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2023-03-31-accounts

Registered number: 00555631 Charity number: 207480

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 7
Independent auditors' report on the financial statements 8 - 11
Statement of financial activities 12
Balance sheet 13 - 14
Notes to the financial statements 15 - 29

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees J Connell
R C C Temple, Co-Chairman
L J N Morrocco
S E Wood
A M Planidin
N Jobst
A Courtnenay-Mayers
J Thorold, Co-Chairman
B Beatley (Deceased 14 July 2022)
D Bethge
S Bethge
A W H Gibbs, Joint Treasurer
C R Glanville, Joint Treasurer
M J K Planidin
Company registered
number
00555631
Charity registered
number
207480
Registered office
14th Floor 33 Cavendish Square
London
W1G 0PW
Company secretary
R C C Temple
Independent auditors
Sumer Auditco Limited
14th Floor
33 Cavendish Square
London
W1G 0PW
Bankers
National Westminster Bank Plc
46 Notting Hill Gate
London
W11 3HZ

Page 1

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the audited financial statements of the The Gurdjieff Society for the year 1 April 2022 to 31 March 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The Society is constituted as a charitable company limited by guarantee, incorporated on 6th October 1955 and registered as a charity on 28 December 1967. The charitable company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

The Society aims to maintain and develop the practical approach to research initiated by G.I. Gurdjieff and his closest pupils and to invite participation in this work from those members of the public who express a serious interest in pursuing it.

c. Activities undertaken to achieve objectives

The principal aim of the Society is research into the advancement of mankind and the development of thought, through lectures, meetings and other activities - specifically in relation to the teachings of G.I. Gurdjieff.

Under the Articles of Association, the Board of Directors is known as the Council of the Society. The members are also Trustees for the purposes of the Charities Act 1993.

When reviewing the Society's aims and objectives in planning future activities, the Council have considered the Charity Commission's general guidance on public benefit.

Page 2

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

d. Main activities undertaken to further the Company's purposes for the public benefit

Since 1955, the activities of the Society have been conducted mainly at its two properties in London, and also at its property in Berkshire. The activities include meetings in small groups to exchange views and study specific material, the practice of dances known as the “movements”, musical activities and various crafts, and work on translations and literature associated with the ideas of G.I.Gurdjieff.

At our Berkshire facility we aim to provide an education in practical work and crafts, which have included glass working, mosaics, painting, sewing, upholstery, carpentry, horticulture, building restoration methods, the study of sound and the making of simple musical instruments, with the emphasis on working with a sustained effort of attention, along the lines of the ideas of G.I.Gurdjieff.

The Society maintains a website, www.gurdjieff.com, which provides a contact point for enquiries from members of the public. Although some responses are limited to a passing curiosity, those who express a genuine interest are given advice on any questions raised and on suitable preparatory reading about G.I.Gurdjieff's teachings. When an enquirer demonstrates a sincere interest in engaging in the Society's activities, then the Council will offer an opportunity to meet and discuss matters in person. Although mainly based in London, the Society also conducts activities in several regional locations within the United Kingdom, and in the Republic of Ireland. Consequently, potential participants are not generally precluded from joining because of their location. Enquiries from those who live outside the UK are referred to the appropriate Gurdjieff foundation abroad. The Society maintains contacts with numerous such foundations overseas.

Members and participants of the Society also hold public meetings at various locations throughout the United Kingdom, where an introduction to the ideas of G.I.Gurdjieff is given and public interest is invited.

The Society presents regular cultural events (e.g. lectures, musical performances, storytelling and poetry), open to the public for a nominal entrance fee, at one of its London properties. A website, www.clarendonevents.org.uk, is maintained to advertise these events.

The Society also maintains the website www.in-between.org.uk, which presents material on a wide range of cultural topics, including subjects directly related to the teaching of G.I.Gurdjieff. Visitors to the website are invited to contribute material for review and possible publication on the site.

The Society does not discriminate against potential participants on grounds of age, race, sex or religion.

The Council has updated the Society's policy on Safeguarding to meet requirements of current Charity Commission guidance. A senior trustee has been appointed to take charge of this matter and a team of Society members stands ready to respond to any Safeguarding issues which might arise. Appropriate Safeguarding policy documents have been created, announced and made available to all participants in the Society's activities. The Council is fully committed to keeping the subject of Safeguarding under regular review and to maintaining future compliance with any further developments in Charity Commission guidance.

Those people who are actively involved in the aims of the society are generally asked to contribute towards the running costs of the Society, but it has always been, and remains, the Council's firm policy that nobody shall be excluded from activities because of lack of financial means. Existing contributors who experience temporary financial difficulties are invited to resume contributing when they are able to do so.

It has been established from the outset that all members of the Council give of their time freely and no remuneration was paid to any member of the Council in the year. Expenses paid to Council members (e.g. for travel abroad in furtherance of the Society's aims) are properly recorded in the accounts.

Any private benefit which may accrue to members or participants in the Society's activities is purely incidental.

Page 3

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

The Council members have paid due regard to the guidance issued by the Charity Commission in deciding what activities the Society should undertake.

Achievements and performance

a. Key performance indicators

The statement of financial activities shows a net increase of funds of £45,663 (2022: decrease of £14,925) before other recognised gains of £200,000 (2022: £nil). Reserves stand in total at £9,266,835 (2022: £9,021,172) of which, £457,968 (2022: £412,305) are free reserves.

b. Review of activities

Following the lifting of COVID-19 restrictions, the Society was able to resume most activities in pursuance of its objectives at its three properties. In order to begin the replenishment of reserves which were depleted during the COVID-19 period, and to fund running costs and maintain its properties in good condition, the Society has begun a sustained appeal for increased financial contributions from participants.

The Council continued to foster relationships with Gurdjieff foundations in other countries.

The Society’s customary presentations at the Clarendon Events venue were resumed in June 2022 after the lifting of COVID-19 restrictions. Five events were offered, which featured 2 film showings, 2 musical concerts and one scientific lecture.

The Society continued to invite and receive enquiries from the public via its main website, www.gurdjieff.com, and the appropriate responses made, to provide further information about Gurdjieff's teaching and the Society's activities

A range of new material was added to the website https://www.in-between.org.uk/.

c. Investment policy and performance

The charitable company holds an investment property from which it derives rental income and which is managed by external agents to achieve market returns.

The freehold property is valued at estimated market value and has been revalued this year.

Page 4

(A company limited by guarantee)

THE GURDJIEFF SOCIETY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Financial review

a. Going concern

As a result of the pandemic the trustees have been in regular touch by email, and some meetings have continued using online communication platforms. The trustees themselves, as is permitted by law, have since the initial lockdown ended continued to meet on a regular basis, to consider how best to continue with the work of the Charity, and to review the Society’s business generally, in order to be ready to resume the Society’s educational activities as soon as this is both permitted in law and is practicable in fact.

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Reserves policy

The members of the Council have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ("the free reserves") held by the charitable company should be no less than two years anticipated expenditure, given the nature of the income of the society.

At this level the Council feel that they would be able to continue the current activities of the society in the event of a significant drop in funding. The reserves have maintained the required level this year.

c. Material investments policy

The charitable company continues to hold an investment property.

d. Principal funding

The principal source of income for the society is donations and legacies received from its members. The funds are used to provide facilities for group meetings and discussions and to promote similar societies around the world.

Structure, governance and management

a. Constitution

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 22 September 1955.

The company is constituted under a Memorandum of Association dated 22 September 1955 and is a registered charity number 207480.

The company was incorporated on 6 October 1955 and commenced trading on that date. The principal object of the company is to maintain and develop research into the advancement of mankind and the development of thought, through lectures, meetings and other activities. The research relates to the teachings of G.I. Gurdjieff.

There have been no changes in the objectives since the last annual report.

Page 5

THE GURDJIEFF SOCIETY (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management (continued)

b. Methods of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. New trustees are elected by the Council from persons contributing to the aims of the society. New trustees are selected on the basis of their contribution to the activities of the society and the benefit they can provide to the governance of the society.

c. Policies adopted for the induction and training of Trustees

New trustees are made aware of their responsibilities as trustees by reference to information provided by the Charity Commission.

d. Pay policy for senior staff

There are no senior staff members.

e. Organisational structure and decision-making

All decisions are made by the council or by delegated trustees or members of the society for specific areas of expertise.

f. Financial risk management

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. They believe that maintaining free reserves at the levels stated will provide sufficient resources.

Trustees' idemnities

The Society provides and maintains indemnity insurance for the committee members as allowed under the charitable company's Articles of Association.

None of the council members had any beneficial interest in the charitable company. All of the council members are members of the charitable company and guarantee to contribute £1 in the event of a winding up.

Funds held as custodian

There are no funds held as custodian.

Future developments

The Gurdjieff Society continues to extend its activities in furtherance of its objectives including the development of Bray. It is also seeking to strengthen its relationship with the like-minded organisations in North and South America, Europe and, increasingly, many other parts of the world.

Page 6

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

This report was approved by the Trustees, on and signed on their behalf by:

23/1/2024 | 12:19 GMT

A W H Gibbs

(Trustee)

Page 7

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GURDJIEFF SOCIETY

Opinion

We have audited the financial statements of The Gurdjieff Society (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 charitable company'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.

Page 8

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GURDJIEFF SOCIETY (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinion 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 our 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 Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 9

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GURDJIEFF SOCIETY (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 Auditors' 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:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:

We also considered laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006 and the SORP.

Based on this understanding we identified the following matters as being of significance to the entity:

Page 10

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GURDJIEFF SOCIETY (CONTINUED)

We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:

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 Auditors' report.

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 Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

David Pumfrey FCA (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited Statutory Auditors 14th Floor 33 Cavendish Square London W1G 0PW

Date: 23/1/2024 | 12:19 GMT

Page 11

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and legacies
3
Investments
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
Total expenditure
Net movement in funds before other recognised
gains
Other recognised gains:
Gains on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
157,010
77,071
234,081
12,722
175,696
188,418
45,663
200,000
245,663
9,021,172
245,663
9,266,835		 Total
funds
2023
£
157,010
77,071
234,081
12,722
175,696
188,418
45,663
200,000
245,663
9,021,172
245,663
9,266,835		 Total
funds
2022
£
101,733
76,756
178,489
13,870
179,544
193,414
(14,925)
-
(14,925)
9,036,097
(14,925)
9,021,172

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 15 to 29 form part of these financial statements.

Page 12

THE GURDJIEFF SOCIETY (A company limited by guarantee) REGISTERED NUMBER: 00555631

BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
10
Heritage assets
12
Investment property
11
Current assets
Debtors
13
Investments
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Unrestricted funds
Designated funds
16
General funds
16
Total unrestricted funds
16
Total funds		 24,850
318,197
125,867
468,914
(11,105)
8,808,867
457,968		 2023
£
5,192,826
16,200
3,600,000
8,809,026
457,809
9,266,835
9,266,835
9,266,835
9,266,835		 16,356
312,910
93,275
422,541
(10,937)
8,608,867
412,305		 2022
£
5,193,368
16,200
3,400,000
8,609,568
411,604
9,021,172
9,021,172
9,021,172
9,021,172

Page 13

THE GURDJIEFF SOCIETY

(A company limited by guarantee) REGISTERED NUMBER: 00555631

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf by: 23/1/2024 | 12:19 GMT

A W H Gibbs

(Trustee)

The notes on pages 15 to 29 form part of these financial statements.

Page 14

THE GURDJIEFF SOCIETY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

The Gurdjieff Society is a Company limited by guarantee, and it is incorporated in England and Wales. The address of the registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Gurdjieff Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Company status

The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

2.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the company where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 15

(A company limited by guarantee)

THE GURDJIEFF SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading Gains/(losses) on investments’ in the Statement of financial activities incorporating income and expenditure account.

Investment properties are included on the balance sheet at their open market value. Although this accounting policy is in accordance with the applicable accounting standard, Charities SORP FRS102 it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the council members, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Page 16

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation

All assets costing more than £1,000 are capitalised

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.

The Society does not provide for depreciation on freehold buildings. It is considered however, that non-compliance with the standard does not have a material effect on the financial statements since it is the Society's policy to maintain freehold buildings to a standard which will prolong their useful lives indefinitely and certainly for greater than 50 years and to ensure that their value will not diminish over time. Maintenance costs are charges to the income and expenditure account in the period incurred. In the opinion of the Council, therefore, any charge for depreciation would be immaterial.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. 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:

Fixtures and fittings - 15% straight line

2.8 Heritage assets

Where heritage assets have been purchased, they are initially recognised at cost. After recognition, under the cost model, heritage assets are measured at cost less any accumulated impairment losses.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 17

(A company limited by guarantee)

THE GURDJIEFF SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.12 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company 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.

Page 18

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. Income from donations and legacies

Unrestricted
funds
2023
£
Donations
157,010
Legacies
-
157,010
4.
Investment income
Unrestricted
funds
2023
£
Investment income - rental income
71,029
Investment income - interest receivable
6,042
77,071
5.
Raising funds
Unrestricted
funds
2023
£
Expenditure on investment management
12,722		 Total
funds
2023
£
157,010
-
157,010
Total
funds
2023
£
71,029
6,042
77,071
Total
funds
2023
£
12,722		 Total
funds
2022
£
92,239
9,494
101,733
Total
funds
2022
£
74,404
2,352
76,756
Total
funds
2022
£
13,870

Page 19

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Analysis of charitable expenditure

Study & International costs
Property expenses
Charity management
Governance costs		 Activities
undertaken
directly
2023
£
49,069
107,416
3,451
15,760
175,696		 Total
funds
2023
£
49,069
107,416
3,451
15,760
175,696		 Total
funds
2022
£
51,302
108,753
4,565
14,924
179,544

Page 20

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Analysis of charitable expenditure (continued)

Analysis of direct costs

Staff costs
Depreciation
Travel
Events and
expenditure
Light & heat
Rates
Repairs and
maintenance
Insurance
Bank charges
Household
expenses
General admin
fees
Printing, postage
& stationery
Membership fees
Books costs
Total 2023
Total 2022		 Study &
International
costs
2023
£
37,801
542
562
5,126
-
-
-
-
-
-
-
-
5,038
-
49,069
51,302		 Property
expenses
2023
£
-
-
-
-
19,017
42,654
7,340
16,882
-
21,523
-
-
-
-
107,416
108,753		 Charity
management
2023
Governance
Costs
2023
Total
funds
2023
Total
funds
2022
£
£
£
£
-
6,552
44,353
43,846
-
-
542
695
-
-
562
939
-
-
5,126
906
-
-
19,017
13,088
-
-
42,654
27,654
-
-
7,340
37,979
-
-
16,882
14,351
-
385
385
283
-
-
21,523
15,681
480
8,823
9,303
8,809
2,971
-
2,971
3,845
-
-
5,038
4,510
-
-
-
6,958
3,451
15,760
175,696
179,544
4,565
14,924
179,544

7. Auditors' remuneration

The Auditor's remuneration amounts to an Audit fee of £6,840 (2022 - £6,000), and fees for other services of £815 (2022 - £1,535)

Page 21

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Staff costs

Wages and salaries
Contribution to defined contribution pension schemes		 2023
£
37,801
6,552
44,353		 2022
£
37,294
6,552
43,846

The average number of persons employed by the Company during the year was as follows:

Property Supervisor
Cleaner		 2023
No.
1
1
2		 2022
No.
1
-
1

No employee received remuneration amounting to more than £60,000 in either year.

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 March 2023, Trustees received the reimbursement of expenses amounting to £562 (2022 - £939).

Page 22

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10. Tangible fixed assets

Cost or valuation
At 1 April 2022
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Freehold
property
£
5,192,667
5,192,667
-
-
-
5,192,667
5,192,667		 Fixtures and
fittings
£
186,842
186,842
186,141
542
186,683
159
701		 Total
£
5,379,509
5,379,509
186,141
542
186,683
5,192,826
5,193,368

In the Trustees' opinion, the value of the freehold buildings at 31 March 2022 was not less than £15m.

Page 23

THE GURDJIEFF SOCIETY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
11.
Investment property
Valuation
At 1 April 2022
Revaluation
At 31 March 2023
Comprising
Cost
Annual revaluation surplus
2010
2011
2014
2018
2019
2021
2023		 Freehold
investment
property
£
3,400,000
200,000
3,600,000
£
24,050
-
1,975,950
1,250,000
1,250,000
(1,000,000)
(280,000)
180,000
200,000
3,600,000

Page 24

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. Heritage assets

Assets recognised at cost

Carrying value at 1 April 2022 Heritage
asset 1
2023
£
16,200
16,200		 Total
2023
£
16,200
16,200

The heritage asset relates to the former home of G I Gurdjieff, the Society's founder, and is owned equally between the Society (UK), and those in Paris and New York with maintenance cost shared equally.

The asset is held as a holding of 1,100 shares in the Societe Civil Immobiliere, having been acquired by donation in 1979.

13. Debtors

Due within one year
Other debtors
Prepayments and accrued income
Tax recoverable		 2023
£
3,429
5,888
15,533
24,850		 2022
£
3,428
5,114
7,814
16,356

14. Current asset investments

2023 2022
£ £
Term deposit account 318,197 312,910

Page 25

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. Creditors: Amounts falling due within one year

Other creditors
Accruals and deferred income		 2023
£
4,937
6,168
11,105		 2022
£
4,937
6,000
10,937

Page 26

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16.
Statement of funds
Statement of funds - current year
Balance at 1
April 2022
£
Unrestricted funds
Designated funds
Freehold Property Fund
5,192,667
Heritage Asset Fund
16,200
Investment Property Fund
3,400,000
8,608,867
General funds
Free reserves
412,305
Total Unrestricted funds
9,021,172
Statement of funds - prior year
Balance at
1 April 2021
£
Unrestricted funds
Designated funds
Freehold Property Fund
-
Heritage Asset Fund
-
Investment Property Fund
3,375,950
3,375,950
General funds
Free reserves
5,660,147
Total Unrestricted funds
9,036,097		 Income
£
-
-
-
-
234,081
234,081
Income
£
-
-
-
-
178,489
178,489		 Expenditure
£
-
-
-
-
(188,418)
(188,418)
Expenditure
£
-
-
-
-
(193,414)
(193,414)		 Gains/
(Losses)
£
-
-
200,000
200,000
-
200,000
Transfers
in/out
£
5,192,667
16,200
24,050
5,232,917
(5,232,917)
-		 Balance at
31 March
2023
£
5,192,667
16,200
3,600,000
8,808,867
457,968
9,266,835
Balance at
31 March
2022
£
5,192,667
16,200
3,400,000
8,608,867
412,305
9,021,172

Page 27

THE GURDJIEFF SOCIETY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. Statement of funds (continued)

Designated funds

Funds have been designated by the Trustees as follows:

Freehold Property Fund - This represents the carrying value of the charity's freehold property.

Heritage Assets Fund - This represents the carrying value of the charity's heritage assets.

Investment Property Fund - This represents the carrying value of the charity's investment properties.

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
5,192,826
Investment property
3,600,000
Heritage assets
16,200
Current assets
468,914
Creditors due within one year
(11,105)
Total
9,266,835		 Total
funds
2023
£
5,192,826
3,600,000
16,200
468,914
(11,105)
9,266,835

Analysis of net assets between funds - prior year

Unrestricted
funds
2022
£
Tangible fixed assets
5,193,368
Investment property
3,400,000
Heritage assets
16,200
Current assets
422,540
Creditors due within one year
(10,937)
Total
9,021,171		 Total
funds
2022
£
5,193,368
3,400,000
16,200
422,540
(10,937)
9,021,171

Page 28

THE GURDJIEFF SOCIETY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Pension commitments

The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £6,552 (2022: £6,552).

Page 29