Company rtgistration number: 09705732 Charlty number: 1167737 The Theosophical SKiety in England and Wales Chirleable Company limited by guarantee FlnydllciAI stAtements 30 S¢ptemb¢r 2024 ',1111111111 •AEO34K2X• 0910412025 COMPANIES HOUSE A13
226
The Theosophical Society in England and Wales Charitable Comp&ny limited by guarantee Contents PA8e Dir¢¢lors and other information Directors, & Trustees. report Independent audiiorfs report Statement of finan¢i81 tIVitieS St8t¢m¢nt of financial position Statement of Cash llows ' 10 Notes to the finan¢ial siatemenls
The Theosophi¢g1 So¢i¢ty in England and WAles Ch*ritablt Company limited by guarantee Directors and other Information Directorsrrru$tees J. Baker E. Crofts E. McGou8h N. Crofts P. EI-Hosaini D. S¢oihern R. Barker Appointed I l April 2024 A. SwalTield Appoinled I I, Apiil 2024 S. Johnson Appointed 27 April 2024 Secretary E. Crofts Ch4rity nymb¢r 1167737 Company numb'er 09705732 Registered office 50 Gloucester Place London WIU 8EA Auditor M¢rc¢r & Hole LLP 21 Lombard Street London EC3V 9AH P#g¢ I
The Theo$ophicl Society in England and Wle5 ChAritable Company limited by guarAntet Dire¢tors' & Trusttes. report Y¢ar ¢nded 30 Septsmber 2024 The Directors (who are also trusiees of the charity for the purposes of lh¢ Charities Act) present their annual report together with the audiied financial statements of The Theosophical Society in England and Wales for th¢ year ended 30 September 2024. The Directors wnfirni that the annual report and financial statements of the company wmply with the Companies A¢t 2006 and Charities A¢1 2011, the requirements ofthe company's governin8 documcnt and the provisions of the Charities SOiiP 2019 applicable lo chariiies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (eff¢1¥¢ l October 2019)- Directorsifrustee$ The directorsliruslees who served the company during the year and up io the dale of signare of the financial statements were as follows: J. Baker E. Crofts N. Hart E. McGough P. Brierley N. Crofts P. El-Hosaini D. Swth¢rn R. Barker Appointed I Ith April 2024 A. Swaffield Aptx)inted I l th April 2024 S. Johnson Appoinied 27th April 2024 Resigned 29 April 2024 Resigncd 15 May 2024 Objectlves The objects of the Society are for the public benefii lo promote moral and spirirual welfare, and the advancement of ¢duulion. through the promotion and study of Theosophy. and the dissemination of the results of such study to the public. To further ils Charitable Objects the English Society may.. provide and assisl in the provision of money. malerials or other help. • organise and assist in the provision of conferences, cours¢s of inslruclion, exhibitions. lectures and other educational activities. 'publish and distribute instructional and other materials on any medium. 'promote. encourage, carry out orcommission research. surveys, studies orother work, makingthe rel¢v8nt results available. 'provide or procure the provision of counselling and guidance. 'provide or procure th¢ provision of advi¢¢. 'alon¢ or wilh oiher organisations se¢k lo influence publi¢ opinion and make presentationS to and seek to influence governmental and other bodie5 and in3titution5 regarding the reform, development and implementation of appropriate policies, legislaiion and rcgulations provided that all such activities sh&ll be confined io those which an English and We15h charity may properly und¢nake. Prinebples The Society, while reserving for each member full freedom to infrrpret ihose teachings known as Theosophy* is dedicated to pr¢s¢rving and realising th¢ Age1¢5s Wisdom. which ¢mbodi¢5 both a world view and a vision of human self- transforniation. Page 2
The Theosophi¢l Society in England and Wales Charitable Company limittd by guarin¢ee Direetors. & Trus¢ees' report Year ended 30 September 2024 The Theosophi¢al Tradition is founded U)n tein fundamentsl protK)sitions which include.. Recognition of the unique va]ue of every living being, expresses itself in reverence for life, comp&s5ion for all. sympathy with the need of individuals lo find truth for Ih¢mKlv¢s, and respect for every religious lrndiiion. The ways in which these ideais be£ome realities in individual life are trK)th the Privileg ¢hoic¢ and the responsibility of every human being. Centrd to the cA>ncems of Theosophy is the desire io promote undersianding and fellowship among ppIe of all races, nationaliiies. philosophies, 8nd r¢ligions. Therefore, all ttople. whatever their religioLL5 affiliations or gender, are invited lo pwticipale equally in the life and work of the Society. The Theosophica] Society impy)ses no dogmas, but ints ioward the source of unity beyond all differences. Devotion TNth, love for all living kings, and a commitsneni to a life of active altruism are the marks of a true ThsoPhIst. Summary of Actlvitle$ The Society's acliviiies include ihc holding of leciures, seminars and siudy groups as well as resideniial summer schools, and ¢onfer¢n¢¢s. Th¢ London H¢adquart¢rs presents regular online lectures on Sunday evenings and promotes and support5 similar events ai its lodg¢s and centr¢s. The annual summer school is open the public and members alike as are some individual Lodge meetings that are noi for private study. Where possible, lectures are recorded for the benefit of those unable to aiiend. In addition, the Society runs two web-based learnin8 courses. a Foundation Diploma and a Higher Diploma in Theosophy which are designed to 4S5iSt slvdents, understanding of the basi¢ principles of Th¢osophy, These are provid¢d by flexible online learning, ongoing tutorihl support and An end of year Optional exAmination. In promotion of lis chariiable objecis, the Sociery publishes quarterly, a quality magazine, cdled Esoteric4 which has a wide ¢1r¢ulaiion Ihrough a subscribcrs, mailing list and is available at public outlets throughout the wuntry. Th¢ Charity's website promotes its objects, events and activities and aids the study of Theosophy through articles, videos, and appropriate links lo oiher relevant sources. li is active on social m¢dia wilh w¢ll att¢nd¢d Facebook and YouTube sile5. Governn¢¢ The Society is a regisiered charity governed by its Anicles of Association. Trustees and Naiional Officers are selected And aptx)inted by the provisions of the Articles and Byelaws and are subjeci io election by a naiional council. The national ¢oun¢il ¢on$isis of wun¢illors elected by lh¢ So¢i¢ty's membership 8nd who are the Company Law members, 'I'he charity is managed by its Board of Trustees and National OIYi¢ers. Trustees and OtTicers have received Trust¢¢s' training on the duties and re5ponsibililies of Trustees and the requirements of charity commission guidance and charity law, and a Trustees and Direciors Handb(X)k been provided. Fundlng and Fln&nclal Revlew The Society h&8 a fund balance of £9.339,685. Assets are held for the fulfilmenl of the Society's charitable objectives and have been sourced through donations, legacies and a previous trnnsfer of &8sets from The Theosophical Society. Unincorpordted Association and related enltlies. The Chlty is in its seventh year of operation and is undertaking an ongoing review of its fin¢la1 processes, future planning, and reserves, and external consulianls have been apInted to assist wilh this process. Directors hav¢ no concerns about the ntinuatIOn of the Charity. Dire¢torsltrnstee5 responsibilities Jt4tement The directors are responsible for preparing the direciors report and the financial $ialements in accordan¢e with applicable law and re8ulaiions. Company law requir¢s the directors lo prepare financial slatemenls for wh financial year. Under th law Ihe direclors have elected to prepare Ihe financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must nol approve the financial Statements unless Ihey are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for Ihat year. In preparing these financial statements. the directors are required to.. select suitable accounting w)lici¢s and then apply them wn51St¢ntly' and make judgments and accounting estimates that are re&sonable and prudent" and ob5¢rv¢ the m¢ihods and principle5 in the Chariiies SORP. and prepare ihe financial statements on the going concem b&sis unless it is inappropri* to pr¢sume that th¢ company will continue in business. Page 3
The Thtosophical Society in England and Wales Chgritable Company limittd by gu#rxntee The directors are resnSIble for keeping adequate 0Un11n8 records ihat are svfficienl to show and explain the company's Iran3arlions and dis¢los¢ wilh reasonable ac¢uracy ai any lime Ihe financial position of the company and enable them lo ensure ihal the financial sthiemenls comply with the Companies Aci 2006. They are also resp)nsible for safeguarding the &ssels of the company and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. Statemen¢ of diselosure to auditor Each of th¢ persons who is a director al the date of approval of this reFK)rt confirn)s that.. so far &$ they are aware, there is no relevant audit infomation of which the company's auditor is unawa. and Ihey have taken all steps that thty ought to have taken &g a director to make themselves awar¢ of any relevant audit inforniation and io esthblish that the cL)mpany's auditor is aware of that infomlation. Auditor The ¢ompany's audilor. Mcrc¢r & Hole LLP. was deemed have been r¢-apwinled in accordance with section 487 of The Companies Act 2006. Sm411 Company provisions This report has been prepared in acrdanCe with Ihe provisions applicable lo companies entitled to the small company's exemption. This report was approved by the board of directors on 0110412025 and signed on behalf of the l)oard by: J Baker Director Page 4
The Theosophi¢•l Society in EnglAnd and W4les Charitabl¢ Company limited by gu4ranle¢ Independent uditor's report ¢0 the members of The Theosophi¢al Society in England and Wales Year ended 30 September 2024 Opinion We hav¢ audited the finan¢iai 5tst¢m¢nts of Th¢ Theosophical Society in England and Wa]es (the Charitsble company) for the year ended 30 September 2024 which comprise the statemcnt of finarKial aciivitics statemcnl of firkancial Frf)Sition. statemenl of cash flows and noies to the finan¢ial siatements, including a Summary of significant accounting policie5. The financial rewning framework that has Lxen applied in their prepardtion is applicable law and United Kingdom Aceounting Stand8xds including FRS 102 The Financial Rep)rtii)8 Stamdard applicabk in the UK and Republic of Ireland (Unitcd Kingdom Generally Accepted Accounrin8 Praciic£). In ouropinion th¢ financiai stam¢nls'. give a Iwe and fair view of the slate of th¢ ¢harilabl¢ company's affair5 &$ at 30 September 2024 and of its incoming resources and application of reg)ur¢e& including its incom¢ and exkKnditur¢, for th¢ y¢ar th¢n ¢nded- have been prokxrly prepared in accordance with United Kingdom Gen¢rally Accepted Accounting Praciice. and have been p pared in accordance with the ryuiremenls of the Companies Act 2006. Basij for opinion We conducied our audit in accordance with In1¢rni0naI Standards on Auditing (UK) (ISAS (UK)) and applieable law. Our resFonsibililies underthose srandards are (ks¢riLxd in the auditovs re5p)nsibilitie5 for the audit of the financial sthtrments section ofour reFofL We are indenden( of the charitable company in accordance with the ethi[ requirements Ihal are relevant to our audit of the financial 5ts1¢rrnLs in the UK, including the FRC'S Ethical Stsndarl and we have fulfilled our ethical responsibiliiies in accordance with these requirements. We believe that the audit evidence we have obtained is sutTicicnl and appropriate to providc a basis forour opinion. Conclusions relating to going concern In dIting ihe financial statements, we have concluded that the directors, use of the 80in8 ncern basis of acwunling in the preparation of ihe financial siatemenis is appropriate. B&sed on the work we have perfom)ed, we have not identified any material uncertainties relating lo evenrs or onditions that, individually or collectively, may c&st significant doubl on ihe charity's ability io continue as a goin8 ¢on¢ern for a period of ai le4St tsv¢lv¢ months from wh¢n the financial sthiements are authorised for issue. Our SponSibl1111¢S and th¢ responsibiliti¢s of the directors with respect to going concern are d¢ribed in the relevant sections of this report. Other Inforniation The other infom)alion comprises the infomiation included in the annual retaJr¢ other thBn the fmancial statements and our auditofs rtport Ihereon. Thc diTectors are reswnsible for the other infomialion. Our opinion on the financial slalements does not cover the other infomion and, except the exnt otherwise explicitly staled in our ryo¢ we do noi express any fomi of assurance Conclusion thereon. In nnectIon wilh our audil of the financial ststm¢nW our tesrA)nsibility is to read the other information an in doing so, ¢onsider whethu the other infornialion is matrially incon5i51ent with the fir1claI statements orour knowledge obtsined in the audit or otherwise apk5 lo k materially misslat¢& if we id¢nlify su¢h material inconsistencies or apparent marial misstatemenw we are qUired to detem)ine whether there is a material mi55taiement in th¢ financial ststements or a Materi MISS¢[¢1 of ihe other information. If. based on the Work we have rforn1ed, we conclude that there is a material misstatement of this other infomiation. we are required to rer that facL We have nothing lo report in this 88rd. Page 5
The Theosophi¢*l Society in England and Wales Charitsble Company limited by guaran¢e¢ Independent auditors report to the members of Th¢ Theosophical So¢iety in England and Wales (continued) Ytgr ended 30 September 2024 Opinions on other matters pres¢rib¢d by th¢ Compgni¢s Act 21)06 In our opinion, based on the work undertaken in the course of the audit= the inforniation given in the trusiees, report, which includes the directors, report prepared for the purposes of company law, for the financial year for which ihe financial staiements are prepared is cortsisient wilh the financial statements. and the directors, report within the trustees, report has been prepared in accordance with applicable legal requiremenls. MAtttrs on wh5eh wt art rtqulred to rtport by exceptlon In ihe lighi of ihe knowledge and undersianding of the chariiable company and its environment obtsincd in lh¢ course of the audit, we hav¢ not identified material misstalemcnts in the directors. report included within the trustees, report. We have nothing to rep)rt in respect of the followin8 martcrs in relations lo whi¢h the Companies A¢t 2006 requi us 10 report lo you if. in our opinion.. the financial statemen15 are nol in agre¢m¢nt with th¢ accounting records and the returns- or Ihe charitabl¢ wmpany h&8 noi kept adequat¢ accounting records- or certain disclosures of Iruslees. remuneration specified by law are not mad¢. or we have nol received all the infomiation and explanulions w¢ rcquire for our audit,. or the direciors were not enliiled lo prepare the financial statements in accordance with the small companies regime and take advanlage of th¢ small companies, ¢x¢mplions in pr¢parin8 the Iruslce$' report and from the requir¢m¢nt to prepare a str¢81¢ report. Responsibilities of dirtttors As explained more fully in the directors, responsibiliiies 51alement, the d]r10T5 are r¢5ponsible for the preparation of the financial statementsand for being satisfied that they give a irue and fair view, and for such iniemal conirol as the directors determine is necessary io enable the preparation of financial slalemenls ihal are free from material misslat¢ment, whether due 10 fraud or error. In preparing the financial sial¢menls, the directors are responsible lor assessin8 the Gharilablc company's abilily lo continue as a going concern, disclosing. as applicable. mallers relaled lo going Goncem and using the going onccrn basis of accounling unless the direciors either intend liquidate the chaxiiablc company or lo cease operations, or have no realistic altemative bul io do so. Auditors responsibilities for the 4udil of the fiDanci41 statements Our objectives are io obtain reasonable sUranc about whether the financial staiements as a whole are free from mcrial misslatemeni, wheiher due lo fraud or error, and to issue an audiiorfs report that includes our opinion. Reasonable assurance is a high level of assvronce but is nol a 8uaranle¢ thal an audit conducted in accordance with ISAS (UK) will always delect a mat¢ri81 misstatement when it exists. Mi$siat¢m¢nt5 can arise from fraud or error and are considered material if. individually or in the aggregate, (hey could reasonably be expcclcd lo intluence the economic decisions of users taken on the basis of these financial sleMentS. The extent to whi¢h our procedur¢s are capabl¢ of det¢¢ting irregulariti¢5. including fraud, is detailed below. Explanation 4$ to what ¢xt¢Dt tb¢ audit wa$ considered ¢gpable of detertin8 irregularitie5, including fraud We gained an uftdersianding of the legal and regulatory framework applicable to the charity and industry in which ir operates and considered the risk of acts by the charity that were contrary lo applicable laws and regulations, including fraud. These included, bul were not limited lo. the Companies Aci 2006. ChHritics Act 201 l and Charilics SORP (FRS 102). We evaluated management's incentives and op)rtunitIeS for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined ihat the principa] risks were related to w>sting inappropri3t¢ entri¢s including journals to overstate r¢v¢nue or understate expenditure, and management bias in a¢wuntin8 estimates. P48¢ 6
The Theosophieal Soeitty in England and Wales Charitable Company limi¢ed by guarantee Independent Auditor's report to Ihe members of The Thtosophical Society in En8l*nd and Wiles {Continued> Year ended 30 September2024 Audit procedure5 perfornied by the engagement team included.. discussions with management. including considerations of known or suspecied instances of non-compliance with laws 8nd regulaiions and fraud. evaluation of the operatin8 effectiveness of managcmcnt's controls designed 10 prevent and dclect irr¢8ularilics; identifying and testing journal entries. Owing to the inherent limitations of audit. Ihere is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example. the further removed non-compliance with laivs and regulaliong (irregularities) is from the evenis and iransaciions reflected in ihe financial sialemenis, Ihe less likely the inherently limited procedures r¢quir¢d by auditin8 Standards would identify it. In addiiion. with any audil. th¢r¢ remained a higher risk of non- detection of irregularities, as ihese may involve collusion, forgery, inleniional omissions, misrepreseniations, or ihe override of inrernal controls. We are not responsible for preveniing non-compliance and wnol b¢ expected to d¢le¢l non-compliance with all law5 and regUl10n5. A fvrther description of our responsibililies for the audit of the financial slatemcnts is locared on the Financial Reporting Council's websile al'.l/www.frc.or8.ukJaudilorsresponsibililics. This description forni$ part of Ihe auditor's r¢port. U$¢ ofour Report This report 1$ made solely 10 the charitable ¢ompany's members, as a body, in accordance wilh Chapter 3 of Pan 16 of the Companies Aci 2006. Our audii work has been undertaken so thai we mighi slate io the chariiable mpanY'S members rhose mallers we are required io stale to them in an auditor's report and for no other purpose. To the fulle51 extent pemiiried by law, we do noi accept or assume respx>nsibility lo anyone oihcr ihan the Charitable MpanY and the Charlble company'5 members as a body, for our audit work. for this report. or for th¢ opinions w¢ have forni¢d. Andr¢w Dean ACA (Senior SiaDJtory Auditor) For and on behalf of Mercer & Hole LLP Chartered Accountants And Statutory Auditor 21 Lombard Street London EC3V 9AH Date: P74ge 7
The Thtosophieal Society in Englnd and Wales Charitable Company limited by guarantee Stalement of finAntitl ¢tivities Year ended 30 September 2024 Unrestritted Restritted Funds Funds 2024 2024 Totsl Unrestricted Restricted Funds Funds 2023 2023 To¢41 2024 2023 Incofflt end•wmtnt from: Donations and legacies Investment Activities Other income 101.185 238.674 35,583 101.185 238,674 35,583 5,420 241,294 32.973 11,000 16,420 241.294 32.973 375,442 375,442 279,687 11,000 290,687 endilyre on: Staff costs Other expendire {114,727) (295,771) (114,727) (295,771) (118,388) (260,020) (118,388) (6.000) (266,020) io (410,498) (410,498). (378,408) (6,000) (384,408) Nel gains on investmenis 16 317,121 317.121 83.759 83.759 Net in¢omingl (outgoing) resources 282.065 282,065 (14,962) 5,000 (9,962) Net movement in fund$ 282.065 282,065 (14.962) 5,000 (9.962) Fund balanc¢ al I Ociober 2023 9.052,620 5,000 9.057,620 9,067,582 9,067.582 Transfer b¢lwecn funds Fund b#lnee 130 Sep¢emb¢r 2024 24 9,334,685 5,000 9,339.685 9,052,620 5,000 9.057,620 All ihe aciiyilies of the company are from continuing operations. There were no restricted funds received in the current year. The Sthiement of Financial Activities includes all gairts and losses recognised in the year. Th¢ Statement of Financial Activities also complies with the requirements for an income and expenditur¢ a¢Unt under Ihe Companies Act 2006. Th¢ no¢es p4g¢$ I I to 20 form part of thue fingll¢iAI slatements. Pai¢ 8
The Theosophical Society in England and Wale5 Charitable Company limiled by gu4r8nie¢ St•itmtrtt of fingmcll po$ltlo 30 September 2024 2024 2023 No¢¢ Fixed 55ets Intangible assets Tangible assets Invesiment properties Investments 13 14 10.794 2,974,636 2,225,000 3 998 722 12.542 2,977,251 2,225,000 3 846 689 16 9,209.152 9.061.482 Current 48$eis Stocks Debtors Cash ai bank and in hand 17.525 47,732 148 684 213,941 18,690 4,801 17 57,684 Crediton: •MOnIS falling d4¢ wiihin OTr¢ year IY¢t turr¢t yyels 18 (83,408) (61,546> 130,533 9,339.685 {3,862} 9,057,620 To¢al s$etJ le$$ ¢TTent li4bili¢i¢s Net AJse¢s 9,339,685 9,057,620 Funds R¢siri¢t¢d funds Unrestricted funds Total funds 5.000 9 334.685 9 339685 5,000 9 052,620 9 057 620 23 These financial stalemenis hav¢ been prepared in accord¢ with the provisions applicable io companies, subj¢cl lo rhe small companies, r¢8ime and in aGrdance wilh FRS 102 'Th¢ Finan¢ial Reporting Si3ndard appli¢abl¢ in ih¢ UK and R¢public of Ir¢land'. These financial stat¢ments were approved by the board of dir¢¢iors and 4uthori8ed for issue on 0110412025 and are signed on behalf of the board by.. J Baker Direcior Company registration number.. 09705732 The notes on pages I I to 20 form part of ihtse fin8neial statements. Poge 9
The Theosophical Society in England 4nd Wgles Ch8ritable Company limited by guarnThlee Stgtement of eash Ilows 30 September 2024 2024 2023 Notes Cash flows from opera(inc Activilits Cash (absorbed by) operations 22 (16,803) (197,889) Inv¢#tlni ¢tlvltle$ Purchw of intangible assets PuTchase of tangible fixed asset5 Proceeds on disposol of other invesiments Investment income received (1,788) 131294 122.377 Nel ¢gsh £¢ftert¢d from inve$tinE ¢tivi¢i¢$ 131.294 120.589 Ne¢ ¢#sh used in fiTrin¢in8 eiivilies Net increAse IA t)Ish A Trd c#sh equivalents 114.491 (77,300) Cash and cash equivalenis al beginnin8 of year 111493 Cash •nd cash equivalents al end of yeor 148684 The notes p4ges I I to 20 form pr¢ of ¢he5e fJnn¢iwl s¢a¢ements. Page 10
The Theosophical Soeiety in England and Wales ChritAble Comp&Ny limited by gufirantee Notts to ihe finaTr¢i#l statements Year ended 30 September 2024 Gener1 informlltion The chariiable company is limiied by guarantee and re8isl¢red in England. The address of the re8iSt¢red office is So Gloucester Place, London, W l U 8EA. St*t¢m¢nt ol ¢ompllan¢¢ These financial statemenis have been prepared in compliance with the provisions of FRS 102. 'The Financial Reportin8 Standard applicable in the UK and Republic of Ireland,. The financial stut¢m¢nls h8v¢ b¢¢rt pr¢pgr¢d in a¢¢ordan¢¢ wilh lh¢ ¢hari18bl¢ ¢ompany's governing do¢um¢nt. the Companies Act 2006 and"Accounting and Reporting by Charities.. Statement of Recommended Practice" applicable to charilies preparing iheir a¢¢ounts in accordance with the Financial Reportin8 Standard applicable in the UK and R¢public of Ir¢land (FRS 102 as amended for accounting periods mMenc1ft8 l O¢tob¢r 2019>. The Charity is Public Benefit Entity as defined by FRS 102. Aceounling policies Basil of prepAr)Itlon The flnancial siatemenis have been prepared on th¢ historical cosi basis. modified io include ihe revaluation of freehold properties and to include investment properties and certain financial insirumenis ai foir value. The financial statements are prepared in sterlin8> which is the functional currency of the entity, rounded to the nearest Fund ACCOllnting- unrestrieted funds Unrestricted funds #re Available for use at the dis¢re¢ion of ihe Irusiees in further4n¢e of ihe general obj¢¢iives of ihe charity And which have not been de$i8nated for other purposes. Fffid ¥¢¢ountin£- re$iri¢l¢d fwnds Restricted funds are funds which are to b¢ us¢d in accordance with $pecifi¢ r¢$triction$ imposed by th¢ donors and grant awarding bodies. Tangible 4$sel$ Tangible assets are initially recorded at cost and are subsequently stated al cost le any accumulated depreciation and impairment losses Any tangible assets ¢arried at revalued amounts are r¢¢orded at the fair value at the dale of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairmeni losses. An increase in the carrying amount of an asset a result of a revaluation, is reCognid in other comprehensive income and a¢¢umulated in capital and reserve$, excepl to the extent it reverse5 8 revaluation decrease of the same ass¢t previously r¢¢o8nised in profil or loss. A d¢¢rease in rh¢ Carrying amouni of an asset as & result of revmluation 1$ recognised in other comprehensive income to the extent of any previously reco8nised revaluation increa accumulated in ¢apital and reserves in respe¢1 of ihai asset. Where a revaluaiion de¢r¢ase ex¢e¢ds the 4¢¢umulated revaluaiion. gains a¢¢umulat¢d in ¢apilal and reserves in r¢spe¢i of thai asset. the ex¢¢ss shall be re¢ognised in profit or loss. Depre¢iition Depreciation is ¢ulculated so as to write off the ¢ost or valuation of an a5seL less its residual value. over the useful economic life of that asset as follows.. Freehold property Fixlures, fittings & equipment No depreciation provide4 residual value is at least fair value 25Yo straight line Page 11
The Theosophic41 Sotiety in England and Wales Charitable Company limited by guarantee Notes lo the financiAI stAlements {eontinued) Yur ended 30 September 2024 If there is an indication that there has been a 5ignifi¢ant change in depreciation rate, useful life or residual value of tangible asset4 the depreciation is revised prospectively to reflect the new estimaies. Heritl8e assets A heritage asset is an asset with historic. artistic, s¢i¢ntifi¢, technolo8ical, geophysical or environmental qualities that 15 h¢ld and maintained principally for its contribution to knowledge and culture. The ¢harity has a ¢olk¢iion of heritage assets whi¢h are held in support of the ¢hariry'S primary objects, which are.. To form a nycleus of the UniversAI Broiherhood of humanity wiihout disiinction of race, creed, sex. caste or eolour. To ¢n¢ouroge ihe study of ¢omporative r¢ligion J philosophy and science. To investl8ate unexplained law5 of nature and the powers latent in man. Heritage assets are Teco8ni5ed and measuTed in accordance with the tangible assets acry)unting pM)licy noted hbove. Where herita8¢ assets are recently purchased, informa¢ion on the ¢osi or volue of the jssei will be avoilable 8nd these 5sets are recognised in a¢cordan¢¢ with the tangible assels policy. Where thi5 information is noi available,. and c8nnoi be obtained at a cosr which is eommensuraie with th¢ ben¢fiiS 10 ih¢ ¢hurity and lis obj¢¢ls, the As15 or¢ nol reco8nised in the slatement of financial position. Herilage ossels (preservalion cosls) Expenditure which, in the Truste¢s' view, is required to preserve or ¢learly prevent further deterioration of individual )oks is recognised irt the In¢om¢ and Expenditure accouni whert it is ineurr¢d. Intxn8lble &Jy¢¢J oth¢r thin 8oodwlll Intan8ible assets acquired separately from 8 business arc reco8nised at cost and are subsequently meusured at cost less accumulated Hmortlsation and accumulaled impaifmenl1055es. AmortLSation is recogrtised so as io wriie off th¢ Cost or valuation of ass¢ts less their r¢sidual values over Ih¢ir usefvl lives on the following bases.. Trademarks l 0% strai8hi line lttvestment properties Investment property, which is property held to earn renials andlor for capital appreciaiion, is initially recogni3ed at cost. which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end dale. The surplus or deficii on reVuatIon is recognised in pmfii or loss. Fixed gs$et investments Fixed asset investments are initially recorded at cost and subsequently stated at cost less any accumulated impairnient losses. Listed investments are measured at fair value, with changes in fair value bein8 recognised in profit or loss. Impairment A review for indicators of impairment 15 carried out at each reporting dale, with ihe recoverable amount being estimated where such indicators exist wh¢r¢ the carrying value 'ex¢eeds the recoverable amourtL the 4SS¢t is impaired accordingly. Prior impairments are also reviewed for possible reversal at each Teporting date. When it is not possible to estimate the recoverable amount of an individual assel an estimat¢ is made of the re¢overabl¢ amount ofihe ¢¥sh-g¢n¢raiing unit io which the asset belongs. The cash.generating unit is the smallest identifiable group of a$$eis ihat includes the asset and generates cash inflow$ that are lar8ely independent of the cash inflows from oih¢r assets or groups of assets. Pale 12
The Theosophical Society in England and Wales Charilable Company limi¢¢d by guarantee Not¢$ ¢0 ¢h¢ finAn¢il st4tem¢nl$ (¢ontinu¢d) Y¢gr ended JO September 2024 Stocks are measured at the lower of cost or net realisable value. Cosi includes all costs of purchase. costs of convershon and other cosis incurred in bringing the slocks to their present location and condilion. FinAn¢iAI In$¢rym¢nt$ A financial ossei or a financial li&bility is re¢ognid only when the company b¢¢omes a party lo ih¢ wnlra¢tual provi5ion5 of the instrurnent. Basic financial instruments are initilllly recognised at the trAnsa¢tion price, unless the Arrangement constitutes a rinancing tran5aclion. where il 15 recognised at the present value of the future payments discounted at a market rate of iniere5t for a Similar debt instrument. Debi instruments are subsequently measured at amortised cost. Where iftvesrmenis in non-converlible pr¢f¢ren¢e shares and non.pullable ordinary shar¢s or pr¢f¢ren¢e shares are publicly traded or their fair value can otherwise be measured reliablyTr th¢ investment is subsequently measured at fair value with ¢h8ng¢s in fair valu¢ r¢¢o8nised in profil or loss. All oth¢r such inv¢glm¢nts are subsequently m¢4$ur¢d Il ¢osl l¢$s impairment. Oiher financial instrumenls, including derivalive5, are initially recognised at fair value, unless Payment for an asset is deferred beyond normal business terms OT financed at a rate of inlerest that is not a market rale, in which case the assel is measured at the present value of the future payment5 discounted at a market rate of interest for a similar debi instrument. Oiher finon¢ial insirumeni$ 4re subsequently m¢&sured ai foir value, with ony ¢hinge$ re¢ogni5ed in profit or loss, wilh the exception of hedging instruments in a designated hedgin8 rtlationship. Financial assets ihat are measur¢d al cosi or amortised are reviewed for objective evidence of impaimient at Ihe end of each reporting dale. If ihere is objective evidence of impairment, an impairment10s$ 15 reco8nised in profit or loss immediai¢ly. For all equity inslrumenis regardless of signifJ¢•rt¢e. oth¢r finan¢ial asseis that are individually significant, these are assessed individually for impuirment. Other finan¢ial ass¢i$ or either assessed individually or grouped on the basis of similar ¢redit risk ¢hara¢teristics Any reversals of impainnenl are recogniged in profit OT loss immediately. to thc extent that the revcrsal does noi resuli in a ¢arryin8 amounr of the financial asset thai exc¢¢ds what the ¢orrying amount would hov¢ b¢¢n had the impairnient not previously been recognised. TaxAlion The chaTity is an exempl ¢h¥rity wiihin the meanin8 of 5chedulc 3 Of the ChaTitie5 Act 2011 and is considered to pass the tests Set out in Paragraph I Schedule 6 Finance Act 201 O and therefore il meets the definition of a charitable company for UK corporation purposes. Going eon£ern The Trustees have. at the lime of approving ihe financiai statements, a 250able expectation ihat the ¢haritsble ¢ompany will have odequate resourc£$ to continue in operational existenc£ for the foreable futur¢. Th¢ goin8 wncern basis of occouniirtg has therefore bEeft adopted in prepn8 the ffftart¢ial statementg. The Tntee3 have considered the level of funds held and the expected level of income and expenditu for 12 months fiDm the date of approval of these financial Statements and e satisfied thai the charitable company's for¢casts show th il will continue in operation and meet its liabilities as they fall due for the foreseeable fvture and at a minimwn for 12 months from th¢ date of signing the financial statements. The TnLs*es have thettfore wntinued to adopt the going wn¢ern basis in preparing the ¢haritAble company's fancIal statements. Judgements and key sourceg of estimation uneertlinty In the application of the charity's accounting policies the tnjstees required to make jud8em¢nts. ¢stimai¢s and umptions aknut the carrying amount of assets and liabiliti¢s thai ar¢ noi readily appar¢ni from other sour¢es. The estimatesand Lssociaied assumptions ore based on htstorical ¢xp¢ri¢nc¢ and other factors that ar¢ ¢onsidenl to be levant. Actual results may differ frr)m these esiimales. Pagt 13
The The050phit#l Society in England Mnd Wxle$ Charitble Comp#ny limited by gu#r#ntet Notes to the finnti&l stattments leontinued) Year tndtd JO Septtmbtr 2024 The esiimates and urtderlying assumptions ar¢ rtvi¢wrd on gn on80in8 this. R¢visions to a¢wwiiing ¢stimaies art rtwgnised in the p¢riod in which the e$iimate is revised where the revision affects only that period or in the period of the revision and futu periods wthere the revi$ion Affects both current and future periods. Key Mllrees of eslinbatbDn uncertainty The estimates and assumptions which have a significamt risk of cau$ing a material adjustment to thc ¢arrying amount of assets and liabililies are as follows. Irtv¢sim¢nt prop¢rty VAlution Inveslment property, which is property held eam renthls Andlor for capital appreciaiion, is inilially re¢ogfftised ai S¢. Subsequently il is measured * fair value ai the rtwrtingend dal¢. This fair valu¢ is ¢stimaied by ih¢ dir¢clors based on prevailin8 fair values for similar prnixrties. Periodically professional valuations are undertaken to ensure the accuracy of these estimates. Tangible fixed gsset V81u8tion Freehold property is initially recognised at and subsequently is mu8ured Ai fgir vdue 4t the rewrting end dai¢. This foir value is estirnated by the dire¢iors b8sed on pr¢voilirt8 fair values for similAr prop¢rti¢s. Periodi¢ally professional valu10n$ ore undertaken to ensure the accurncy of these eslimates. Limited by guarnnttt The wmpany is a private MpanY limited by guaranttt and has no share c4pitai. In the event of winding up the members, liability is restn'cted to £1. In¢om¢ from dontKtyN$ •nd le8a¢ies 2024 2023 Donations 4.507 14,920 101.185 16,420 Income from donations and legacies was £101.185 (2023 - £16,420) of which £nil (2023 - £1 I,0) was attributyble iesiTi¢red omd £101.185 (2023 - £5.420) was O]but8b1e to unrestyi¢*d fill. Page 14
The Theosophi¢*l Soeiety in England and Wales Charitydble Company l¢mited by guarantee Notes to the finatheial statements {¢ontinued) Year ¢Trded 30 Septembtr 2024 l#¢om¢ from ittv¢sim¢nts 2024 2023 Dividends Rental ineom¢ 131,294 107 380 238,674 122,377 118917 241294 All investmenl income was unresth¢ted (2023- unresth¢ted}. Other ineome 2024 2023 Members subscriplions Courses, conferenS aKi ¢venis Books & DVD sales Other 9,900 12.539 (196) 13,340 35,583 11,002 15,267 2,642 32,973 All other income received was unr¢stricted {2023- unrestricted). Stsff ¢o$ts The average number of persons employed by the wmpany during the year amounted to 4 (2023: 5). The a88regale payroll sts incurred durin8 the year were.. 2024 2023 Wages and sal1¢$ No ¢mploye¢ ¢¢iVed tothi employee benefits of MO than £60.0(K). 114727 io. AllotAtlon of other eosts 2024 2023 Esiablishment ¢osts Administrative cos Other expense5 Ex¢epiion8J items 48,263 118.246 83.751 48,404 78,200 65,983 73,433 295 771 Page 15
The Theosophical Society in England and Wales Chritabl¢ Company limited by guran¢ee Note$ ¢0 the fin4n¢ial statements (continu¢d) YeAr ended 30 September 2024 Auditor's remunerntion Net movement in funds is stated after charging.. 2024 2023 Fees payable for the audit of the finhncial 4atem¢nis 10.920 12. lThvestment management costs 2024 2023 Invesknent manager fees All of tt aiwjvc cOS were aitributable to unrestricted nds. 13. Intangible Assets TrAdemarks Total Co$1 Ai l Oclotr 2023 Addilions AI JO Sep¢ember 2024 17,482 17,482 Amortisalion Al l O¢tober 2023 Charge for the year At 30 September 2024 4,940 4.940 At 30 September 2024 At l O¢tobBr 2023 14. T•ngible Amets Freehold prop¢rty Fixtur rittings & equipm¢nl Total Fair V4lu¢lCost At l OctokT 2023 Revalualion At 31 Sept¢mb¢r2024 2.970,000 38.432 3,(K18,432 2 970,000 38,432 3 IX18 432 Depreeiglio At l October 2023 Ch8Jge for the ytsr At 30 September 2024 31.181 Carrying amount At30 Sleber 2024 2,970,000 4,636 2 974,636 At l October 2023 2.970,000 2 977251 Pag¢ 16
The Theosophical Society in England and Wale$ Ch8ri¢able Company limited by gu8ranlee Notes to the financial stat£meTht8 (continued) Ye&r end¢d JO S¢pt¢mb¢r 2024 14. TaThgible Assets (coTh¢inued) The freehold property was valued by White Dru¢e & Brown Property Consultants in September 2022, in accordance wilh the r¢l¢vani sections and standards contained wiihin the eurrent edÉlion of the RICS Valuation Global Standards 2022, incorporating the Iniemational Valuation Standards Global and the UK {the "Red Book"). T4n8ible fixed asseis- heriia8e asseis The charity has a ¢olle¢tion of ¢irca 4,300 books thai have been a¢¢umulaied over the last 150 years. The subjeci matter of the books covers areas that are of ¢ontemp)rary interest such as iheosophy, psychology, freemasonry and Ihe occuli, some ianging as far back &s ihe 16th cenDJry. The origin of the book collection varies. Some of the books are writings of leading exponents of theosophical thought, which have been passed down through the years, whilst considerable number have been gifted. donaled or bequeathed to the charity from the personal libraries and book collections of m¢mbers. The vast majority of ihe books held were acquired in the 18th to 19th ceniuries. In the view of the Tru$iees the lleCtIOn meets the re¢ogniliort criieria of heritage assets. and are held in support of ihe ¢harity's primary objects as sei out in the a¢counting poli¢ies. The TnhSte¢s have entrusted the ¢ollection of books to the care of an educational foundation, LighiEn Education Nen¥ork, for storage, where they are preserved in a climate-controlled environment to preserve thern. The book collection remains the property of the charity, but ai any time 011 ihe EM)oks wiihin the ¢olle¢iion ar¢ on display ond a¢¢ess is permitied to s¢holars and others for r¢f¢r¢n¢e, res¢ar¢h and ¢du¢ation reseawh purpos¢5. The collection includes some rare books which. in the opinion of the Tryste¢s, are of parii¢ular si8nifi¢an¢¢. Some of the books are in poor condition but are of 8reat rarity. The Trustees do not consider thai reliable cost or valuation infomiation can be obtained for the vast majority of iiems held in the book collection. This is because of ihe diverse nature of the books held, the number of books in the collection and the lack of comparable market values. The charity iherefore does not recognise these assets on Ihe statement of financial position, other than recent acquisitions where ¢osi Can be reliably established 15. Inveslment Properties Fair V#lue Ai l October 2023 Nel sains or losses through fair value adjustmenis AI 30 September 2024 2,225,000 2 225 000 The investment property was valued by White Druce & Brown Property Consuliants in September 2022, in 8¢¢ord8n¢e with the r¢l¢v8nt S¢¢lions and stand¥ds contained within the current edition of th¢ RICS ValuatLOn - Global Standards 2022. incorporating the International Valuation Standards Global 8d the UK (the"Red Book"). PA8e 17
The Theosophieal Society in England gnd Wales Charitable Company limited by guarantee Notes to the fingnciAI statemen15 (contined) Ve#rended.30 September 2024 16. Fixed A55et Investments Listed investments Other investmen Total Co$t At l October 2023 Disposalsnransfer Valuation changes 3.846,589 (165,000) 317,121 100 (88) 3.846,689 (165,0881 317.121 At 30 Sept¢mb¢r 2024 3,998,710 12 3,998,722 Carrying amoun¢ At 30 September 2024 3998710 12 3.998,722 At l O¢tober 2023 3.846,589 100 3 846 689 Other invesiments relAte to a 100% investment in a dormant subsidiary. Name of undert8kin8'. Re8isier¢d offi¢¢.' The Theosophical Publishin8 House Limited 50 Gloucester Place, London, Wl U 8EA Other inve51ment$ 0150 relote to a 100% investment in a dorrnant subsidiary with no Shares. Name of undertakin8'. Registered offi¢e'. The En81i$h Theosophicol Trust Limited SO Gloucester Place, London, Wl U 8EA 17. Debtftyrs: amounts fallln8 due wlthln one-year 2024 2023 Trade debtors Other debtors Prepayments and accrued income 24,422 108 2,322 2.287 2.514 VAT 18. Creditors: amounts falling due within one-year 2024 2023 Trade creditors OtheT ¢reditors Accruals and deferr¢d incom¢ Payroll control 18.613 13,616 50.811 368 3.457 24,251 33,838 Page 18
The Theosophitil Society in Englartd and Wales Charitable Company limited by guarantee Note$ ¢0 ¢he financial statementg (continued) Y¢4r ¢nded 30 S¢ptember 2024 19. Trustees Remuneratlon & Expenses Thr¢¢ of the Trusiees were paid £56,077 in total for specialist management services. In the prior year the equival¢ni costs were £48,000 in total. During the year, Trustees were reimbursed £896 (2023: £1.697) in respect of expens¢s incurred on their behalf. 20. Operating lemse commitmentJ- lejjor At ihe rep)rtin8 end date there w¢r¢ ¢ontracled l¢aKs in place with tenants for the followin8 minimum lease payments: 2024 2023 Within one yettr Between iwo and five years More ihan five years 120,000 640,000 720 000 1480 000 27,000 21. EveTrts afttr the reporting date No events after ihe reportin8 date have been identified. 22. CAsh genergted from tspernlioni 2024 2023 Surplusl(Deficitl for the yettr Adjustm¢nts for.. Invesimeni irt¢ome regnISed in slement of financial a¢tiviti¢s Fair value 8ains on investments Inve5tmeni disposals Wriie off of investmeni Depreciation and amortisation of fixed auets Movemenis in workin8 Capital.. Decrease in $to¢ks (Increase) IDecreose in debtors In¢re4s(De¢re) in Crediiors 282.065 (9.962) (131,294) (317.121) 165.000 88 4.363 (122,377) (83,759) 8,651 1,165 (42.931) 21,862 1.224 11.884 (3.550) Cash Absorbed by operation5 (16.803) (197.889) Page 19
The The050phi¢l Society in England Wales Chritble Company limi¢ed by gurantee Note$ to the finaneiAI $tatement$ (continued) Yur ended 30 Septemb¢r 2024 23. At¢umul*ied funds Analysis of mov¢meni in funds- ¢urTent y¢8r'. Balance al oiiior23 Balance ai 30109124 Inwmin8 Outgoin8 Transf¢rs Unr¢strici¢d funds 9 052 620 692 563 410 498 9 334 685 Restricted funds IT Equipment Library Digitisation Toial funds 5.000 5,000 9 057 620 692 563 410498 9 339 685 Analysis of movement in funds- prior year.. Balance at 01110122 Balance at 30109123 Incoming Oul80in8 Transfers Unrestri¢t¢d funds Restricted funds Total funds 9 067 582 363 446 378 408 9 052 620 9 067 582 374 446 384 408 9 057 620 24. Anglysi$ of net assets betwttn fndS Unr¢siri¢ied funds Restricted funds Total Fund balances as at 30 S¢pt¢mb¢r 2024 represented by: Fixed assets Current assetsl{liabilities) 9,209,152 125 533 9 334 685 9,209,152 130 533 9 339 685 UnTes¢ricted funds Restricted funds Total Fund ba18nc¢s as at 30 September 2023 represented by: Fixed assets 9,061.482 9,061,482 Current assetsl{liabilities) 9 052 620 9 037 620 Page 20