Britain Yearly Meeting of the Religious
Society of Friends (Quakers)
Annual report,
including financial
statements
foT the year ended 31 December 2021

Accessible versions of this document a￿ available.
Please contact the publications manager at
publications@quaker.org.uk or call 020 7663 1162.
To read Our ratth. our work, which contains information
about the work of Quakers in BrtLain in 2021. visit
www.quaker.org.uklannualreview.

## Contents 

|Introduction|4|
|---|---|
|About us|5|
|The way we work|6|
|The work we do|12|
|Financial review|16|
|Financial statements|24|
|Notes to fnancial statements|27|
|Reference and administrative details|54|





**Introduction** 

## From the Clerk of Trustees and the Recording Clerk 

The world is shifting and changing around us in ways few people anticipated in past centuries or even past decades. As Friends we have inherited the wisdom gained from engaging with a spiritual ecosystem that values compassion and generosity over self-seeking and avarice. We are called to sustain a steady witness and to listen for the creative power that treasures healthy relationships and to follow the Light that shows us justice even in the presence of violence and hatred. Our spiritual ancestors show us the power that comes from day-to-day attention to the still, small voice within that points out God’s way. We can each of us be instruments of the divine: everyday prophets who act out of God’s power in the ordinary path of life and speak words the Spirit gives us that offer a vision of hope and a counter to fear. 

## Margery Post Abbott, _Everyday Prophets_ (2016) 

As we write, our world faces twin threats of war and climate breakdown. How can we, a small but steadfast radical faith community in Britain, equip ourselves and the world to face these challenges as we emerge from the Covid-19 pandemic? 

Quakers in Britain need thriving and diverse Quaker communities that can, alongside Britain Yearly Meeting and other partners, draw on our inherited wisdom and work to build a sustainable and peaceful world. We need also to simplify our structures and practices and free our time to listen ‘to the still small voice within’ and to ‘act out God’s power’ in our witness. We want to be a simple church supported by a simple charity to reinvigorate Quakerism. That way we become the community of everyday prophets who together can change the world. 

For Britain Yearly Meeting, the last year has been one of consolidation and preparation. Despite the 

challenges of lockdowns, building closures and threats to our income sources, we have secured Britain Yearly Meeting’s financial sustainability for the longer term and are on track to have a balanced budget for 2023 and beyond. We have reshaped Quaker Life to support Quaker communities, made good progress placing local development workers within reach of every Quaker meeting, and strengthened our partnership with our sister organisation Woodbrooke. This, we hope, will help Quakers to build and sustain the thriving, diverse communities we want to be. 

We have refocused the work of Quaker Peace & Social Witness with a new strategy emphasising peace & peacebuilding and climate justice. This will support Quakers to let their lives speak – through individual, local, national and international action. Some treasured work has been laid down so we are fully focused on the existential threats which threaten our world. Our public affairs work amplifies the Quaker voice in our national political arena, and we continue to provide financial support for Quaker work at the European and United Nations levels. 

We have begun simplifying our national structures to achieve a new balance between governance and participation. Quakers’ national work flourishes because Quakers are involved in it and committed to it. It carries a spiritual reward for all who participate. We need to use Friends’ time and gifts wisely. 

We report that this has been done while making substantial reductions in cost. There is much more we could do. Britain Yearly Meeting continues to rely on the spiritual, financial and practical support that comes from the ‘compassion and generosity’ of Friends. We are immensely grateful to all those who contribute what they can with such generosity, commitment and trust. 

## In Friendship, 

Signature redacted Caroline Nursey Paul Parker 

Signature redacted 

4 Annual report 



**About us** 

## About us 

## Britain Yearly Meeting explained 

Quakers in Britain – also known as the Religious Society of Friends – are a faith community with worship at its heart. Founded in 1652, a period of religious turmoil, the Society welcomes people of all faith backgrounds who want to deepen their experience of God and find a way of living harmoniously in today’s troubled world. 

Quakers worship in local meetings (458), grouped together into area meetings (70), where individual membership (c.11,828, plus a further 6,479 attenders) is held. Local and area Quaker meetings manage their own affairs and own their own property; each area meeting is a separate charitable entity with its own trustees. 

Members of these area meetings make up the membership of the Yearly Meeting of the Religious 

Society of Friends (Quakers) in Britain (Britain Yearly Meeting), a body that meets annually and that has ultimate authority for church affairs. In the intervals between Yearly Meetings, Meeting for Sufferings – the standing representative body of Quakers in Britain – is entrusted with discernment and general care of matters affecting the Society. 

Britain Yearly Meeting (BYM) is also the name of the national charity that implements the Society’s central policy, owns its property, employs its staff and directs its work. BYM works centrally to run the affairs of the Society as a whole and to support local meetings. We also work to raise awareness of the basic tenets of Quaker faith and to put Quaker thinking into practice for a just and peaceful world. 

## Public benefit statement 

BYM is an umbrella organisation, guiding, supporting and sustaining the 70 area and 458 local Quaker meetings throughout England, Wales and Scotland. 

The charity’s resources come from members’ contributions, legacies, grants, the gift-aided surplus of our trading company, and investment income. These resources are spent on deepening and sharing Quaker spiritual experience and on acts of witness that arise from our faith. For Quakers, belief and witness are indivisible. We work for peace and justice, environmental sustainability, the alleviation of suffering, and the upholding of victims of oppression. 

Local meetings for worship are open to all: Quakers have no tests of belief; membership of the Society is open to anyone who is sincerely seeking truth. Our governance is spread widely within our membership. Our constitutional book of Christian discipline, _Quaker faith & practice_ , guides our work and witness. 

For over 360 years Quaker faith has led us to testify to equality, simplicity, peace and truth. Quaker social witness encompasses work for peace in Israel– Palestine and in Africa. It strives for environmental sustainability, a compassionate criminal justice system and for equality in Britain. It supports poorer people in society through bursaries, relief payments and grants. We provide central support to the witness of local 

meetings, for example through servicing networks of prison chaplains. 

Friends House, our central London base opposite Euston station, is a much-valued public building, made available for a wide variety of uses including worship by other faiths, education purposes and for open meetings organised by many third-sector organisations. Since 2009 Friends House has had a welcoming Quaker Centre, featuring a bookshop, café and worship space, open to all. However, the Covid-19 pandemic meant we were forced to close the building for much of 2021. 

We are transparent in what we do: we make minutes of BYM Trustees available and our website (www. quaker.org.uk) carries minutes of Meeting for Sufferings and Yearly Meeting itself. Our website also gives details of our work, and provides resources for local meetings and those wanting to learn more about Quakers. 

This report shows how our resources have been applied and how the public benefits from our work. 

The charity’s trustees have complied with their duty under the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. All trustees give their time voluntarily and do not receive any personal financial benefit from the charity. 

Annual report 

5 



**The way we work** 

## The way we work 

## Governance and decision-making 

In a world in which efficiency is a first tenet of good business, Quakers aspire to do their business in a worshipful way. In arriving at a decision, the priority is to achieve a sense of rightness, or ‘divine guidance’. The aim is to ground the process of decision-making in loving faith and practice. Meetings for worship for business are expected to be more than mere committees added on to the real work: they are required to be godly times. 

## Jane Mace, 2012 ( _God and decision-making_ ) 

Trustees are accountable to Quakers in Britain for the central work carried out in their name, and for ensuring that BYM complies with the law. The Recording Clerk (Quaker-equivalent of a chief executive) and Management Meeting (the senior staff team) advise trustees and are accountable to them for the work set out in an operational plan and budget prepared each year. In 2019, trustees adopted strategic priorities for centrally managed work for the next 5-10 years with the overall objective of a simple church supported by a simple charity, to reinvigorate Quakerism. 

Our governance relies on the wide participation of members, and we depend on Friends to discover and exercise their gifts and offer them in service to God and our community. 

In 2021, trustees approved a plan of governance developments, drawing on the Charity Governance Code, to help achieve strategic goals of: creating simple structures and practices in our local and national organisation; and, ensuring all work is well-governed: resourced, impactful and communicated effectively. 

The terms of reference of BYM Trustees are reviewed regularly. The most recent review concluded in 2020 and revised terms of reference were adopted by Yearly Meeting in 2021. 

## Governing document 

The governing document is drawn largely from passages in our book of discipline _Quaker faith & practice_ . The governing document was reviewed by 

Yearly Meeting in 2021. In addition to governance, _Quaker faith & practice_ contains advice and counsel and encourages self-questioning and hearing each other in humility and love. The first book of discipline was compiled in 1738 and is revised at intervals. The last complete revision was approved by the Society in 1994 and it has been amended regularly since then. Yearly Meeting in 2018 decided to begin a new complete revision of the book of discipline. This process is under way and the committee overseeing the revision is reporting regularly on progress. 

## The duty of trustees 

It is the duty of BYM Trustees to: 

- ensure that the priorities for the work set out by Yearly Meeting and Meeting for Sufferings are taken forward with the right use of our resources 

- ensure that the governance and management of the work carried out are in accordance with the objectives set out in the governing document and compliant with the law. 

In addition, the board of directors of Friends House (London) Hospitality Ltd. (trading as Quiet Company) is appointed by, and reports annually to, BYM Trustees. 

Trustees have three subcommittees: Audit Committee, Employment Committee, and Finance & Property Committee. 

Trustees are further supported by four standing committees and, together, define policies and decide the work to be done. The standing committees are: 

- Quaker Committee for Christian & Interfaith Relations 

- Quaker Life Central Committee 

- Quaker Peace & Social Witness Central Committee 

- Quaker World Relations Committee. 

Trustees have established a pattern of annual reporting by standing committees designed to ensure they remain well-informed and the work of standing committees is well-scrutinised. Regular meetings of trustees and committee clerks are also held. 

6 Annual report 



The way we Work
Criteria for all work
being S￿￿iDed or devel(yd
Strands of work
priorities for in￿tment and devebpment
Thriving Quaker
communities
sUppO￿ng Quaker meetings
and other groupg lo be div&we,
lo thrwe and grow
Distinctively Quaker
the work and how we do il have
a clear Quaker identity and r(Ae
Simple
structures
and practices
in our local
and national
organisalion
A simple church
supported by a
simple chaTity,
to reinvigorate
Integrated
b8tW8en Quakers locally, national
and intemalionally, and wrthin BYM
A sustainable
and peaceful
world
wothng writh and on
behalf ol Quakers
Quakerism
Well governed
resourced, impactful and
communicated effectively
The conduct of business
All trustees, mttts.ngs and those of commtttees and
subcommittees are held as meetirgs lor worship for
business in accordance wtth Quaker faith & Prortice.
Trustees appoint two elders each ￿ar to suthn and
support the right holding of the meeting. In 2021,
Trustees held most of their meetings online following
Charity Commission guidance on running chartknes
during the pandemic, published in March 2020.
Trustees receive copies of the fvll minutes of
Management Meeting, giving trustees a ￿11 picLure
of matters under con%deration ty our officers while
prEserving the boundaries between operation
matters and strategc dirEction. The Recording Clerk
and members of Management Meeting attend all
m￿ing5 of trustee5 and rEPOrt to them on each
occason. Trustees dso spend time wtthout staff at
each of their meetings.
Trustees have a pod reLitionship wth Meeting
for Sufferings. the standing rEPr￿entatiVe counal
of Quakers in Britain. Al tmstees are members
ol Meeting lor Sutferings and attend tts meeb.ngs
regulady to participate in the discemmenL There are
regular OPFK>rtunities for members of Meeting for
SufferirYg5 to engage wtth trustees to ask questions
and seek explanation and clarification of aspects of tnjstees.
business. Trust is centrd to dl our relationships. and it5
preservation is a matter of Vigilan￿ and senstknvity.
Appointment of trustees. induction and
training
Trustees are appointed by Yearly Meeting norn1d￿ tr)
serve for a thrEe-year term. Reappointrrlent is possible for
a second terTn and eXception￿lY for a third. The Yearly
Meeting treasurer, also appointed ty Yeady Meeting,
serves ex-officio as a trusiee. Nominating committees
drdw on a database of offers of service from Friends in
Mem1￿￿hlP ofthe Society. In ndang nominations for
sermce as trustees. the Central Nominations Committee
ensurEs that the Friends appruached are aware of the
lega responsbilities of trustees and of the legal position on
eligbiltty.
Trustees keep their collectwe st￿ngthS and weaknesses
under review. Trustees use yular training to reinforce
those strengths and to address any weaknesses. All
trusLees are offered twning in a rdnge of areas related to
their responsibilrties. New trustees recewe indLJCtion and
briefing materials. They take part in a rEfleciDie review ai
the end of their first year of service. and again when they
complete their term. The findings of th￿e reviews are
reported back to the trustee LK)dy.
Annual report |

**The way we work** 

BYM Trustees are working on improving their diversity. At December 2021, of the serving trustees: 67% were female (13% preferred not to say); 7% were from black and minority ethnic communities (7% preferred not to say); 33% considered themselves to be disabled; 13% identified themselves as Lesbian, Gay, Bisexual, Transgender, Queer/Questioning (LGBTQ) (20% preferred not to say); and 67% were under the age of 66. 

## Safeguarding procedures 

BYM is committed to ensuring that all of our events and services are safe for everyone, and that everyone can worship safely within Quaker communities, including children, young people and adults at risk of abuse. We work to comply with legal and regulatory safeguarding requirements laid upon us as a charity. Our policies and procedures ensure that only appropriate staff and volunteers work with children and young people and that criminal records checks are undertaken as required. They are kept under review. In 2021 we continued to implement our improvement plan. We require all staff to undertake safeguarding awareness training, with advanced training for those working directly with children and vulnerable adults. 

## Transparency of Lobbying, Non-party Campaigning & Trade Union Administration Act 2014 

This legislation, which requires any charity campaigning in ways that might be deemed to influence the outcome of an election to register with the Electoral Commission if its election-related campaigning expenditure exceeds certain limits, came into effect in the autumn of 2016. Following careful consideration, and consultation with Meeting for Sufferings, trustees decided to register when required as a non-party campaigner, but reaffirmed that, above all, our responsibility is to act and speak as we are guided by faith. There was no regulated activity in 2021. 

Trustees continue to be concerned about the implications of this Act. BYM raises its concerns with the government, parliamentarians and relevant public bodies whenever possible. We continue to campaign for improvements to this area of regulation and convene a group of civil society organisations that work together to defend the space for civil society to engage with the democratic process. 

## Risk management 

## Risk management policies and procedures 

Quakers have historically been prepared to take risks if felt called to do so after careful discernment. Risks can be taken and managed because of the checks and balances of our robust decision-making processes. These also ensure that responsibility for actions and procedures are widely spread. The overall aim is to ensure that staff, committee members and trustees can manage the potential impact of risk. 

Trustees have paid increased attention to risk, both in their meetings and working with senior staff over recent years. Management Meeting is responsible for managing strategic-level risks and these risks are monitored by trustees. Operational managers identify and manage operational-level risks – these relate to areas of work detailed in our Operational Plan. All risks are brought together into BYM’s Risk Register. Having identified relevant risks, managers analyse levels of risk, confirm mitigation, and, where appropriate, allocate resources. The Risk Register is reviewed and updated frequently during the year by operational managers, Management Meeting and trustees. The trustees’ Audit Committee, constituted of one trustee and three external members, provides trustees with independent assurance that risk is being adequately managed. 

In 2021, the strategic-level risks were revised in light of experience from the Covid-19 pandemic. 

## Main risks 

## **i) Major changes in Quaker communities:** 

reductions in membership, closure of meetings, unsustainable local structures, loss of tradition, disconnection with BYM, and loss of support to BYM. 

Management of risk: 

- Experimentation with new ways of worshipping using technology 

- Introduction of Local Development Workers across Britain to support Quaker communities 

- Implementation of Integrated Strategy for Supporting Quaker Communities, in particular increased integration of staff teams 

- Measures to simplify our structures and processes 

- Improved understanding of diversity and inclusion 

8 Annual report 



**The way we work** 

- Work to sustain relationships between BYM and Meetings 

- New outreach strategy. 

**ii) Operating model.** Operating model becomes unsustainable or unstable leading to loss of income to charity. Risks from climate emergency, Brexit and Covid-19 impacting the business and resulting reductions in income to charity. Inability to maximise use of property to benefit the charity. Employment concerns: loss of existing staff, inability to recruit, capacity to respond to changes. Emerging challenges make existing work programmes less relevant. 

Management of risk: 

- Plan to reach balanced budget by 2023 and reserves kept under close control 

- Fundraising strategy and plan 

- Income generation plan 

- Staff training to improve financial literacy 

- Work with committees to review programmes 

- Active engagement with suppliers on supply issues 

- Build a culture of resilience and adaptability 

- Benchmarking hospitality business to competitors through market analysis and championing its ethical business principles. 

**iii) Information technology.** Risks on IT governance; resiliency and continuity; cyber security; vendor and third-party risks; data management; IT program and execution risks. 

Management of risk: 

- New ICT Strategy developed, emphasising a wider set of IT objectives: governance, infrastructure, digital, service management and security 

- Staff training and development plan 

- Vulnerability and disaster recovery testing 

- Introduction of new service-desk solution to manage incidents, change management, licencing, project management and reporting. 

**iv) Communications.** BYM fails to use appropriate communications tools to help Quakers be widely known and understood; contributing to declining impact of work and engagement of Friends. 

Management of risk: 

- Plan to deliver communications strategy approved by trustees in 2021 

- Integration of external and internal (to Quakers) communications 

- Improved planning and review of guidelines 

- Impact reporting of projects and programmes. 

**v) Governance.** Failure of governance control, unsustainable central governance structures, reputational risk of meeting governance failure. 

Management of risk: 

- A range of measures to deliver strategic priority on simplifying structures 

- A plan of governance improvements and developments 

- Risk management process 

- Audit Committee internal auditing programme 

- Work to support committees and encourage service 

- Move to new ways of working following changes in response to the pandemic. 

**vi) Safeguarding.** Failure of safeguarding governance or management leads to increased risk of abuse to children, young people or adults at risk of abuse and reputational damage 

Management of risk: 

- Implement safeguarding improvement plan 

- Improvements to record keeping 

- Awareness training for all staff 

- Review of BYM’s procedures, including adoption of new policy and new safeguarding online policy by trustees in 2021 

- Introduction on new model policy and procedures for Quaker communities 

- Engagement with recommendations from Independent Inquiry into Child Sexual Abuse. 

**vii) Change management.** Change, taking place in all parts of the charity, is badly managed, resulting in decreased impact and/or increased costs. 

Annual report 9 



**The way we work** 

Management of risk: 

- Routine meetings of Management Meeting on managing change 

- Active communication and stakeholder engagement 

- Communications with Friends 

- Training and development for senior staff 

- Developing operational planning process and monitoring impact of work. 

## BYM Staff and Management Meeting 

## Our people and culture 

In December 2021 BYM employed 130 staff (106.5 full-time equivalent) across its departments, including 44 (31.1 full-time equivalent) to undertake the work of Friends House (London) Hospitality Ltd. 

In line with best practice, we review our diversity statistics annually, reporting these to Management Meeting and the Trustees’ Employment Committee. At December 2021: 

- 64% of staff were female; 

- 26% of staff were from black and minority ethnic communities; 6% preferred not to say; 

- 10% of staff considered themselves to be disabled 

- 11% of staff identified themselves as Lesbian, Gay, Bisexual, Transgender, Queer/Questioning (LGBTQ); 19% preferred not to say; 

- 24% of staff identified themselves as Quaker. 

BYM is committed to creating a safe and respectful working environment where our staff and volunteers feel valued, where they recognise one another’s contribution, where they know inappropriate behaviour won’t be tolerated and where they feel safe to raise concerns. Our commitment to this aspiration is reflected in our People strategy, which was developed during the year and for which an action plan will be developed and implemented over three years commencing 2022. As for so many others, this year has been extremely difficult for us, as we worked hard to manage the impact of Covid-19 on our organisation. Our staff showed incredible commitment and determination to keep delivering their work for the Society, while managing significant personal and professional challenges. 

## Staff remuneration and support 

The salaries for all staff, including the Recording Clerk and members of Management Meeting, are agreed on behalf of BYM Trustees by their Employment Committee, which negotiates these where required with the workplace union representatives. For several years a formula has been in place to propose a cost-of-living increase which is agreed by trustees subject to certain affordability criteria. 

It is a longstanding policy of BYM that no member 

10 Annual report 



**The way we work** 

of staff, either on our London or regional pay scale should receive a full-time salary more than four times that of any other. That policy, which results in a 1:4.7 ratio across the two pay scales, is one of the ways that Quakers are trying to put our faith into practice in the workplace. All staff are paid above the recommended Living Wage. 

## Supporting our staff during the pandemic 

The coronavirus pandemic has had a significant impact on how we manage and conduct our work at BYM. In 2021 we continued to build on measures introduced in March 2020, to protect staff, prevent the spread of the virus and adhere to government guidelines. These measures continued through to the end of the year. We have engaged closely with staff throughout the year by taking pulse surveys at regular intervals. 

## Communicating with staff 

BYM is committed to open and accountable 

management of our staff, where development and recognition are acknowledged. Staff can raise concerns through their line manager or Management Meeting, including the Recording Clerk, or anonymously through the whistleblowing policy. We use an external specialist supplier to conduct surveys on a wide range of workplace issues including, especially during the pandemic, individual wellbeing. 

We plan to invest further in staff engagement and leadership, and focus on our culture, commitments and behaviours, because those behaviours either reinforce or undermine our values. 

## Fundraising practices 

BYM raises funds within the Quaker community through the contributions given by area and local meetings. Individual Friends also make direct donations to BYM and we make applications to trusts and foundations for grant funding. Legacies are a crucial part of our fundraised income and we are grateful to all those who have left a gift for us in their will. We would like to thank all the local and area meetings, charitable trusts, foundations and individuals who support our work. 

We are registered with the Fundraising Regulator and abide by the Code of Fundraising Practice. We commit to the regulator’s Fundraising Promise and aim to exceed these standards. We do not do any fundraising work with commercial participators. We have a policy for working with vulnerable supporters and all fundraising staff receive training on following this policy. In all our fundraising work we aim to: 

- be transparent 

- be respectful 

- listen and respond 

- commit to high standards 

- be fair and responsible. 

Our Trustees agree and review our fundraising strategy. For every £1 spent in 2021 on raising voluntary income for BYM centrally, £14 was received in donations and legacies. 

Staff are encouraged to join the employer recognised union, Unite. A member of Management Meeting meets with the union regularly. The union supports staff during key consultations and with employee relations. 

## Volunteer involvement 

BYM has a policy for volunteers who work alongside paid staff, based on four principles: 

- The role of volunteers and the staff with whom they work must be clear. 

- The work of volunteers should be seen as complementary to the work of staff, and volunteers should be supported in their work. 

- Volunteers will not be used to replace staff posts. 

- Staff and volunteers will work closely together. 

Annual report 

11 



**The work we do** 

## The work we do 

## Activities, objectives and achievements 

The charitable object of BYM is “the furtherance of the general religious and charitable purposes of the Religious Society of Friends in Britain and beyond”. This purpose is further defined in _Quaker faith & practice_ under four headings, which underpin the organisation of our work and the allocation of funds. 

## Sustaining our church and faith 

This is defined in _Quaker faith & practice_ as organising and maintaining the yearly meeting as responsive to the leadings of the Holy Spirit; this entails calling, briefing and running decision-making meetings with all the facilities necessary for their efficient and effective functioning. It also includes conducting relations with other churches, faiths and ecumenical bodies. 

Yearly Meeting Gathering 2021 was held entirely online over three weeks. 1,800 people attended, 23 per cent of whom did so for the very first time. The theme was ‘For our comfort and discomfort: living equality and truth in a time of crisis’, focussing on three areas: anti-racism: our Quaker journey; acknowledging and welcoming gender diverse people; and faith-based action for climate justice. 

Quaker communities have been engaged in an exploration of privilege, seeking to become aware of the unseen and unspoken chains that bind us, and growing our ability to act on our urgent concerns of sustainability, economic and climate justice, and diversity and inclusion. 

Trustees approved a strategy for governance and a plan has been put in place to deliver developments to lead to simpler structures and practices. This will help us make the most of our resources and better deliver our strategic priorities. QPSW Central Committee agreed to simplify its governance structure. We have continued to explore privilege and work to ensure that Quaker communities are genuinely inclusive. 

Quakers on the committee entrusted with overseeing the revision of _Quaker faith & practice_ identified seven common themes, along with five key insights describing the unity of our Quaker way, which will run as threads through it. In 2021 the revision committee drew up a provisional list of 26 main topics to be covered in the 

new book and has prepared substantive first drafts on five of these: discernment, nominations, community, outreach, and trusteeship & charitable status. Text is now being drafted on two more topics: testimony and meeting for worship for business. Our engagement with Quakers continues. 

We continued to support our central committees, including with online meetings and community-building. We made progress on systems, policies and procedures that enable dispersed working, an area that became an urgent priority at the coming of the pandemic. 

In 2021 we spent £1.8 million on sustaining our church and our faith (2020: £1.5 million). 

## Supporting meetings 

This is defined in _Quaker faith & practice_ as supporting Friends in their local organisations by providing services and advice relevant to the current demands of the Quaker community; for example, such work may relate to children, elderly people, those about to be married, those with responsibility for meeting houses, and those raising funds. 

We implemented the next phase of our integrated strategy of meeting-centred support by rolling out new local development workers into new areas, responding to the needs of Quaker communities across Britain. 

We collaborated with Woodbrooke Quaker Study Centre to respond to learning and development for meetings, and during 2021 created plans for how this collaboration will deliver this support, including consideration of how BYM and Woodbrooke will support role-holders in meetings. 

We reviewed the support given to Children and Young People’s work as part of a Quaker Life restructure, and we continued to deliver youth participation work in some areas. We agreed a new outreach strategy with QL Central Committee and opened our first regional staff office in Leeds – the Quakers in Britain Yorkshire Centre – to move central work closer to Friends. 

We supported Quaker meetings to consider and implement simpler governance structures and completed our Simpler Meetings Project, which acted as a catalyst for this work. We provided advice and guidance to worshipping communities responding to changing circumstances brought on by the pandemic. 

12 Annual report 



**The work we do** 

We supported Quaker meetings to introduce and implement our new safeguarding procedures. Nationally we adopted a new safeguarding policy, and we continue to engage with the Independent Inquiry into Child Sexual Abuse, taking on board its recommendations relating to faith organisations. 

Yearly Meeting decided to lay down Quaker Stewardship Committee so that its work to support meetings with stewardship of resources and property and compliance with charity law could be better co-ordinated, facilitated in part by the introduction of local development workers. 

BYM trustees and area meetings worked together to clarify the responsibilities between charity trustee bodies within the church. 

In 2021 we spent £1.8 million on supporting meetings (2020: 2.3 million). 

## Witness through action 

This is defined in _Quaker faith & practice_ as putting Quaker thinking into practice in relation to the problems and needs of people at home and abroad, for example through conference resources, restorative justice, diplomatic work at both the European Union and the United Nations, working with those in positions of power, and supporting social and development projects. 

A new Quaker Peace and Social Witness (QPSW) five-year strategy sets out how we will develop our work to respond to the challenges we face in Britain, and as a global society, as we work to build a more sustainable and peaceful world – one of BYM’s strategic priorities. The strategy is also guided by an _Our faith in the future_ priority that ‘Quaker values are active in the world’. 

BYM staff were in Glasgow throughout the COP26 climate talks. We worked both inside and outside the conference to push for governments of rich countries to commit to a loss and damage fund for countries already impacted by climate change. We also supported Quaker and interfaith action on a range of climate justice issues. 

As part of our Spring Series, we ran a series of workshops and events to engage, inform and ‘skill-up’ Quakers on QPSW concerns and potential actions. Feedback was overwhelmingly positive. 

Key progress has been made in areas of advocacy. This can be seen across issues of climate justice, 

through the work of EAPPI and in economic justice, with examples of questions asked and answered by the government, with some of our advocacy points becoming more visible in party manifestos. 

Peace Education has made an important step in starting work on a Peace Education PGCE pathway, and holding successful joint conference with QCEA. In 2022 our peace education programme will continue to empower children to resolve their own conflicts, explore the root causes of violence, and champion justice and human rights. We will be developing new peacebuilding work in communities in Britain suffering from physical and structural violence. 

Our Economics & Sustainability and Turning the Tide programmes continued work programmes to develop witness and activism support and share learning in Quaker communities. We supported and learned from a thriving network of Quaker peacebuilders and peace projects in Kenya, Rwanda and Burundi. 

Due to the ongoing pandemic, our ecumenical accompaniers (EAs) have not been in the field. In response to the change in context, EAs have been accompanying remotely, conducting interviews and supporting initiatives online. 

In 2021 we spent £1.5 million on Quaker witness through action (2020: £2.5 million). 

## Promoting Quakerism 

This is defined in _Quaker faith & practice_ as raising awareness and developing understanding within and without BYM concerning the basic tenets of Quaker faith and practice, such as spirituality, peace and human rights. 

In 2021 we adopted a new communications strategy, ‘Seen, heard and understood’, and restructured our communications team to support its delivery. 

Our weekly e-newsletter _Quake!_ continues to grow. Over 7,800 subscribers receive it directly, and many forward it on to share with their meeting or other readers. This forms part of our work to communicate the purpose and impact of BYM’s work to build understanding and support. In our Library at Friends House, work continued on making our collections available through audience development work and our collections strategy. 

In 2021 we spent £1.7 million promoting Quakerism (2020: £2.4 million). 

13 

Annual report 



**The work we do** 

## Future plans 

Our plans for the charitable organisation are informed by the strategic priorities for the next 5–10 years, as defined by trustees in 2019. These are: thriving Quaker communities; a sustainable and peaceful world; and simple structures and processes. 

## Thriving Quaker communities 

In 2022 we will continue implementation of our integrated strategy, which responds to identified needs. This will include: 

- continuing our roll-out of local development workers 

- implementing role-holder and topic support for meetings 

- expanding the Youth Development Work programme 

- completing, implementing and embedding changes from a review of our young people’s work and children’s participation in BYM. 

As we begin to emerge from the pandemic, we will continue our engagement with Quaker communities in Britain. We will implement our outreach strategy and create a new online community for Quakers in Britain. 

We will support our Quaker communities to continue exploring privilege, racism and diversity and inclusion, and our staff will engage with the resulting learning and action. We will improve safeguarding practices by providing resources and guidance. 

We will survey meetings to see how staff can best support Quakers who are led to witness for positive social change, and we will build networks and connections to enable Quakers to share good practice and learning. 

Following the success of the last two Yearly Meetings, which were run exclusively online, we are preparing for Yearly Meeting 2022, which will take place in person in London and online. 

## A sustainable and peaceful world 

In 2022 our implementation of QPSW’s new strategy will develop peace and social witness work so that it aligns with Yearly Meeting’s commitments to racial justice. We will scope and further develop Quaker peacebuilding work through Turning the Tide and other programmes, and work with a network of Quaker peacebuilders in Kenya, Rwanda and Burundi. 

We will work collaboratively to bring about a just solution to the climate crisis. We will take stock of progress at COP26, continue our advocacy and campaigning on ‘loss and damage’, explore ways to build connections and amplify voices of marginalised groups, and continue to support Quaker communities to respond. 

Where we are welcomed, we will support and accompany communities in conflict. Direct parliamentary advocacy work, our EAPPI programme, conciliation work and community-building skills will all support this. 

We will grow and develop peace education in Britain to enable children to explore the root causes of violence and injustice and to develop skills to work nonviolently for peace. This will include advocating for changes in education policy and practices. 

We will continue to monitor how we are living up to Yearly Meeting’s commitments to become a low-carbon, sustainable community. Quiet Company is making progress towards its commitment to be net zero by 2029 by investing in renewable energy, reducing waste and recycling. 

## Simple structures and practices 

We are facilitating work with Friends on our 

organisation’s structures and processes, so that our governance is simple, integrated and sustainable. In 2022 we will continue to support a review of Yearly Meeting and Meeting for Sufferings, of central structures, clarifying agreements between BYM and Woodbrooke and between BYM and area meeting trustees. 

In 2022 we will begin scoping work to understand Quaker communities that do not fit into our current structures, and implement decisions from QPSW’s review of governance. To help the national community thrive, we will improve and develop our support and capacity through restructuring governance teams, improve planning led by the impact of our work, improve support and resources for committee members, and simplify our nominations processes. 

Our IT team continues work on transforming our infrastructure to accommodate new ways or working, and will continue the roll-out of new IT systems. We will also develop our systems for managing records and data and introduce a new content management system. 

We will implement a new People Strategy. This will improve our service delivery across the charity through effective staff and management development, 

14 Annual report 



**The work we do** 

a positive culture, good leadership, effective learning and development, equality, diversity and inclusion, good employment practice, communication, and performance management, all essential to the achievement of BYM’s goals. 

We will continue our work to deliver our communications strategy. In 2022 a website redesign will make it easier for visitors to find the information they need. We will simplify our social media work to direct it at key audiences, and a new communications guide will ensure our publications channels reach our audiences and support diversity and inclusion. 

We will work to make BYM’s fundraising inspiring and effective so as to secure funding for our work. And we will continue to work towards a balanced budget. 

Annual report 15 



**Financial review** 

## Financial review 

## Headlines 

This has been a tough year and, in the face of challenging economic times, we are extremely grateful to Friends for their continued generosity. We are committed to making sure our income is used efficiently, effectively and responsibly so that we make every pound count. 

Our total income in 2021 was £10 million and our total spend was £9 million, a reduction of £6 million and £3 million respectively on the previous year. The net income for the year was a surplus of £7 million (2020: £6 million), including net investment gains of £6 million (2020: £2 million). This investment gain largely reflected the increase in value of our investment properties and the investments managed by Rathbone Greenbank Investments. 

## Income 

Our main sources of income are contributions from individuals and Quaker meetings, legacies, grants, investment income and revenue from our trading operation. 

The total income for the year was £10 million, a decrease of 38% compared to the previous year (2020: £16 million). Donations in 2021 were £2 million (2020: £3 million) while legacies were £4 million (2020: £8 million). 

As a result of ongoing restrictions during the year to manage the Covid-19 pandemic, there was limited activity in our trading operation (Quiet Company) and there were no profits generated in the year to be gifted to the charity. Income from investments held steady at £1.6 million. 

## Expenditure 

Total expenditure fell by 25% to £8.7 million (2020: £12.0 million). Of this, £4.9 million was spent on direct charitable activities (2020: £6.6 million), as detailed in Note 6 on page 32. The reduction in expenditure was planned in order to offset the fall in income. Overall expenditure on trading activities, in particular staff costs, fell due to restrictions imposed on the hospitality sector in response to the pandemic. The annual overhead charges to Friends House Hospitality Ltd. were waived by trustees for the second consecutive year. Therefore, as in 2020, the charity has absorbed these costs. 

## **Britain Yearly Meeting: Income** 


**----- Start of picture text -----**<br>
9,000<br>8,000<br>7,000<br>6,000<br>5,000<br>4,000<br>3,000<br>2,000<br>1,000<br>-<br>Donations Legacies Grant income Charitable  Investments Other trading<br>activities activities<br>2020 2021<br>£000<br>**----- End of picture text -----**<br>


16 Annual report 



**Financial review** 

## Grant-making policy 

Grants from restricted funds are made according to the criteria laid down by the donor. Grants from unrestricted funds are allocated by reference to criteria specified in 2010. A full list of grants given is available on our website (www.quaker.org.uk). 

## Investments 

The market value of our investment portfolio at the end of 2021 was £33.3 million (2020: £28.9 million). These remarkable market returns reflect overall market movements, as well as the financial benefit to BYM of further investments in renewable energy and international funds run to socially responsible investment criteria. Holding diverse investments mitigates the high level of risk associated with a single sector or market. BYM invests for the long term, aiming to generate total returns to support present and future charitable work. We also aim to be a great example of an ethical and responsible investor in the way we choose to invest, exclude, engage and innovate. We monitor the carbon footprint of our portfolio. Just over 18% of the portfolio is invested in companies responding to the challenge of the climate emergency, either through the provision of renewable or low carbon-energy or the provision of other mitigation solutions. 

The investment policy, together with a full listing of our investments as at 31 December 2021, is published on our website at www.quaker.org.uk. 

## Total funds 

The total value of funds held at 31 December 2021 was £99 million (2020: £92 million). There are restricted reserves of £7.6 million (2020: £6.8 million); unrestricted reserves of £84 million (2020: £78 million) and endowment reserves of £7.2 million (2020: £6.4 million). 

|Total Funds as per<br>Group balance sheet<br>**Exclude:**<br>Endowment funds<br>Restricted funds<br>Designated funds tied up in<br>fxed and heritage assets<br>Other designated funds<br>**Unrestricted funds,**<br>**not designated**|**2021**<br>**£’000**<br>99,125<br>(7,206)<br>(7,550)<br>(52,111)<br>(13,881)<br>**18,377**|**2020**<br>**£’000**<br>91,663<br>(6,430)<br>(6,760)<br>(50,434)<br>(11,667)<br>**16,372**|
|---|---|---|



## **Britain Yearly Meeting: Expenditure** 


**----- Start of picture text -----**<br>
3,000<br>2,500<br>2,000<br>1,500<br>1,000<br>500<br>-<br>Sustaining our  Supporting  Promoting  Witness  Cost of raising  Cost of  Investment<br>church and  meetings Quakerism through action voluntary  other trading  management<br>faith income activities<br>£000<br>**----- End of picture text -----**<br>


**2020 2021** 

Annual report 17 



**Financial review** 

## Endowment funds 

Endowments are monies received by BYM with the requirement that the capital should be held permanently and the income used for various aspects of the charitable purposes. Trustees review each of these endowments to see whether the objectives might be achieved better by seeking Charity Commission permission to spend the capital in the light of the increased demands in some areas of work and the levels of returns available. 

## Restricted funds 

Restricted funds of £7.6 million (2020: £6.8 million) represent funds that have been donated for a particular purpose and the trustees have no discretion to reallocate for other use. For further details of how this balance is split by purpose, specific appeal or thematic area, please see note 20 of the financial statements. These balances will be spent on activities in these areas in future years. 

## Designated funds 

Designated funds are monies set aside by Trustees to be spent or held to cover specific expenditure or projects. The designation may be cancelled by the trustees if they later decide that the charity should not proceed or continue with the project for which the funds were designated. Of the designated funds, £52.1 million represents the main functional and investment properties held for the long term by BYM. These include Swarthmoor Hall, Friends House, and Drayton House. The legacy-funded projects fund represents monies set aside for expenditure on approved projects over the next five years. Trustees continue to review these designated funds to ensure that the set purposes remain valid and if not to ascertain if some can be released for more pressing needs. 

## General reserves 

At the year end, the general reserves amounted to £18.4 million (2020: £16.4 million), this is the part of the charity’s funds that are not restricted or designated to any particular purpose. 

These funds are available for the immediate use of BYM, subject to retaining such amounts as are prudent for the smooth running of the charity. Accordingly, general reserves are used to provide working capital cash needs and to finance short-term deficits where necessary. The trustees have indicated that BYM’s expenditure should be fully covered by its income by 2023. 

## Reserves policy 

Our reserves policy enables management of general reserves to ensure we hold an appropriate level of accessible funds to mitigate against identified financial risks, while ensuring we are making timely and strategic use of our funds. The policy focuses purely on the general reserves, as outlined above, as these are the funds that can be deployed at the discretion of the trustees. We hold general reserves to provide cover for unexpected changes in income and expenditure, allowing us to continue activities in the event of: 

- a temporary loss of income 

- a permanent fall in income, allowing time to adjust our cost base or business model 

- incurring one-off costs that are not covered from donor funds. 

General reserves also allow us to implement new strategic priorities or invest in new opportunities to achieve our goals. The Trustees’ Finance and Property Committee reviews the reserves policy annually. 

In 2021 our target reserves range was 5.5 to 7 months’ operating costs (£6–8 million); our closing general reserves of £18.4 million are above the target range due to the exceptional performance of our investments. 

There is still uncertainty regarding the recovery of our trading activities and it is clear that the effects of the pandemic will be felt for some time. As with the rest of hospitality sector, the Company operated below capacity due to a combination of pandemic restrictions and staff vacant posts that remain unfilled. Therefore, in considering the question of drawing down on the reserves, prior to approving the 2022 financial budget, Trustees reviewed 3-year forecasts (2022-2024). These forecasts showed that expenditure would once again be covered by income although this would depend on a full recovery of Friends House Hospitality (London) Ltd. Taking all factors into account, the Trustees formally adopted a total returns investment policy, drawing down total returns of 6% of the value of our investments for 2022 and 2023. This will provide a predictable income stream to ensure ongoing funding for the charity’s activities. 

However, the core underlying assets, namely the investments with Rathbone Greenbank, are subject to external market forces which could lead to significant fluctuations in their values as we have witnessed since the start of 2022. The value of our investment portfolio has fallen by just over 10% due to multiple 

18 Annual report 



**Financial review** 

factors – inflation, the prospect of rising interest rates, and geopolitical tensions. The trustees have therefore committed to review this arrangement in 2023 prior to agreeing the level of return for 2024 and beyond in order to ensure the long-term preservation of capital. 

## Going concern 

We have set out above a review of Britain Yearly Meeting’s financial performance and the general reserves position for 2021. Although the Covid-19 pandemic continues to create significant uncertainties, in 2021, through reduced expenditure and investment, we managed the reduction in unrestricted income to end the year within our budgets. The financial statements have been prepared on a going concern basis, which the trustees consider to be appropriate for the following reasons: 

The trustees have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements (“the going concern period”), which considered the inherent risks to the group’s business model and analysed how those risks might affect the charitable company’s financial resources or ability to continue operations over the going concern period. 

These forecasts assume a steady recovery over the coming months. The adoption of the total returns policy for our investments is to close the gap in income as Friends House (London) Hospitality Ltd recovers from the effects of the pandemic. BYM’s financial commitments are outlined in Note 15. Britain Yearly Meeting put in place borrowing arrangements but does not expect to utilise them. Consequently, the trustees have concluded that there are no material uncertainties that could cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements, and therefore have prepared the financial statements on a going concern basis. 

Approved by the Trustees of Britain Yearly Meeting of the Religious Society of Friends (Quakers) on 8 April 2022 and signed on their behalf by: 

## Signature redacted 

Linda Batten, Treasurer 

Annual report 19 



**Financial review** 

## Statement of trustees’ responsibilities 

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and: 

- select suitable accounting policies and then apply them consistently 

## Auditor 

Sayer Vincent LLP was re-appointed as the charity’s auditor during the year and has expressed its willingness to continue in that capacity. 

The trustees’ report was approved by the trustees on 08 April 2022 and signed on their behalf by: 

## Signature redacted 

- observe the methods and principles in the Charities SORP 

- make judgements and estimates that are reasonable and prudent 

Caroline Nursey, Clerk 

- state whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

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 Act 2011. They are also responsible for safeguarding the assets of the charity and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

20 Annual report 



**Financial review** 

## Independent auditor’s report to the Trustees of Britain Yearly Meeting of the Religious Society of Friends (Quakers) 

## Opinion 

We have audited the financial statements of Britain Yearly Meeting of the Religious Society of Friends (Quakers) (the ‘parent charity’) for the year ended 31 December 2021 which comprise the consolidated statement of financial activities, the group and parent charity balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the group and parent charity’s affairs as at 31 December 2021 and of the group’s incoming resources and application of resources, for the year then ended, 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## Basis for opinion 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that 

the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## Conclusions relating to going concern 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Britain Yearly Meeting of the Religious Society of Friends (Quakers)’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## Other information 

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s 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. 

Annual report 21 



**Financial review** 

## Matters on which we are required to report by exception 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the trustees’ annual report is inconsistent in any material respect with the financial statements 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## Responsibilities of trustees 

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees 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 group and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so. 

## Auditor’s responsibilities for the audit of the financial statements 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are 

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below. 

## Capability of the audit in detecting irregularities 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: 

- We enquired of management, the audit committee and the finance and property committee, which included obtaining and reviewing supporting documentation, concerning the group’s policies and procedures relating to: 

   - Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; 

   - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; 

   - The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. 

- We inspected the minutes of meetings of those charged with governance. 

- We obtained an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the group from our professional and sector experience. 

- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. 

- We reviewed any reports made to regulators. 

- We reviewed the financial statement disclosures 

22 Annual report 



Financial Teview
and tested these to supporting documentation
to assess Complian￿ with applicable laws and
rEgulations.
We performed anawical procedures to identify
any unusual or unexpected relationships that may
indicate risks of material misstatement due to
fraud.
Usg of our report
This report Is made solely to the parent chartly's
trustees as a body, in accordance with section 144 of
the Charities Act 201 l and regulations made under
seciion 154 of that Aci. Our audit work has been
undertaken so that we might state to the parent
charrty's trustees those matter5 we are required to
state to them in an audtLor's report and for no other
In addressing the risk of fraud through management purpose. To the fullest exient permitted by law, we
override of controls. we tested the apprDprriateness
do not accept or assume responsibility to anyone
of louM￿ entries and other adjustrnents, assessed
other than the Pa￿nt charty and the parent charitls
whether the judgements made in making
trustees as a body. for our audit work, for this report,
accounting estimates are indicative of a potential
or for the opinion5 we have formed.
bias and tested significant transactions that are
unusual or those outside the normal course of
business.
Signature redacted
Because of the inherent limitations of an audit, there is
a risk that we will not detect all irregularrtie5, including
those leading to a material misstatement in the
20 April 2022
financial statements or non-compliance with regulation. Sayer Vincent LLP, StatuLory AudtLor
This risk increases the more that compliance wtth a
law or rEgulation is ￿MOVed from the events and
Invicta House, 108-114 Golden Lane,
transactions reflected in the financial statements, as
LONDON, ECIY OTL
we wll be les5 likely to become aware of insiance5
of non-compliance. The risk is also greater ￿gardIng
irregularib'es occurring due to fraud rather than error,
as fraud involves intentional concealment, forgery,
collusion. omission or misrepresentation.
A further description of our responsibilities is available
on the Financial Reporting Council's website at..
www.frc.orE.uklauditorsresponsibilities. This
description forms part of our auditor's report.
Sayer Vincent LLP is eligible to act as auditor in terms
of section 1212 of the Companies Ad 2006
Annual rEPOrt | 23

**Consolidated statement of financial activities** Year to 31 December 2021 

## Financial statements 

## Year to 31 December 2021 

|**Unrestricted**<br>**funds**<br>**£'000**<br>Notes<br>**Income and endowments from:**<br>Donations and legacies<br>2<br>7,001<br>Charitable activities<br>3<br>95<br>Investments<br>4<br>1,532<br>Other trading activities<br>5<br>886<br>**Total**<br>**9,514**<br>**Expenditure on:**<br>Raising funds:<br>Cost of raising voluntary<br>income<br>6<br>538<br>Cost of other trading<br>activities<br>6<br>1,196<br>Investment Management<br>6<br>109<br>Charitable activities<br>Sustaining our church and<br>faith<br>7<br>1,801<br>Supporting meetings<br>7<br>1,634<br>Promoting Quakerism<br>7<br>1,621<br>Witness through action<br>7<br>1,408<br>**Total**<br>**8,307**<br>Net gains/(losses) on<br>investments<br>14<br>4,958<br>**Net income**<br>**6,165**<br>Transfers between funds<br>19,<br>20,<br>21<br>(269)<br>**Net income after**<br>**transfers**<br>**5,896**<br>**Other recognised gains and losses:**<br>Gains/(losses) on revaluation<br>of charitable properties<br>13a<br>-<br>**Net movement in funds**<br>**5,896**<br>Total funds at 1 January<br>78,473<br>**Fund balances carried**<br>**forward at 31 December**<br>**84,369**|**Unrestricted**<br>**funds**<br>**£'000**<br>Notes<br>**Income and endowments from:**<br>Donations and legacies<br>2<br>7,001<br>Charitable activities<br>3<br>95<br>Investments<br>4<br>1,532<br>Other trading activities<br>5<br>886<br>**Total**<br>**9,514**<br>**Expenditure on:**<br>Raising funds:<br>Cost of raising voluntary<br>income<br>6<br>538<br>Cost of other trading<br>activities<br>6<br>1,196<br>Investment Management<br>6<br>109<br>Charitable activities<br>Sustaining our church and<br>faith<br>7<br>1,801<br>Supporting meetings<br>7<br>1,634<br>Promoting Quakerism<br>7<br>1,621<br>Witness through action<br>7<br>1,408<br>**Total**<br>**8,307**<br>Net gains/(losses) on<br>investments<br>14<br>4,958<br>**Net income**<br>**6,165**<br>Transfers between funds<br>19,<br>20,<br>21<br>(269)<br>**Net income after**<br>**transfers**<br>**5,896**<br>**Other recognised gains and losses:**<br>Gains/(losses) on revaluation<br>of charitable properties<br>13a<br>-<br>**Net movement in funds**<br>**5,896**<br>Total funds at 1 January<br>78,473<br>**Fund balances carried**<br>**forward at 31 December**<br>**84,369**|**Restricted**<br>**funds**<br>**£'000**<br>352<br>-<br>113<br>-<br>**465**<br>-<br>-<br>62<br>37<br>154<br>111<br>72<br>**436**|**Endowment**<br>**funds**<br>**£'000**<br>-<br>-<br>-<br>-<br>**-**<br>-<br>-<br>6<br>-<br>-<br>-<br>-<br>**6**<br>782<br>**776**<br>-<br>**776**<br>-<br>**776**<br>6,430<br>**7,206**|**2021**<br>**Total**<br>**funds**<br>**£'000**<br>**7,353**<br>**95**<br>**1,645**<br>**886**<br>**9,979**<br>**538**<br>**1,196**<br>**177**<br>**1,838**<br>**1,788**<br>**1,732**<br>**1,480**<br>**8,749**<br>**5,967**<br>**7,197**<br>**-**<br>**7,197**<br>**265**<br>**7,462**<br>**91,663**<br>**99,125**|**Unrestricted**<br>**funds**<br>**£'000**<br>12,107<br>70<br>1,580<br>1,527<br>**15,284**<br>898<br>2,069<br>107<br>1,419<br>2,276<br>2,443<br>2,337<br>**11,549**|**Restricted**<br>**funds**<br>**£'000**<br>703<br>-<br>101<br>(1)<br>**803**<br>-<br>132<br>2<br>65<br>44<br>100<br>134<br>**477**|**Endowment**<br>**funds**<br>**£'000**<br>-<br>-<br>-<br>-<br>**-**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**-**<br>305<br>**305**<br>-<br>**305**<br>-<br>**305**<br>6,125<br>**6,430**|**2020**<br>**Total**<br>**funds**<br>**£'000**<br>**12,810**<br>**70**<br>**1,681**<br>**1,526**<br>**16,087**<br>**898**<br>**2,201**<br>**109**<br>**1,484**<br>**2,320**<br>**2,543**<br>**2,471**<br>**12,026**<br>**1,547**<br>**5,608**<br>**-**<br>**5,608**<br>**189**<br>**5,797**<br>**85,866**<br>**91,663**|
|---|---|---|---|---|---|---|---|---|
|||227|||1,196|46|||
||**6,165**|**256**|||**4,931**|**372**|||
|||269|||-|-|||
|||**525**<br>265<br>**790**<br>6,760<br>**7,550**|||**4,931**<br>438<br>**5,369**<br>73,104<br>**78,473**|**372**<br>(249)<br>**123**<br>6,637<br>**6,760**|||



The statement of financial activities includes gains and losses recognised in the year. All income and expenditure derives from continuing activities. 

24 Annual report 



**Balance sheets as at** 31 December 2021 

|Notes<br>**Fixed assets**<br>Functional property<br>13<br>Furniture & equipment<br>13<br>Heritage assets<br>13<br>Assets under construction<br>13<br>Investment Properties<br>14<br>Securities<br>14<br>**Total fxed assets**<br>**Current assets**<br>Stocks<br>Debtors<br>15<br>Cash at bank and in hand<br>**Total current assets**<br>**Creditors**<br>Amounts falling due within one year<br>16<br>Net current assets<br>**Total net assets**<br>22<br>**The funds of the charity**<br>Unrestricted funds<br>General funds<br>Designated funds<br>**Total unrestricted funds**<br>19<br>Restricted funds<br>20<br>Endowment funds<br>21<br>**Total funds**|**Group**<br>**2021**<br>2020<br>**£'000**<br>£'000<br>**32,124**<br>30,980<br>**204**<br>339<br>**604**<br>604<br>**194**<br>-<br>**20,025**<br>18,511<br>**33,341**<br>28,871<br>**86,492**<br>79,305<br>**91**<br>95<br>**5,678**<br>7,255<br>**8,577**<br>6,594<br>**14,346**<br>13,944<br>**(1,713)**<br>(1,586)<br>**12,633**<br>12,358<br>**99,125**<br>91,663<br>**18,377**<br>16,372<br>**65,992**<br>62,101<br>**84,369**<br>78,473<br>**7,550**<br>6,760<br>**7,206**<br>6,430<br>**99,125**<br>91,663|**Charity**<br>**2021**<br>2020<br>**£'000**<br>£'000<br>**32,124**<br>30,980<br>**204**<br>339<br>**604**<br>604<br>**194**<br>-<br>**20,025**<br>18,511<br>**33,341**<br>28,871<br>**86,492**<br>79,305<br>**88**<br>88<br>**7,283**<br>8,984<br>**8,562**<br>6,573<br>**15,933**<br>15,645<br>**(3,074)**<br>(3,048))<br>**12,859**<br>12,597<br>**99,351**<br>91,902<br>**18,603**<br>16,611<br>**65,992**<br>62,101<br>**84,595**<br>78,712<br>**7,550**<br>6,760<br>**7,206**<br>6,430<br>**99,351**<br>91,902|
|---|---|---|



These accounts, which have been prepared in accordance with accounting policies on pages 27 to 30, were approved by the Trustees of Britain Yearly Meeting of the Religious Society of Friends (Quakers) on 8 April 2022 and signed on their behalf by: 

## Signature redacted 

Signature redacted 

Caroline Nursey, Clerk of Trustees Linda Batten, Trustee 

Annual report 25 



**Cash flow statements** Year to 31 December 2021 

|Notes<br>**Cash fow from operating activities**<br>Net cash generated from operating activities<br>**Cash fows from investing activities**<br>Dividends, interest and rents from investments<br>4<br>Proceeds from the sale of property, plant and equipment<br>Purchase of property, plant and equipment<br>Purchase of intangible assets<br>13<br>Proceeds from the sale of investments<br>Purchase of investments<br>**Net cash provided by investing activities**<br>**Cash fows from fnancing activities**<br>Repayment of loans<br>**Net cash from/(used in) fnancing activities**<br>**Change in cash and cash equivalents in the reporting period**<br>Cash and cash equivalents at the beginning of the reporting period<br>**Cash and cash equivalents at the end of the reporting period**<br>**Reconciliation of net income to net cash fow from operating activities**<br>Net income<br>Adjustments for:<br>Depreciation and amortisation charges<br>Loss on the sale of fxed assets<br>Non cash donation<br>Net gains on investments and functional properties<br>Investment income<br>Decrease in stocks<br>Decrease/(increase) in debtors<br>Increase/(decrease) in creditors<br>**Net cash generated from/(used) in operating activities**<br>**Analysis of cash and cash equivalents**<br>Cash in hand and at bank<br>Cash with investment managers<br>**Total cash and cash equivalents**|Notes|Notes|**2021**<br>**£'000**<br>**512**<br>1,645<br>-<br>-<br>(194)<br>3,382<br>(3,501)<br>**1,332**<br>30<br>**30**<br>**1,874**<br>7,035<br>**8,909**<br>**2021**<br>**£'000**<br>7,462<br>(744)<br>-<br>(7)<br>(6,232)<br>(1,645)<br>4<br>1,577<br>97<br>**512**<br>**2021**<br>**£'000**|**2020**<br>**£'000**<br>**(531)**<br>1,681<br>-<br>(90)<br>-<br>2,434<br>(3,898)<br>**127**<br>10<br>**10**<br>**(394)**<br>7,429<br>**7,035**<br>**2020**<br>**£'000**<br>5,797<br>825<br>-<br>(11)<br>(1,736)<br>(1,681)<br>11<br>(3,322)<br>(414)<br>**(531)**<br>**2020**<br>**£'000**<br>6,594<br>441<br>**7,035**|
|---|---|---|---|---|
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||8,577<br>332||
||||**8,909**||



26 Annual report 



**Notes to financial statements** Year to 31 December 2021 

## Notes to financial statements 

## 1. Accounting policies 

## 1.1 Basis of preparation 

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

## 1.2 Consolidation 

Consolidated financial statements (“group financial statements”) have been prepared in respect of BYM and its wholly owned subsidiary, Friends House (London) Hospitality Limited. The results of Friends House (London) Hospitality Limited have been consolidated on a line-by-line basis. Local and area meetings are separate entities with their own trustees and so not included in these accounts. No separate income and expenditure of the charity has been presented, as permitted by Section 408 of the Companies Act 2006 and para 15.11 of the SORP. The gross income for the charity for the year was £8.8 million (2020: £14.3 million) and its gross expenditure was £8.7 million (2020: £10.0 million). 

## 1.3 Income and endowments 

Income is recognised in the period in which the charity is entitled to receipt and where the amount can be measured with reasonable certainty. Income is deferred only when the charity must fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income be expended in a future accounting period. 

## 1.4 Legacies income 

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity 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 charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. 

## 1.5 Government grants including the Job Retention Scheme 

Government grants are recognised when there is reasonable assurance that the charity will comply with the conditions attaching to the grant and the grant will be received. 

Claims made through the UK Government’s Coronavirus Job Retention and Support Schemes are recognised as income in the period in which the associated staff were furloughed. This income is considered to be unrestricted. 

## 1.6 Expenditure 

Expenditure is included in the statement of financial activities when incurred and includes any attributable but irrecoverable VAT. Resources expended comprise the following: 

(a) Raising funds. These include salaries, direct costs and a share of support costs; they are analysed into three categories: 

- Donations and legacies 

- Other trading activities (including funds generated from hospitality) 

- Investment income. 

(b) Charitable activities. These include salaries, direct costs and a share of support costs (or indirect overheads) and are analysed into the following four categories: 

Annual report 27 



**Notes to financial statements** Year to 31 December 2021 

- **Sustaining our church and faith:** this is defined in _Quaker faith & practice_ as organising and maintaining the Yearly Meeting itself as responsive to the leadings of the Holy Spirit; this entails calling, briefing and running decision-making meetings with all the facilities necessary for their efficient and effective functioning. It also includes conducting relations with other churches, faiths and ecumenical bodies. 

- **Supporting meetings:** this is defined in _Quaker faith & practice_ as supporting Friends in their local organisations by providing services and advice relevant to the current demands of the Quaker community; for example, such work may relate to children, elderly people, those about to be married, those with responsibility for meeting houses, and those raising funds. 

- **Promoting Quakerism:** this is defined in _Quaker faith & practice_ as raising awareness and developing understanding within and without BYM concerning the basic tenets of Quaker faith and practice such as spirituality, peace and human rights. 

- **Witness through action:** this is defined in _Quaker faith & practice_ as putting Quaker thinking into practice in relation to the problems and needs of people at home and abroad, for example through conference resources, restorative justice, diplomatic work at the European Union and the United Nations, working with those in positions of power, and supporting social and development projects. 

## 1.7 Support and management costs 

These include salaries and other costs and are analysed into the following two categories, the total being charged out to categories note 1.6(a) and 1.6(b) above on the following bases: 

- Support costs relating to the operation and maintenance of Friends House are split evenly across the activities, to reflect the dispersed work model adopted during the pandemic. 

- Support costs relating to finance, human resources, IT and office services are allocated to the functional departments on the basis of total gross salaries within those functional departments. 

Prior year comparatives have been restated to better reflect allocation of costs to expenditure headings. The reallocations do not result in any material restatements and there are no changes to total expenditure in the year. 

## 1.8 Grants payable 

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity. 

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. 

## 1.9 Operating leases 

Rental charges are charged on a straight-line basis over the term of the lease. 

## 1.10 Land, property, plant and equipment 

All tangible fixed assets costing more than £1,500 and with an expected useful life exceeding one year are capitalised at cost, including any incidental expenses of acquisition and irrecoverable VAT. 

## **(a) Functional freehold property** 

Functional freehold properties are held at valuation. Professional valuers revalue the properties every five years and the property is revalued as appropriate. Work to existing properties which is capable of extending the useful life or otherwise adding to the value of the property is capitalised. All other expenditure incurred in respect of general repairs to functional assets is charged to the SOFA in the year it is incurred. Assets under construction are stated at cost and transferred to completed properties when ready for use. 

## **(b) Other tangible fixed assets** 

## Other tangible fixed assets are capitalised and 

depreciated in line with the policy over their estimated useful lives. 

28 Annual report 



**Notes to financial statements** Year to 31 December 2021 

## **(c) Depreciation** 

The depreciation expense is charged or apportioned to the relevant SOFA heading reflecting the asset’s use on a straight-line basis as follows: 

|<br>on a straight-line basis as follows:||
|---|---|
|Freehold land|nil|
|Freehold buildings|50 years|
|Computer equipment|3 years|
|Equipment furniture and fttings|5 years|
|General offce equipment|5 years|
|Specialised building works|8 years|



## **(d) Impairment** 

An assessment is made at each reporting date of whether there are indications that a fixed asset may be impaired or that an impairment loss previously recognised has fully or partially reversed. The Trustees undertook such a review in respect of Friends House and Swarthmoor Hall in recognition of the impact of the coronavirus pandemic on the valuation of the properties. The updated valuations have been disclosed in note 1.10(a) above. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation loss. All other impairment losses are recognised in the SOFA. Reversals of impairment losses are recognised in the SOFA or, for revalued assets, as a revaluation gain. On reversal of an impairment loss, the depreciation is adjusted to allocate the asset’s revised carrying amount (less any residual value) over its remaining useful life. 

## 1.11 Heritage assets 

These comprise artefacts, books, paintings and manuscripts relating to Quaker history, which have been purchased by or donated to the Society. These are made available to visitors, academics and researchers to promote an understanding of Quakerism. 

These are included either at market value, if available, or at nil value where conventional valuation approaches lack sufficient meaning. No depreciation is charged as the assets are considered to have indefinite lives 

## 1.12 Investment properties 

Investment properties are included in the accounts at a valuation. Every five years, professional valuers revise the values based on prevailing market conditions with the Trustees reassessing the valuations in the interim with professional assistance and making adjustments if they are deemed appropriate. The Trustees have assessed the possible impact of the coronavirus pandemic on the investment properties and based on its location, current and projected rental values and robust maintenance programme the values have not been impaired. 

Realised and unrealised gains (or losses) are credited (or charged) to the statement of financial activities in the year in which they arise. 

## 1.13 Other investments 

Equity and bond investments are included in the accounts at their market value at the balance sheet date. Realised and unrealised gains (or losses) are credited (or charged) to the statement of financial activities in the year in which they arise. 

## 1.14 Net current assets 

Stocks and work in progress comprise stocks of publications and consumables for resale, valued at the lower of cost and net realisable value. 

Debtors include loans advanced and sundry debtors. Interest-free loans are advanced to meetings for the purchase and improvement of meeting houses. They are repayable in annual instalments over periods of up to ten years; these are treated as concessionary loans and are carried at cost rather than the net present value of future payments. 

Creditors include loans received from Quakers or Quaker meetings, legacies received where BYM is acting as agent for other Quaker organisations, and sundry creditors. Interest-free loans from Quakers or Quaker meetings are repayable on demand; these are treated as concessionary loans and are carried at cost rather than the net present value of future payments. 

Cash at bank and cash 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. 

Annual report 29 



**Notes to financial statements** Year to 31 December 2021 

## 1.15 Taxation 

BYM is a charity registered with the Charity Commission under number 1127633, and is not liable to income or corporation taxes on income derived from its charitable activities. 

Irrecoverable VAT is treated as a cost to the charity and is included within the relevant expense. 

## 1.16 Foreign currencies 

All transactions in foreign currencies are converted into sterling at the rate prevailing on the date of the transaction. Balances denominated in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. 

## 1.20 Significant management judgements and key sources of estimation uncertainty 

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. 

## **Estimation uncertainty** 

## 1.17 Pension costs 

Employer contributions to defined contribution pension schemes and to employees’ personal pension plans are charged as expenditure in the year in which they fall due. 

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. 

## **Fair value measurement** 

## 1.18 Financial instruments 

The charity 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. 

BYM has entered into two foreign exchange forward contracts to manage the risk associated with committed grants and programme-related transactions. 

## 1.19 Going concern basis 

BYM reported a group cash inflow of £1.8 million for the year. Trustees are of the view that the high value of liquid investments and secured rental income from properties are sufficient for the immediate future of the charity for the next 12 to 18 months and on this basis the charity is a going concern. There are no material uncertainties about the charity’s ability to continue operating for at least 12 months from the date these financial statements are approved. 

Britain Yearly Meeting uses valuation techniques to determine the fair value of assets. This involves developing estimates and assumptions consistent with how market participants would price the instrument. The charity bases the assumptions on observable data as far as possible but this is not always available. In that case, Britain Yearly Meeting uses the best information available. Estimated fair values may vary from the actual process that would be achievable in an arm’s length transaction at the reporting date. 

30 Annual report 



**Notes to financial statements** Year to 31 December 2021 

## 2. Donations and legacies 

||Unrestricted<br>funds<br>£'000|Restricted<br>funds<br>£'000<br>8<br>37<br>307<br>**352**|**2021**<br>**Total**<br>**funds**<br>**£'000**|Unrestricted<br>funds<br>£'000|Restricted<br>funds<br>£'000<br>404<br>-<br>299<br>**703**|**2020**<br>**Total**<br>**funds**<br>**£’000**|
|---|---|---|---|---|---|---|
|Donations<br>Legacies<br>Grant income<br>**Total**|2,111<br>4,287<br>603<br>**7,001**||**2,119**<br>**4,324**<br>**910**|2,563<br>7,889<br>1,655||**2,967**<br>**7,889**<br>**1,954**|
||||**7,353**|**12,107**||**12,810**|



Grant income includes coronavirus job retention scheme grants of £460k (2020: £1,340k). 

## 3. Charitable activities 

||Unrestricted<br>funds<br>£'000<br>-<br>28<br>67<br>-<br>**95**|Restricted<br>funds<br>£'000<br>-<br>-<br>-<br>-<br>**-**|**2021**<br>**Total**<br>**funds**<br>**£'000**<br>**-**<br>**28**<br>**67**<br>**-**<br>**95**|Unrestricted<br>funds<br>£'000<br>4<br>50<br>12<br>4<br>**70**|Restricted<br>funds<br>£'000<br>-<br>-<br>-<br>-<br>**-**|**2020**<br>**Total**<br>**funds**<br>**£'000**|
|---|---|---|---|---|---|---|
|Sustaining our church and faith<br>Supporting meetings<br>Promoting Quakerism<br>Witness through action<br>**Total**||||||**4**<br>**50**<br>**12**<br>**4**|
|||||||**70**|



Income from charitable activities arises mainly from event fees and subscriptions. Events fees from Yearly Meeting Gathering are included under Supporting Meetings. 

## 4. Investment income 

||Unrestricted<br>funds<br>£'000<br>398<br>3<br>1,131<br>**1,532**|Restricted<br>funds<br>£'000<br>113<br>-<br>-<br>**113**|**2021**<br>**Total**<br>**funds**<br>**£'000**<br>**511**<br>**3**<br>**1,131**<br>**1,645**|Unrestricted<br>funds<br>£'000<br>408<br>33<br>1,139<br>**1,580**|Restricted<br>funds<br>£'000<br>101<br>-<br>-<br>**101**|**2020**<br>**Total**<br>**funds**<br>**£'000**|
|---|---|---|---|---|---|---|
|Dividend income<br>Interest income<br>Rental Income<br>**Total**||||||**509**<br>**33**<br>**1,139**|
|||||||**1,681**|



Annual report 31 



**Notes to financial statements** Year to 31 December 2021 

## 5. Other trading activities 

The main trading activities are undertaken by Friends House (London) Hospitality Ltd (FHHL Ltd.), a wholly owned subsidiary of BYM trading as Quiet Company. The company provides meeting rooms, conference facilities, hospitality and restaurant services at Friends House, Euston Road, London. The company also manages Swarthmoor Hall at Ulverston in Cumbria and the Quaker Bookshop on behalf of the Charity. The company is an exemplar of an ethical business, considering people, the planet and profit equally. 

||||**2021**|||**2020**|
|---|---|---|---|---|---|---|
||Unrestricted|Restricted|**Total**|Unrestricted|Restricted|**Total**|
||funds|funds|**funds**|funds|funds|**funds**|
||£'000|£'000|**£'000**|£'000|£'000|**£'000**|
|Room lettings|703|-|**703**|1,089|(1)|**1,088**|
|Equipment hire|54|-|**54**|59|-|**59**|
|Restaurant|228|-|**228**|422|-|**422**|
|Commercial discounts|(41)|-|**(41)**|(5)|-|**(5)**|
|Discounts for Quaker organisations|(58)|-|**(58)**|(38)|-|**(38)**|
|**Total**|**886**|**-**|**886**|**1,527**|**(1)**|**1,526**|
|Less|||||||
|Cost of activities for generating funds|||||||
|. Direct costs|(943)|-|**(943)**|(1,948)|(132)|**(2,080)**|
|. Support costs|(253)|-|**(253)**|(121)|-|**(121)**|
|**Total**|**(1,196)**|-|**(1,196)**|**(2,069)**|**(132)**|**(2,201)**|
|**Net contribution to charitable activities**|**(310)**|**-**|**(310)**|**(542)**|**(133)**|**(675)**|
||||||||
|**Total Income**|**9,514**|**465**|**9,979**|**15,284**|**803**|**16,087**|



## 6. Expenditure 

|Raising funds<br>Cost of raising voluntary income<br>Cost of other trading activities<br>Charitable activities<br>Sustaining church and faith (see below)<br>Supporting meetings (see below)<br>Promoting Quakerism (see below)<br>Witness through action (see below)<br>Investment management<br>**Total**|Grant<br>costs<br>£'000<br>-<br>-<br>**-**<br>1,506<br>36<br>24<br>257<br>**1,823**<br>-<br>**1,823**|Direct<br>costs<br>£'000<br>260<br>943<br>**1,203**<br>119<br>1,133<br>1,086<br>742<br>**3,080**<br>177<br>**4,460**|Support<br>costs<br>£'000<br>278<br>253<br>**531**<br>213<br>619<br>622<br>481<br>**1,935**<br>-<br>**2,466**|**2021**<br>**Total**<br>**costs**<br>**£'000**<br>**538**<br>**1,196**<br>**1,734**<br>**1,838**<br>**1,788**<br>**1,732**<br>**1,480**<br>**6,838**<br>**177**<br>**8,749**|Grant<br>costs<br>£'000<br>-<br>-<br>**-**<br>815<br>39<br>28<br>321<br>**1,203**<br>-<br>**1,203**|Direct<br>costs<br>£'000<br>505<br>2,080<br>**2,585**<br>315<br>1,598<br>1,878<br>1,562<br>**5,353**<br>109<br>**8,047**|Support<br>costs<br>£'000<br>393<br>121<br>**514**<br>354<br>683<br>637<br>588<br>**2,262**<br>-<br>**2,776**|**2020**<br>**Total**<br>**costs**<br>**£'000**<br>**898**<br>**2,201**<br>**3,099**<br>**1,484**<br>**2,320**<br>**2,543**<br>**2,471**<br>**8,818**<br>**109**<br>**12,026**|
|---|---|---|---|---|---|---|---|---|



32 Annual report 



**Notes to financial statements** Year to 31 December 2021 

## 7. Expenditure on charitable activities 

|a. Sustainingour church and faith<br>Within Yearly Meeting<br>Within other Quaker bodies<br>Within other faiths and denominations<br>**Total**|Direct<br>costs<br>£'000<br>92<br>1,490<br>43<br>**1,625**|Support<br>costs<br>£'000<br>180<br>-<br>33<br>**213**|**2021**<br>**Total**<br>**costs**<br>**£'000**<br>**272**<br>**1,490**<br>**76**<br>**1,838**|Direct<br>costs<br>£'000<br>202<br>837<br>91<br>**1,130**|Support<br>costs<br>£'000<br>267<br>21<br>66<br>**354**|**2020**<br>**Total**<br>**costs**<br>**£'000**|
|---|---|---|---|---|---|---|
|||||||**469**<br>**858**<br>**157**|
|||||||**1,484**|



|b. Supportingmeetings<br>General<br>Spirituality and membership<br>Children and young people<br>Witness of meetings<br>**Total**|Direct<br>costs<br>£'000<br>594<br>311<br>253<br>11<br>**1,169**|Support<br>costs<br>£'000<br>292<br>172<br>148<br>7<br>**619**|**2021**<br>**Total**<br>**costs**<br>**£'000**<br>**886**<br>**483**<br>**401**<br>**18**<br>**1,788**|Direct<br>costs<br>£'000<br>715<br>409<br>492<br>21<br>**1,637**|Support<br>costs<br>£'000<br>381<br>117<br>177<br>8<br>**683**|**2020**<br>**Total**<br>**costs**<br>**£'000**|
|---|---|---|---|---|---|---|
|||||||**1,096**<br>**526**<br>**669**<br>**29**|
|||||||**2,320**|



Direct costs consist of staff and other operating costs such as food. Support costs include the contribution to the costs of running Friends House. 

|c. Promoting Quakerism<br>General<br>Outreach<br>Web development<br>Library<br>**Total**|Direct<br>costs<br>£'000<br>246<br>217<br>257<br>390<br>**1,110**|Support<br>costs<br>£'000<br>164<br>78<br>154<br>226<br>**622**|**2021**<br>**Total**<br>**costs**<br>**£'000**<br>**410**<br>**295**<br>**411**<br>**616**<br>**1,732**|Direct<br>costs<br>£'000<br>273<br>655<br>291<br>687<br>**1,906**|Support<br>costs<br>£'000<br>122<br>227<br>95<br>193<br>**637**|**2020**<br>**Total**<br>**costs**<br>**£'000**|
|---|---|---|---|---|---|---|
|||||||**395**<br>**882**<br>**386**<br>**880**|
|||||||**2,543**|



|d. Witness through action<br>General<br>Peace witness<br>Social witness<br>**Total**|Direct<br>costs<br>£'000<br>169<br>596<br>234<br>**999**|Support<br>costs<br>£'000<br>70<br>380<br>31<br>**481**|**2021**<br>**Total**<br>**costs**<br>**£'000**<br>**239**<br>**976**<br>**265**<br>**1,480**|Direct<br>costs<br>£'000<br>150<br>1,363<br>370<br>**1,883**|Support<br>costs<br>£'000<br>182<br>358<br>48<br>**588**|**2020**<br>**Total**<br>**costs**<br>**£'000**|
|---|---|---|---|---|---|---|
|||||||**332**<br>**1,721**<br>**418**|
|||||||**2,471**|



Annual report 33 



**Notes to financial statements** Year to 31 December 2021 

## 8. Expenditure (continued) 

|**Group**|**2021**<br>**£’000**<br>**2020**<br>**£’000**<br>**372**<br>272<br>**571**<br>463<br>**319**<br>211<br>**(944)**<br>324<br>**70**<br>111<br>**23**<br>29<br>**411**<br>1,410<br>**820**<br>735<br>**357**<br>402<br>**477**<br>727<br>**304**<br>298<br>**97**<br>86<br>**2,055**<br>2,248<br>**2,466**<br>3,658|**2020**<br>**£’000**|
|---|---|---|
|**(a) Friends House support costs**<br>Routine maintenance<br>Long-term maintenance (Friends House)<br>Reception and security<br>Cleaning and depreciation<br>Utilities<br>Other<br>**(b) Finance, human resources, IT and offce services**<br>Finance<br>Information Technology<br>Offce services<br>Human resources<br>Membership database|||
|||1,410|
|||735<br>402<br>727<br>298<br>86|
|||2,248|
||||
|||3,658|



Support costs are then analysed into two categories and apportioned to the 'expenditure' categories as follows: 

- Support costs relating to the Friends House building are apportioned on the basis of area occupied. 

- Support costs relating to finance, human resources, IT and office services are apportioned on the basis of total gross salaries within the functional departments. 

Support costs are recharged to the 'expenditure' as set out in Note 7 on page 33. 

## **(c) Governance** 

Governance costs for 2021 totalled £547k (2020: £1,055k). They include the costs of servicing Quaker committees, Meeting for Sufferings and Trustee meetings together with the costs of producing the annual report including the financial statements, and audit. 

## **(d) Other charges** 

Included in expenditure in Statement of Financial Activitites. 

|Unrestricted<br>funds<br>£'000<br>**Group**<br>Depreciation<br>(844)<br>Auditors' remuneration<br>. Audit<br>43<br>. Other<br>-|Restricted<br>funds<br>£'000<br>100<br>-<br>-|**2021**<br>**Total**<br>**funds**<br>**£'000**<br>Unrestricted<br>funds<br>£'000<br>**(744)**<br>585<br>**43**<br>30<br>**-**<br>1|Restricted<br>funds<br>£'000<br>56<br>-<br>-|**2020**<br>**Total**<br>**funds**<br>**£'000**|
|---|---|---|---|---|
|||||**641**<br>**30**<br>**1**|



34 Annual report 



**Notes to financial statements** Year to 31 December 2021 

## 9a. Staff costs 

|9a. Staff costs|||||||
|---|---|---|---|---|---|---|
|Group|Unrestricted<br>funds<br>£'000<br>11<br>4,101<br>-<br>412<br>366<br>-<br>18<br>15<br>75<br>**4,998**|Restricted<br>funds<br>£'000<br>-<br>110<br>-<br>9<br>9<br>-<br>-<br>-<br>-<br>**128**|**2021**<br>**Total**<br>**funds**<br>**£'000**<br>**11**<br>**4,211**<br>**-**<br>**421**<br>**375**<br>**-**<br>**18**<br>**15**<br>**75**<br>**5,126**|Unrestricted<br>funds<br>£'000<br>33<br>5,926<br>-<br>536<br>586<br>589<br>110<br>38<br>83<br>**7,901**|Restricted<br>funds<br>£'000<br>2<br>109<br>1<br>11<br>10<br>-<br>-<br>-<br>-<br>**133**|**2020**<br>**Total**<br>**funds**<br>**£'000**<br>**35**<br>**6,035**<br>**1**<br>**547**<br>**596**<br>**589**<br>**110**<br>**38**<br>**83**<br>**8,034**|
|Recruitment<br>Basic pay (UK)<br>Basic pay (non-UK)<br>Employer's National Insurance<br>Employer's pension contributions<br>Other allowances<br>Agency and temporary staff<br>Staff training and debriefng<br>Other|||||||



## 9b. The average number of employees during the year, analysed by function 

|Group|**2021**<br>**Full-time**<br>**headcount**<br>19<br>29<br>4<br>13<br>**65**|**2021**<br>**Part-time**<br>**headcount**|**2021**<br>**Full-time**<br>**equivalent**<br> <br>31.1<br> <br>56.3<br> <br>5 5<br> <br>13.6<br> <br>**106.5**|2020<br>Full-time<br>headcount|2020<br>Part-time<br>headcount|2020<br>Full-time<br>equivalent<br>46 5<br>73.8<br>5.7<br>14.1<br>140.1|
|---|---|---|---|---|---|---|
|Raising income<br>Charitable activities<br>Governance<br>Support services|||||||
|||<br>25||30|32||
|||<br>37||44|44||
|||<br>2||4|2||
|||<br>1||13|3||
||||||||
|||<br>**65**||91|81||



## 9c. Analysis of redundancy or termination payments in the year 

Redundancy payments totalling £63k were made in the year in respect of 5 employees (2020: £860k / 31). A voluntary settlement agreement was reached with one employee and a payment of £9k was made (2020: one employee: £92k.) All payments are accounted for and funded at the point of commitment. 

Our policy regarding redundancy from September 2020 has been two weeks’ normal rate of pay per full year, capped at a maximum of 15 years’ service, subject to a minimum of £3k and a maximum of £50k. 

Additional months of service beyond the last full year worked will be calculated on a proportional basis. Where staff work hours in addition to their contracted hours, normal pay will be calculated using average hours worked over the previous 12 months worked (prior to any period of furlough). 

Where voluntary redundancy was applied for on or before 5pm on 11 December 2020 and accepted, an enhancement of 3 months' pay and payment of 1.5% of salary for each year of service up to 15 years in addition to the above. 

Where an individual applied for voluntary redundancy on or before 5pm on 13 October 2020 and was accepted, an additional payment of £1,000 was paid. Where voluntary redundancy was applied for on or before 5pm on 11 December 2020 and accepted, an enhancement of 3 months pay and payment of 1.5% of salary for each year of service up to 15 years in addition to the above. Where an individual applied for voluntary redundancy on or before 5pm on 13 October 2020 and was accepted, an additional amount of £1,000 was paid. 

Annual report 35 



**Notes to financial statements** Year to 31 December 2021 

## 9d. Staff emoluments 

The following number of employees (including those who joined or left in the course of the year) earned emoluments within the bands shown below. 

Emoluments include salaries, amounts in lieu of notice, compensation or redundancy payments, and exclude employer pension costs. 

|£60,001-£70,000<br>£70,001-£80,000<br>£80,001-£90,000<br>£90,001-£100,000<br>£100,001-£110,000<br>£110,001-£120,000|**2021**<br>**number**<br>1<br>4<br>-<br>-<br>-<br>-|**2020**<br>**number**|
|---|---|---|
|||2<br>6<br>2<br>1<br>2<br>3|



## 9e. Remuneration and benefits received by key management personnel 

In 2021 BYM considered the following posts to be key management personnel: 

- Recording Clerk 

- Deputy Recording Clerk 

- Head of Witness and Worship 

- Head of Operations 

- Head of Finance and Resources 

Total remuneration received by key management personnel was £387k (2020: £342k). 

The Recording Clerk acts as Chief Executive and earned a salary of £89,056. Salaries for other key management personnel ranged between £66,130-£80,835. 

All staff are auto-enrolled into a defined contribution pension scheme provided by Aviva with employer contribution of 8% subject to an employee contribution of 3% of gross salary. 

Other key benefits available to staff are death-in-service benefit at twice annual salary and permanent health insurance with income protection up to 75% salary. 

BYM operates a 1:4.7 ratio between its lowest and highest paid posts across its London and regional payscales. 

36 Annual report 



**Notes to financial statements** Year to 31 December 2021 

## 10. Grants paid 

|10. Grants paid|||||||
|---|---|---|---|---|---|---|
||Unrestricted<br>funds<br>£'000<br>3<br>1,488<br>229<br>**1,720**|Restricted<br>funds<br>£'000<br>43<br>33<br>27<br>**103**|**2021**<br>**Total**<br>**funds**<br>**£'000**<br>**46**<br>**1,521**<br>**256**<br>**1,823**|Unrestricted<br>funds<br>£'000<br>-<br>817<br>237<br>**1,054**|Restricted<br>funds<br>£'000<br>55<br>54<br>35<br>**144**|**2020**<br>**Total**<br>**funds**<br>**£'000**<br>**55**<br>**871**<br>**272**<br>**1,198**|
|Grants to individuals<br>Grants to Quaker bodies<br>Other grants<br>**Total**|||||||



No grants were made during the year to a Quaker meeting of which a Trustee was a member (2020: NIL). 

Britain Yearly Meeting made 111 (2020: 78) grants and programme funding awards including reimbursement of expenses to individuals and organisations in 2021. 

Organisations in receipt of over £10,000 in order of the total amount of funds awarded to recipients are listed below: 

|<br>below:||
|---|---|
||**2021**|
||**Total Funding**|
|**Recipient**|**£'000**|
|Quaker United Nations Offce (QUNO)|1,115|
|Africa Center for Nonviolence & Sustainable Impact (AfriNov) (Kenya)|141|
|Friends World Committee for Consultation (FWCC)|127|
|Woodbrooke (Quaker Study Centre)|44|
|The Friend Publications Ltd|35|
|Quaker Council for European Affairs (QCEA)|34|
|MIPAREC (Burundi)|28|
|Evangelical Friends Church of Rwanda|27|
|Friends World Committee for Consultation: Europe and Middle East Section (FWCC: EMES)|22|
|Quaker Tapestry|20|
|General Meeting for Scotland|16|
|Hertford Quaker Meeting|15|
|Marazion Local Meeting|15|
|Airton Quaker Meeting|15|
|Colchester Quaker Meeting|15|
|Meeting of Friends in Wales|13|



Grants and awards of £10,000 or less totalling £78,938 were given to a further 26 organisations. 

27 grants to individuals were given totalling £45,733. 

A full list of grants and programme funding awards given in 2021 to organisations is on our website www.quaker.org.uk. 

Annual report 37 



**Notes to financial statements** Year to 31 December 2021 

## 11a. Transactions with related parties 

No trustee received any remuneration in respect of services given as trustee in 2021 or 2020. 

Trustees are entitled to reimbursement of travelling, accommodation and out-of-pocket expenses incurred in the performance of their duties. The amount reimbursed to the trustees of BYM (12 Trustees in 2021 and 15 Trustees in 2020) and included in direct costs was £1,494 (2020: £969). Much of the work of governance is carried out through delegated authority although the trustees of BYM retain the ultimate responsibility for the work carried out. The direct costs of the governance structure include the cost of staff supporting the various committees. 

Waived trustees expenses were nil (2020: £NIL). 

By the nature of their role, charity trustees are deemed to be related parties. 

Donations received by BYM without conditions from trustees totalled £3,891 in 2021 (2020: £6,896). 

## 11b. Transactions with subsidiary company 

|Distribution received from subsidiary company:<br>Payments received from subsidiary company:<br>Rent<br>Interest on debenture loan<br>Payments made to subsidiary company:<br>Staff discount in restaurant<br>Creditor: balance due to subsidiary<br>Debenture: balance due from subsidiary|**2021**<br>**£'000**<br>**-**<br>**118**<br>**3**<br>**-**<br>**1,606**<br>**1,750**|2020<br>£'000|
|---|---|---|
|||1,030<br>150<br>4<br>7<br>1,756<br>1,750|



38 Annual report 



**Notes to financial statements** Year to 31 December 2021 

## 12. Investment in subsidiary undertaking and related charity 

BYM has one subsidiary company, Friends House (London) Hospitality Limited. This company is incorporated in England and Wales; its registered office is located at Friends House, 173 Euston Road, London NW1 2BJ. 

The principal activities of the company are the provision of meeting rooms, conference facilities, hospitality and restaurant services. The investment of BYM in Friends House (London) Hospitality Limited comprises two ordinary shares of £1 each, being the entire issued share capital of that company. Friends House (London) Hospitality Limited donates its taxable profits to BYM by Gift Aid. 

A summary of the financial results of the company for the year to 31 December 2021 is shown below. Accounts of the company will be filed with the Registrar of Companies. 

|Proft and loss account|**2021**<br>**£'000**<br>**1,077**<br>**(1,059)**<br>**18**<br>**(3)**<br>**15**|2020<br>£'000<br>1,950<br>(2,179)<br>(229)<br>(10)<br> (239)|
|---|---|---|
|Turnover<br>Operating expenses and shared costs<br>**Operating proft**<br>Interest paid<br>**Proft / (loss) for the year before Gift Aid and taxation**|||



|Summarised balance sheet|**2021**<br>**£'000**<br>**1,834**<br>**(308)**<br>**1,526**<br>**-**<br>**1,750**<br>**(224)**<br>**1,526**|2020<br>£'000<br>1,804<br>(293)<br>1,511<br>-<br>1,750<br>(239)<br>1,511|
|---|---|---|
|Current assets<br>Creditors: amounts falling due within one year<br>**Net assets**<br>Called up share capital (£2)<br>Debenture<br>Proft and loss account|||



This note is the company note. The group note (note 5. Other trading activities) includes the company's results but is shown before £118k rent and £3k debenture interest paid to BYM. 

## Note 

BYM has advanced £1,750,000 to Friends House (London) Hospitality Limited ("the Company") for the purposes of providing working capital. This loan is secured by a fixed and floating charge over the assets and undertaking of the Company and is repayable on BYM giving 24 months' written notice. The Trustees increased the facility by £1,500,000 due to Covid-19 pandemic to ensure that it could continue to meet its ongoing obligations while the Directors worked on a recovery plan. Interest is payable on the balance that has been drawn down on a quarterly basis. Up to £250k, interest is payable at a rate of one percentage point above the Co-operative Bank base rate for the time being, calculated on a daily basis. Thereafter, interest is payable at a rate of 3.6% above the Bank of England base rate for the time being, calculated on a daily basis. 

The gross income for the charity for the year was £8.8 million (2020: £14.3 million) and its gross expenditure was £8.7 million (2020: £10.0 million). 

Annual report 39 



**Notes to financial statements** Year to 31 December 2021 

## 13. Tangible fixed assets: Group and Charity 

|||Freehold land|Offce|**2021**||Freehold land|Offce|**2020**||
|---|---|---|---|---|---|---|---|---|---|
|||and buildings|Equipment|**Total**||and buildings|Equipment|**Total**||
|At cost or valuation|Note|£000|£000|**£'000**||£000|£000|**£'000**||
|**Cost or valuation**||||||||||
|At 1 January 2021||32,865|863|**33,728**||32,669|1,023|**33,692**||
|Additions during the year||-|194|**194**||7|83|**90**||
|Transfers||-|-|**-**||-|-|**-**||
|Revaluations|a|265|-|**265**||189|(243)|**(54)**||
|Disposals||-|-|**-**||-|-|**-**||
|**Total**||33,130|1,057|**34,187**||32,865|863|**33,728**||
|**Depreciation**||||||||||
|At 1 January 2021||1,885|524|**2,409**||1,281|546|**1,827**||
|Charge for the year||(837)|135|**(702)**||612|221|**833**||
|Revaluations||(42)|-|**(42)**||(8)|-|**(8)**||
|Disposals||-|-|**-**||-|(243)|**(243)**||
|At 31 December||1,006|659|**1,665**||1,885|524|**2,409**||
|**Net book values at 31 December**||**32,124**|**398**|**32,522**||**30,980**|**339**|**31,319**||



Included in the office equipment figure are intangible assets consisting of IT software with a net book value of £24k (2020: £21k) 

## 13a. Revaluation of functional properties 

There are three significant functional freehold properties: 

- **Friends House** comprises freehold land and buildings included at a valuation of £29.1m determined as at December 2020 by Carter Jonas Property Ltd, on an open market value basis for existing use, in accordance with guidelines issued by the Royal Institution of Chartered Surveyors, plus subsequent additions at cost and less depreciation. 

- **Quaker House Brussels** comprises freehold land and buildings included at a valuation of £1.6m determined as at 31 December 2021 by Marc Panichelli, Expert Immobilier, on an open market basis. 

- **The Swarthmoor Hall Estate** comprises freehold land and buildings included at a valuation of £2.3m as determined at December 2020 by Carter Jonas Property Consultants on an open market value basis for existing use, less depreciation. The valuation took account of the fact that (a) Swarthmoor Hall Farm comprises a stock-rearing and dairy farm run organically by a sitting tenant with further succession rights and that (b) Swarthmoor Hall Wood has been let on a 999-year lease, with effect from 30 December 1995, to the Woodland Trust at a peppercorn rent. 

40 Annual report 



**Notes to financial statements** Year to 31 December 2021 

## 13b. Heritage assets 

The pictures, paintings and sketches at Friends House and the historical artefacts at Swarthmoor Hall are recognised in the accounts at a professional valuation. 

The pictures, paintings, sketches and prints were valued by Andrew Colvin, Fine Art Valuers, in February 2006. An updated inventory was done during the year and the total number is 278. The historical artefacts at Swarthmoor Hall were valued for insurance purposes by Tennants Auctioneers in September 2003. 

|Groupand Charity|**2021**<br>**£'000**|2020<br>£'000|2019<br>£'000|2018<br>£'000|2017<br>£'000|
|---|---|---|---|---|---|
|Historical artefacts at Swarthmoor Hall<br>Friends House picture collection||||||
||**425**|425|425|425|425|
||**179**|179|179|179|179|
||**604**|604|604|604|604|



The charity also holds manuscripts and printed materials in the Library at Friends House. These assets are acknowledged to be of historic importance to Quakers and must be held indefinitely in direct furtherance of the charitable objects, i.e. to promote the advancement and awareness of Quakerism. 

These assets meet the definition of heritage assets in the charity Statement of Recommended Practice 2015 in that they are held in perpetuity as a permanent record of the charity’s history. As reliable cost information is not available and conventional valuation approaches lack sufficient meaning, given that certain aspects of the manuscripts and their historical significance are irreplaceable, no value is included on the balance sheet in respect of them. 

All expenditure incurred on the maintenance and preservation of these assets is accounted for through the statement of financial activities. 

The following information regarding the heritage assets not included on the balance sheet is given to provide an understanding of their nature: 

|Books and pamphlets<br>Periodicals (titles)<br>Quaker archives*<br>Bound manuscripts<br>Other manuscripts*<br>Photographs, museum objects and medals|**2021**<br>**98,310**<br>**2,300**<br>**325**<br>**970**<br>**271**<br>**40,086**|2020<br>98,310<br>2,300<br>325<br>970<br>271<br>40,086|2019<br>98,107<br>2,300<br>325<br>970<br>269<br>40,081|2018<br>96,472<br>3,000<br>325<br>970<br>266<br>40,079|2017<br>95,487<br>3,000<br>301<br>970<br>251<br>40,049|
|---|---|---|---|---|---|



The figures above refer to the approximate number of volumes/items held, other than items marked * where the figures refer to metres of shelf space used for the collections. 

The reduction in the number of periodicals is due to a fresh method of counting them by title rather than by quantity. 

The archives and manuscripts dating from the 17th to 20th centuries are valued, for insurance purposes only, at £5.7 million, based on a valuation as at December 2009 by Robert Kirkman Limited, Antiquarian Booksellers. The books and other printed materials are valued, for insurance purposes only, at £1.8 million, based on a valuation as at November 2008 by Bertram Rota Antiquarian Booksellers. 

The nature of each collection and, in particular, the type of material held by the Library, has remained unchanged over the past five years, in line with the charity’s Collections policy (see our website www.quaker.org.uk). 

Annual report 41 



**Notes to financial statements** Year to 31 December 2021 

## 14a. Investments 

|Groupand Charity<br>**Fair value at 1 January**<br>Additions<br>Donated assets<br>Disposals<br>Impairment<br>Redemptions<br>Investment gains<br>Net movement in cash<br>**Fair value as at 31 December**|Investment<br>properties<br>£'000<br>**18,511**<br>-<br>-<br>-<br>-<br>-<br>1,514<br>-<br>**20,025**|Listed<br>Investments<br>£'000<br>**28,430**<br>3,479<br>7<br>(2,441)<br>-<br>23<br>3,511<br>-<br>**33,009**|Cash<br>£'000<br>**441**<br>-<br>-<br>-<br>-<br>-<br>-<br>(109)<br>**332**|**2021**<br>**£'000**<br>2020<br>£'000<br>**47,382**<br>**45,816**<br>3,479<br>3,898<br>7<br>11<br>(2,441 )<br>(2,810)<br>-<br>-<br>23<br>-<br>5,025<br>1,923<br>(109)<br>(1,456)<br>**53,366**<br>**47,382**|
|---|---|---|---|---|



## 14b. Listed investments and cash held by investment managers 

Listed investments and cash held by investment managers at 31 December 2021 are analysed by fund as follows: 

|Groupand Charity|**2021**<br>**£'000**<br>**18,129**<br>**7,655**<br>**980**<br>**6,577**<br>**33,341**|2020<br>£'000<br>20,318<br>2,010<br>877<br>5,666<br>28,871|
|---|---|---|
|General funds<br>Designated funds<br>Restricted funds<br>Endowment funds|||



## 14c. Listed investments held at 31 December 2021 

Listed investments held at 31 December 2021, all of which were dealt in on a recognised stock exchange, comprised the following: 

||**2021**<br>**£'000**<br>**1,385**<br>**16,425**<br>**12,942**<br>**332**<br>**2,257**<br>**33,341**|2020<br>£'000<br>1,434<br>15,999<br>9,636<br>441<br>1,361<br>28,871|
|---|---|---|
|UK fxed-income<br>UK equities<br>Overseas equities<br>Cash<br>Alternatives|||



42 Annual report 



**Notes to financial statements** Year to 31 December 2021 

## 14d. Individual holdings 

Individual holdings at 31 December 2021 (2020 Three / £5,055k) which made up more than 5% of the portfolio were: 

|Impax Environmental Markets PLC 10p Ords<br>Stewart Investors Asia Sustainability B Acc<br>WHEB Sustainability Fund|**2021**<br>**£'000**<br>**2,491**<br>**1,697**<br>**1,924**|
|---|---|



The historic cost of investments including cash at 31 December 2021 was £20,116k (2020: £17,977k). 

The investment policy and full listing of investments at 31 December 2021 are published on our website at www.quaker.org.uk. 

## 14e. Net gains/(losses) on listed investments 

Net gains/(losses) on listed investments comprised the following: 

|14e. Net gains/(losses) on listed investments<br>Net gains/(losses) on listed investments comprised the following:|||
|---|---|---|
||**2021**<br>**£'000**<br>**942**<br>**3,511**<br>**4,453**|2020<br>£'000<br>(376)<br>1,923<br>1,547|
|Realised gains / (losses)<br>Unrealised gains / (losses)|||



The value of the portfolio has fallen by just over 10 per cent since the start of 2022. The trustees do not consider it to be a going concern issue. 

## 14f. Investment properties 

Investment properties held at 31 December 2021 and their movements during the year were as follows: 

|Groupand Charity|**2021**<br>**£'000**<br>**18,511**<br>**-**<br>**1,514**<br>**20,025**|2020<br>£'000<br>18,511<br>-<br>-<br>18,511|
|---|---|---|
|**Market value**<br>At 1 January<br>Disposals<br>Adjustments to valuation<br>At 31 December|||



|Groupand Charity|**2021**<br>**£'000**<br>**19,350**<br>**-**<br>**505**<br>**70**<br>**100**<br>**20,025**|2020<br>£'000<br>18,000<br>-<br>341<br>70<br>100<br>18,511|
|---|---|---|
|Drayton House<br>Courtauld House<br>Woodland and pasture at Jordans<br>Land at Lakenheath<br>Lesser Slatters|||



Annual report 43 



**Notes to financial statements** Year to 31 December 2021 

## 14h. Revaluation of investment properties 

Drayton House was revalued to £20m on 31 December 2021 (2020: £18m ) by Cameron Benge MRICS on behalf of Carter Jonas LLP. 

Woodlands and pasture at Jordans were revalued to £505k on 9th November 2021 (2020: £341k) by Samuel Head MRICS (Rural Surveyor) RICS Registered Valuer, peer reviewed by Mark Charter MRICS MARLA (Partner) RICS Registered Valuer. Carter Jonas LLP Reference: C1000824. 

Other investment properties: 

- **Courtauld House** , which comprises freehold land and buildings. On 7 March 2011 a long lease was granted on Courtauld House and its value was written down to £1. 

- **The Jordans Estate** , which comprises freehold land and buildings. The valuation has been adjusted to reflect the fact that in excess of 15 acres of pasture land are let on an annual contract, 5 acres of pasture land are subject to a long lease and 4.61 acres of pasture land are subject to a different long lease. The valuation also reflects the fact that this land is held (inter alia) upon trusts for the protection of the quiet, seclusion and amenities of Jordans Friends Meeting House and burial grounds. The estate is also held as a programme-related investment that furthers BYM’s aims in relation to sustainability. Two small properties valued by BYM with professional assistance, at a valuation of £170k based on open market value adjusted where necessary to reflect the existence of sitting or life tenants. 

44 Annual report 



**Notes to financial statements** Year to 31 December 2021 

## 15. Debtors 

|**Receivable within one year**<br>Loans advanced from the Meeting Houses Fund<br>Other loans advanced<br>Trade debtors<br>Prepayments<br>Accrued income<br>Other debtors<br>Total<br>**Receivable after more than one year**<br>Loans advanced to meetings (see below)<br>Debenture to Friends House Hospitality (London) Ltd.<br>**Total**|**Group**<br>**2021**<br>**£'000**<br>**16**<br>**2**<br>**78**<br>**196**<br>**5,210**<br>**138**<br>**5,640**<br>**38**<br>**-**<br>**38**<br>**5,678**|Group<br>2020<br>£'000<br>10<br>(14)<br>42<br>159<br>6,785<br>207<br>7,189<br>66<br>-<br>66<br>7,255|**Charity**<br>**2021**<br>**£'000**<br>**16**<br>**2**<br>**78**<br>**189**<br>**5,210**<br>**-**<br>**5,495**<br>**38**<br>**1,750**<br>**1,788**<br>**7,283**|Charity<br>2020<br>£'000<br>10<br>(14)<br>21<br>159<br>6,785<br>207<br>7,168<br>66<br>1,750<br>1,816<br>8,984|
|---|---|---|---|---|



Interest-free loans are made to meetings for the purchase and improvement of meeting houses. They are repayable in annual instalments over periods of up to ten years. 

|**Interest-free loans, group and charity**<br>Balance outstanding at 1 January<br>Loans advanced during the year<br>Repayments made<br>Balance outstanding at 31 December<br>Due within one year<br>Due after one year|**2021**<br>**£'000**<br>**76**<br>**16**<br>**92**<br>**(38)**<br>**54**<br>**16**<br>**38**<br>**54**|2020<br>£'000<br>80<br>25<br>105<br><br>(29)<br>76<br>10<br>66<br>76|
|---|---|---|



Annual report 45 



**Notes to financial statements** Year to 31 December 2021 

## 16. Creditors: amounts falling due within one year 

|Trade Creditors<br>Event deposits<br>Interest free loans<br>Social security and other taxes<br>Pension Contributions<br>Due to Subsdiary<br>Accruals<br>Canadian legacy<br>Other<br>**Total**<br>Interest-free loans -groupand charity|**Group**<br>**2021**<br>**£'000**<br>**122**<br>**195**<br>**28**<br>**110**<br>**53**<br>**-**<br>**1,190**<br>**-**<br>**15**<br>**1,713**|Group<br>2020<br>£'000<br>66<br>215<br>58<br>176<br>90<br>-<br>771<br>43<br>167<br>1,586|**Charity**<br>**2021**<br>**£'000**<br>**113**<br>**-**<br>**28**<br>**113**<br>**53**<br>**1,606**<br>**1,146**<br>**-**<br>**15**<br>**3,074**<br>**2021**<br>**000**<br>**£’**<br>**58**<br>**(30)**<br>**-**<br>**28**|Charity<br>2020<br>£'000<br>63<br>-<br>58<br>176<br>90<br>1,756<br>697<br>43<br>165<br>3,048<br>2020<br>£'000<br>68<br>(10)<br>-<br>58|
|---|---|---|---|---|
|Balance outstanding at 1 January<br>Repayments made<br>Converted to gifts<br>**Balance outstanding at 31 December**|||||



All interest-free loans are repayable on demand. 

## 17. Operating lease commitments 

At 31 December 2021, BYM is committed to making the following payments under non-cancellable operating leases: 

|Payments fallingdue<br>Within one year<br>Between two and fve years<br>**Total**|**2021**<br>**£'000**<br>**32**<br>**74**<br>**106**|2020<br>£'000<br>20<br>23<br>43|
|---|---|---|



The total expense for operating lease costs incurred in 2021 was £35k (2020: £34k) 

## 18. Operating lease income due 

At 31 December 2021, BYM is due to receive rental income as follows under non-cancellable operating leases in respect of Drayton House: 

|Rents fallingdue<br>Within one year<br>Between two and fve years<br>**Total**|**2021**<br>**000**<br>**£’**<br>**1,083**<br>**1,625**<br>**2,708**|2020<br>£'000<br>1,083<br>2,708<br>3,791|
|---|---|---|



46 Annual report 



**Notes to financial statements** Year to 31 December 2021 

## 19a. Unrestricted funds 

|Groupand Charity<br>General<br>Designated (Note 19b)<br>**Total**|**At**<br>**1 January**<br>**2021**<br>**£'000**<br>**16,372**<br>**62,101**<br>**78,473**|Income<br>£'000<br>8,252<br>1,262<br>**9,514**|Expenditure<br>£'000<br>(8,183)<br>(124)<br>**(8,307)**|Investment<br>gains and<br>(losses)<br>£'000<br>2,422<br>2,536<br><br>**4,958**|Transfers<br>£'000<br>(486)<br>217<br>**(269)**|**At 31**<br>**December**<br>**2021**<br>**£'000**|
|---|---|---|---|---|---|---|
|||||||**18,377**<br>**65,992**|
|||||||**84,369**|



## 19b. Designated funds 

|Groupand Charity<br>Property Upkeep Fund<br>Meeting Houses Funds<br>Courtauld House Income Fund<br>Legacy funded Short term projects<br>Marsh Memorial Fund<br>Cadbury Staines Fund<br>Friends House<br>Drayton House<br>Lakenheath<br>Lesser Slatters<br>Heritage Assets Fund<br>Swarthmoor Hall Estate<br>Jordans Estate<br>QPSW General Fund<br>**Total**|**At**<br>**1 January**<br>**2021**<br>**£'000**<br>**6,693**<br>**76**<br>**174**<br>**713**<br>**4,314**<br>**1,707**<br>**27,036**<br>**18,000**<br>**70**<br>**100**<br>**604**<br>**2,273**<br>**341**<br>**-**<br>**62,101**|Income<br>£'000|Expenditure<br>£'000|Investment<br>gains and<br>(losses)<br>£'000|Transfers<br>£'000<br>7<br>4<br>-<br>-<br>-<br>(1)<br>328<br>-<br>-<br>-<br>-<br>(121)<br>-<br>-<br>**217**|**At 31**<br>**December**<br>**2021**<br>**£'000**|
|---|---|---|---|---|---|---|
|||||||**7,989**<br>**54**<br>**174**<br>**434**<br>**4,314**<br>**1,916**<br>**28,308**<br>**19,350**<br>**72**<br>**100**<br>**604**<br>**2,143**<br>**505**<br>**29**|
|||1,165|(588)|712|||
|||16|(42)|-|||
|||-|-|-|||
|||14|(293)|-|||
|||-|-|-|||
|||36|(136)|310|||
|||-|944|-|||
|||-|-|1,350|||
|||2|-|-|||
|||-|-|-|||
|||-|-|-|||
|||-|(9)|-|||
|||-|-|164|||
|||29|-|-|||
||||||||
|||**1,262**|**(124)**|**2,536**||**65,992**|



## 19c. Unrestricted funds (prior year) 

|Groupand Charity<br>General<br>Designated (Note 19d)<br>**Total**|**At**<br>**1 January**<br>**2020**<br>**£'000**<br>**15,379**<br>**57,725**<br>**73,104**|Income<br>£'000<br>9,776<br>5,508<br>**15,284**|Expenditure<br>£'000<br>(10,306)<br>(1,243)<br>**(11,549)**|Investment<br>gains and<br>(losses)<br>£'000<br>1,523<br>115<br><br>**1,638**|Transfers<br>£'000<br>-<br>(4)<br> **(4)**|**At 31**<br>**December**<br>**2020**<br>**£'000**|
|---|---|---|---|---|---|---|
|||||||**16,372**<br>**62,101**|
|||||||**78,473**|



Annual report 47 



**Notes to financial statements** Year to 31 December 2021 

## 19d. Designated funds (prior year) 

|Groupand Charity<br>Property Upkeep Fund<br>Meeting Houses Funds<br>Courtauld House Income Fund<br>Legacy funded Short term projects<br>Marsh Memorial Fund<br>Cadbury Staines Fund<br>Friends House<br>Drayton House<br>Lakenheath<br>Lesser Slatters<br>Heritage Assets Fund<br>Swarthmoor Hall Estate<br>Jordans Estate<br>**Total**|**At**<br>**1 January**<br>**2020**<br>**£'000**<br>**5,612**<br>**80**<br>**174**<br>**1,051**<br>**-**<br>**1,762**<br>**27,534**<br>**18,000**<br>**70**<br>**100**<br>**604**<br>**2,397**<br>**341**<br>**57,725**|Income<br>£'000|Expenditure<br>£'000|Investment<br>gains and<br>(losses)<br>£'000|Transfers<br>£'000<br>-<br>(4)<br>-<br>-<br>-<br>-<br>103<br>-<br>-<br>-<br>-<br>(103)<br>-<br>**(4 )**|**At 31**<br>**December**<br>**2020**<br>**£'000**|
|---|---|---|---|---|---|---|
|||||||**6,693**<br>**76**<br>**174**<br>**713**<br>**4,314**<br>**1,707**<br>**27,036**<br>**18,000**<br>**70**<br>**100**<br>**604**<br>**2,273**<br>**341**|
|||1,089|(8)|-|||
|||-|-|-|||
|||-|-|-|||
|||74|(412)|-|||
|||4,314|-|-|||
|||31|(194)|108|||
|||-|(608)|7|||
|||-|-|-|||
|||-|-|-|||
|||-|-|-|||
|||-|-|-|||
|||-|(21)|-|||
|||-|-|-|||
||||||||
|||**5,508**|**(1,243)**|**115**||**62,101**|



Designated funds comprise monies set aside by Britain Yearly Meeting of the Religious Society of Friends (Quakers) out of unrestricted general funds but designated for specific future purposes or projects. The main funds are: 

- The **Property Upkeep Fund** , which is held to fund the structural maintenance and capital works of all the properties owned for the central work of Britain Yearly Meeting of the Religious Society of Friends (Quakers). 

- The **Meeting Houses Fund** comprises interest-free loans made to meetings around the country in order that they may purchase or renovate local meeting houses. 

- The **Courtauld House Income Fund** is held to fund any related costs which arise during the period of the long lease granted on this building. 

- The legacy-funded **Short Term Projects Fund** supports development work in areas including peace and disarmament, non-violence, advocacy and supporting meetings. 

- The **Marsh Memorial Fund** to foster the gifts of children (particularly of girls) in the UK and overseas. 

- The **Cadbury Staines Fund** , which is held for items of major non-routine expenditure at the discretion of Meeting for Sufferings. The income from this fund is applied towards grants to associated Quaker bodies and for the relief of individuals through the Overseers Relief Fund. 

- The **Heritage Assets Fund** , which comprises artefacts, books, paintings and manuscripts relating to Quaker history, which have been purchased by, or donated to, the Society. These are made available to visitors, academics and researchers to promote an understanding of Quakerism. 

48 Annual report 



**Notes to financial statements** Year to 31 December 2021 

## 20a. Restricted funds 

|Groupand Charity<br>Albert Moore Fund<br>BYM Swarthmoor Hall Capital<br>CB & HH Taylor Trust Fund<br>EAPPI Fund<br>Friends Education Fund - Higher Education Awards<br>Friends Education Fund - Joint Bursary Scheme<br>Gerald AJ Hodgett Fund<br>Hope Fund<br>Wellcome Trust Grant<br>Bader Philanthropies Grant<br>Southall Trust Grant<br>Bristol Area Meeting Grant<br>Jordans Estate Fund<br>Joseph Rowntree Charitable Trust Peaceworker<br>Kingsmead Close Income Fund<br>Kingsmead Income Fund<br>Oliver Morland Fund<br>The Outreach Fund<br>Overseers Relief Round<br>Quaker House Brussels<br>QPS-General Relief Fund<br>Sawell Family Fund<br>Swarthmoor Hall Fund<br>Wynn Jones Garden Fund<br>Yearly Meeting Events Bursary Fund<br>Other restricted funds (30 <£20k)<br>**Total**|**At**<br>**1 January**<br>**2021**<br>**£'000**<br>**536**<br>**599**<br>**190**<br>**62**<br>**163**<br>**330**<br>**286**<br>**95**<br>**-**<br>**-**<br>**-**<br>**-**<br>**325**<br>**20**<br>**139**<br>**330**<br>**43**<br>**50**<br>**83**<br>**1,403**<br>**54**<br>**508**<br>**1262**<br>**19**<br>**33**<br>**230**<br>**6,760**|Income<br>£'000|Expenditure<br>£'000|Investment<br>gains and<br>(losses)<br>£'000|Transfers<br>£'000|**At 31**<br>**December**<br>**2021**<br>**£'000**|
|---|---|---|---|---|---|---|
|||||||**535**<br>**957**<br>**162**<br>**47**<br>**269**<br>**395**<br>**263**<br>**96**<br>**33**<br>**52**<br>**50**<br>**27**<br>**325**<br>**20**<br>**148**<br>**356**<br>**85**<br>**50**<br>**83**<br>**1,623**<br>**21**<br>**486**<br>**1,266**<br>**21**<br>**33**<br>**147**|
|||-|-|-|(1)||
|||15|(27)|131|239||
|||72|(100)|-|-||
|||4|(18)|-|(1)||
|||27|(18)|96|1||
|||70|(4)|-|(1)||
|||-|(23)|-|-||
|||8|(7)|-|-||
|||33|-|-|-||
|||52|-|-|-||
|||50|-|-|-||
|||27|-|-|-||
|||-|-|-|-||
|||-|-|-|-||
|||10|(1)|-|-||
|||31|(5)|-|-||
|||42|-|-|-||
|||-|-|-|-||
|||-|-|-|-||
|||2|(42)|265|(5)||
|||-|(33)|-|-||
|||-|(22)|-|-||
|||-|-|-|4||
|||-|-|-|2||
|||-|-|-|-||
|||22|(136)|-|31||
||||||||
|||**465**|**(436)**|**492**|**269**|**7,550**|



Annual report 49 



**Notes to financial statements** Year to 31 December 2021 

## 20b. Restricted funds (prior year) 

|Groupand Charity<br>Sawell Family Fund<br>Swarthmoor Hall Field Fund<br>Swarthmoor Hall Fund<br>Albert Moore Fund<br>QPSW Relief Fund<br>Jordans Estate Fund<br>Hope Fund<br>Friends Education Fund - Joint Bursary Scheme<br>Friends Education Fund - Higher Education Awards Fund<br>EAPPI Fund<br>Gerald A J Hodgett Fund<br>The Outreach Fund<br>Sanctuary Everywhere<br>Kingsmead Income Fund<br>Kingsmead Close Income Fund<br>CB & HH Taylor Trust Fund<br>Other restricted funds<br>Quaker House Brussels<br>**Total**|**At**<br>**1 January**<br>**2020**<br>**£'000**<br>**529**<br>**890**<br>**1,283**<br>**536**<br>**77**<br>**326**<br>**95**<br>**39**<br>**160**<br>**-**<br>**306**<br>**56**<br>**71**<br>**311**<br>**133**<br>**-**<br>**392**<br>**1,433**<br>**6,637**|Income<br>£'000|Expenditure<br>£'000|Investment<br>gains and<br>(losses)<br>£'000|Transfers<br>£'000|**At 31**<br>**December**<br>**2020**<br>**£'000**|
|---|---|---|---|---|---|---|
|||||||**508**<br>**599**<br>**1,262**<br>**536**<br>**54**<br>**325**<br>**95**<br>**329**<br>**163**<br>**62**<br>**286**<br>**50**<br>**68**<br>**330**<br>**140**<br>**190**<br>**360**<br>**1,403**|
|||-|(21)|-|-||
|||13|(100)|-|(203)||
|||5|(26)|-|-||
|||-|-|-|-||
|||22|(45)|-|-||
|||-|(1)|-|-||
|||12|(12)|-|-||
|||297|(7)|-|-||
|||25|(22)|-|-||
|||126|(64)|-|-||
|||4|(24)|-|-||
|||-|(6)|-|-||
|||7|(10)|-|-||
|||26|(7)|-|-||
|||9|(2)|-|-||
|||190|-|-|-||
|||68|(100)|-|-||
|||-|(30)|-|-||
||||||||
|||**803**|**(477)**|**-**|**(203)**|**6,760**|



Restricted funds comprise the unexpended income earmarked for specific purposes by donors together with those property funds whose assets are held subject to specific restrictions on use. 

The main restricted funds are: 

- The **Swarthmoor Hall Field Fund** , which is restricted to work at Swarthmoor Hall, including the estate. The fund is governed by a separate trust document. 

- The **Swarthmoor Hall Fund** which exists to defray running expenses at Swarthmoor Hall 

- The **Albert Moore Fund** which is held to acquire and maintain the heritage assets currently on display at Swarthmoor Hall. These assets are excluded from the Swarthmoor Hall Fund at the express wish of the original donor. 

- The **QPSW Relief Fund** , which is held for the relief of poverty, the relief of suffering and general relief. 

- The **Jordans Estate Fund** , which is held upon trust for the protection of the quiet, seclusion and amenities of the Jordans Friends Meeting House and burial grounds. 

- The **Hope Fund** , which is held for providing grants connected with unemployment. 

- The **Friends Educational Foundation (FEF) Joint Bursary Scheme** , which provides bursaries to pupils at Friends schools. These are managed in conjunction with the schools. 

- **Friends Educational Foundation (FEF) Higher Education Awards,** which makes grants in higher education. 

- The **EAPPI Fund** is for the Ecumenical Accompaniment Programme in Palestine and Israel, which BYM coordinates in UK and Ireland on behalf of 16 partners, working with the World Council of Churches. 

50 Annual report 



**Notes to financial statements** Year to 31 December 2021 

- The **Gerald AJ Hodgett Fund** is to be applied in such proportions as the trustees decide for the benefit of the central library of the Religious Society of Friends, the Friends Historical Society and higher education awards and grants. 

- The **Sawell Family Fund** is for the upkeep of all property including meeting houses. 

- The **Outreach Fund** supports experiments in new ways to promote Quakerism. 

- The **Wellcome Trust Fund** is funding a two-year project (Wellcome Grant Library Archives) which includes cataloguing of the Friends Ambulance Unit (WW2) and Friends Relief Service collections, preservation of both collections, conservation assessment, and promotional activities, along with elements of public and academic engagement. 

- **Sanctuary Everywhere Fund** is applied to BYM’s support to a network of local meetings that are responding to the migration crisis by acting in solidarity with refugees and migrants. 

- **CB & HH Taylor trust** provides funding for work with children and young people. 

- **Bader Philanthropies** provides funding for Local Development Workers. 

- **WF Southall** provides funding for Local Development Workers. 

- **Bristol Area Meeting** provides funding for the West Country Youth Worker. 

- **Oliver Morland Trust** provides funds funding for work with children and young people. 

30 other funds are restricted to various purposes. These include departmental funds whose income is earmarked for a particular department but which is not restricted to specific work within that department. 

## 21a. Endowment funds 

|Groupand Charity<br>Friends Education Fund - Joint Bursary Scheme<br>Kingsmead<br>Friends Education Fund - Higher Education Awards Fund<br>Kingsmead Close<br>R Penney Fund<br>S & M Holt Memorial Fund<br>Wynn-Jones Library Fund<br>Richard Hawkins Charitable Fund<br>Wynn-Jones Garden Fund<br>Phillips Consultancy Fund<br>**Total**|**At**<br>**1 January**<br>**2021**<br>**£'000**<br>**2,040**<br>**1,943**<br>**1,499**<br>**633**<br>**210**<br>**41**<br>**32**<br>**29**<br>**2**<br>**1**<br>**6,430**|Income<br>£'000|Expenditure<br>£'000|Investment<br>gains and<br>(losses)<br>£'000|Transfers<br>£'000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**-**|**At 31**<br>**December**<br>**2021**<br>**£'000**|
|---|---|---|---|---|---|---|
|||||||**2,315**<br>**2,205**<br>**1,605**<br>**719**<br>**239**<br>**47**<br>**36**<br>**33**<br>**6**<br>**1**|
|||-|(3)|278|||
|||-|(2)|264|||
|||-|(1)|107|||
|||-|-|86|||
|||-|-|29|||
|||-|-|6|||
|||-|-|4|||
|||-|-|4|||
|||-|-|4|||
|||-|-|-|||
||||||||
|||**-**|**(6)**|**782**||**7,206**|



Annual report 51 



**Notes to financial statements** Year to 31 December 2021 

## 21b. Endowment funds (prior year) 

|Groupand Charity<br>Friends Education Fund - Joint Bursary Scheme<br>Kingsmead<br>Friends Education Fund - Higher Education Awards Fund<br>Kingsmead Close<br>R Penney Fund<br>S & M Holt Memorial Fund<br>Wynn-Jones Library Fund<br>Richard Hawkins Charitable Fund<br>Wynn-Jones Garden Fund<br>Phillips Consultancy Fund<br>**Total**|**At**<br>**1 January**<br>**2020**<br>**£'000**<br>**1,945**<br>**1,852**<br>**1,429**<br>**603**<br>**200**<br>**38**<br>**30**<br>**28**<br>**-**<br>**-**<br>**6,125**|Income<br>£'000|Expenditure<br>£'000|Investment<br>gains and<br>(losses)<br>£'000|Transfers<br>£'000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**-**|**At 31**<br>**December**<br>**2020**<br>**£'000**|
|---|---|---|---|---|---|---|
|||||||**2,041**<br>**1,943**<br>**1,500**<br>**633**<br>**210**<br>**41**<br>**31**<br>**29**<br>**1**<br>**1**|
|||-|-|96|||
|||-|-|91|||
|||-|-|71|||
|||-|-|30|||
|||-|-|10|||
|||-|-|3|||
|||-|-|1|||
|||-|-|1|||
|||-|-|1|||
|||-|-|1|||
||||||||
|||**-**|**-**|**305**||**6,430**|



Endowment funds comprise monies that must be held indefinitely as capital. Endowment income is credited to general funds and applied for general purposes unless under the terms of the endowment such income must be used for specific purposes, in which case it is credited to restricted funds. 

- The **Kingsmead and Kingsmead Close Funds** : the income of which is restricted to providing training for Quaker Peace & Social Witness (QPSW) workers or, if the whole of the said income is not required for such purposes, then for the maintenance and support of QPSW workers. 

- The **Friends Educational Foundation (FEF) Joint Bursary Scheme** : the income of which is restricted to providing bursary grants at Quaker schools. 

- The **Friends Educational Foundation (FEF) Higher Education Awards** : the income of which is restricted to providing grants for higher education. 

- The **R. Penney Fund** is held on trust with the income to be used for the general purposes of the Society. 

- **Others:** the income of four small funds is restricted within the terms of the relevant fund. 

During the year permission from the Charity Commission was obtained to transfer the Wynn-Jones Garden fund from an endowment fund to a restricted one. 

52 Annual report 



**Notes to financial statements** Year to 31 December 2021 

## 22a. Analysis of net assets between funds 

|Group<br>Intangible fxed assets<br>Tangible fxed assets<br>Investments<br>Current assets<br>Creditors due within one year<br>**Total**|Unrestricted<br>funds<br>£’000<br>218<br>31,274<br>45,809<br>8,781<br>(1,713)<br>84,369|Restricted<br>funds<br>£’000|Endowment<br>funds<br>£'000<br>-<br>-<br>6,577<br>629<br>-<br>7,206|**Total**<br>**2021**<br>**£'000**<br>**218**<br>**32,908**<br>**53,366**<br>**14,346**<br>**(1,713)**<br>**99,125**|
|---|---|---|---|---|
|||-<br>1,634<br>980<br>4,936<br>-|||
|||7,550|||



## 22b. Analysis of net assets between funds 

|Charity<br>Intangible fxed assets<br>Tangible fxed assets<br>Investments<br>Current assets<br>Creditors due within one year<br>**Total**|Unrestricted<br>funds<br>£’000<br>218<br>31,274<br>45,809<br>10,368<br>(3,074)<br>84,595|Restricted<br>funds<br>£’000|Endowment<br>funds<br>£'000<br>-<br>-<br>6,577<br>629<br>-<br>7,206|**Total**<br>**2021**<br>**£'000**<br>**218**<br>**32,908**<br>**53,366**<br>**15,933**<br>**(3,074)**<br>**99,351**|
|---|---|---|---|---|
|||-<br>1,634<br>980<br>4,936<br>-|||
|||7,550|||



## 22c. Analysis of net assets between funds (prior year) 

|Group<br>Intangible fxed assets<br>Tangible fxed assets<br>Investments<br>Current assets<br>Creditors due within one year<br>**Total**|Unrestricted<br>funds<br>£’000<br>21<br>30,503<br>40,839<br>8,696<br>(1,586)<br>78,473|Restricted<br>funds<br>£’000|Endowment<br>funds<br>£'000<br>-<br>-<br>5,695<br>735<br>-<br>6,430|**Total**<br>**2020**<br>**£'000**<br>**21**<br>**31,902**<br>**47,382**<br>**13,944**<br>**(1,586)**<br>**91,663**|
|---|---|---|---|---|
|||-<br>1,399<br>848<br>4,513<br>-|||
|||6,760|||



## 22d. Analysis of net assets between funds (prior year) 

|Charity<br>Intangible fxed assets<br>Tangible fxed assets<br>Investments<br>Current assets<br>Creditors due within one year<br>**Total**|Unrestricted<br>funds<br>£’000<br>21<br>30,503<br>40,839<br>10,397<br>(3,048)<br>78,712|Restricted<br>funds<br>£’000|Endowment<br>funds<br>£'000<br>-<br>-<br>5,695<br>735<br>-<br>6,430|**Total**<br>**2020**<br>**£'000**<br>**21**<br>**31,902**<br>**47,382**<br>**15,645**<br>**(3,048)**<br>**91,902**|
|---|---|---|---|---|
|||-<br>1,399<br>848<br>4,513<br>-|||
|||6,760|||



53 

Annual report 



**Reference and administrative details** 

## Reference and administrative details 

## Trustees serving during 2021 and up to the date of this report 

Georgina Bailey Linda Batten, Treasurer Alison Breadon Jenny Brierley (to 6 March 2022) Nick Eyre Kit Fotheringham Kate Gulliver Ellie Harding Carolyn Hayman Caroline Nursey, Clerk Silas Price (from 6 February 2021) Graham Torr, Assistant Clerk Frances Voelcker Danielle Walker Palmour Christine Willmore (to 31 December 2021) 

London West Area Meeting Sheffield & Balby Area Meeting Wirral & Chester Area Meeting York Area Meeting Lincolnshire Area Meeting Bristol Area Meeting West Scotland Area Meeting Central England Area Meeting North West London Area Meeting London West Area Meeting Norfolk & Waveney Area Meeting York Area Meeting North Wales Area Meeting York Area Meeting Bristol Area Meeting 

## Management Meeting 

Trustees delegate the responsibility for implementing decisions and managing work to senior staff (Management Meeting). 

In 2021, Management Meeting comprised: 

Paul Parker, Recording Clerk 

Juliet Prager, Deputy Recording Clerk 

Paul Grey, Head of Operations 

Oliver Robertson, Head of Witness and Worship 

Maureen Sebanakitta, Head of Finance and Resources 

54 Annual report 



## Statutory information 

Britain Yearly Meeting of the Religious Society of Friends (BYM) is an unincorporated charity registered with the Charity Commission for England and Wales. 

## Name and registered office 

Britain Yearly Meeting of the Religious Society of Friends (Quakers) Friends House, 173 Euston Road, London, NW1 2BJ Registered charity number 1127633 

## Professional advisers 

Auditor Sayer Vincent LLP Invicta House 108-114 Golden Lane London EC1Y 0YL 

Legal advisers Bates Wells 10 Queen Street Place London EX4R 1BE 

Investment managers Rathbone Greenbank Investments 10 Queen Square Bristol BS1 4NT 

Main banker The Co-operative Bank 3rd Floor 10 Warwick Lane London EC2 7BP 



Quakers share a way of life, not a set of beliefs. Quaker unity is based on shared understanding and a shared practice of silent worship – a communal stillness. 

Quakers seek to experience God directly – internally, in relationships with others, and with the world. Local meetings for worship are open to all who wish to attend. 

Quakers try to live with honesty and integrity. This means speaking truth to all, including people in positions of power. The Quaker commitment to peace arises from the conviction that love is at the heart of existence and that all human beings are unique and equal. 

This leads Quakers to put faith into action by working locally and globally to change the systems that cause injustice and violent conflict. 

Britain Yearly Meeting of the Religious Society of Friends (Quakers) Registered charity number 1127633 

Friends House, 173 Euston Road, London, NW1 2BJ 

Follow us on social media @BritishQuakers 

www.quaker.org.uk 

**0867.QFAP.0322**