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PARSONS MEAD WAS GIVEN AWAY LAST AUGUST
Two things happened yesterday. The Leatherhead Advertiser published a brief article in which Mr House Secretary of the Vernon
Educational Trust denied that the school was being prepared for demolition, it was just that fixtures and fittings were being removed,
sale of these has netted over £85000 to date. It was said that this was because the trustees were trying to clear the £2 million
debt that Parsons Mead had. As far as we know this is the first time the size of the school's debt has been quoted.
The annual report and accounts of the Vernon Educational Trust have just been published on the Charity Commission website. There are
things in there that we should have been told much sooner.
In August 2006 Vernon Educational Trust were gifted Parsons Mead School along with its liabilities by the Parsons Mead Educational
Trust. The liabilities were about £2.2 million pounds. The school had been valued by Savills in February 2006 at £6
million (that was based on no change in planning use) - we hear now that the school may be selling for around £13.5 million for retirement
properties.
The next point is not directly relevant to Parsons Mead but bears reporting. Robin Parfitt's death last year resulted in a half
million pound Top Man insurance payment to the Vernon Educational Trust.
Tonight I was informed that the reason that the school is on sale to the highest bidder is on the instructions of the Charity Commission
who have told the trustees that they must seek the highest possible price for the site.
It is indeed fortuitous that the Vernon Educational Trust has been gifted property that has to be sold at a price well above its valuation
for its intended use. It will help enormously in that organisations stated aim of securing the long term future of the current Danes
Hill site.
We have to ask why the Charity Commission neglected to mention to those who complained about the closure of Parsons Mead that it had
changed hands before their inquiry started and that it was telling the new owners that they must dispose of the property at the highest
possible price irrespective of the planning constraints set around the site by the duly elected representatives of the local inhabitants.
Whatever happens the Vernon Educational Trust will have done well out of their brief connection with Parsons Mead, they have substantially
increased their asset base and will eventually become more cash rich. They have reduced the competition among private schools in the
area and have prevented Downsend from achieving their goal of creating a secondary school in the area - at least for the moment.
That's with things not turning out as they indicated to the parents at Parsons Mead they should, how would the opposite result have been
viewed?
You may wish to look at the full report and accounts on the
Charity Commission Site
The latest news is always on the website.
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