LONDON QUAKER SERVICE TRUST Registered Charity number: 1042735 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Kingston Burrowes Audit Ltd 308 Ewell Road Surbiton Surrey KT6 7AL
LONDON QUAKER SERVICE TRUST Registered Charity number: 1042735 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS Pages: 1 to5 Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet 9t011 Notes to the Financial Statements
LONDON QUAKER SERVICE TRUST registered charity number 1042735 ANNUAL REPORT FOR THE YEAR ENDED 31st DECEMBER 2024 Trustees. Stephen Cox Clerk (Chair) Cherry Simpkin. Treasurer Jonathan Lingham, Grants Trustee Fiona Day Anne Charvet Independent Examiner: Kingston Burrowes Audit Ltd, 308 Ewell Road, Surbiton, KT6 7AL Solicitors: Stone King LLP, 3rd Floor, Bateman House, 82-88 Hills Road, Cambridge, CB2 1LQ Nominee for land: Friends Trusts Limited, pursuant to a Charity Commission Order sealed 27 May 2005. Address for Communication with the Trust: 78, Courtlands Avenue. London, SE12 8JA. Trust income.. totalled £32,439 in 2024 Trustee expenses: There were no trustees, expenses during the year (None in 2023). Structure. Governance & Management The goveming document of the trust is a constitution agreed on 31st January 1994 and amended by rosolution dated 13th January 2009. Each Area Meeting of the Religious Society of Friends (Quakers) in the London Area (seven in all) may appoint one trustee.. those appointed may co-opt two more to make nine in total. Trustees serve for 3 years and may be reappointed. Objects of the Charity Furthering the work of the Religious Society of Friends in the area covered by the Area Meetings in the London region, by the advancement of religion and the provision of facilities for educational, recreational and leisure time occupations for persons who, by reason of their social or economic circumstances, have need of such facilities, with the object of improving their conditions of life and developing their mental, physical and spiritual capacities. Achievements and Activities In 2024, the Trust continued to give financial support to a number of organisations, giving priority to those working with dis-advantaged people. Grants The charity's main charitable activity has traditionally been making grants. Most grants are determined at the beginning of the financial year to be paid throughout the year. Those applying for grants are asked to set out the level of grant required and to show how they intend to use it. They are also asked to submit financial accounts. Regular grant recipients are asked to demonstrate the effectiveness of grants given when applying for further funding.
LONDON QUAKER SERVICE TRUST registered charity number 1042735 ANNUAL REPORT FOR THE YEAR ENDED 31st DECEMBER 2024 Grants totalling £52,000 were made to six organisations whose work fell within the remit of the Trust as follows: Quaker Social Action £30,000 Street Talk £5,000 LEAP Confronting Conflict £5,000 Alternatives to Violence £4,000 Hardman Trust £5000 Theatretroupe - £3,000 Hoxton Hall The trust's property Hoxton Hall (a music hall theatre in Hoxton) is currently let out rent-free on a full repairing lease to Hoxton Hall Ltd, a registered charity (no: 1107196) providing arts facilities for drama, music. dance and the visual arts for local young people. Public Benefit When planning activities for the year, the Trustees have considered the Charity Commission's guidance on public benefit and are satisfied that the Charity's aGtivities met the principles laid out in that guidance. The grants made go towards the work of other charities providing public benefit in the London Area. Unless specifically requested for a particular project, the grants are unrestricted, subject to the requirement that the money is spent in the London area. Quaker Social Action works to counteract poverty through practical projects in the East End. Street Talk works to change the lives of sex workers in the Kings Cross area. LEAP provides training and support to London based young people involved in conflict. Theatre Troupe helps improve the lives of young people in South London with emotional and mental health problems through the medium of drama and other art forms. The grant to Altematives to violen runs workshops aimed at promoting non-violent conflict resolution for those in the London area. The Hardman Trust supports people on long prison sentences to take their next steps in life, by helping them prepare for release, rebuild confidence, and reintegrate back into society. The premises provided to Hoxton Hall enables artistic and creative opportunities for young people in a socially deprived area of London. Financial Review Goin concern The trusteès have a reasonable expectation that the company has adequate resources to continue in operational existen for the time being. For this reason they Gontinue to adopt the going concern basis in preparing the financial statements. However, in recent years, the
LONDON QUAKER SERVICE TRUST registered charity number 1042735 ANNUAL REPORT FOR THE YEAR ENDED 31st DECEMBER 2024 Trustees have felt it necessary to use reserves as well as income in order to give an effective level of grants. As this is not sustainable in the long term, the Trustees are considering their options for the charity's future (see under future plans). Overall results During the year ended 31 December 2024 the Charity made a deficit of £(37,454), £(52,577) in 2023. This was mainly due to the Trustees, decision to use up some of the charity's reserves. With realised gains on investments of £22,473 and increase in unrealised gains of £53,237, the net movement in funds was £38,526 (£14,073 in 2023). The trusts total funds at31 December 2024 were valued at £1,162,806 (2023: £1,124,550). No amount is included in the valuation of the fund for the chartty's only tangible fixed asset, the property called Hoxton Hall. This property is currently rented on a 99-year lease to the Hoxton Hall charity. Having taken professional advi, the trustees believe its values to be minimal while the tenants remain in place. All funds are unrestricted. Reserves PoliG The trustees, policy is to set grants at such a level that they will be covered by expected annual income less anticipated administrative expenditure. In addition to money designated for grants that have been determined, reserves are maintained at £50 000 to meet any further grant requests arising during the year, to safeguard against fluctuations in investment income and to ensure adequate cash flow so that grant instalments and administrative expenses can be paid in due time, including any unexpected expenses which may arise in relation to the charity's assets. The Trustees will review the reserves policy every three years or earlier if felt appropriate in the light of any change in the charity's circumstances. The Trustees have reviewed the reserves policy during the year and believe it remains appropriate. Trustees continue to weigh the Current needs of our beneficiaries against our responsibility to relate income to expenditure so as to ensure we retain enough resources to have the capacity to continue and expand our work in the future. The charity has no long-term liabilities. Investment Polic and Risk Mana ement The trusts main source of income is its returns on investments and interest on cash deposit. The trustees, therefore, believe that the main risk to its ability to carry out its charitable activities lies in the levels of stock market volatility and the economic uncertainty. To mitigate this risk, trustees continue to hold a mixed portfolio of equities, bonds, cash and other investments designed to provide a level of stable income and the possibility of investment gains. Trustees are advised by charity's investment managers J.M Finn and Co on specific investments. While mindful of their duty to maximise income and mitigate risk, the trustees seek to apply ethical criteria to investments e.g. by avoiding companies that manufacture armaments, alcohol or tobacco, promote gambling or have poor employment records and seeking out
LONDON QUAKER SERVICE TRUST registered charity number 1042735 ANNUAL REPORT FOR THE YEAR ENDED 31st DECEMBER 2024 companies they believe make a positive social andlor environmental contribution. The trustees have also divested in fossil fuel investments. Future plans As mentioned in our previous report, the Trustees conducted a strategic review. We were concerned about our financial sustainability, given that demands for our support far exed our income. and our funds are reducing in real terms. We also had concerns about our sustainability as an organisation, given the difficulty in finding new Trustees with appropriate skills. Finally, we had doubts about our effectiveness, in giving small grants to organisations without any broader support. Our conclusion was that the London Quaker Service Trust should ase to exist as an independent charity. We will find one or more partners to receive our funds and to serve as an effective freeholder for Hoxton Hall, whose work in the community closely parallels our own objectives. We tested our view with stakeholders, primarily the seven Quaker Area Meetings (QAM) in London, who are responsible for choosing most of our Trustees. Individual trustees attended business meetings of six QAMS to speak and answer questions, the seventh QAM feeling comfortable making a decision without a Trustee present. There was overwhelming support for our decision to seek a new future at all seven meetings and no significant disagreement has been received from any other quarter. Our regular grantees have been informed of our decision. Trustees have engaged with various relevant Quaker organisations in London and these discussions continue. While no firm timetable can be set, it is hoped that the matter will be concluded, or at least well advanced within 12 months. Meanwhile, we are conducting another grant round for 2025. Statement of Trustees, Responsibilities The Trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordan with applicable law and United Kingdom AcGounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP 2019 (FRS 102)" make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements" prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in operation.
LONDON QUAKER SERVICE TRUST registered charity number 1042735 ANNUAL REPORT FOR THE YEAR ENDED 31st DECEMBER 2024 The Trustees are responsible for keeping proper accounting records that 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 Charities Ad 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence fortaking reasonable steps for the prevention and detection of fraud and other irregularities Declaration The trustees declare that they have approved the trustees, report above. Signed on behalf of the charity's trustees Stephen Cox Clerk Date: 18 October 2025
LONDON QUAKER SERVICE TRUST Registered Charity number: 1042735 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 7 to 12. Responsibilities and basis of report As the charity's trustees you are responsible forthe preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Gharity's accounts carried out under section 145 of the Ad and in carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act,. or the accounts do not accord with those records or the accounts do not comply with the applicable requirements conceming the fomi and Gontent of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no COnrnS and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Kevin Fisher BA FCA CTA /0 Kingston Burrowes Audit Ltd 308 Ewell Road Surbiton KT6 7AL Date". 21 Oc4d)a- 2025
LONDON QUAKER SERVICE TRUST Registered Charity number: 1042735 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Fund 2024 2023 Notes Income and endowments Investment Income.. Dividends - UK & Overseas Equities Interest- UK & Overseas Fixed Interest Interest on cash deposits 28,120 3,733 586 28,418 4,847 171 Total income 32,439 33,436 Expenditure Cost of raising funds". Investment management costs Expenditure on charitable activities: Grants to institutions Support costs 16.501 15,681 52.000 1,392 69,000 1,332 Total expenditure 69,893 86,013 Net income l expenditure before investment (losses) I gains Net realised (loss) I gain on investrnents Net unrealised gain l (loss) on investments (37,454) 22,473 53,237 (52,577) (2,021) 68,671 Net movement in funds 38,256 14,073 Reconciliation of funds Total funds brought forward 1,124,550 1,110,477 Total funds carrled forward £1,162,806 £1,124,550 All income and expenditure derive from continuing activities. The notes on pages 9 to 12 form part of these Financial Statements
LONDON QUAKER SERVICE TRUST Registered Charity number. 1042735 BALANCE SHEET AS AT 31 DECEMBER 2024 Notes 2024 2023 FIXED ASSETS Tangible assets I nvestments 1,129,935 1,113,620 CURRENT ASSETS Debtors Cash on deposit at bank 35,391 19,660 35,391 19,660 LIABILITIES Creditors: amounts falling due within one year 2,520 8,730 NET CURRENT ASSETS 32,871 10,930 NET ASSETS £1,162,806 £1,124,550 The funds of the Charity Unrestricted funds 1,162,806 1,124,550 TOTAL CHARITY FUNDS £1,162,806 £1,124,550 These Financial Statements have been approved by the Trustees and signed on their behalf by: stephen Cox Clerk (Chair) Date: 18 October 2025 The notes on pages 9 to 12 form part of these Financial Statements
LONDON QUAKER SERVICE TRUST Registered Charity number: 1042735 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIES Basis of accounting The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordan with Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the FinanGial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention with items recognised at cost or transaction value unless otheise stated in the relevant note(s) to these accounts. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Income recognition All incoming resources are included in the Statement of Financial Activities when the Gharity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Investment income is earned through holdings of listed investments and includes dividends and interest. Income from listed investments is recognised as the Gharity's right to receive payment is established. Bank interest is recognised on a receivable basis. Donations are recognised when the charity has been notified of the amounts and the settlement date in writing and it is probable that the donor will fulfil their stated obligations. If these conditions are not met the donation is recognised when received. Expenditure recognition Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings: Costs of raising funds which comprise investment rnanagement fees relating to the charity's portfolio of listed investments Expenditure on charitable activities which primarily comprise of grants to third parties in furtheran of the charity's objects. Grants are recognised as an expense when the trustees have agreed to award the payment without condition and the recipient has a reasonable expectation of receipt. Grants are paid out of the charity's unrestricted funds.
LONDON QUAKER SERVICE TRUST Registered Charity number: 1042735 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 cont 1. ACCOUNTING POLICIES cont Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value (quoted market value on a recognised stock exchange) with changes recognised in the Statement of Financial Activities if the investments are publicly traded ortheir fairvalue can otherwise be measured reliably. Fund accounting All of the charity's funds are unrestricted. Unrestricted general funds are those funds which are freely available for use in furtherance of the objects of the charity and which have not been designated for specific purposes. 2. RELATED PARTY TRANSACTIONS AND TRUSTEES, REMUNERATION Trustees received no emoluments. Travel expenses totalling £xxx (2023: £Nil) were reimbursed to xxx (2023.. Nil) Trustees. 3. GRANTS During the year, direct charitable grants were given to: 2024 2023 Quaker Social Action Street Talk Leap Alternatives to Violence Hardman Trust Theatre Troupe Amy Winehouse Foundation Prisoners, Penfriends BEST (HMP Wandsworth) 30,000 5,000 5,000 4,000 5,000 3,000 30,000 5,000 5,000 4,000 3,000 3,000 4,000 15,000 Total £52,000 £69,000 4. SUPPORT COSTS 2024 2023 Trustees. expenses Room hire and sundry Governance - Independent Examiners Fee 102 1.290 102 1,230 £1,392 £1,332 10
LONDON QUAKER SERVICE TRUST Registered Charity number: 1042735 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 20241 cont 5. TANGIBLE FIXED ASSETS Properties No amount has been included in the balance sheet for the historic freehold property known as Hoxton Hall at 130 Hoxton Street and 1 Wilke's Place, London N1. The Trustees believe that the current sale value with tenants in place is minimal. The Hoxton Hall charity occupies the building at 130 1130A Hoxton Street without charge and are entitled to keep the rent from the flat at 130A. Under the lease, they are responsible for the Maintenan of the building. 6. FIXED ASSET INVESTMENTS 2024 2023 Market value at 1 January 2024 Additions at cost Disposals at carrying value Net gain l {loss} on revaluation 1,113,620 109,095 (146,017) 53,237 1,070,428 105,098 (130,577) 68,671 Total £1,129,935 £1,113,620 The types of investments held at 31 December 2024 and 31 Dernber 2023 and their cost and market value were". 2024 2024 2023 2023 At Cost At Market Value At Cost At Market Value Fixed interest Equities Other funds 139,280 532,802 125,560 140,466 811,489 177,980 173,827 512,045 148,691 177,155 813,618 122,847 Total £797,642 £1,129,935 £834,563 £1,113,620 7. DEBTORS 2024 2023 Outstanding dividends £Nil £Nil
LONDON QUAKER SERVICE TRUST Registered Charity number: 1042735 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 cont 8. CREDITORS 2024 2023 Grant payable Independent Examiner fees 7,500 1,230 2,520 £2,520 £8,730 12