VILLIERS PARK EDUCATIONAL TRUST

Registered Charity No. 225920

www.villierspark.org.uk

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 AUGUST 200 7

'IVeSI®N
COMP jp'Nlc~ :
 Villiers Park Educational Trust
Legal and Administrative Information

The Trust
The Trust was originally registered with the name The Manor Charitable Trust under the Charities
Act 1960, with a registration number 225920 and having as a governing instrument a Deed Poll
of 21 July 1924. On 13 September 2000 the Charity Commission sealed a Scheme to change the
name to "Villiers Park Educational Trust".

The objectives of the Trust are such charitable purposes as the Trustees shall from time to time
in their absolute and uncontrolled discretion think fit. The principal activities of the Trust are
described in the Trustees' Report.

The Trustees
A Certificate of Incorporation in the name of "Villiers Park Educational Trustees" was granted to
the Trustees on 28 November 2000 in substitution for the Certificate of Incorporation in the
name "The Manor Charitable Trustees (Registered)" originally granted to the Trustees on 25 May
1948. The power of appointing new Trustees is vested in the Trustees for the time being.

The following Trustees held office during the year:

Anthony D Loehnis, CMG (Chairman)*

Michael Baker (appointed 4 July 2007)
Nicholas H Baring, CBE*
Robin D Broadley*
David H Hargreaves
Dexter W Hutt
Patricia Lankester
Paul Ray* (appointed 22 November 2006)
John Russell* (appointed 22 November 2006)
Hilary Street (appointed 22 November 2006)

* indicates a member of the Finance & Adminstration Sub-Committee

The Trust paid no remuneration to Trustees during the year.

Officers of the Trust Registered Address

N J Middleton Chief Executive Administration Office
R J Gould Trust Director Villiers Park
C A Hall Bursar and Secretary Royston Road
Foxton, Cambridge
CB22 6SE

Independent Auditors Solicitors

Kingston Smith LLP Farrer & Co, London
Devonshire House Henmans LLP, Oxford
60 Goswell Road Taylor Vinters LLP, Cambridge
London
EC1M 7AD

Bankers
National Westminster Bank Plc CAF Bank Limited
15 Bishopsgate PO Box 289
London Kings Hill
EC2P 2AP West Malling
Kent
M E 19 4TA
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 Villiers Park Educational Trust

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR

ENDED 31 AUGUST 2007

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document
The charity is governed by its Trust Deed dated 21 July 1924 and which was last
amended in September 2000. The Trust Deed provides for a minimum of 5 and a
maximum of 12 trustees.

Recruitment and Training of Trustees

The power of appointing new trustees is vested in the continuing trustees for the time
being. A Deed of Appointment is signed by all trustees and the new trustee(s). Trustees
are selected on the basis of skills and experience in order to provide sufficient mix of
skills amongst the trustees as a whole, and are drawn from the educational, financial
and commercial sectors. New trustees receive an induction process with the senior
management team and are offered further training on the responsibilities of charity
trustees.

Organisational Management
Strategic and major financial decisions for Villiers Park Educational Trust are taken at full
trustees' meetings, held three times a year. Currently five of the trustees form the
Finance & 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 Management
Team - Nigel Middleton (Chief Executive, on a part-time basis), Richard Gould (Trust
Director) and Christine Hall (Bursar & Secretary).

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

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects
The objects of the Trust are such charitable purposes as the trustees shall from time to
time in their absolute and uncontrolled discretion think fit.

Aims and Intended Impact

Villiers Park Educational Trust's over-riding charitable aim is to foster inspirational
learning and teaching for post-16 gifted and talented students in the UK for the public
benefit. Much of our expertise in this area is gained from running residential subject-
specific courses for young people from all backgrounds. The first hand knowledge of their
needs that this regular contact provides enables us to facilitate the sharing of knowledge
and best practice between teachers, lecturers and students at school, college and
university. The objectives and strategies adopted to fulfil this aim are intended to
improve the everyday classroom experience of all young people whom our work touches
directly or indirectly.

Objectives for the Year

2006-2007 was the third year of our 3-year strategic plan Znspirational Classrooms
for the Gifted and Talented. Our objectives were to

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 Villiers Park Educational Trust

o Continue to provide inspirational courses for students aged 14-19 and utilise our
experience from these activities in our work with teachers
o Provide professional development opportunities that increase teachers' knowledge
and understanding of the needs of Gifted and Talented students aged 14-19, their
understanding of the strategies available and their ability to implement these
successfully 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 activities
o Work with universities to improve the quality of outreach provision
o Diversify the Trust's sources of income

Strategies to achieve the year's objectives

A key strategy in the last five years has been to develop partnerships with other
organisations which share our aims. For 2006-2007 we decided to build on our growing
reputation as experts in provision for the gifted and talented by creating a new post of
Gifted & Talented Project Leader and using the post-holder's expertise to widen the
portfolio of our provision.
Broadly speaking, we have identified three groups of beneficiaries - students, teachers
and lecturers.

Students
Strategies for working directly with students included increasing the number of
residential courses for post-16 gifted and talented students at our training centre near
Cambridge, and providing one-day courses and activity days free of charge at a variety
of locations across England, working closely with the widening participation departments
of universities. The National Academy for Gifted & Talented Youth (NAGTY) was a key
partner for our residential courses. Although we make a small charge for some of our
courses, these are highly subsidised (being approximately 20% of the total cost), and we
offer bursaries for residential courses to ensure that fees are not a barrier to
participation. We increased both the number of student residential courses in 2006-2007
and the number of students on each course.

Teachers
Our philosophy when developing programmes for teachers is to recognise that teachers
have different needs according to their experience and relative strengths and
weaknesses. We believe that the concept of personalised learning should apply as much
to teachers as to their students.

A key development in support of this strategy is the Personalising Professional

Development project in partnership with the Esmee Fairbairn Foundation which over the
next 3 years aims to provide a systematic framework that enables schools to better
identify and provide for the training needs of their teachers. We are working with senior
staff from six Eastern region schools at different stages in their approaches to CPD
provision to share best practice and develop this project.

We share our experience and expertise in provision for the gifted and talented through
participation in several steering groups, think tanks, committees and other meetings,
and through the development of an advisory service to schools and colleges. Particular
emphasis this year has been to help improve provision in sixth form and further
education colleges, a sector which has fallen behind in providing for gifted and talented
students.

Other delivery mechanisms for our work with teachers included 2-day residential
subject-updating courses, in-house training in schools and joint learning activities for
teachers and students together.

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 Villiers Park Educational Trust

The Cambridge Consortium - a grouping of five successful specialist schools in the

Eastern Region (Comberton Village College, Parkside Federation, Saffron Walden County
High School, Sawtry Community College and The Bishop's Stortford High School), led by
the Trust - was set up in 2005 in order to provide teachers and school leaders with new
classroom and management strategies. The significance of the Consortium as a model
for delivering CPD for teachers and school leaders has been recognised by the Specialist
Schools & Academies Trust, and this relationship will be strengthened in the coming
year.

Lecturers
Strategies for working with lecturers were based on the delivery of the Reaching Out
With Outreach programme, to improve the quality of outreach provision and teaching at
universities, and bringing teachers and lecturers together to share knowledge during
activities aimed at students. The Sutton Trust has endorsed this project and provided
financial support.

Fundraising
During the year we developed a new fundraising strategy with the assistance of a
consultant from the Development Office of the University of Cambridge, and a project to
re-establish contact with student "alumni" by undertaking an impact survey will start in
September 2007. Additional income is being generated by hiring the Cambridge Centre
when it is not in use by the Trust for its own activities, and grant funding is sought for
new projects from charitable trusts and partner universities.

Principal Activities, Achievements and Performance during the year

Activities for Students

Twenty four 5-day residential courses for post-16 gifted and talented students were run
at the Trust's Cambridge Centre, covering a wide range of exciting subjects, including
Physics: 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 the cross-curricular World In Crisis?. Each course
was 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), an
increase of 110 students over the previous year. The courses received exceptionally high
ratings in the course evaluations by the participants - achieving 100% Good or Excellent
overall (84% Excellent).

11 one-day masterclasses and activity days were run this year (at the Cambridge
Centre, 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 from
disadvantaged backgrounds to raise aspirations and encourage university application.
During the year we organised two World in Crisis Masterclasses at the Cambridge Centre
for Looked After Children selected by local authority staff as part of our work with the
Eastern Region Gifted and Talented Partnership. The one-day courses and activity days
were attended by 413 students and achieved 96.4% Good or Excellent (66% Excellent).

Activities for Teachers

Two residential courses for Gifted and Talented Coordinators were held at our Cambridge
Centre in 2006-2007, one for those relatively new to their post and the other for those
with 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 courses for teachers at the Cambridge Centre focused on
enriching AS/A2 teaching. Two tutors on each course provided delegates with pathways
to 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 the
oppo rtunity to explore a range of learning activities likely to motivate able students.
Seven courses were run during the year, but disappointingly were only attended by 67
delegates (target 104). The courses were highly valued by those attending and achieved
97.4% Good or Excellent ratings (50% Excellent).

The Cambridge Consortium planned a programme of one-day courses and themed school
visits for teachers covering a wide variety of topics on aspects of classroom practice,
management development and use of new technologies. Tutors were mainly drawn from
the organisations participating in the Consortium, giving teachers the opportunity to
learn from other practising teachers and share ideas with each other. This was the
second year of operation for the Cambridge Consortium and it significantly increased the
number of teachers benefiting from its activities. The Consortium organised 21 activities
for teachers and school leaders - 13 courses, 3 in-house training days and 5 school
visits. 309 delegates took part, representing 157 local schools and colleges. The
Consortium received outstanding evaluations with 99% of participants rating their
activity either Excellent (63%) or Good (36%).

The schools' working group for the Personalising Professional Development project began
to develop an online audit tool that will enable schools to establish where they are now
in terms of tailoring training and development programmes to the needs of individual
staff and to access materials and advice from schools that have successfully addressed
similar challenges in the past.

We have shared our experience and expertise through participation in several steering
groups, committees and meetings. As part of a small think tank commissioned by the
National Academy for Gifted and Talented Youth, we have produced a paper outlining
how universities and other agencies can support provision for able students. The Trust is
a member of the Eastern Region Excellence Hub, established in June 2007 and led by the
University of Cambridge and University of East Anglia. We are engaged in providing a
programme based on the recommendations of the think tank.

We have been a member of the Eastern Region Gifted and Talented Partnership since
September 2006. This organisation was established by the Department for Children,
Schools and Families (DCSF) to provide outreach opportunities for students and to
disseminate best practice to teachers in the region. It focuses particularly on
underachievers 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 Consultative
Group and since January 2007 have been engaged in a project working with two sixth
form colleges, two FE colleges and a school with a large sixth form to pilot the use of the
standards at post-16 level. Our advisory service to provide a pathway to improved Gifted
and Talented provision has developed from this project. The service consists of data
analysis based on documentation provided by the school or college; interviews with
students and teachers; a session to present findings; and a written report indicating
results 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 in
2006-2007. 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 topics
with G&T significance. The second project was research on how Student Voice can be
utilised 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 the
impact of learning activities and subsequently teachers can use this information to better
meet the needs of the most able.

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In all, a total of 481 teachers attended a Villiers Park or Cambridge Consortium course in
2006-2007, and many more teachers benefited from the Institutional Quality Standards
project in the pilot group of sixth form and FE colleges and from a more systematic
approach to CPD provision in the 6 schools in the working group of the Personalising
Professional Development project.

Activities for Lecturers

This was the second year of our Reaching Out with Outreach project, supported by The
Sutton Trust. The short training course has been developed to encourage university
lecturers and administrators to reflect on the quality of their provision, so that what they
provide closely meets the needs of the visiting school and college students.

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

Fundraising Performance
Trading activities (hire of the Cambridge Centre to other organisations) grew by 22%,
generating income of £20k and making a positive contribution of £4k to the bottom line
after absorption of allocated costs. The implementation of the strategy to reduce reliance
on the Baring Foundation funding resulted in funding from several new sources during
the year. We are grateful to the following organisations for their financial support - the
Esmee Fairbairn Foundation, the Heritage Lottery Fund, the Specialist Schools and
Academies Trust, The Sutton Trust, the Eastern Region Gifted and Talented Partnership
and the National Academy for Gifted and Talented Youth. A new fundraising strategy was
developed during the year (see Future 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 Resources
and Resources Expended have been analysed in accordance with the SORP 2005
(Accounting and Reporting by Charities).

Incoming Resources
Income for the year was £1,086,975 (2005-2006 £886,109), of which £540,000 (2006
£540,000) was core funding provided by the Baring Foundation. Income increased by
£200k in total compared to the previous year, mainly due to an increase of £125k in
restricted fund grant income, a£31k increase on fees for consultancy projects and £18k
higher bank interest. The unrestricted core grant and investment income have not been
split 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 of
participants in both student and teacher activities and to a substantial (£31k) increase in
grants received from NAGTY and the DCSF for consultancy projects.
Incoming Resources - Restricted Funds
The turnover of the Cambridge Consortium increased by £36k in the year, due to higher
numbers of teacher delegates on courses and a donation of £25k from the Specialist
Schools 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 which
the first instalment of £25k was received from the Heritage Lottery Fund.

Resources Expended
Expenditure for the year was £1,038,109 (2006 £931,782). Expenditure on educational
activities represented approximately 89% (2006 87%) of total expenditure (excluding
the exceptional item in 2006).
Resources Expended - Restricted Funds
Expenditure on the Personalising Professional Development project was £59k, leaving a
surplus of £41k to be carried forward to be spent in the coming year. Likewise only £3k
of the Heritage Lottery Fund grant was spent during the last month of the financial year,
leaving £22k to be carried forward to be spent on the oral history project activities
during the coming year.

Reserves Policy
The total assets of the Trust are £4.51 million, of which £75k relates to restricted funds
carried forward. Approximately £2 million represents the functional fixed assets of the
Trust 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 income
from 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 months
of unrestricted expenditure. Given the nature of the charity's activities, the trustees feel
it is necessary to hold reserves to cover 9-12 months of unrestricted expenditure, and
they maintain these reserves as liquid assets to ensure that shortfalls of income against
expenditure can be covered whilst alternative sources of sustainable funding are sought.

Investment Policy
Investment properties subject to long-term tenancies are valued in the balance sheet at
£470k. The remaining free reserves are held mainly as interest-bearing cash deposits.

FUTURE PLANS

The coming year (2007-2008) will see the implementation of our new 3-year strategic
plan Inspiring Gifted and Talented Students, which builds on the work of the last 3
years, but with particular focus on using the expertise of our staff to help disadvantaged
students. A new mission statement for the charity has been adopted by the trustees:

As experts in Gifted and Talented education, we inspire

teachers and post-16 students from all backgrounds towards
better teaching and learning.

Working with Students

Our project with the University of Sheffield Department of English will continue as the
group of students move into Year 13 and the impact on student aspirations and
university uptake will be closely monitored.

From September 2007, for our residential courses, preference will be given to students
whose parents did not undertake higher education, and we will target schools in
deprived 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 which
the Trust ran in Hackney and Leyton until its closure in 1967. The project involves a
group Year 10 history students from a school in Leyton.

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As a Core Partner we have had a fruitful relationship with the National Academy for
Gifted and Talented Youth and now look forward to an equally successful one with the
Young, Gifted and Talented Learner Academy.

Working with Teachers

2007-2008 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 provider
and the Consortium will be appointing its first Associate Member (Swavesey Village
College). We plan to build on the success of the second year in increasing the number of
teacher delegates participating in courses and to further develop the relationship with
the Specialist Schools and Academies Trust by delivering new CPD projects.

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

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

Working with Lecturers

The Reaching Out With Outreach project is to continue in 2007-2008 with a focus on
universities participating in Excellence Hubs, the regional groups of universities
established to provide a cohesive outreach programme for able students.

Post Balance Sheet Event - Funding

A Deed of Termination was signed by the trustees on 20 November 2007 by which the
trustees have agreed that the Funding Agreement with the Baring Foundation will be
terminated on 1 December 2007. Under the Funding Agreement the Baring Foundation
was 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 sum
payment of £3,185,243 to Villiers Park Educational Trust. The commuted lump sum will
be added to the Trust's liquid reserves to provide revenue funding for the Trust's
charitable activities. An appropriate reserves policy will be included in the Trust's annual
report and accounts for 2007-2008.

Fundraising Strategy
Using ideas from a review carried out by a fundraising consultant, a high priority will be
given to preparing the groundwork for sustainable fundraising during the 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 prepare
financial statements for each financial year which give a true and fair view of the
Charity's financial activities during the year and of the financial position of the Charity at
the end of the year.

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

• select suitable accounting policies and then apply them consistently

• make judgements and estimates that are reasonable and prudent
• state whether applicable accounting standards and statements of recommended
practice have been followed, subject to any departures disclosed and explained in
the 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 disclose with
reasonable accuracy at any time the financial position of the Charity and enable it to

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 Villiers Park Educational Trust

ensure that the financial statements comply with the applicable law. They are also
responsible for safeguarding the assets of the Charity and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.

Signed of behalf of the Trustees

Trustee

Date

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 Independent Auditors' Report to the Trustees of
Villiers Park Educational Trust

We have audited the financial statements of Villiers Park Educational Trust for the year ended 31st
August 2007 which comprise the Statement of Financial Activities, the Balance Sheet and the related
notes. These financial statements have been prepared in accordance with the accounting policies set
out 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 made
under section 43 of the Charities Act 1993. Our audit work has been undertaken for no purpose other
than to draw to the attention of the charity's trustees those matters which we are required to include in
an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or
assume responsibility to any party other than the charity and charity's trustees as a body, for our audit
work, for this report, or for the opinion we have formed.

Respective Responsibilities of Trustees and Auditors

The trustees' responsibilities for preparing the Trustees' Annual Report and the financial statements in
accordance 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 in
accordance 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 International
Standards 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 all 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 of
any apparent misstatements within it.

Basis of Audit Opinion

We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued
by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to
the 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 policies are 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 that
the financial statements are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation
of information in the financial statements.

Opinion
In 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 LLP

60 Goswell Road Chartered Accountants
London EC1M 7AD and Registered Auditors

Date:
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 Villiers Park Educational Trust
Statement of Financial Activities
For the year ended 31 August 2007

Unrestricted Restricted Total Total

Note 2007 2007 2007 2006
£ £ £ £
Incoming Resources
Incoming resources from generated funds
Voluntary income
Donations received from Baring Foundation 540,000 - 540,000 540,000
Activities for generating funds:
Trading activities 20,120 - 20,120 16,269
Investment Income
Investment income 108,766 - 108,766 90,612
Rental income from let properties 11,064 - 11,064 11,264
Incoming Resources from Charitable Activities
Course fees receivable 2 182,916 39,809 222,725 153,846
Grants and donations 2 34,300 150,000 184,300 74,118

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

Resources Expended
Cost of generating funds
Costs of generating investment income 3 2,601 - 2,601 3,930
Costs of generating voluntary income 3 240 - 240 440
Fundraising trading: costs of goods sold
and other costs 3 15,626 - 15,626 15,119
Charitable activities
Educational 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 80,210
Other 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 at

1 September 2006 4,464,101 492 4,464,593 4,510,266

Fund Balances carried forward at

31 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 Trust
Balance Sheet at 31 August 2007

Note 2007 2007 2006 2006

£ £ £ E
Fixed Assets
Tangible assets 5 1,966,691 1,997,145
Investments 6 470,000 470,000

2,436,691 2,467,145

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

2,221,300 2,151,614

Current Liabilities
Creditors: amounts falling due within one year 8 144,532 154,166

Net Current Assets 2,076,768 1,997,448

Net Assets 4,513,459 4,464,593

Representing:

Funds
Unrestricted funds
Designated funds 10 1,000,000 1,000,000
Other unrestricted funds 9 3,438,078 3,464,101
Restricted funds 12 75,381 492

4,513,459 4,464,593

Approved by the Trustees on Lt Ntw&"J- 1467~-

and signed on their behalf by:

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

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 Villiers Park Educational Trust
Notes to the Financial Statements
For the year ended 31 August 2007

1 Accounting Policies
Accounting Convention
The financial statements are prepared under the historical cost convention, as modified for the
revaluation of property, and in accordance with the Statement of Recommended Practice (SORP)
Accounting and Reporting by Charities issued by the Charity Commission in 2005, and the Financial
Reporting Standard for Smaller Entities (effective January 2005).

Freehold Properties held for Charity Use

These are stated at professional valuation made as at 1 September 1992 with additions at cost, less
depreciation on buildings since that date. Advantage has been taken of the transitional provisions of
FRS 15, to continue to show these assets at their revalued amounts.
The cost of buildings is written off over 50 years. No depreciation is charged on freehold land.
Fixtures, Fittings and Motor Vehicles
All expenditure on tangible assets costing in excess of £250 during the current financial year has been
capitalised and an appropriate provision for depreciation has been made.
The cost of such assets is written off over their estimated useful lives as follows:
Domestic and leisure appliances 7 years
Ground upkeep machinery 7 years
Other equipment, fixtures and fittings 4 years

Investments
Investment properties are stated at professional valuation made as at 31 August 2003. It is the
Trustees' policy to have a formal revaluation of its investment properties every five years.

Profits/losses on revaluation or sale are included in the Statement of Financial Activities in the year in
which the revaluation is made or the profits/losses realised.

Incoming Resources
Income from grants and donations relating to operating activities is accounted for in the period to which
it relates; amounts received in respect of future accounting periods are carried forward as deferred
income. Other income is accounted for in the period in which it is due.

Resources Expended
Expenditure is accounted for on an accruals basis. Expenditure on educational activties is analysed
across our programmes for students, teachers and lecturers. Overheads and other costs not directly
attributable to a particular educational activity category are apportioned over the relevant activities on
the basis of management estimates of the amount attributable to that activity in the year, either by
reference to staff time spent or ratio of the number of days of each type of activity, as appropriate.
Irrecoverable VAT is included with the item of expenses to which it relates.

Pension Costs
The Trust made fixed percentage contributions to personal pension plans managed by Scottish
Equitable during the year up to 31 August 2007, on behalf of 11 employees. Contributions in respect of
this scheme are charged to the Statement of Financial Activities in the year in which they are made.
Governance Costs
Governance costs comprise the expenditure on governance of the charity including audit fees, legal
advice for trustees, costs of trustee meetings and an apportionment of relevant staff costs based on
time spent on governance-related matters.

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 Villiers Park Educational Trust
Notes to the Financial Statements
For the year ended 31 August 2007 (Continued)

2 Incoming Resources from Charitable Activities

Course fees Grants and

receivable donations
£ £
Educational activities
Student programme-unrestricted 106,260 24,300
Student programme-restricted - 25,000
Teacher programme-unrestricted 72,542 -
Teacher programme-restricted 39,809 125,000
Lecturer programme 4,114 10,000

Total 2007 222,725 184,300

Total 2006 153,846 74,118

3 Resources Expended

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 - 240
Fundraising trading: costs of goods sold
and other costs 9,951 5,675 - 15,626
Charitable activities
Educational activities
Student programme 284,587 195,486 56,551 536,624
Teacher programme 219,000 126,457 19,330 364,787
Lecturer 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 include

2007 2006
£ £
Audit fees 5,993 5,552
Legal costs 1,132 5,095
Trustees' 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 Trust
Notes to the Financial Statements
For the year ended 31 August 2007 (Continued)

4 Staff Costs 2007 2006

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

584,823 539,564

The number of employees whose remuneration (excluding pension contributions but including
benefits in kind) fell within the following ranges in excess of £60,000 was as follows:
2007 2006
No. No.
£80,000 - £90,000 1 1

Contributions totalling £12,873 (2006 -£12,474) were made for this employee to a defined
contribution pension scheme. He was a member of the defined benefit 1974 Staff Pension Scheme
referred to below until 6 April 2005.

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

13 14 8 8

Exceptional Item
The defined benefit Villiers Park Educational Trust 1974 Staff Pension Scheme was closed to future
service on 6 April 2005 and wound up on 31 August 2005. During the year to 31 August 2006 the
purchase of deferred annuities from Legal & General in respect of current and deferred members of
the Scheme was completed. The total costs of corrections and purchase costs exceeded provisions
made 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 exceptional
income 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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 Villiers Park Educational Trust
Notes to the Financial Statements
For the year ended 31 August 2007 ( Continued)

5 Tangible Fixed Assets Fixtures

Freehold and
Properties Fittings Total
£ £ £
Cost or Valuation
Balance at 1 September 2006 2,249,231 347,686 2,596,917
Additions - 45,677 45,677
Disposals - (3,456) (3,456)

Balance at 31 August 2007 2,249,231 389,907 2,639,138

Accumulated Depreciation
Balance at 1 September 2006 346,620 253,152 599,772
Charge for the year 42,624 33,478 76,102
Disposals - (3,427) (3,427)

Balance at 31 August 2007 389,244 283,203 672,447

Net Book Value

At 31 August 2007 1,859,987 106,704 1,966,691

At 31 August 2006 1,902,611 94,534 1,997,145

The freehold properties acquired before 31 August 1992 were revalued as at 1 September 1992 by
Laws and Fiennes, Chartered Surveyors, on an existing use basis.

6 Investments Freehold
Properties
£

Market Value at 31 August 2006 and 2007 470,000

Historical cost at 31 August 2006 and 2007 9,912

The freehold investment properties were revalued as at 31 August 2003 by Laws & Fiennes, and RH
& RW Clutton, Chartered Surveyors, on an open market valuation basis. In the opinion of the
trustees, the estimated market values of the investment properties at the balance sheet date are not
materially different from the amounts at which they are included in the financial statements.

Page: 16
 Villiers Park Educational Trust
Notes to the Financial Statements
For the year ended 31 August 2007 (Continued)

7 Debtors 2007 2006

£ £
Trade debtors 38,551 31,390
Other debtors 13,122 25,000
Prepayments 24,727 26,025
Accrued income 20,643 16,429
97,043 98,844

Other debtors includes amounts totalling £1,000 (2006 -£13,000) payable after more than one
year. This represents an interest free loan to R. Gould (Trust Director) which is secured on a
freehold property owned by Mr. Gould. The balance of the loan at 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 34,331
Other creditors and accruals 22,580 15,665
Deferred income 80,595 104,170
144,532 154,166

9 Unrestricted Funds 2007 2006

£ £
General unrestricted funds 2,977,990 3,004,013
Property maintenance fund (Note 10) 1,000,000 1,000,000
Unrealised investment gains reserve (Note 11) 460,088 460,088
4,438,078 4,464,101

Movement in general unrestricted funds 2007 2006

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

Balance at 31 August 2007 2,977,990 3,004,013

Page: 17
 Villiers Park Educational Trust
Notes to the Financial Statements
For the year ended 31 August 2007 (Continued)

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 will
be used towards the maintenance of the Trust's functional properties.

JUL 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 Development
project funded by the Esmee Fairbairn Foundation and the Oral History project funded by the Heritage Lottery
Fund. The unexpended balances carried forward are represented by net current assets.

Balance Balance
brought carried
forward at 1 Income Expenditure forward at
September 31 August
2006 2007
£ £ £ £
Cambridge Consortium 492 64,809 (53,260) 12,041
Personalising Professional Development - 100,000 (58,702) 41,298
Oral History Project - 25,000 (2,958) 22,042

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

13 Financial Commitments

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 are applied for
charitable purposes. Accordingly, no provision for taxation is required.

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