STATEMENT FROM VERNON EDUCATIONAL TRUST

 The Vernon Educational Trust has today announced that Oracle Homes (residential) Ltd has purchased the former Parson’s Mead school site for approximately £16m. 

Parsons Mead School closed in July 2006, following a steady decline in pupil numbers and a substantial rise in the financial deficit. Under Section 36 of the Charities Act, Charities are obligated to act on an arm’s length basis and the Vernon Educational Trust has completed the transaction at a commercial rate. The disposal of the assets was assessed independently in line with Charities Commission regulations.  

Proceeds from the sale will pay off the accumulated financial deficit and the remainder will be retained by the Trust for future charitable and educational development in the area. 

Last year the Trustees announced the intention to use some of the money to establish an open access fund for the education of deserving children in Surrey who would benefit from private education but whose parents cannot afford the fees. With the disposal of the Parsons Mead assets now nearing completion, plans for this fund will begin to take shape. 

Mr William House, Secretary of the Trust said: 

“As a charitable educational trust, we are committed to continuing to support and provide a high standard of education in Surrey. We hope that, going forward, the Trust will be able to assist deserving local children in receiving a quality of education that might otherwise be unavailable to them. 

“Now that this complex transaction is complete, the Trustees will focus attention on how best to take forward our charitable and educational responsibilities.” 

Thanks to Kevin Barnes at the Epsom Guardian for passing this on to us.