OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← The Study Society

2024-12-31-accounts

THE STUDY SOCIETY

(Company limited by guarantee no. 07034627 registered charity no. 1155498)

REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2024

CONTENTS

Page
1. Legal and administrative information 2
2. Board of Trustees’ report 3
3. Co-chair overview 4
4. Objectives 6
5. Achievements 7
6. Activities, events & publications 9
7. Financial report 16
8. Statement of Trustees’ responsibilities 18
9. Independent Auditor’s Report 20
10. Statement of Financial Activity 24
11. Balance Sheet 25
12. Cash Flows Statement 26
13. Notes to the Accounts 27

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 2024

Board of Trustees
Company reg. no.
Charity reg. no.
Registered office
Contact details
Auditor
Banker
Investment
Manager		 Angela Hope-Murray
Philip Beckwith
Andrea Defries
Chika Robertson
John Kent
Jyoti Sweetman
Caroline O’Neill
Taner Dedazade (resigned 24/11/2024)
07034627
1155498
Colet House
151 Talgarth Road
LONDON
W14 9DA
www.studysociety.org
Knox Cropper LLP
65 Leadenhall Street
LONDON
EC3A 2AD
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill, West Malling
KENT
MM19 4JQ
Waverton Investment Management Ltd
16 Babmaes Street, London, SW1Y 6AH

2

2. BOARD OF TRUSTEES’ REPORT For the year ended 31 December 2024

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 2024. 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.

Organisational Structure

The Board of Trustees (who are also Directors) meet at least 5 times a year, with additional project team meetings to discuss specific ideas, challenges and issues. Trustees also have meetings with staff to discuss the development and implementation of the strategy, and the Co-Chairs have regular reviews with the Managing Director. The Co-Chairs also provide team coaching and strategic planning workshops.

Trustee Induction and Training

New Trustees are inducted to fully understand the work of the charity. This includes reading a range of key documents and having individual meetings with the Managing Director, members of staff and other Trustees. They are also provided with information on the roles and responsibilities of Trustees i.e. the Charity Commission guidance on ‘How to be a good

3

Trustee’ and are given access to NCVO (National Council for Voluntary Organisations) training courses.

Our Volunteers

Volunteers are a key part of our charity and among the services they provide is:

3. CO-CHAIR OVERVIEW

As we reflect on 2024, it has been a year of transformation, renewal, and deepening roots for The Study Society. With a bold new identity and renewed energy, the charity has continued to evolve in ways that honour its heritage while embracing the future.

Foremost among this year’s developments has been our rebrand. After months of careful planning and consultation, The Study Society emerged with a fresh new identity: Colet House. The rebrand clarifies our identity, aligning our public face with the enduring strength of our values and vision. Alongside this, we placed renewed emphasis on social media to expand our promotional reach and engage a wider, more diverse audience.

Colet House New Logo 2024

The building itself has seen major investment and thoughtful care. Work began on two capital projects: the installation of solar panels and the transformation of the refectory into a working in-house café—both due for completion in 2025. Meanwhile, essential maintenance included repairs and redecoration of the communal hallways and WCs, repainting of the Blue Room anteroom, and a new intruder alarm system. The gardens were cleared and replanted, restoring their role as a retreat for visitors and residents alike.

4

We were especially heartened to see the return of Dervish Training for the first time since 2019. The programme culminated in a powerful graduation Mukabele, with over 40 Dervishes turning together at Colet House—something not seen since 2020. Another training is already planned for 2025.

The strength of our community lies in our people. We welcomed Eisha Luesing and Celine Coyne to our front of house team, joining Emma Garofalo and Emma Brown. We also thank Dora and Gaia, who showed exceptional dedication during a challenging year for our Managing Director, Thomas Phillips.

We are also grateful for the expert guidance of Alisa Cheshire, who supported the café and website projects as part of our wider strategic development. Our events programme expanded, with Good Company at its core. New offerings included all-night gong baths, Holistic Social Club gatherings, Kirtans, and Butoh workshops—each strengthening our role as a sanctuary for embodied, spiritual, and creative practice.

Room hire remained strong, with high-profile guests such as Radhika Das, Rupert Spira, and Swami Atmananda bringing new audiences and visibility to Colet House. At board level, we bid farewell to Taner Dedezade, whose contributions have been deeply valued.

Behind the scenes, important work began to digitise the archive of papers, photographs, and audio recordings held at Colet House—a vital step in preserving the extraordinary history and teachings of this organisation.

We also represented Colet House at the Mind Body Spirit Festival in May and the Om Yoga Show in October, connecting with hundreds of people curious about our work.

Colet House at Mind Body Spirit, Kensington Olympia 2024

5

Financially, the charity remained in a strong position. We withdrew £125,000 from our investment portfolio during the year and—thanks to skilful management by Waverton—had more than recouped that amount by year’s end. This prudent management enables us to plan ambitiously and responsibly.

As we close 2024, we do so with gratitude and confidence. Colet House is finding its voice, our community is growing, our spaces are being renewed, and our purpose—anchored in stillness, service, and connection—continues to guide us forward.

With gratitude, Andrea Defries & John Kent Co-Chairs, Board of Trustees

4. OBJECTIVES

Statement of Purpose & Objectives

Vision

To be 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:

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.

6

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 trustees consider an appropriate level of reserves to be equivalent to 18 months of average annual expenditure. This provides a safeguard against sudden income loss and allows time to secure a new home for activities if required.

5. ACHIEVEMENTS

5.1. Colet House - maintenance, repairs & renewals

Alongside routine servicing and upkeep, we undertook improvements to enhance Colet House. Hallways were redecorated, WCs repaired, and the Blue Room anteroom repainted. Two major infrastructure projects began: the installation of solar panels and conversion of the refectory into a café—both scheduled for completion in 2025. The gardens were restored for community use, and a new intruder alarm installed.

Colet House 2024

5.2 Room Hire

One of the principal ways in which the charity furthers its charitable objectives is by hiring out space at Colet House that is surplus to the charity’s own requirements, prioritising educational charities and organisations with aligned values and outlooks.

In 2023, LAMDA renewed their room hire contract with us for a further two years, continuing a long-standing and fruitful partnership. Throughout 2024, many other organisations also

7

made use of our spaces, with several new clients joining our growing community of hirers. These include:

This list offers a glimpse of the range and diversity of organisations that have benefitted from using Colet House. In addition to these larger groups, many smaller organisations and independent practitioners used the space for workshops, rehearsals, performances, and gatherings focused on yoga, meditation, kirtan, drumming, and holistic therapies. This vibrant and varied room hire activity remains a key way in which we serve and connect with the wider community, while generating essential income to support our charitable work.

East Studio, Colet House 2024

8

6. ACTIVITIES, EVENTS, & PUBLICATIONS

This year Colet House hosted a varied programme of music, movement, meditation, and dialogue. These offerings offered opportunities for learning, creativity, and connection, supporting the charity’s mission to advance understanding of consciousness and well-being.

6.1 Music

Music has remained at the heart of our community life. From devotional singing to improvised sound journeys, our musical gatherings offered participants the chance to connect more deeply with themselves and each other through rhythm, voice, and vibration.

Music Description
Music As Medicine (Sivani
Mata)		 A gathering of Kirtan, poetry, and communal singing, fostering
connection and inner transformation. Through Sanskrit mantra
and shared music-making, participants explored sound as a form
of healing and self-expression in a supportive community space.
(Bi-monthly)
Drum Circle (Kay Smith &
Ailon Freedman)		 An African drumming workshop fostering creativity, stress relief,
and community connection through the rhythms of the djembe.
Participants of all levels engaged in collective music-making,
movement, and cultural exploration, reinforcing the power of
rhythm in shared experience. (Bi-weekly)
Soul Song(Mystic Roots) A communal exploration of music and song, blending devotional
Bhakti bhajans, earth songs, and sacred melodies from diverse
traditions. Sessions begin in silence, inviting authentic
expression, and conclude with deep relaxation through sound
bathing. (Bi-monthly)
Sound Sanctuary(Alex
Forster)		 An improvised sonic journey blending looping guitar, ethereal
vocals, and percussion to create a meditative soundscape. These
sessions provided a space for movement, stillness, and deep
relaxation, offering a refuge from the city’s noise. (Five sessions
in 2024)
Kirtan with Sarka(Sarka
Elias)		 A devotional gathering of mantra, sacred songs, and meditation,
fostering joy and connection through collective singing.
Accompanied by guitar and harmonium, these sessions offered a
space for soulful expression and community. (Five sessions in
2024)

9

Kundalini Yoga & Gong
Bath(Wiola Diamondheart)		 A practice combining dynamic Kundalini Yoga postures,
breathing techniques, and guided meditation to cultivate
strength, clarity, and focus. The sessions were complemented by
gong baths, using sound to promote deep relaxation and inner
balance. (Two courses in 2024)
Wider Horizons(Ben Gross) A celebration of connection and healing through music,
movement, and meditation. Participants engaged in a singing
circle, somatic movement, and a cacao ceremony, fostering
heart-centered connection and mindfulness. (Three events in
2024)

6.2 Meetings

Our programme of meetings created spaces for dialogue, learning, and reflection. These gatherings brought people together to explore non-dual philosophy, poetry, and spiritual traditions in ways that encourage openness and shared inquiry.

Meeting Description
Good Company(Jonathan
Leiserach)		 These sessions invite participants to explore non-dual teachings
through a kirtan, chair yoga or breathwork, followed by silent
meditation and a guest speaker’s presentation. These evenings
foster connection and open-minded discussions on a variety of
topics from philosophers, scientists, artists, and spiritual
teachers. (Weekly)
Advaita Sunday(Philip
Marvin)		 A gathering exploring non-dual teachings through open
discussion. Sessions may introduce a theme or begin with a
question, sparking spontaneous conversation. Newcomers and
long-term participants alike are welcome. (Monthly)
Advaita Sunday(Norman
Alderton)		 A meeting focused on personal insights into non-dual
philosophy. Attendees are encouraged to share their
experiences, with discussions unfolding naturally rather than
through structured theory. (Monthly)
Rumi & Friends Poetry
Gathering(Kim Bernithan &
Christopher Head)		 Participants share poetry from Rumi and other mystics, listening
deeply with the heart. The session begins and ends with silent
contemplation. Kim leads the in-person group, and Christopher
facilitates the online sessions. Participants are encouraged to
bring a poem to share. (Monthly)

10

Masnavi Group(Yaver
Abidi)		 The group reads and discusses Mawlana Jalaluddin Rumi’s
Masnavi and selections from the Divan-e Shams-e Tabriz.
Participants, from diverse backgrounds, share personal insights,
using Rumi’s teachings to deepen their own spiritual journeys.
(Weekly)
Reading the Record(Jyoti
Sweetman)		 Each week, the group meets on Zoom to read and silently
meditate on the Record of Shantanand Saraswati. This archive,
documenting conversations between Dr. Francis Roles and His
Holiness over 18 years, offers insights into the non-dual Advaita
Tradition and its universal spiritual teachings. (Weekly)

6.3 Meditation

Meditation continues to be a cornerstone of The Study Society’s work. Both online and in person, our meditation offerings provided spaces of stillness, guidance, and shared silence, supporting newcomers and long-standing practitioners alike.

Meditation Description
Silent Meditation(Sue
Cassini Nisbet)		 These 30-minute Zoom sessions offer a peaceful space for shared
silent meditation, beginning with a brief reading or music and
often ending with music. Facilitated by long-term meditators, the
sessions provide a supportive and nurturing environment for all,
regardless of tradition. (Bi-weekly)
Meditation Initiations(Sue
Cassini Nisbet & Sylvia
Leiserach)		 The Study Society offers a transcendental meditation practice,
using a sacred mantra to guide the mind into stillness and deep
silence. Initiations take place in a simple ceremony where
participants receive their mantra, symbolized by gifts of flowers
and fruit. Support is provided through mentoring and follow-up
checks to ensure a smooth practice. For new meditators,
Meditation Meet-Ups offer a space for sharing experiences and
guidance.

6.4 Movement

Our movement-based practices offered opportunities for embodiment, creativity, and contemplative exploration. From Tai Chi to sacred dance, these sessions helped participants cultivate balance, presence, and deeper awareness through the body.

11

Movement Description
Tai Chi(Hanna Luna) These sessions focus on the health, vitality, and meditation
aspects of Tai Chi. Participants learn the Cheng Man Ching’s 37
Posture Short Form, incorporating relaxation, breathing
techniques, and body-mind alignment. The classes also include
Qigong exercises to support physical and mental well-being.
(Weekly)
5Rhythms(Ajay Rajani) A dynamic movement practice that uses dance to explore the
connection between body, mind, and spirit. Participants move
through five distinct rhythms—Flowing, Staccato, Chaos, Lyrical,
and Stillness—that encourage self-expression, emotional release,
and mindfulness. This practice invites individuals to embrace
their body’s natural wisdom, letting it reveal its unique
expression in the present moment. (Weekly)
Playfulness(Ailon
Freedman)		 A lighthearted and creative exploration of spontaneity,
movement, and connection. Drawing on elements of clowning,
improv, mime, and dance, this series offers a space for adults to
rediscover joy and curiosity in a supportive and pressure-free
environment. Through shared experiences, participants cultivate
openness, friendship, and a renewed sense of play. (Bi-weekly)
The Movements(Richard
Larcombe & Rachel
Larcombe)		 A unique practice of sacred dances, exercises, and prayers
collected by G.I. Gurdjieff from various spiritual traditions.
Taught at The Study Society since the 1930s, these movements
offer a non-verbal exploration of the Fourth Way teaching,
helping participants cultivate attention, inner harmony, and an
embodied understanding of universal principles. (Weekly)
Whirling Dervish
Community & Mukabele
Ceremonies		 A dedicated group preserving the tradition of Mevlevi Whirling
Dervishes at Colet House since 1963. With weekly practice
sessions and monthly Mukabele ceremonies that are open to the
public, they continue to train new dervishes in this profound
spiritual practice. Rooted in the teachings of Jalalu’ddin Rumi,
the Turning is both a meditative movement and a symbolic
journey towards unity and inner stillness. (Weekly, with monthly
public ceremonies and yearly training)
Butoh Mutations
(Dominique Savitri Bonarjee)		 This series of workshops and courses invites participants to
explore presence, transformation and embodied awareness
through the experimental movement language of Butoh. Rooted
in the legacy of postwar Japanese dance, the sessions weave in
elements from spiritual and somatic traditions, offering a
contemplative and creatively expressive physical practice. (6

12

sessions in 2024)
Chi Kung(Daniel Brierley) In these guided online sessions, participants practise slow,
flowing movements and breathwork drawn from the five
elements of Classical Chinese medicine. Each class offers an
accessible way to build strength, improve circulation, and
support emotional balance, helping people of all ages and
abilities cultivate greater wellbeing from home. (Thrice weekly)

Top Studio, Colet House 2024

6.5 Other & special events

In addition to our regular programme, Colet House welcomed special guest teachers and hosted unique events. These occasions enriched our community life, drawing large and diverse audiences while reaffirming our role as a centre for dialogue, contemplation, and spiritual practice.

Event Description
Swami Atmananda
Satsangs(25th -27th April
2024)		 In 2024, we hosted two evening satsangs and a full-day intensive
with Swami Atmananda Udasin, the Spiritual Head of Ajatananda
Ashram, an interreligious ashram in Rishikesh, India. Originally
from Belgium, Swami Atmananda has lived in India since 1997

13

and teaches the Direct Path of Non-Duality in the Advaita
Vedanta tradition. His visit offered participants a chance to
engage in contemplative dialogue and deepen their
understanding of non-dual teachings in a rare in-person setting.
Rupert Spira Satsang(7th
December 2024)		 In 2024, we welcomed Rupert Spira back to Colet House for a
full-day retreat. Rupert, a renowned teacher of non-duality, first
encountered the Advaita tradition at Colet House in his youth
and has since become one of its clearest and most respected
contemporary voices. His return marked a deeply meaningful
moment for many attendees, offering a day of guided
meditations, teachings, and inquiry into the nature of awareness.
The event drew a large and engaged audience, reflecting the
growing interest in direct path teachings and Rupert’s unique
ability to communicate profound insights with clarity and
warmth.

6.6 Publications

Through Colet House Publications, the charity continues to make key texts accessible to a wider audience, supporting the study of Advaita, philosophy, and spiritual practice.

14

Colet House, 2024 15

7. FINANCIAL REPORT

For the year ended 31 December 2024

Overview

Overall, the charity made a surplus of £49k this year, largely due to a gain on investments of £143k . Income increased by £34k compared to 2023, primarily due to strong growth in charitable activities income (classes and room hire).

Expenditure for 2024 was broadly consistent with the previous year, increasing slightly to £422k (2023: £420k). Staff costs were stable, while support costs decreased marginally.

The charity’s reserves policy stipulates that reserves should be held at an amount equivalent to 1½ years’ annual expenditure. Based on 2024 annual expenditure, the charity’s reserves should be approximately £633k . The charity currently holds general reserves of £1,643k , ensuring the continuity of operations.

The trustees continue to see the main financial tasks of the charity as diversifying and increasing revenue from each source, investing in its staff and resources needed for the Study Society to grow and prosper, and exercising financial control on expenditure.

In 2025 the charity plans to continue investing in activities at Colet House and expanding its programme of events and classes.

Income from Donations and Subscriptions

Income from Charitable Activities

Investment Income

Expenditure for 2024

Most of the charity’s expenditure continues to be on staff costs and the running costs of Colet House, including upkeep and depreciation.

16

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 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

17

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:

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.

In so far as the Trustees are aware

18

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 on 5th September 2025 and authorised for issue by the Board of Trustees and signed on its behalf by:

A Defries

Andrea Defries (Trustee) …………………….…..

Andrea Defries (Sep 26, 2025, 10:53am)

John Kent (Trustee) …………………….…..

John Kent (Sep 25, 2025, 5:21pm)

19

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 2024

Opinion

We have audited the financial statements of The Study Society for the year ended 31 December 2024 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:

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 …

20

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 2024

(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:

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:

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 …

21

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 2024

(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:

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 …

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 2024

(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 (Sep 26, 2025, 11:16am)

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 2025

Knox Cropper Charterted Accountants is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

23

THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498)

STATEMENT OF FINANCIAL ACTIVITY

As at December 2024

(incorporating the Income and Expenditure account)

Unrestricted
Funds
Note
2024
£
INCOME FROM:
Donations and legacies
2
24,569
Donations from TSSNP
3
-
Charitable activities
4
268,848
Investments
5
34,014
TOTAL INCOME
327,431
EXPENDITURE ON:
Raising funds
Investment management costs
31,607
Charitable activities
339,134
TOTAL EXEPENDITURE
6
370,741
Net income / (expenditure)
before gains and losses on
investments
(43,310)
Net (losses)/gains on investment 11
142,909
Net income / (expenditure)
99,599
Transfer between funds
17
(4,518)
Net incoming / (outgoing)
resources before other
recognised gains and losses
95,081
RECONCILIATION OF FUNDS:
Total funds at 1 January 2023
1,548,161
TOTAL FUNDS AT 31 December 2023
1,643,242		 Unrestricted
Funds
Note
2024
£
INCOME FROM:
Donations and legacies
2
24,569
Donations from TSSNP
3
-
Charitable activities
4
268,848
Investments
5
34,014
TOTAL INCOME
327,431
EXPENDITURE ON:
Raising funds
Investment management costs
31,607
Charitable activities
339,134
TOTAL EXEPENDITURE
6
370,741
Net income / (expenditure)
before gains and losses on
investments
(43,310)
Net (losses)/gains on investment 11
142,909
Net income / (expenditure)
99,599
Transfer between funds
17
(4,518)
Net incoming / (outgoing)
resources before other
recognised gains and losses
95,081
RECONCILIATION OF FUNDS:
Total funds at 1 January 2023
1,548,161
TOTAL FUNDS AT 31 December 2023
1,643,242		 2024
Designated
Funds
2024
£
-
-
-
-		 2023
TotalUnrestricted
Funds
Funds
2024
2023
£
£
24,569
37,110
-
5,000
268,848
220,729
34,014
30,490		 Designated
Total
Funds
Funds
2023
2023
£
£
-
37,110
-
5,000
-
220,729
-
30,490
327,431 - 327,431
293,329		 -
293,329
31,607
339,134		 -
50,861		 31,607
30,602
389,995
339,431		 -
30,602
49,514
388,945
370,741 50,861 421,602
370,033		 49,514
419,547
(43,310)
142,909		 (50,861)
-		 (94,171)
(76,704)
142,909
158,822		 (49,514)
(126,218)
-
158,822
99,599
(4,518)		 (50,861)
4,518		 48,738
82,118
-
(7,153)		 (49,514)
32,604
7,153
-
95,081
1,548,161		 (46,343)
3,845,156		 48,738
74,965
5,393,317
1,473,196		 (42,361)
32,604
3,887,517
5,360,713
1,643,242 3,798,813 5,442,055
1,548,161		 3,845,156
5,393,317

24

THE STUDY SOCIETY (company by guarantee) (regsitered company no. 07034627)

BALANCE SHEET As at December 2024

Notes 2024 2023
£ £ £ £
FIXED ASSETS
Tangible assets 10 3,798,814 3,845,157
Investments 11 1,491,739 1,466,906
5,290,553 5,312,063
CURRENT ASSETS
Stock 12 12,388 12,388
Debtors 13 54,959 9,148
Cash at bank and in hand 92,603 68,878
159,950 90,414
CREDITORS: amounts falling
due within one year 14 (8,448) (9,160)
151,502 81,254
5,442,055 5,393,317
FUNDS
Unrestricted funds:
Designated funds 15 3,798,813 3,845,156
General funds 15 1,643,242 1,548,161
5,442,055 5,393,317

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 ___ September 2024 and signed on their behalf by:26

Jyoti Sweetman (Sep 26, 2025, 10:02am)

Jyoti Kirpalani ~~Jyot~~ i Sweetman

25

THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498)

CASH FLOWS STATEMENT

As at December 2024 For the year ended 31 December 2024

Cash flows from operating activities
(Deficit) for the financial year
2024
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 flows from 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
Components of 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 2024
Cashflows during the year
Cash and cash equivalents at 31 December 2024
Cash and cash equivalents at 31 December		 2024 #
£
48,738
#
(142,909)
50,861
-
(45,811)
-
(711)
(34,014)
(123,846)
-
(4,518)
34,014
118,076
147,572
23,726
68,878
92,603
76,777
15,826
92,603
Cash
£
68,878
23,725
92,603		 2023
£
32,604
(158,822)
49,514
-
85,391
-
607
(30,490)
(21,196)
-
(7,153)
30,490
24,274
47,611
26,415
42,463
68,878
_£ _
53,052
15,826
68,878
Cash
equivalents
£
42,463
26,415
68,878

26

THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) As at December 2024 For the year ended 31 December 2024

1. ACCOUNTING POLICIES

Basis of preparation of financial statem

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.

27

THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) As at December 2024 For the year ended 31 December 2024

Tangible fixed assets and depreciation

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

Donations
Legacies
Subscriptions
3.
DONATIONS FROM TSSNP		 Unrestricted
Funds
2024
£
1,275
5,000
18,294
24,569
**£ **		 Designated
Funds
2024
£
-
-
-
Nil
£		 Total
Funds
2024
£
1,275
5,000
18,294
24,569
**£ **		 Total
Funds
2023
£
2,279
2,000
32,831
37,110
_£ _
DONATIONS FROM TSSNP
Other net current assets Unrestricted
Funds
2024
£
-
Nil
£		 Designated
Funds
2024
£
-
Nil
£		 Total
Funds
2024
£
-
Nil
£		 Total
Funds
2023
£
5,000
5,000
_£ _

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 2023 is £17,000 as showin in notes 13 & 18.

28

THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) As at December 2024 For the year ended 31 December 2024

4. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
Funds
2024
£
Classes and activities
54,302
Room hire
207,181
Publications
7,365
268,848
£
5.
INVESTMENT INCOME
Unrestricted
Funds
2024
£
Dividends and interest
34,014
34,014
£
6.
ANALYSIS OF EXPENDITURE
Staff costs
Other direct
costs
£
£
Cost of charitable activities:
Classes and activities
134,294
43,738
Room hire to other
charities
12,590
-
Publications
4,197
3,643
Total charitable
expenditure
151,081
47,381
Investment
management costs
16,787
-
167,868
£
47,381
£
COMPARATIVE ANALYSIS OF EXPENDITURE
Staff costs
Other direct
costs
£
£
Cost of charitable activities:
Classes and activities
128,791
49,111
Room hire to other
charities
12,074
-
Publications
4,025
1,088
Total charitable
expenditure
144,890
50,199
Investment
management costs
16,099
-
160,989
£
50,199
_£ _		 Designated
Funds
2024
£
-
-
-
Nil
£
Designated
Funds
2024
£
-
Nil
£
Support costs
£
42,683
147,450
1,400
191,533
14,820
206,353
£
Support costs
£
38,856
153,858
1,142
193,856
14,503
208,359
_£ _		 Total
Funds
2024
£
54,302
207,181
7,365
268,848
£
Total
Funds
2024
£
34,014
34,014
£
Total 2024
£
220,715
160,040
9,240
389,995
31,607
421,602
**£ **		 Total
Funds
2023
£
40,166
173,646
6,917
220,729
_£ _
Total
Funds
2023
£
30,490
30,490
_£ _
Total 2023
£
216,758
165,932
6,255
388,945
30,602
419,547
_£ _
Total 2023
£
216,758
165,932
6,255
388,945
30,602
419,547
_£ _

29

THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) As at December 2024 For the year ended 31 December 2024

6. ANALYSIS OF EXPENDITURE (continued)

Resources expended include:
2024 2023
Auditors remuneration (including VAT)
Audit fee 7,618 4,870
Other services 1,250 1,250
Depreciation 50,861 49,514
Details of staff costs are given in Note 8.
Details of Support costs are given in Note 7.

7. SUPPORT COSTS

IT costs
Professional and audit fees
Office overheads
Building depreciation
Building costs - major repairs
Building overheads - others		 Total
2024
£
16,056
19,977
42,946
50,861
-
76,514
206,354
**£ **		 Total
2023
£
10,398
17,643
43,728
49,514
-
87,079
208,362
_£ _

8. STAFF NUMBERS AND COSTS

Wages and salaries
Social security costs
Pension
Other staff costs		 2024
£
122,879
12,797
4,689
27,502
167,867
**£ **		 2023
£
129,385
13,884
3,996
13,724
160,989
_£ _

Other staff costs in the year include redundancy payments of £Nil (2023:£Nil) to a staff member.

Room hire to other charities
Support costs
The average weekly number of employees (head count) during the		 Number
1
3
4		 Number
1
3
4

No employee received remuneration of more than £60,000.

30

THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) As at December 2024 For the year ended 31 December 2024

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 (2023 - £NIL) in their capacity as Trustees. Members of the Board of Trustees received reimbursement of expenses for travel and meeting costs amounting to £1,003 (2023 - £430).

10. TANGIBLE FIXED ASSETS

Costs
At 31 December 2023
Additions during the year
As at 31 December 2024
Depreciation
At 31 December 2023
Charge for the year
As at 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Land and
buildings
£
4,213,200
-
4,213,200
379,188
42,132
421,320
3,791,880
£
3,834,012
_£ _		 Furniture
and
equipment
£
31,903
4,518
36,421
20,758
8,729
29,487
6,934
£
11,145
_£ _		 Total
£
4,245,103
4,518
4,249,621
399,946
50,861
450,807
3,798,814
£
3,845,157
_£ _

31

THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) As at December 2024 For the year ended 31 December 2024

11. FIXED ASSETS INVESTMENTS

Analysed as follows:
Quoted investments held
Market value of quoted investments
At 1 January 2024
Additions
Disposals proceeds
Gains / (losses) on investments
At 31 December 2024
Quoted investments comprise
UK Equity
Diversified investment funds
12. Stock
Publications
13. DEBTORS
Due within one year
Trade debtors
Prepayments and accrued income
Deposits		 2024
£
1,491,739
1,491,739
£
1,466,906
-
(118,076)
142,909
1,491,739
£
424,873
1,066,867
1,491,739
£
2024
£
12,388
12,388
£
2024
£
16,690
-
38,269
54,959
**£ **		 2023
£
1,466,906
1,466,906
£
1,332,358
-
(24,274)
158,822
1,466,906
£
362,426
1,104,480
1,466,906
£
2023
£
12,388
12,388
_£ _
2023
£
9,148
-
-
9,148
_£ _

32

THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) As at December 2024 For the year ended 31 December 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Social security and other taxes
Pension
Accruals
STATEMENT OF FUNDS
Brought
Forward
£
DESIGNATED FUNDS
Colet House Property
Fund
3,834,012
Furniture and
Equipment Fund
11,144
Chairman's Fund
-
3,845,156
£
SUMMARY OF FUNDS
Designated Funds
3,845,156
General Funds
1,548,161
5,393,317
£
Comparative statement of funds
Brought
Forward
£
DESIGNATED FUNDS
Colet House Property
Fund
3,876,144
Furniture and
Equipment Fund
11,373
Chairman's Fund
-
3,887,517
£
The designated fund represents funds for
regular activities.		 2024
2023
£
£
2,991
2,783
(634)
291
6,091
6,086
8,448
£
9,160
£
Incoming
Resources
Resources
Carried
and Gains
Expended
Transfers
Forward
£
£
£
£
-
(42,132)
-
3,791,880
-
(8,729)
4,518
6,933
-
-
-
-
Nil
£
(50,861)
£
4,518
£
3,798,813
£
-
(50,861)
4,518
3,798,813
470,340
(370,741)
(4,518)
1,643,242
470,340
£
(421,602)
£
-
5,442,055
£
Incoming
Resources
Resources
Carried
and Gains
Expended
Transfers
Forward
£
£
£
£
-
(42,132)
-
3,834,012
-
(7,382)
7,153
11,144
-
-
-
-
Nil
£
(49,514)
£
7,153
£
3,845,156
£
Colet House Building is maintained to keep the focus on the		 2023
£
2,783
291
6,086
9,160
_£ _
Carried
Forward
£
3,791,880
6,933
-
3,798,813
£
3,798,813
1,643,242
5,442,055
£
3,845,156
£

15. STATEMENT OF FUNDS

33

THE STUDY SOCIETY (Company limited by guarantee no. 07034627, registered charity no. 1155498) As at December 2024 For the year ended 31 December 2024

15. STATEMENT OF FUNDS (continued)

SUMMARY OF FUNDS
Designated Funds
General Funds		 3,887,517
1,473,196
5,360,713
£		 -
452,151
452,151
£ 		(49,514)
(370,033)
(419,547)
£		 7,153
(7,153)
-		 3,845,156
1,548,161
5,393,317
£

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Funds
Designated
General
Funds
Funds
£
£
Fixed assets
3,791,880
1,498,673
Net current assets
6,933
144,569
3,798,813
£
1,643,242
£
Comparative analysis of net assets between funds
Unrestricted Funds
Designated
General
Funds
Funds
£
£
Fixed assets
3,834,012
1,478,051
Net current assets
11,144
70,110
3,845,156
£
1,548,161
£
OTHER FINANCIAL COMMITMENTS
2024
£
Operating leases which expire:
within one year
1,872
At 31 December 2024 the Company had total commitments under non-
cancellable operating leases (all for equipment) as set out below:		 Total
Funds
£
5,290,553
151,502
5,442,055
£
Total
Funds
£
5,312,063
81,254
5,393,317
£
2023
£
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 £Nil (2023: £Nil) to the Study Society. During the year TSSNP donated net current assets of £Nil (2023: £5,000) to the Study Society (see note 3).

34