(Company limited by guarantee no. 07034627 registered charity no. 1155498) REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2022 ## THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2022 ## CONTENTS ||Page| |---|---| |1. Legal and administrative information|2| |2.Board of Trustees’ report|3| |3.Chairpersons’ overview|3| |4.Objectives|
6| |5.Achievements|
7| |6.Activitiesand Events|
9| |7.Financial report|19| |8.Statement of Trustees’ responsibilities|21| |9.Independent auditors’ report|23| |10.Statement of Financial Activities|27| |11.Balance Sheet|28| |12.Cash Flow Statement|29| |13.Notesto the Financial Statements|30| 1 ## THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) ## 1. REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ITS ADVISORS For the year ended 31 December 2022 |Board of Trustees|Angela Hope-Murray| |---|---| ||Jonathan Leiserach| ||Andy Pearce| ||Philip Beckwith| ||Andrea Defries| ||Chika Robertson| ||John Kent| ||Taner Dedazade| ||Jyoti Sweetman (appointed 23/02/2022)| |Company reg.no.|07034627| |Charity reg.no.|1155498| |Registered office|Colet House| ||151 Talgarth Road| ||LONDON| ||W14 9DA| |Contact details|www.studysociety.org| |Auditor|Knox Cropper LLP| ||65 Leadenhall Street| ||LONDON| ||EC3A 2AD| |Banker|CAF Bank Ltd| ||25 Kings Hill Avenue| ||Kings Hill, West Malling| ||KENT| ||MM19 4JQ| |Investment|WavertonInvestment Management Ltd| |Manager|16 Babmaes Street, London, SW1Y 6AH| 2 ## 2. BOARD OF TRUSTEES’ REPORT ## For the year ended 31 December 2022 The Board of Trustees, who are also directors of the Company for the purposes of the Companies Act, and trustees for charity law purposes, submit their annual report and the financial statements of The Study Society for the year ended 31 December 2022. The Board of Trustees confirms that the annual report and financial statements of the Company comply with current statutory requirements, the requirements of the Company’s governing document, and the provisions of the Statement of Recommended Practice (FRS 102). ## Structure, Governance & management The governing document of the charitable company is its Memorandum and Articles of Association. The charity is a company limited by guarantee and not having a share capital. Its registered charity number is 1155498. New trustees are recruited and appointed by the directors during the year. These appointments are usually endorsed by members at the following AGM. Prior to the AGM, members of the charity may also nominate people who they feel would be a good addition to the Board, for election at the AGM. The trustees act as the board of directors. The board is responsible for setting policy and strategy. While the board is also responsible for the day-to-day running of the charity, including defining and reviewing its operating procedures, in practice much of this is delegated to the Managing Director of the charity. The trustees of the charity and its staff and volunteers are encouraged to study relevant sections of Charity Commission guidance to ensure that the charity’s activities remain compliant with the guidance. Trustees and staff are encouraged to review the skills and capabilities needed to fill their roles and the charity provides training where training needs are identified. ## 3. CO-CHAIR OVERVIEW The year began with the country in the grips of another wave of Covid (Omicron), which had ’ - an impact on the charity s in person meetings and events as well as a detrimental effect on our room hire income. Many of our activities, having made a tentative return to Colet House during the latter part of 2021, were once more confined to the online realm. - The charity successfully applied for Covid related grant income and received £6,000 to help - cover running costs in the absence of income from our many cancelled room hire bookings. ‘ ’ – At the start of the year the Round and Square tables trustees and heads of the disciplines – and lineages met in person for a day of workshopping the future vision and strategy. The meeting proved a hugely productive one and later in the year, led by Andrea Defries and John Kent, the board signed off on a new vision and strategy guiding document for the charity, which was presented at the AGM. 3 In February Jyoti Sweetman returned to the board, at the invitation of the other trustees, as trustee and treasurer. We are very grateful to have her expertise and experience back on board. In March we held a large meditation gathering in the Top Studio at Colet House in solidarity with the people of Ukraine following the Russian invasion. With the house empty we took the opportunity to continue our programme of restorative maintenance completing repointing to front external walls and repainting of windows and doors, repairs to roofs and gutters, replacing fire doors and carrying out minor repairs in response to our Fire Risk Assessment, as well as numerous internal repairs and redecorations. In April Carita Keranen stepped down from her role as Office Administrator and we gratefully acknowledge her three years of service to the society, much of which took place during the challenging times of covid. She moves onto a new role with a new organisation and we wish her every future success and happiness. Her workload was split between existing staff including Gaia Comandini, who went from part-time to full-time in April. She will be missed by all at Colet House. As we moved towards the spring and restrictions amidst Covid relaxed we began putting on new in-person classes and events including Qigong, Tai-Chi, Yoga, African Drum Circle, Butoh, Kunda Dance, Playfulness, Kirtans and Song Circles, Vedic Chanting, 5 Rhythms, Qora, - - Self Inquiry meetings and many more. We had talks from guest non dual speakers including - Rupert Spira and Tony Parsons. We started offering in person wellness treatments with our - in house practitioner Stephen Swords. - After a disheartening start 2022 became a year of growth in terms of the in person offerings - that the charity provided. Our traditional practices, which had been consigned to online only due to the pandemic also returned to the house during this period, including the Good Company meetings, Silent Meditation, Vedic Chanting, The Movements to Music and, to the great joy of members and friends, the Whirling Dervishes returned to regular practice at Colet House. Over the summer, as a means to accommodate the widening palate of offerings, we created a Colet House brand to distinguish between our newer offerings and the lineages that have been the core of The Study Society for the past 70 years. This has been a great success and enabled us to attract a wide and diverse new audience to the house, many of whom now - join our growing community on a weekly basis and help to re energise the traditional practices the society is custodian of. From Easter to July LAMDA students made use of the house during the weekdays, helping to keep our running costs met. British Youth Opera returned to the house in August for a – - month to rehearse their summer opera Sir John in Love which they then performed at Holland Park Opera. In June we held the world Premier of Green Man Ho! in celebration of the life and works of Dr Roles, the founder of the organisation; an ambitious staging of the operatic setting by 4 - Paul Pritchard of the poem by William Anderson involving a live orchestra, actors, video - - sequences, and a large in person audience. The event was a sell out and received a hugely positive critical response. - From late summer 2022 LAMDA returned in force on a one year contract giving the charity much needed stable income and the house much needed stable usage! In summer our regular annual retreat led by Philip Marvin returned after the covid enforced hiatus for a long weekend of meditation, study, and rest and reflection in the beautiful ’ - grounds of Fintry House. Philip s in person Advaita meetings also returned to Colet House later in the year. In late September we held our first ever Colet House Open Day where we showcased the new classes and workshops we had originated during the first half of the year with 30 minute taster classes open and free to all, we had a pop up kitchen in the Refectory serving meals and snacks and the day culminated with a short performance from our Whirling - Dervishes, which included an opportunity for guests to be shown how to slow turn, and a Kirtan from ⇧árka Elias. The event was attended by over 120 guests, was oversubscribed, and was a great success. Membership growth began to stall in the latter part of the year, driven in part by the - increase in in person offerings from other organisations as the world returned to business - - as usual following the pandemic lockdowns, and in part by the cost of living crisis and - - runaway inflation. In response to this we returned to a free for all approach to many of our offerings, asking for donations instead of charging for many of our classes, workshops and events. We also scrapped our more expensive membership tiers and took a one-size-fits-all approach. This saw an increase in new subscriptions towards the end of the year. Membership is high on the agenda for an overhaul in 2023. - A new live in caretaker, Jusztina Szabo, was appointed in October to help maintain the house in increasingly busy times. Our annual celebration for HH Shantanad Saraswati was marked in early December with Kirtan from Nikki Slade, readings from the record and shared silent meditation. Later in - December we held an in person Shebi Arus Whirling Dervish ceremony for our members: a beautiful and moving evening marking the return of the turners to Colet House. - – We marked the deaths of long term members of the society Solveig Macintosh, Anton Fernando, Robindranath Sen, Bernard Parris, Angela Gregory, Angela Willis Fleming, Peter Eadie, Ann Brunsdon, and Gillian Harris. A tribute for these members is planned for 2023 to acknowledge the enormous contributions they made to the society over the years. Jonathan Leiserach, Andrea Defries 5 ## 4. OBJECTIVES ## Statement of Purpose & Objectives ## Vision To become a global beacon of inspiration for all those seeking their true Identity through - profound self inquiry, meditation, sacred dance and other practices that lead to inner peace, clarity of mind, compassion and happiness. ## Mission To advance the understanding of the nature of consciousness by providing a unique, multidisciplinary blend of sacred and secular knowledge. ## Values The Study Society is a socially responsible, inclusive and financially sustainable charity that values equity, transparency and kindness. ## Objects The objects of the charity as set out in its Articles are, for the public benefit: - To advance the education of the public in religion, science, philosophy, and the arts. - To promote moral and spiritual welfare. ## Public benefit When reviewing the charity’s aims and objectives, and in planning future activities, the trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit. ## Risk management The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems and procedures are in place to mitigate against the charity’s exposure to major risks. ## Reserves policy The principal risk that the trustees have recognised the charity being exposed to is that the costs of the charity exceed its income over an extended period causing the charity to be unable to remain solvent without selling its principal asset, Colet House. For this reason, the trustees have determined that the charity should hold reserves at such a level that if there were a sudden loss of income whose impact would be that the charity was no longer able to afford to maintain Colet House, it would not be forced into a rushed sale. The charity’s trustees believe that an appropriate level of reserves is equivalent to 18 months of annual expenditure, adjusted for transfers to / from reserves, based on the rolling average expenditure of the last three years’ accounts. Maintaining this level of 6 reserves would provide funding for the winding down of activities at Colet House and would provide the charity with time to find an alternative home for many of the activities hosted by the charity and used to deliver its objects. ## 5. ACHIEVEMENTS ## 5.1. Colet House - maintenance, repairs & renewals During the year in addition to the regular servicing and maintenance of the house and its systems, we cleaned and re-pointed the front of Colet House as well as the side walls, repairing and painting all front windows and door and fixing bits of guttering and hoppers. We replaced both of the side fire doors and carried out additional refurbishment and repair to the side alley boarding. We redecorated the landing outside the Top Studio. We added bannisters to the turret staircase fire exits and, following our Fire Risk Assessment carried out numerous minor improving works around the house to bring us up to date and inline with requirements. During the Summer we had the Top Studio floors stripped, sanded and varnished. We suffered a serious leak from the roof of the bay window in the Top Studio during the summer and had to erect scaffolding in order to clear the gutter and repair damage. Plans for 2023 include replacing the rotten balustrade on the front terrace, revamping the refectory, reflooring the corridors and office, and installing drinking fountains. ## 5.2. Colet House - new brand and Open Days - - In September 2022 we began developing a secondary brand Colet House so that we could increase and diversify our classes, meetings and events whilst retaining the coherence of The Study Society as a container for the various sacred lineages and practices that have long taken place at Colet House. We hope that by offering a wider range of more accessible spiritual and wellness practices to attract a new and diverse audience through our doors, some of whom will also be interested in the offerings of The Study Society. In September 2022 we held our first Colet House Open Day, which attracted over 100 new people to the building and at which we showcased many of our new classes and workshops alongside the traditional practices that take place here. This initiative will continue into 2023 as we seek to develop and strengthen both the Colet House and Study Society brands. ## 5.3. Room Hire One of the principal ways in which the charity achieves its charitable objectives is through hiring out space at Colet House which is surplus to the charity’s own requirements to educational charities and other organisations with similar aims and outlooks. - The year began with a spate of cancelled bookings as the Covid 19 Omicron variant rampaged throughout the country. However, as things settled and restrictions lifted, in Easter 2022 our 7 - - long term room hire client LAMDA resumed using the building as the easing of covid restrictions allowed them to return to their normal syllabus. This bought the charity much needed financial security as they entered into a one year contract with us. In addition to this welcome return many other organisations hired space from us during the year. Here are a few examples: - “ - · Outside Edge Theatre. Outside Edge produces artistically excellent work that challenges and entertains audiences at the same time as making a real difference. ’ – - Edge s work with addicts and the ways in which their performances awaken – ” - audiences andprovoke debate isquite simply stunning. - Jimmy Page, OETC Patron - British Youth Opera. British Youth Opera provides professional opportunities for singers, musicians and technical trainees. Their participants normally have either just finished or are about to finish years of training and begin their professional careers. - Garsington Opera. Garsington Opera is an annual summer opera festival founded in 1989 by Leonard Ingrams. The Philharmonia Orchestra and The English Concert are its two resident orchestras. For 21 years it was held in the gardens of Ingrams's home at Garsington Manor in Oxfordshire - Barber Opera. Raising Icarus is a new chamber opera which breaks open the ancient myth to reveal its contemporary, psychological heart – how parental expectation and aspiration risk doing harm to our children. How should a parent try to advance the cause of their children? Can we stop ourselves trying to live out our ambitions vicariously through our children? To what extent can children fly free and find their own paths? - Embodied Psychotherapy. Integrative Embodied Psychotherapy, a therapeutic framework developed by Katarina Gadjanski and Tasha Colbert is taught by the Institute. This integrative approach draws on a range of techniques from the practices - - of body oriented psychotherapy, dance movement psychotherapy, somatic experiencing, somatic trauma therapy, neuroscience, transpersonal psychotherapy, creative arts and somatic mindfulness. - Holistic Healing College. The Holistic Healing College is an exceptional facility for people to embark upon a spiritual journey of discovering themselves. With a number of counselling and healing courses and diploma, you can explore the depths of your core self and be able to guide others around you. Some of our most widely regarded diploma courses include Soul Plan Reading, Spiritual Life Coaching and soul transformation therapy 8 - Nikki Slade. Nikki Slade is a leading pioneer in the field of chanting, core voice and sound work in the UK for over 30 yrs. Nikki has inspired thousands of individuals to chant and has led chanting and voice workshops in a wide variety of settings including corporations such as M&C Saatchi, Deutsche Bank and Cisco. She has been resident - - Kirtan leader at triyoga London for 20 years and has also taken her cutting edge approach to working with the voice into Wandsworth men’s prison. She was the resident voice and sound facilitator at the Priory Hospital in North London for 20 years where she has, through her work, supported the recovery of people on the addiction treatment programme - Ramana Maharshi Foundation. The Ramana Maharshi Foundation UK provides a focal point for devotees of Sri Ramana Maharshi in the United Kingdom as well as for visitors from overseas. - Siddha Yoga. On the Siddha Yoga path it is a time when seekers come together for the purpose of chanting and meditation, and to study the Guru’s teachings. Siddha Yoga Meditation Centres host formal satsang and can also host recitations of Shri Guru Gita, the Siddha Yoga Shaktipat Intensive, and Siddha Yoga courses. The purpose of a Chanting and Meditation Group is to enable Siddha Yogis to come together more informally to practise chanting and meditation. - British Wheel of Yoga. The British Wheel of Yoga was set up in 1965 by Wilfred Clark - - as a co ordinating body for yoga groups throughout Britain that welcomed all schools of thought. It provides level 4 yoga teacher training leading to the Certificate in Yoga Teaching and the Diploma in Teaching Yoga. - Sofar Sounds. Sofar Sounds is a global music community that connects artists and audiences through live music. We bring people together to create space where music matters. This list is intended to provide an indication of the variety of organisations who benefitted from the space available at Colet House. Many smaller organisations also enjoyed the space available at Colet House for small group meetings, rehearsals, performances, as well as for sessions including yoga, meditation, drumming, and Kirtan. ## 6. ACTIVITIES AND EVENTS From April2020in response to thepandemic andsubsequent lockdowns we movedmost of our meetings, classes, andevents online using the Zoomplatform. This setup continued throughout muchof 2021 althoughbeginning in the Autumn some classes, workshops, and events returnedto Colet House. During 2022weestablishedagoodmix of in-person activities andevents, ‘hybrid’events andmeetings takingplace at Colet House but also 9 online via Zoom andalso Zoom only events andmeetings to continue to support members of our community that remain unable to attendinperson meetings andevents. - Thomas Phillips, Managing Director - 6.1. Meditation (Sylvia LeiserachandSue Cassini Nisbet) Elevenpeople were initiatedinto the mantra meditation during 2022. They were all individually supportedafterwards andinvited inperson or on Zoom to meetings andtojoin the Silent Meditations. The Silent Meditations continuedthroughout 2022on Wednesday andSunday evenings. We arejoinedregularly bypeople from across the UKas wellas the US, Greece andFrance. On May 15th2022, we tookpart in a Global Meditation for Peace. It was hostedat Colet House andon Zoom. About 50people came inperson to Colet House andmembers from Australiajoinedwithothers on Zoom for an hour of silent meditation. At the Study Society Open Day, whichwas open to thegeneralpublic on Saturday Sept 24th at Colet House, two sessions on the mantra meditation were offeredduring the day. This resultedin severalpeople coming to learn about the meditation we offer. There was a Meditation Meet Up inperson at Colet House on March5th2023when several new meditators came toshare time together, meditate andaskquestions. On December 5thColet House heldits annual celebration for His Holiness Shantanand Saraswati, the headof our tradition. The evening was openedup to allthepractitioners who use the studio spaces at Colet House as wellas toour sister organisations. The new website is helping to spreadthe influence of our workandhas resultedin many people asking for andreceiving the meditation. ’ 6.2 Vedic and Kirtan Chanting (Margaret OKeeffe) Kirtan is a callandresponse form of singing meditation in HindiandSanskrit, the ancient language of mantra. Kirtan formspart of the Bhaktitradition whichis known as theyoga of devotion. Its main expression is throughthe sharing of music andpoetry in community. H.H. ShantanandSaraswationce describedKirtan as an external counterpart to meditation that ‘ ’ - can helppeople relieve tension, learn how to attend, re charge andbecome happier. The chant compositions usephrases and concepts basedon classical Indian raag. They are designedto calm restless minds, dissolve anger, generatepeace andsparkjoy. Kirtan is a - beautifulway to connect withthe heart andgenerate a sense ofwell being for oneself and others. Regular Kirtans are facilitatedtwice a month by Margaret O’Keeffeon ‘GoodCompany Monday’evenings from 6pm to 6:30pm on zoom. 6.3 Good Company (Jonathan Leiserach) Welcoming attendees from aroundthe country andabroadthe Society’s Monday Good Company evenings continuedto bepresentedin hybridform, bothlive at Colet House andon 10 zoom throughout three seasons. Given the increasing challenges and cost of travelthis formatprovedsuccessful. The evenings open withaphysicalpractice suchas Kirtan chant oryoga breathing exercises leading into 30minutes of sharedsilent meditation. This is followedbypresentationsgiven by Society members or invitedguest speakers. Themes centralto thesegatherings included ‘What is it to be human?’ and ‘Truth’. Realthanks to our many contributors andpractitioners who make these evenings so special. Any notes or recordings of theseevenings are available to members on the Society’s website. SpecialGuest Speakers in 2022included: - ➢ Anne Baring - ➢ RosalindWyatt - ➢ RuthWhite - ➢ John Prendergast - ➢ Narain Ishaya - ➢ DavidLorimer - ➢ NigelOsborne - ➢ Billy Doyle - ➢ NikkiSlade - ➢ SatishKumar - ➢ John Osborne Hughes - ➢ DanielSimpson - ➢ Jane Leifer - ➢ MarkRoss Clark - ➢ Peter Fenwick - ➢ Rupert Spira Andmany more… 6.4 Advaita Sundays (Philip Marvin andNorman Alderton) Our monthly Sunday Advaita meetings run by Philip Marvin andNorman Alderton continued throughout theyear on Zoom. 6.5 Caversham Group (Peter Eadie) The Cavershamgroup also heldvirtualmeetings via Zoom, andunder Peter Eadie’s leadership enjoyeda highstandardofpapers, whichare on the website. At the endof theyear, Peter diedverypeacefully at home withFionnuala at his side. He was 95. Peter readHistory at Oxfordandwas an honorary life member andformer chairman of the BritishGuildof TravelWriters. An author, editor andlecturer on History andTravel, he was awardeda ChurchillFellowship for Biography andTravelWriting. 11 His mother Margaret Watt Eadie became apupilof PDOuspensky in the early thirties aroundthe same time as Dr Roles, andfrom 4 - 15years oldPeter visitedGaddesden and Lyne meeting Mr Ouspensky and Madame andmany of theirpupils during thisperiod. Peter was to become the most loyaland constantpupilof Dr Roles. He andFionnoula led groups first at their London home andthen Caversham. Ameditator andturner, he also editedThe Bridge for more than 15years, including, importantly, his own inspiration, memorialissues on P DOuspensky(No 12) andDr Francis CRoles(No 14), andthen the 2006 edition(No 15). This reflectedhow members of the Society continue theongoing searchfor truthset by PDOuspensky, basedon the understanding of Consciousness, our RealSelf and the Universe, continuing the workof our teachers, Mr Ouspensky, SriSantanandSaraswati, the late Shankaracharya of Northern India andDr Roles, allenhancedby the mantra meditation. Peter was stillwritingpapers andleading the Cavershamgroup this month. 6.6 Wellington Group (MichaelHarris) The New Zealandgroup sent us copies of their meetingpapers whichwere widely welcomed. 6.7 Mevlevi Turning (Kim Richardson) During 2022we were able togradually buildup the turningpractice at Coet House following - - - its covid related hiatus. Mukabeles andin personpractices at Colet House now takeplace eachFriday. Members of thepublic who are interestedin thepractice are taught to slow turn on Friday evenings when there is not a Mukabele takingplace. The Rumi&Friends Poetrygroup, under the leadership of Kim Richardson, andwiththe help of Christopher Head, has continuedon Zoom on the first Friday of the monthandhas also been wellattendedandhas built up a strong overseas following. 6.8 Movements to Music (DickLarcombe) Movements classes recommencedin the Spring of theyear. However, theeffect of the pandemic was stillpresent, and classes weresoon suspended. They were re-startedin the Autumn, and continuedfor the rest of theyear. Numbers were small, but the moodwas positive andfriendly. The teachers, Rachel&DickLarcombe, are indebtedto Richard Womersley for his specialpianoplaying andhis wiseguidance. 6.9 Masnavi Groups (Yaver Abidi) The RichardStevensgroup have continuedto meet weekly on Zoom following the move online during the 2020lockdown to study Mawlana Jelaluddin Rumi’s Masnavi. As withothergroupspeople from a wide variety of cultural, religious andspiritual backgrounds attendthisgroup. They findpracticalandspiritualinsights in thisgreat work andthey also experience thejoy ofexploring this richlypoetic, subtle and, at times, playful masterpiece. Throughreading andmeditating on the writings of thisgreat sage, participants are able to reconnect withtheir own spirituality, whichever tradition they come from. 12 ## 6.10 Qi Gong (thrice weekly on Zoom) (Dan Brierley) ChiKung translates roughly as(Chi)Breath(Kung) Work. Inpractice ChiKung is agentle form of flowing exercises that combine breathing technique, rhythmic flowing movements, andmind(mentalFocus). It is an art that has its roots in Taoism but has been influencedby thephilosophies of Buddhism andConfucianism. It isgenerally consideredto be an ancient form of exercise that - cultivates healthandwell being. Teaching throughthe Covid/lockdown experience has been incredibly rewarding. Notjust having the opportunity to teachonline but also being able to reachso many morepeople. People who wouldn’t normally have come to class either because oflocation, health conditions or simply being isolated. My classes have been very wellattendedwhichis incredible. I have been able to reachso many morepeople throughzoom at this most difficult time. Allthe feedback I have receivedhas been extremelypositive helping togivestudents a positive focus for the weeksupportingphysicalandmentalhealth. The simple act ofmoving andbreathing so vitalfor our healthis an incrediblypowerfultool. Through the classes The Study Society has been supporting andhelping some of the most vulnerable members of our community at a very difficult time. Amazing. 6.11 Himalayan Kriya Yoga (Cristina Berar) Himalayan Kriya Yoga Classes have remainedonline only andhave built up a devoted following. The class helps theparticipants withreleasing tension from the body, lettinggo of stress, achieving a state ofharmony while experiencing unique meditative states. The classes are assistedby music, andthey involve intuitive movement, breath, body locks andguided meditation. ## 6.12 Retreats The Study Society helda three day retreat at Fintry attendedby 10members andfriends of the society. The retreat was ledby long term member andteacher Philip Marvin. Over the weekendparticipants enjoyedandbenefitedfrom sharedmeditation, smallstudygroups, mindfulexercise, andmusic andpoetry. Attendees reportedfeeling thoroughly restedand refreshed! ## 6.13 Reading the Record In late 2022 a smallgroup formedto meet on Tuesdays in the Dr's Room at Colet House each Tuesday lunchtime to readThe Recordaloud, without interruption or commentary, andto meditate together. 13 ## 6.14 Sanskrit chanting Gaiea Sanskrit began holding monthly vedic chanting at the society in September 2022. These beautifulsessions heldat Colet House were also open toparticipantsjoining online. Throughsounding the ancient mantra, unchanged for thousands ofyears, thepilgrimage from headto heart is begun. It is apractice oflistening andsounding. There is no needfor intellect to engage any more than togive a refinement of attention andpresence. And gradually the sounds of the vedaspercolate thebeing, the room, the atmosphere, andbring about a stateofpeace. ## 6.15 Butoh Dominique SavitriBonarjee began teaching Butoh at Colet Houe in January 2022 andthe classes were an immediate success. She continued to teachthroughout theyear andButoh has now become one of the core non-dualofferings at Colet House. - Butohis a dance that emergedinpost war Japan in response to the widespread Westernisation of society, following the atomic bombings in Hiroshima andNagasaki. Initially it was conceivedas an art movement capable of resisting through the visceralbody, - that is the body materialstrippedof its nationalandgender identity andassociations. The class offers apathofembodiedinquiry into the self, spirit andsociety, aplace to think throughthe intellectuality of the body, to dance, andperhaps to discover new ways of being. ## 6.16 5 Rhythms In late 2021Ajay Rajanitookup a residency at Colet House teaching the 5Rhythms Prayer where he inspires embodying the moment andallowingyour body to beyourgreatest teacher. The weekly classes continuedthroughout 2022andhaveproved consistently popular. In addition to the weekly evening classes Ajay also ran a number of immersive all day andweekendworkshops. “ ” — The modern Western neurosis is the divorce of spirit from flesh. Gabrielle Roth When we handoverprayer to thebody, our body can become our wisest teacher, showing us how to dance our innermost expression of life andsoul, andrevealing to us the often alltoo suppressedintelligence of thebody. 14 ## 6.17 Chi Kung ## - Qigong in person at Colet House - The in person Qigong classes at Colet House startedin November 2021. It was the first class to come backto Colet House after thepandemic. The rest of the House was empty andthe students' attendance was low. The appearance of the Omicron variant of COVID-19during the endof 2021andthebeginning of 2022made things even more difficult. The attendance of students continuedtobe low andirregular during the first halfof theyear. In August 2022, I proposedto the managing director to move the Qigong class to Margravine Cemetery andto offer it for free to try to attract the local community. The attendance improved, some locals became regular students andthere wasgoodfeedback about the beauty ofpractising outdoors in close contact to nature andtheelements. During the Open Day on 30thSeptember 2022, my workshop was very wellattendedand I hadlovely feedbackandinterest in classes from students. This translatedin somepeople buying thepackages of classes that were offeredon the day andagroup of about 5regular students. Althoughthings hadimproved, the number of students was stilllow andthere wasn’t any financialprofit for the Study Society. The class was at riskof disappearing for this reason. I proposedto the managing director ideas suchas running courses andthematic classes tosparkthe interest of thepublic. We implementedthese ideas since the beginning of 2023 and I amgladto say that things have improvedmassively since then. - Natalia Miralles ## Qigong online on Zoom Throughout 2022DanielBrierley continuedto teachthree online classes a weekof ChiKung andSeatedChiKung via Zoom to his students. These classes are wellattendedandvalued. 6.18 Tai Chi Opening thisyear's Tai chi class has startedto builda community of a wide range of ages andabilities being introducedto the timelesspractice. Manypeople hadheardof it but it's stillnot as wellknown andpractisedas Yoga. Many students haveexpressedfeeling the benefits of focusing and cultivating theelement of relaxation in action. A completely new discovery for many. Better sleep, less stress in their everyday lives andfor some of the more regulars that attendevery week, itprovides the stability of continuing anddeepening their practice. We lookforwardto steadily expanding thegroup. - Hanna Luna 15 ## 6.19 African Drum Circle In late 2021we began offering a weekly African Drumming workshop thatgivesparticipants the chance to learn toplay the African “Djembe”Drum. Exploring the “bass, tone, slap” sounds of this instrument anddiscovering why African drumming is irresistible. The class is facilitatedby Djembedrummer extraordinaire Kay Smith, whose rhythmic skills are surpassedonly by her charming anddisarming charisma. Drumming is agreat way to release stress anddevelop creativity, andit’s also the oldest form of communalmusical bonding. During 2022 the classes movedto fortnightly. ## 6.20 Kirtan with ⇧árka Elias – In 2022our monthly Kirtans with⇧árka Elias continued. Kirtan ispart of the BhaktiYoga Yoga of devotion andsurrender. ⇧árka’s songs incorporate Mantras, originalsongs as wellas Sacred/Medicine Songs from various cultures. Participants sing, chant, pray, meditate and expresspure happiness andjoy. ⇧árkaplays theguitar andthe harmonium andis accompaniedby musical friends including Ailon Freedman on Djembe and WillStreet on violin. ## 6.21 Playfulness Ailon Freedman’s fortnightlyplayfulness sessions continuedthroughout 2022. Ailon writes: “Who says your spiritual practice needs to be serious? What if playfulness could become a - pathway towards self discovery and wholeness? We draw from the worlds of clowning, improv, mime and dance as well as spontaneous silliness and generalised irreverence. - Together, this unlikely cocktail leaves participants feeling joyous, open hearted and flooded with endorphins.” ## 6.22 Music as Medicine Sivani Mata returnedtoColet House in 2022 after an hiatus of severalyears; an exploration - of Music as Medicine, these evenings offer a deep dive into the heart through co created song. They are a conversation withthat innerplace in eachone ofus that is ever unifiedwith everything in creation; apractice of communion withallthat is. In thegathered community participants sing Kirtan in the ancientpowerfullanguage of Sanskrit. Repeating simple mantras whichinvoke a trance-like state within, as wellas evoking the spirit of Bhakti: the moodof love. As wellas Sanskrit Kirtan there is an exploration of simple songs in other languages, thepoetry of the mystics andmoments of silence. Theseevenings are followedby a sharedmealandare regularly attendedby 200people. ## 6.23 Spiritual Gypsy - workshops and Kirtan Nikjoinedthe Colet House community in 2022withmonthly or fortnightly creative workshops andkirtangatherings. 16 NikParmar from SpiritualGypsy is a creative Bhaktiyogiwho loves toexplore andshare the ancient Eastern concepts of devotionalwellbeing, offering a mysticallifestyle basedon sacred culture andtimeless wisdom wrappedin modern relevance andspiritualjoy. His researchinterest is in Performance Ritualandhowpeople express their identity and connection to their senseofplace throughmusic, dance, storytelling andacross the arts. Nik creates bespoke wellbeing workshops basedon sacred, traditionalandhistoricallygrounded arts and crafts heritage of the Vedic traditions. ## 6.24 Notable Events and Meetings in 2022 Many of our specialevents andmeetings were heldonline as wellas inperson. We have not includedhere workshops or events listedabove. March 20th Gong Bath with Pareena Khairdin March 26th Group Meditation gathering in support of Ukraine June 11th Green Man Ho! September 24th Colet House Open Day October 4th Thomas Phillips ran the London Marathon October 23rd Divali Celebration with Nik Parmar December 5th Celebration for HH Shantanand Saraswati with special guests December 10th Rupert Spira at Colet House December 11th The Cosmic Choir at Colet House December 16th Shebi Arus (Dervish festival) ## 6.25 Publications The charitypublishes books under the Colet House Publications imprint. Currently available publications include Teachings of HHShantanandSaraswativolumes I and II, GoodCompany I andGoodCompany II, The Man Who Wantedto Meet God, Birth&Death, Voyage of Discovery andALasting Freedom. 17 ## 6.26 Photographs from the Colet House Open Day 18 ## 7. FINANCIAL REPORT ## For the year ended 31 December 2022 ## Overview 2022 was again a challenging year for the charity. Although the overall income increased by £85k, mostly with the increase from the room hire since the Covid restrictions have been lifted, the charity suffered a loss of £176k. This was the result in a slight increase of £1k in expenditure to £333K compared to 2021 and investment losses of £146k. The charity’s reserves policy stipulates that the charity’s reserves should be held at an amount equivalent to 1½ years’ annual expenditure. Based on 2022 annual expenditure the charity’s reserves should be £429k and the charity holds free reserves of £1,473k, ensuring the continuity of its operations. The trustees continue to see the main financial tasks of the charity as diversifying and increasing revenue from each source whilst investing in its staff and the resourcing needed for the Study Society to grow and prosper and exercising financial control on expenditure. ## Income for 2022 ## Income from Donations and Legacies - Donations income at £55k, dropped by 39% compared to 2021. The trustees are very grateful to the many people who make significant regular donations to the charity. - In addition to general donations, the charity received £14k in 2022 from The Society for the Study of Normal Psychology, TSSNP, is a related party. - Subscriptions income at £33k was 34% higher than 2021. The charity provides a discounted annual subscription to people who would like to be members and who are on low incomes. ## Income from Charitable Activities - Classes and activities income increased to £23k by nearly 2.25 times of the 2021 income. - Room Hire and lettings income at £178k, an increase of 81%, aligns with management expectations. - Publication income at £8k went down by 35%, a consistent decrease for the last couple of years. ## Expenditure for 2022 Most of the charity’s expenditure is on staff costs and on the costs of running Colet House. Every year a certain amount is spent on the general upkeep of the house. - The cost of charitable expenditure at £309k was up by 2% from 2021. - Investment management costs dropped by 14% to £25k. Although the expenditure only increased by £1k, there is a increase in the major repairs £27k (83%) and £15k (40%) in building overhead which is compensated by the rates rebate of £41k. The rates rebates relates to the period from 2018-2023. 19 Costs, where they are not directly attributable to an activity, are allocated across activities in proportion to an estimate of the use made of a group of expenses. For example, staff costs (a group of expenses) – where they are not directly attributable - are allocated to: - raising funds (10%) - charity activities (80%) - room hire (7.5%), and - publications (2.5%) Note 6 to the accounts provide an analysis of expenditure for 2022 and a comparative of 2021 of how the charity’s funds were expended. ## JARGON AND ACRONYMS ## Consolidated accounts The consolidated statement of financial activities, and the consolidated balance sheet add together the income and expenditure account of the charity and the profit and loss account of its trading subsidiary and the balance sheets of the charity and of its trading subsidiary to – present a single set of accounts as if for a single entity. Intercompany transactions such as – loans from a parent company to a subsidiary are eliminated as when the accounts are added together, they cancel each other out. ## Income and expenditure – As a charity, the Study Society does not produce a profit and loss account it is run to provide a public benefit, rather than to make a profit or avoid a loss. For this reason, charities show an income and expenditure account and a surplus or a deficit, not a profit and loss. ## Restricted, unrestricted, and designated funds – – The funds available to a charity its assets are divided into restricted funds, unrestricted (or general) funds, and designated funds. Restricted funds can only be spent on things that they were given to the charity to spend on. The trustees of a charity can spend its unrestricted (general) funds on anything, as long as the spending furthers the charity’s objects. Charity trustees designate funds for a purpose; they can, at any stage, undesignated those funds. ## Acronyms ## SOFA Statement Of Financial Activities This shows the charity’s income and expenditure, and the result of the ’ – ’ charity s activities which is an increase or decrease in the charity s funds. ## SORP Statement of Recommended Practice The Charities SORP is a set of rules charity trustees are required to follow when reporting on the performance of charities. They summarise charity law 20 and express what is agreed as best practice in areas such as when to account for legacy income, how to account for grants, and for expenditure funded by grants. ## TSSC The Study Society Charity The current organisation. As a limited company it has its own assets which are managed, to achieve the charity’s objects for the public benefit, by its trustees. ## TSSNP The Society for the Study of Normal Psychology This is a Friendly Society, and was the forerunner of the charity. ## ' 8. STATEMENT OF TRUSTEES RESPONSIBILITIES The Board of Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and estimates that are reasonable and prudent; - state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Board of Trustees have overall responsibility for ensuring that the Charity has an appropriate system of controls, financial and otherwise. They are also responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, and the provisions of the governing document. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the detection and prevention of fraud and other irregularities. The Board of Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 21 In so far as the Trustees are aware - there is no relevant audit information of which the charitable company's auditor is unaware; and - the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information ## Auditors - The auditors, Knox Cropper, have indicated their willingness to accept re appointment under Section 485 of the Companies Act 2006. This report was approved and authorised for issue by the Board of Trustees and signed on its behalf by: Jonathan Leiserach …………………….….. 27 September 2023 22 THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) ## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STUDY SOCIETY ## For the year ended 31 December 2022 ## Opinion We have audited the financial statements of The Study Society for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the charitable company’s affairs as at 31 December 2022 and of income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. ## Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. /Continued … 23 THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) ## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STUDY SOCIETY For the year ended 31 December 2022 ## (Continued) In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: - the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements. ## Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - **•** ’ - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. - the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report. ## Responsibilities of trustees As explained more fully in the trustees’ responsibilities statement in the Trustees' Report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so. /Continued … 24 THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) ## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STUDY SOCIETY For the year ended 31 December 2022 ## (Continued) ## Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are the Statement of Recommended Practice 'Accounting and Reporting by Charities' (SORP 2019), in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) applicable to smaller entities and the Companies Act 2006. - The audit team, which is experienced in the audit of charities, considered the charity’s susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override and allocation of costs to charitable activities and restricted funds. - Our approach was to check that the income from donations and legacies were properly identified and accurately disclosed, that the charitable income is reported correctly, that expenditure complied with the control procedures and was appropriately charged. We also reviewed the major journal adjustments along with unusual transactions and considered the identification and disclosure of related party transactions. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. /Continued … 25 THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) ## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STUDY SOCIETY For the year ended 31 December 2022 ## (Continued) ## Use of our report This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken, so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report or for the opinions we have formed. Shoaib Arshad (Senior Statutory Auditor) For and on behalf of: Knox Cropper LLP Chartered Accountants and Statutory Auditors 65 Leadenhall Street London EC3A 2AD ____ September 2023 26 THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) ## STATEMENT OF FINANCIAL ACTIVITIES ## (incorporating the Income and Expenditure account) For the year ended 31 December 2022 |Note
INCOME FROM:
Donations and legacies
2
Donations from TSSNP
3
Charitable activities
4
Investments
5
TOTALINCOME
EXPENDITURE ON:
Raising funds
Investment management costs
Charitable activities
TOTALEXEPENDITURE
6
Net income / (expenditure) before
gains and losses on investments
Net (losses)/gains on investments
11
Net income / (expenditure)
Transfer between funds
17
Net incoming / (outgoing)
resources before other recognised
gains and losses
RECONCILIATION OF FUNDS:
Total funds at 1 January 2022
TOTALFUNDS AT 31 December 2022|Unrestricted
Funds
2022
£
54,572
13,812
209,082
25,343|Designated
Funds
2022
£
-
-
-
-|Total Unrestricted
Funds
Funds
2022
2021
£
£
54,572
89,802
13,812
-
209,082
117,108
25,343
11,110|Designated
Total
Funds
Funds
2021
2021
£
£
-
89,802
-
-
-
117,108
-
11,110| |---|---|---|---|---| ||302,809|-|302,809
218,020|-
218,020| ||24,870
261,220|-
47,343|24,870
28,948
308,563
258,474|-
28,948
44,975
303,449| ||286,090|47,343|333,433
287,422|44,975
332,397| ||16,719
(145,800)|(47,343)
-|(30,624)
(69,402)
(145,800)
96,032|(44,975)
(114,377)
-
96,032| ||(129,081)
11,481|(47,343)
(11,481)|(176,424)
26,630
-
(5,031)|(44,975)
(18,345)
5,031
-| ||(117,600)
1,590,796|(58,824)
3,946,341|(176,424)
21,599
5,537,137
1,569,197|(39,944)
(18,345)
3,986,285
5,555,482| ||1,473,196|3,887,517|5,360,713
1,590,796|3,946,341
5,537,137| |||||-| 27 THE STUDY SOCIETY (company by guarantee) (regsitered company no. 07034627) ## BALANCE SHEET ## As at December 2022 |Notes
FIXED ASSETS
Tangible assets
10
Investments
11
CURRENT ASSETS
Stock
12
Debtors
13
Cash at bank and in hand
CREDITORS: amountsfalling due
within one year
14
FUNDS
Unrestricted funds:
Designated funds
15
General funds
15|£
12,388
94,539
42,463
149,390
(8,553)|2022
£
3,887,518
1,332,358
5,219,876
140,837
5,360,713
3,887,517
1,473,196
5,360,713|£
12,388
13,785
83,774
109,947
(11,617)|2021
£
3,925,787
1,513,020| |---|---|---|---|---| |||||5,438,807| |||||98,330| |||||5,537,137| |||||3,946,341
1,590,796| |||||5,537,137| The financial statements have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies and the Financial Reporting Standard 102. The financial statements were approved, and authorised for issue, by the Board of Trustees on ___27 September 2023 and signed on their behalf by:- Jonathan Leiserach 28 THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) ## CASH FLOW STATEMENT ## For the year ended 31 December 2022 |Cash flowsfrom operating activities
(Deficit) for the financial year
Adjustments for:
Losses/(gains) on investments
Depreciation
Decrease in stocks
Decrease/(increase) in debtors
Decrease/(increase) in receivables
Increase/(decrease) in creditors
Investment income
Cash flowsfrom investing activities
Purchase of investments
Fixed assets acquired
Return on investment
Proceeds from sale of investments
Net (decrease) in cash and cash equivalents
Cash and cash equivalents at 1 January
Componentsof cash and cash equivalents
Cash at bank and in hand
Cash held with investment managers
ANALYSIS OF CHANGES IN NET DEBT
Cash and cash equivalents at 1 January 2022
Cashflows during the year
Cash and cash equivalents at 31 December 2022
Cash and cash equivalentsat 31 December|2022
£
(176,424)
145,800
47,343
-
(80,754)
-
(3,064)
(25,343)
(92,442)
-
(9,074)
25,343
34,863
51,132
(41,310)
83,774
42,463
26,637
15,826
42,463
Cash
£
83,774
(41,311)
42,463|2021
£
(18,345)
(96,032)
44,975
(2,188)
17,353
856,240
2,942
(11,110)| |---|---|---| |||793,835
(1,454,258)
(5,031)
11,110
527,866| |||(920,313)| |||(126,478)
210,252| |||83,774
£| |||77,436
6,338| |||83,774| |||Cash
equivalents
£
180,815
(103,379)| |||77,436| 29 THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022 ## 1. ACCOUNTING POLICIES ## Basis ofpreparation of financial statements The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets, and in accordance with applicable United Kingdom accounting standards and the requirements of the Statement of Recommended Practice 'Accounting and Reporting by Charities' (SORP 2019), preparing these accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) and the Charities Act 2011. The presentational currency of the financial statements is Pound Sterling (£). The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. ## Company status The Study Society is a company limited by guarantee. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. ## Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objects of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. ## Incoming resources All incoming resources are included in the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Donated services are included in income at a valuation which is an estimate where such a cost is quantifiable and measurable. Income tax recoverable in relation to investment income or Gift Aid donations is recognised at the time the relevant income is receivable. ## Resources Expended All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Support costs, which cannot be directly attributed to particular activities, have been apportioned proportionately to the direct staff costs allocated to the activities. Governance costs include the costs of servicing Trustees' meetings, audit and strategic planning. 30 THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022 ## Tangible fixed assets anddepreciation All assets costing more than £500 are capitalised. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: |Furniture and equipment|4 years| |---|---| |Land is not depreciated while building are depreciated on component basis as below:|| |Fabric of building|100 years| |Kitchen|50 years| |Bath/toilets|25 years| |Electric and heating|25 years| ## Stocks Stock is valued at the lower of cost and net realisable value. 2. DONATIONS AND LEGACIES |2.
DONATIONS ANDLEGACIES||||| |---|---|---|---|---| |Donations
Legacies
Subscriptions
3.
DONATIONS FROM TSSNP
Other net current assets|Unrestricted
Funds
2022
£
19,858
2,000
32,714
54,572
£
Unrestricted
Funds
2022
£
13,812
13,812
£|Designated
Funds
2022
£
-
-
-
Nil
£
Designated
Funds
2022
£
-
Nil
£|Total
Funds
2022
£
19,858
2,000
32,714
54,572
£
Total
Funds
2022
£
13,812
13,812
£|Total
Funds
2021
£
61,187
4,288
24,327| |||||89,802
£| |||||Total
Funds
2021
£
-| |||||Nil
£| The Society for the Study of Normal Psychology transferred funds in 2015 as part of the transfer of operations from the Friendly Society to the registered charity. Further transfers were made in 2016 and in 2019. Total amount due from TSSNP as at 31 December 2022 is £17,000 as showin in notes 13 & 18. 31 THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) ## NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022 4. INCOME FROM CHARITABLE ACTIVITIES |4.
INCOME FROM CHARITABLE ACTIVITIES||||| |---|---|---|---|---| |Classes and activities
Room hire
Publications
5.
INVESTMENT INCOME
Dividends and interest
6.
ANALYSIS OF EXPENDITURE
Staff costs
£
Cost of charitable activities:
Classes and activities
112,110
Room hire to other
charities
10,510
Publications
3,503
Total charitable
expenditure
126,123
Investment management
costs
14,014
140,137
£
COMPARATIVE ANALYSIS OF EXPENDITURE
Staffcosts
£
Cost ofcharitable activities:
Classes and activities
118,282
Room hire to other
charities
11,089
Publications
3,696
Totalcharitable
expenditure
133,067
Investment management
costs
14,785
147,852
£|Unrestricted
Funds
2022
£
23,648
177,697
7,737
209,082
£
Unrestricted
Funds
2022
£
25,343
25,343
£
Other direct
costs
£
24,816
-
3,000
27,816
-
27,816
£
Other direct
costs
£
13,316
-
1,871
15,187
3,207
18,394
£
32|Designated
Funds
2022
£
-
-
-
Nil
£
Designated
Funds
2022
£
-
Nil
£
Support costs
£
29,006
125,082
536
154,624
10,856
165,480
£
Supportcosts
£
30,348
124,272
575
155,195
10,956
166,151
£|Total
Funds
2022
£
23,648
177,697
7,737
209,082
£
Total
Funds
2022
£
25,343
25,343
£
Total 2022
£
165,932
135,592
7,039
308,563
24,870
333,433
£|Total
Funds
2021
£
7,250
97,917
11,941| |||||117,108
£| |||||Total
Funds
2021
£
11,110| |||||11,110
£| |||||Total 2021
£
161,946
135,361
6,142| |||||303,449
28,948| |||||332,397
£| |||||Total 2021
£
161,946
135,361
6,142| |||||303,449
28,948| |||||332,397
£| |||||| THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022 ## 6. ANALYSIS OF EXPENDITURE (continued) ||Resources expended include:||||| |---|---|---|---|---|---| ||||2022||2021| ||Auditors remuneration (including VAT)||||| ||Audit fee||5,064||4,714| ||Other services||1,250||1,250| ||Depreciation||47,343||44,975| ||Details of staff costs are given in Note 8.||||| ||Details of Support costs are given in Note 7.||||| |7.|SUPPORT COSTS||||| ||||Total||Total| ||||2022||2021| ||||£||£| ||IT costs||7,110||9,045| ||Governance costs||7,164||6,972| ||Office overheads||31,814||34,470| ||Building depreciation||47,343||44,975| ||Building costs - major repairs||60,874||33,316| ||Building overheads - others||11,178||37,371| |||£|165,483
|£|166,149| |8.|STAFF NUMBERS AND COSTS||||| ||||2022||2021| ||||£||£| ||Wages and salaries||123,543||131,478| ||Social security costs||12,947||12,546| ||Pension||3,647||3,828| ||Other staff costs||-||-| |||£|140,137
|£|147,852| ||Other staff costs in the year include redundancy payments of £Nil (2021:£1,893)|to a staff member.|||| ||The average weekly number of employees (head count) during the period was:||Number||Number| ||Room hire to other charities||1||1| ||Support costs||3||3| ||||4||4| ||No employee received remuneration of more than £60,000.||||| 33 THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022 9. TRUSTEES REMUNERATION AND BENEFITS The Trustees are responsible for planning, directing and controlling the activities of the charity. During the year, no members of the Board of Trustees received any remuneration (2021 - £NIL) in their capacity as Trustees. No members of the Board of Trustees received reimbursement of expenses for travel and meeting costs (2021 - £Nil). ## 10. TANGIBLE FIXED ASSETS |Costs
At 31 December 2021
Additions during the year
As at 31 December 2022
Depreciation
At 31 December 2021
Charge for the year
As at 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021|Land and
buildings
£
4,213,200
-
4,213,200
294,924
42,132
337,056
3,876,144
£
3,918,276
£|Furniture and
equipment
£
15,676
9,074
24,750
8,165
5,211
13,376
11,374
£
7,511
£|Total
£
4,228,876
9,074| |---|---|---|---| ||||4,237,950| ||||303,089
47,343| ||||350,432| ||||3,887,518
£| ||||3,925,787
£| 34 THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) ## NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022 ## 11. FIXED ASSETS INVESTMENTS |11. FIXED ASSETS INVESTMENTS||| |---|---|---| |Analysed as follows:
Quoted investments held
Market value of quoted investments
At 1 January 2022
Additions
Disposals proceeds
Gains / (losses) on investments
At 31 December 2022
Quoted investmentscomprise
UK Equity
Diversified investment funds
12. Stock
Publications
13. DEBTORS
Due within one year
Trade debtors
Prepayments and accrued income
Other debtors|2022
£
1,332,358
1,332,358
£
1,513,020
-
(34,863)
(145,800)
1,332,358
£
302,680
1,029,678
1,332,358
£
2022
£
12,388
12,388
£
2022
£
27,963
49,576
17,000
94,539
£|2021
£
1,513,020| |||1,513,020
£| |||490,596
1,454,258
(527,866)
96,032| |||1,513,020
£| |||330,175
1,182,845| |||1,513,020
£| |||2021
£
12,388| |||12,388
£| |||2021
£
7,265
3,332
3,188| |||13,785
£| 35 THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) For the year ended 31 December 2022 ## NOTES TO THE FINANCIAL STATEMENTS ## 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |Social security and other taxes
Pension
Accruals
STATEMENT OF FUNDS
Incoming
Brought
Resources
Forward
and Gains
£
£
DESIGNATED FUNDS
Colet House Property Fund
3,918,276
-
Furniture and Equipment
Fund
7,510
-
Chairman's Fund
20,555
-
3,946,341
£
Nil
£
SUMMARY OF FUNDS
Designated Funds
3,946,341
-
General Funds
1,590,796
157,009
5,537,137
£
157,009
£
Comparativestatement of funds
Incoming
Brought
Resources
Forward
and Gains
£
£
DESIGNATED FUNDS
Colet House Property Fund
3,960,408
-
Furniture and Equipment
Fund
5,322
-
Chairman's Fund
20,555
-
3,986,285
£
Nil
£
The designated fund represents funds for Colet House Building
activities.|2022
2021
£
£
2,196
4,677
276
859
6,081
6,081
8,553
£
11,617
£
Resources
Carried
Expended
Transfers
Forward
£
£
£
(42,132)
-
3,876,144
(5,211)
9,074
11,373
-
(20,555)
-
(47,343)
£
(11,481)
£
3,887,517
£
(47,343)
(11,481)
3,887,517
(286,090)
11,481
1,473,196
(333,433)
£
-
5,360,713
£
Resources
Carried
Expended
Transfers
Forward
£
£
£
(42,132)
-
3,918,276
(2,843)
5,031
7,510
-
-
20,555
(44,975)
£
5,031
£
3,946,341
£
is maintained to keep the focus on the regular|2021
£
4,677
859
6,081| |---|---|---| |||11,617
£| |||Carried
Forward
£
3,876,144
11,373
-| |||3,887,517
£| |||3,887,517
1,473,196| |||5,360,713
£| |||3,946,341
£| ## 15. STATEMENT OF FUNDS 36 THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) For the year ended 31 December 2022 ## NOTES TO THE FINANCIAL STATEMENTS ## 15. STATEMENT OF FUNDS (continued) |SUMMARY OF FUNDS
Designated Funds
General Funds|3,986,285
1,569,197
5,555,482
£|-
314,052
314,052
£|(44,975)
(287,422)
(332,397)
£|5,031
(5,031)
-|3,946,341
1,590,796| |---|---|---|---|---|---| ||||||5,537,137
£| ## 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS |ANALYSIS OF NET ASSETS BETWEEN FUNDS|| |---|---| |Unrestricted Funds
Designated
General
Funds
Funds
£
£
Fixed assets
3,876,144
1,343,732
Net current assets
11,373
129,464
3,887,517
£
1,473,196
£
Comparative analysisof net assetsbetween funds
Unrestricted Funds
Designated
General
Funds
Funds
£
£
Fixed assets
3,918,276
1,520,531
Netcurrent assets
28,065
70,265
3,946,341
£
1,590,796
£
OTHER FINANCIALCOMMITMENTS
2022
£
Operating leases which expire:
within one year
1,872
At 31 December 2022 the Company had total commitments under non-|Total
Funds
£
5,219,876
140,837| ||5,360,713
£| ||Total
Funds
£
5,438,807
98,330| ||5,537,137
£| ||2021
£
1,872| ## 17. OTHER FINANCIAL COMMITMENTS 18. RELATED PARTY TRANSACTIONS The Society for the Study of Normal Psychology, TSSNP, is a related party that owed £17,000 (2020: £3,188) to the Study Society. During the year TSSNP donated net current assets of £13,812 (2021: £nil) to the Study Society (see note 5). Henery Phillips, an employee, is a brother of the Managing Director, Thomas Phillips. 37