falling due within one year 8 144,532

Net Current Assets 2,076,768

Net Assets 4,513,459

Representing:

154,166

1,997,448

4,464,593

FundsUnrestricted fundsDesignated funds 10 1,000,000 1,000,000Other unrestricted funds 9 3,438,078 3,464,101

Restricted funds 12 75,381 492

Approved by the Trustees on L Nw&"J- 1467~-and signed on their behalf by :

The notes on pages 13 to 18 form part of these f inancia l statements.

4,513,459 4,464,593

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Villiers Park Educational TrustNotes to the FinancialStatements

For the year ended 31 August 2007 (Continued)

2 Incoming Resources from Charitable Activities

Course fees Grants andreceivable donations

Educational activitiesStudent programme-unrestricted 106,260 24,300Student programme-restricted - 25,000Teacher programme-unrestricted 72,542 -Teacher programme-restricted 39,809 125,000

Lecturer programme 4,114 10,000

Total 2007

Total 2006

3 Resources Expended

222,725 184,300

153,846 74,118

Staff Costs Other Costs Depreciation Total

Cost of generating funds

Expenses re let properties- 2,601 - 2,601

Costs of generating voluntary income:Fundraising consultancy - 240 - 240Fundraising trading: costs of goods soldand other costs 9,951 5,675 - 15,626

Charitable activitiesEducational activitiesStudent programme 284,587 195,486 56,551 536,624

Teacher programme 219,000 126,457 19,330 364,787Lecturer programme 21,095 3,862 - 24,957

Governance costs 50,190 20,835 - 71,025

Other Resources Expended - 22,249 - 22,249

Total 2007 584,823 377,405 75,881 1,038,109

Total 2006 582,741 302,922 89,296 974,959

Governance costs include2007 2006

Audit fees 5,993 5,552

Legal costs 1,132 5,095Trustees' travel expenses 192 128

Trustees' indemnity insurance 1,654 1,733

Trustees receive no remuneration, four Trustees received reimbursement of travelling expenses

amounting to 192 (2006 128 to two trustees).

Trustee indemnity insurance cover of lmillion is in place at an annual premium of 1,654 (2006 -1,733).

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Villiers Park Educational TrustNotes to the Financial Statements


4 Staff Costs 2007 2006

Wages and salaries 479,606 473,099Employer's National Insurance 48,046 49,064Normal pension costs, private health insurance and other benefits 57,171 60,578Exceptional item - pension costs - (43,177)

584,823 539,564

The number of employees whose remuneration (excluding pension contributions but includingbenefits in kind) fell within the following ranges in excess of 60,000 was as follows:

2007 2006No. No.

80,000 - 90,0001 1

Contributions totalling 12,873 (2006 -12,474) were made for this employee to a definedcontribution pension scheme. H e was a member of the defined benefit 1974 Staff Pension Schemereferred to below until 6 April2005.

The average number of employees, analysed by function was:

Full Time Part Time

2007 2006 2007 2006

Educational activities 11 12 7 7

Support staff 2 2 - -

Governance - - 1 1

1 3 14 8 8

Exceptional ItemThe defined benefit Villiers Park Educational Trust 1974 Staff Pension Scheme was closed to futureservice on 6 April 2 005and wound up on 31 Augu st 2005. Du rin gthe year to 31 August 2006 thepurchase of deferred annuities from Legal & General in respect of current and deferred members ofthe Scheme was completed. The total costs of corrections and purchase cos ts exceeded p rovis ionsmade in 2004 and 2005 by 35,773.

A claim for compensation against the Trust's previous pension advisers in respect of certain of the

costs associated with winding up the Scheme was successfully made, resulting in exceptionalincome in the year of 78,950.

2007 2006

Compensation Income - 78,950

Costs of winding up - (35,773)

Net Exceptional Income / (Costs) - 43,177

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7 Debtors 2007 2006

Trade debtors 38,551 31,390Other debtors 13,122 25,000Prepayments 24,727 26,025Accrued income 20,643 16,429

97,043 98,844

Other debtors in cludes amoun ts totalling 1,000 (2006 -13,000) payable after more tha n oneyear. This represents an interest free loan to R. Gould (Trust Director) which is secured on afreehold property owned by Mr. Gould. The balance of the loan a t 31 August 2007 was 13,000(2006 -25,000) and it is being repaid in monthly instalments of 1,000.

8 Creditors: amounts falling due within one year 2007 2006

Trade creditors 41,357 34,331Other creditors and accruals 22,580 15,665Deferred income 80,595 104,170

144,532 154,166

9 Unrestricted Funds 2007 2006

General unrestricted funds 2,977,990 3,004,013Property maintenance fund (N o te 1 0) 1,000,000 1,000,000Unrealised investment gains reserve (N ote 1 1) 460,088 460,088

4,438,078 4,464,101

Movement in general unrestricted funds 2007 2006

Balance a t 31 August 2006 3,004,013 3,032,217Net (Outgoing) resources (26,023) (28,204)

Balance a t 31 August 2007 2,977,990 3,004,013

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10 Property Maintenance Fund 2007 2006

Balance as at 31 August 2006 and 31 August 2007 1,000,000 1,000,000

The trustees have designated the above amount as a property maintenance fund, the income from which willbe used towards the maintenance of the Trust's functional properties.

JU L Unrealised Investment Gains Reserve 2007 2006

Unrealised gains at 31 August 2006 and 31 August 2007 460,088 460,088

12 Restricted Funds

The restricted funds relate to the Cambridge Consortium project, the Personalising Professional Developmentproject funded by the Esmee Fairbairn Foundation and the Oral History project funded by the Heritage LotteryFund. The unexpended balances carried forward are represented by net current assets.

Balance Balancebrought carried

forward at 1 Income Expenditure forward atSeptember 31 August

2006 2007

Cambridge Consortium 492 64,809 (53,260) 12,041Personalising Professional Development - 100,000 (58,702) 41,298Oral History Project - 25,000 (2,958) 22,042

13 Financial Commitments

492 189,809 (114,920) 75,381

At 31 August 2007 the Trust was committed to capital expenditure of approximately 2,405 (2006 -23,100).

At 31 August 2007 the Trust was committed to making annual payments of 1,612 (2006 -1,612) under an

operating lease that expires in 2 - 5 years.

14 Taxation

The charity is exempt from taxation on its income and charitable gains to the extent that they a re applie d forcharitable purposes. Accordingly, no provision for taxation is required.

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Documents

027. Villiers Park Education Trust & Gifted and Talented