OpenCharities

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

2022-12-31-accounts

Britain Yearly Meeting of the Religious Society of Friends (Quakers) Annual report, including financial statements for the year ended 31 December 2022

Accessible versions of this document are available. Please contact the publications manager at publications@quaker.org.uk or call 020 7663 1162.

To read Our faith, our work , which contains information about the work of Quakers in Britain in 2022, visit www.quaker.org.uk/annualreview.

Contents

Contents
Introduction 4
About us 5
The way we work 6
The work we do 12
Financial review 18
Financial statements 26
Notes to fnancial statements 29
Reference and administrative details 55

Introduction

Introduction

From the Clerk of Trustees and the Recording Clerk

In the early months of 2022, many Covid restrictions were still in place. Although these reduced as the pandemic entered its third year, “what love requires of us” to serve meetings across Britain Yearly Meeting (BYM) and to witness to a changed world was very different from 2019.

Staff were returned from furlough (though rates of sickness remained higher than normal), restructures within both Quaker Life and Quaker Peace & Social Witness (QPSW) were completed so that BYM could deliver our most important work even with a reduced budget.

It was a great joy to hold Yearly Meeting at Friends House in May 2022 and “to see one another’s faces, and open our hearts one to another in the Truth of God ... as formerly it used to be”. We are grateful to our staff, who delivered it safely and managed the complexity of a blended Yearly Meeting at which Quakers old and new who could not attend in person were able to take part.

Meetings now need more – or different – support, so the completion of the roll-out of 15 local development workers (LDWs) during 2022, with one now in each region, was an important fruition of a prescient leading that emerged in 2011. LDWs are providing flexible support and linking meetings to the specialist skills of other Quaker Life or QPSW staff.

The world needs our work – from climate justice, to peace, to integrity in public affairs – and we have

the learning of generations of Quakers to draw on in finding where we can make the most difference today. From support to the witness of Quakers locally, to speaking out nationally, to working internationally with Quakers from around the world, and through our grants to bodies including the Quaker United Nations Office (QUNO) in Geneva, what we do – reflected in this report – matters.

Our tradition of respect and equality for individuals leads us to work to reduce injustice today through anti-racism, gender inclusion and reparations. We have more to do in determining how to put the decisions made by Yearly Meeting in 2021 and 2022 into practice.

Our Quaker structures need to be fit for the future and, since George Fox first introduced ‘Gospel Order’, these have evolved to meet the needs of the time. BYM has supported the yearly meeting in working out what this means for the simplification of our central and local structures, and this work continues.

We thank our staff – in the charity and Quiet Company – and all those who have supported our work with service and prayerful upholding, as well as financially. Quakers – through individual giving, legacies and their meetings – and grant-making trusts have continued to give, despite the constraints of the cost-of-living crisis. We hope they will give again so that our support to meetings and witness to the world can continue.

In Friendship,

Signature redacted

Signature redacted

Caroline Nursey

Paul Parker

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 (456), grouped together into area meetings (70), where individual membership (c.11,491, plus a further 6,948 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 area and local Quaker meetings throughout England, Wales and Scotland.

The charity’s resources come from members’ contributions, legacies, grants, any 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, and 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 370 years Quaker faith has led us to testify to equality, simplicity, peace and truth. Quaker social witness encompasses work for peace and peacebuilding, including in Israel–Palestine and in East Africa. It strives for climate justice and for equality in Britain. It supports poorer people in society through bursaries, relief payments and grants. We provide support for the worshipping life and the witness of

local meetings through a network of local development workers and other specialist staff, 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. In 2021, we opened in Leeds another centre for national Quaker work.

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

George Fox and some of the wiser of the early Friends showed something like genius for devising methods of administration, which left the spirit truly free, yet preserved a sense of order … Fox was the creative mind behind the establishment of Church Government, much criticised by many of his contemporaries, which is in good working order to this day. Not only the distribution of business between our various meetings for discipline, but the habit of making minutes as the business proceeds and the habit of seeking for the sense of the meeting and not taking votes, with all these procedures worked out through worship.

Roger Cowan Wilson, 1949 ( Authority, leadership and concern )

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. Quaker faith & practice contains, in addition to governance, 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 current hope is for final text to be presented to Yearly Meeting 2030 for adoption.

The duty of trustees

It is the duty of BYM Trustees to:

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:

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 sustained or developed

Strands of work

priorities for investment and development

Thriving Quaker communities supporting Quaker meetings and other groups to be diverse, to thrive and grow

Distinctively Quaker the work and how we do it have a clear Quaker identity and role ff

communities supporting Quaker meetings and other groups to be diverse, to thrive and grow A simple church supported by a simple charity, ) to reinvigorate A simple church Simple Quakerism supported by a structures and practices simple charity, in our local to reinvigorate A sustainable and national and peaceful organisation world working with and on behalf of Quakers

Integrated between Quakers locally, nationally and internationally, and within BYM

Well governed resourced, impactful and communicated effectively

The conduct of business

All trustees’ meetings and those of committees and subcommittees are held as meetings for worship for business in accordance with Quaker faith & practice . Trustees appoint two elders each year to sustain and support the right holding of the meeting.

Trustees receive copies of the full minutes of Management Meeting, giving trustees a full picture of matters under consideration by our officers whilst preserving the boundaries between operational matters and strategic direction. The Recording Clerk and members of Management Meeting attend all meetings of trustees and report to them on each occasion. Trustees also spend time without staff at each of their meetings.

Trustees have a good relationship with Meeting for Sufferings, the standing representative council of Quakers in Britain. All trustees are members of Meeting for Sufferings and attend its meetings regularly to participate in the discernment. There are regular opportunities for members of Meeting for Sufferings to engage with trustees to ask questions and seek explanation and clarification of aspects of trustees’ business. Trust is central to all our relationships, and its preservation is a matter of vigilance and sensitivity.

Appointment of trustees, induction and training

Trustees are appointed by Yearly Meeting normally to serve a three-year term. Reappointment is possible for a second term and exceptionally for a third. The Yearly Meeting treasurer, also appointed by Yearly Meeting, serves ex-officio as a trustee. Nominating committees draw on a database of offers of service from Friends in membership of the Society. In making nominations for service as trustees, the Central Nominations Committee ensures that the Friends approached are aware of the legal responsibilities of trustees and of the legal position on eligibility.

Trustees keep their collective strengths and weaknesses under review. Trustees use regular training to reinforce those strengths and to address any weaknesses. All trustees are offered training in a range of areas related to their responsibilities. New trustees receive induction and briefing materials. They take part in a reflective review at the end of their first year of service, and again when they complete their term. The findings of these reviews are reported back to the trustee body.

BYM Trustees are working on improving their diversity. At December 2022, of the serving trustees: 69% were female (23% male and 8% preferred not to say); 8%

Annual report 7

The way we work

were from black and minority ethnic communities; 38% considered themselves to be disabled; 23% identified themselves as Lesbian, Gay, Bisexual, Transgender, Queer/Questioning (LGBTQ) (69% did not and 8% preferred not to say); and 77% 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 2022 we continued to implement our improvement plan, enabling us to build a strong safeguarding culture built on robust policies which are well understood throughout our organisation. We require all staff and relevant volunteers to undertake safeguarding awareness training, with advanced training for those working directly with children and adults potentially at risk of abuse.

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

Quakers are committed to speaking truth to power on matters of common concern. At times this means engaging in the political process. The Transparency of Lobbying, Non-party Campaigning and Trade Union Administration Act 2014 regulates certain types of political activity in defined periods before elections. Where required by the Act, Britain Yearly Meeting registers as a non-party campaigner and declares relevant spending. Britain Yearly Meeting did not engage in any regulated activity in 2022.

Risk management

Risk management policies and procedures

Quakers have historically been prepared to take risks if they felt called to do so after careful discernment. In our risk management approach, trustees seek an appropriate balance between acknowledging and mitigating risk and discerning opportunities to progress our Quaker concerns. No activity is without risk, and

Trustees and senior staff endeavour to operate in the space between stewardship and opportunity, ensuring that regular and productive conversations relating to risk take place.

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 regularly 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 2022, while the Covid pandemic continued to have a significant impact on our risk profile, we began to consider what a post-pandemic approach to risk management should look like.

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:

8 Annual report

The way we work

ii) Operating model

Operating model becomes unsustainable or unstable leading to loss of income to charity.

Management of risk:

iii) Information technology

Risks on IT governance; resilience and continuity; cyber security; vendor and third-party risks; data management; IT program and execution risks.

Management of risk:

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:

v) Governance

Failure of governance control, unsustainable central governance structures, reputational risk of meeting governance failure

Management of risk:

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:

vii) Change management

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

Management of risk:

Annual report 9

The way we work

BYM staff and Management Meeting

Our people and culture

In December 2022 BYM employed 155 staff (123.5 full-time equivalent) across its departments, including 78 (64.6 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 2022:

We note that as much of this information is sensitive personal data, it is shared voluntarily by staff. This means that these statistics may not reflect the full demographic make-up of the staff body.

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 finalised during the year and for which an action plan will be implemented over the next three years. As for so many others, this year continued to be 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.

In 2021 we commissioned a culture audit on how we were doing in relation to Equity, Diversity, and Inclusion. The recommendations from the Audit Report were put in place in 2022, namely:

  1. Setting up and arranging for staff attendance at a variety of EDI workshops, namely, power and privilege, dealing with microaggressions, and having difficult conversations safely.

  2. A Working Group was set up to come up with a draft EDI Vision Statement. They are currently working on a multi-year action plan.

  3. Arranging several workshops covering relational skills needed to create a psychologically safe workplace, dealing with complex EDI issues, interpersonal situations and unconscious bias.

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 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.

Moving out of the pandemic

2022 was the start of the country re-opening from the pandemic lockdown. In 2022, we started the process of considering what a post-pandemic working pattern will look like for us. It is clear that BYM staff are now a dispersed work community and further work is required to regularise how this will work in practice. This will be implemented in 2023.

A consequence of this is scaling up staff numbers to pre-pandemic levels. In December 2021 we had 130 staff, rising to 155 in December 2022.

Recognising the importance of organisation and people development and culture change in this context,

10 Annual report

The way we work

Management Meeting agreed to the appointment of a Development and Change Adviser in the third quarter of the year. This role will develop our work on induction, performance review and learning and development processes.

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.

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:

and standing committees of Britain Yearly Meeting to be volunteers for the purposes of this policy.

Fundraising practices

BYM raises funds within the Quaker community through the contributions given by area and local meetings.

Individual Friends also make donations directly 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:

For every £1 spent in 2022 on raising voluntary income for BYM centrally, £7 was received in donations and legacies.

The types of volunteers covered by this policy in 2022 included:

For the avoidance of doubt, we do not consider those Quakers who participate in our governance and working structures through participation in the central

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 2022 was held for the first time as a blended meeting in May 2022. 1,934 people registered to attend all or part of the event, 735 of them in person. The theme was ‘Faith, Community and Action’. Friends worshipfully considered the following questions:

In recent years, 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. In 2021 we made a commitment to becoming an anti-racist faith community, and in 2022 we built upon that commitment, making a decision to consider making reparations for our involvement in the transatlantic slave trade. Later in the year, Quakers decided that they would no longer use the term “overseers” to describe Quakers performing a pastoral care role within their Quaker communities, as this word has unwelcome connotations linked to the transatlantic slave trade and is a barrier to Quakers being an inclusive community.

Trustees, staff and Friends in our wider community have continued to work on simplifying our governance structures throughout 2022. This work will help us make the most of our resources and better deliver our strategic priorities.

Quakers on the committee entrusted with overseeing the revision of Quaker faith & practice have developed a detailed project plan and timescale for completing their task by the end of this decade, meaning that the text of the revised book of discipline would be brought to Yearly Meeting in 2030 for adoption. In 2022 the revision committee reviewed its list of main topics to be covered in the new book, increasing this number to 28 main topics, and has prepared substantive first drafts on a further two of these: meeting for worship for church affairs and marriage, bringing the total of substantive first draft topics to seven. Text is now being drafted on five more topics: testimony, spiritual experience/ Quaker theology/spiritual diversity, worship, membership and conflict. Our engagement with Quakers continues, and sample texts on marriage and on nominations were shared widely within the community for feedback on tone, language, style and accessibility.

Quaker Committee for Christian & Interfaith Relations continued to represent Quakers on national ecumenical bodies, namely Churches Together in England, and Churches Together in Britain and Scotland. Ecumenical work has focussed in 2022 on racial justice and the emerging interest in making reparations for the harm of racial injustice.

Quaker World Relations Committee acts as the connection between Quakers in Britain and Quakers worldwide. Throughout 2022 it created opportunities for international connection, notably at Yearly Meeting and by appointing British Quakers to attend other Yearly Meetings across the world.

We continued to support our central committees as they develop their approaches to working effectively in a blended way.

In 2022 we spent £1.5 million on sustaining our church and faith (2021: £1.8 million).

12 Annual report

The work we do

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 continued to implement 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. By early 2023 the full cohort of local development workers had been recruited. The Local Development Worker programme is funded, in part, by generous grants from Benefact Trust, Bader Philanthropies, and the Southall Trust, as well as through the contributions of Friends throughout Britain.

We implemented planned changes to how the Quaker Life team, working with Woodbrooke Quaker Study Centre, supports role-holders in meetings and other Quaker communities. We have invested additional staff time in promoting this support to Quakers across the yearly meeting.

We now have three youth development workers in post, funded in partnership with groups of area meetings, with a fourth to follow in early 2023. This team developed their practice to bring children and young people together as part of their regional Quaker communities.

We engaged with Quaker communities as they emerged from the pandemic, assisting them to recover. It is clear that the impacts of the pandemic, which include changes for the better as well as regretted losses, will take some years to emerge. Local development workers have observed significant interest in initiatives to simplify meeting structures.

Following the laying down of Quaker Stewardship Committee, work to develop appropriate support and guidance for Area Meeting Trustees has progressed and been effectively embedded in the work of the Quaker Life team.

We continued to support meetings in their safeguarding commitments, and to develop a safeguarding culture within our organisation by appointing and beginning to train safeguarding champions in each BYM department and developing safer recruitment for paid and voluntary roles. We

continue to deliver our safeguarding improvement plan and engage with the Independent Inquiry into Child Sexual Abuse (IICSA) final report and recommendations, which were published in autumn 2022.

In 2022 we spent £2.5 million on supporting meetings (2021: £1.8 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.

During 2022, the Russian invasion of Ukraine shaped the focus for our peace work. Colleagues worked to communicate with and support Quakers in both Ukraine and Russia and worked with Friends undertaking acts of citizen diplomacy aimed at building long-term conditions for peace. A working group of Quakers from across the UK continues to consider how we can respond.

In May 2022 at Yearly Meeting, Quakers in Britain agreed to consider making meaningful financial and other reparations for the harm of the transatlantic slave trade. Local and area meetings of Quakers, as well as other Quaker groups, have now begun to consider how they might go about making reparations, and we expect this process to continue during 2023. Our communications team worked with Woodbrooke Quaker Study Centre to deliver a podcast series on understanding the concept of reparations. As a result of this and other minutes relating to equity, our Grants Group reviewed and adapted our processes for disbursing and monitoring grant-funding to ensure that our approach was equitable and recipient-led. And we expanded our annual grant to East African partners, to a three-year funding commitment. This brings it more into line with BYM's grants to European partners, as well as reflecting the multi-way relationship in our peacebuilding work across Britain, Rwanda, Burundi and Kenya.

Our work on climate justice saw significant success in 2022. Alongside partner organisations, we made substantial progress on campaigning for a loss and damage facility, to compensate those who now live with the unmitigable effects of climate change. At COP27 a loss and damage fund was established by the UN Framework Convention on Climate Change but discussions are ongoing about who will finance the fund and where the money will be allocated.

13

Annual report

The work we do

We continue to be concerned that UK climate commitments are at risk of being rolled back due to energy and cost-of-living crises.

In summer 2022, we began to deliver an online course, the “Climate justice year of learning”, to over 100 participants. This course will culminate in 2023, and thus far we believe it has proven a successful delivery and engagement method.

Our Peace Education work developed in its scale and influence in 2022. This work aims to support educators and grow the peace education movement. We released a series of six videos alongside a major report, Peace at the heart , outlining our relational approach to education in British schools. This publication has provoked interest from education practitioners across the UK, with particular interest from policymakers in Scotland and Wales. Peace Education staff are increasingly asked to run teacher training sessions and are exploring further collaboration opportunities.

Staff worked to influence parliamentarians on the Policing Bill. Although the legislative outcome was not successful, we continued through this work to build and maintain valuable relationships.

During 2022, Quaker Peace & Social Witness staff undertook a needs analysis to understand how we can best support Quakers who are led to witness for positive social change. The results of this analysis will be embedded into our work in future years.

In 2022 we spent £1.9 million on witness through action (2021: £1.5 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.

7,800 subscribers receive it directly. This forms part of our work to communicate the purpose and impact of BYM’s work to build understanding and support. Alongside Quake! , communications staff continue to develop our use of social and other media.

Our Communications team has worked closely with programme teams to ensure that opportunities to share our values and ongoing work in the public realm have been grasped. Work to refresh our main website and ensure that user journeys are more successful and engaging has progressed, and we expect that updates will be implemented in 2023.

As the pandemic has receded, Friends House has once again been open to Quakers, the public and conference guests. This meant that by the autumn, footfall in the café, bookshop and conference spaces was high. Ongoing development of Quiet Company’s offer to clients has continued.

During 2022 the Library and Archives team reopened the library and reading room at Friends House to the public by appointment. The library team has supported researchers from across the world. Images from our collections have been used by the National Gallery of Art in Washington DC and the Australian National Maritime Museum, and colleagues have been consulted for historical details which have aired on a variety of television programmes in the UK and elsewhere.

We have worked to prepare Swarthmoor Hall for reopening as a recognised international Quaker visitor centre in Britain, and to renew the interpretation of this historic building as the “cradle of Quakerism”.

In 2022 we spent £2.0 million on promoting Quakerism (2021: £1.7 million).

Our weekly e-newsletter Quake! has become a key channel for communications with Quakers. Over

14 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 practices.

Thriving Quaker communities

We will continue to deliver our strategies for supporting Quaker communities by increasing understanding of the support that we, and partner organisations, can offer to individual Friends and meetings. By ensuring that our website has a simpler structure and integrates user journey mapping into its design, we’ll enable Quakers and others to more easily find the information they are looking for.

We will continue to develop our understanding of, and support for, Quakers who belong to newer non-geographic Quaker communities, and we will work to ensure that they can fully participate in the life of our Quaker community.

We will review how we approach the participation and integration of young people in our witness, worship and governance structures, seeking to set out recommendations for improvements.

We will make it easier for Quakers to find out about our governance work, ensuring that they know how the organisation makes decisions and delivers its purpose. We will also develop the range of opportunities which Quakers have to engage in our centrally managed work, alongside longer-term committee service.

We will continue to ensure that our communities are safe for all participants by continuing to improve our safeguarding practices, building a robust safeguarding culture underpinned by knowledgeable and well supported staff and volunteers.

We will continue to build our presence in the world through our 'Faith in Action' network. As this network emerges, we will experiment with new ways of working to support local Quaker peace and climate justice initiatives. We will recommence our grant-giving programme to support these initiatives.

We will continue to work on communicating our peace and climate justice work, and the work of our Faith in Action network participants, to inspire others to support our work and take similar action.

Alongside this, we will launch a new moderated Facebook page for British Quakers, enabling multi-way communications within an online community.

We will work to provide support to Quaker communities to explore and challenge privilege, and historical and contemporary injustices, including explorations of how to respond to our 2022 Yearly Meeting minute, which called for reparations for the wrongs of the transatlantic slave trade.

We will work to re-open Swarthmoor Hall in 2024 as a recognised international Quaker visitor centre in Britain, telling the story of the “cradle of Quakerism”.

A sustainable and peaceful world

We will support and grow practical peacebuilding work and nonviolent approaches to injustice and violence in Britain and internationally. We will do this by accompanying peacebuilders and peacebuilding networks, providing support to Quaker peacebuilders and conciliators, and supporting accompanying and learning from nonviolent campaigns and peacebuilding projects in Kenya, Rwanda and Burundi.

We will continue to develop our ecumenical accompaniment programme, ensuring that antisemitism is challenged and countered within the programme and its networks.

We will support and develop the peace education movements, and work to make peace education mainstream in Britain. We will do this by supporting Quakers putting their faith into action through peace education, by developing peace education resources and training through textbooks, teacher resources, and teacher and youth worker training. We will support peace education networks and movements outside our own organisation, and facilitate work which enables the development of peer mediation practice in Britain. We will advocate for policy and practice which promote a peace education approach in schools. We will continue to challenge militarism and structural violence in education including military recruitment and exclusions of pupils from schools.

We will continue to campaign for just solutions to the climate crisis, including by speaking out on loss and damage, and playing a leading role in the Make Polluters Pay coalition. We will work through the Insure Our Future campaign, identifying and

Annual report

15

The work we do

implementing ways for Quaker work and methods to put pressure on insurance companies to cut ties with fossil fuels. We will work with Quakers in other parts of the world to pursue our shared aims.

We will continue to speak out against war and militarism as the occasion arises in public life.

We will support a strong civil society voice network and work to improve the standards of truth and integrity in democratic life, seeking to create a positive environment for civil society campaigning.

Simple structures and practices

We will ensure that our charity is well governed, implementing our governance strategy to deliver a culture of compliance and impact across the organisation. We will provide structures, tools and resources for our Quaker committees, ensuring that they can work effectively.

We will integrate our new finance system with other systems, so that management information is shared across all functions. We will work towards delivering multi-year budgets, ensuring that our financial forecasting enables sound decision-making for the medium and longer term.

We will review our procurement process, identifying suitable future developments.

We will continue to implement our IT Strategy, rolling out the Microsoft Office suite of products across our teams and committees, including Microsoft teams telephone solutions. We will deliver further system and user-facing improvements to our security, information governance and support infrastructure. We will begin to roll out a new digital asset management system, and complete the implementation of our new customer relationship management (CRM) database.

Following initial implementation of the CRM we will implement our events framework, which will operate to ensure that our wide variety of events are held safely, consistently well-managed, responsive to change and able to meet organisational needs.

We will improve our collections (library and archives) management, ensuring good stewardship and supporting access. This work will be coordinated with work on audience development and changing user needs.

We will develop the skills and capability of our senior leaders and managers to deliver consistent, inclusive, fair and effective line management and performance management. We will continue to review all of our People policies to ensure that they support inclusion and equity, as well as dispersed ways of working.

We will work to ensure that our workplace community is supported both mentally and physically by actively promoting wellbeing. We will continue to develop a working environment where staff are inspired to give their best, where performance is evaluated and where underperformance is addressed.

Through our Fundraising strategy we will continue work to ensure that our fundraising is inspiring and effective in order to secure funding for our future work. We will communicate our impact by integrating case studies and human stories into our fundraising communications, and will work to become a fundraising organisation where all staff know how work is funded and their role in winning support.

We will work consultatively to produce a new Communications Strategy and guide, providing clear, accessible information on our brand, tone of voice, visual tone, language style and reference text for key messages on who we are and what we do.

16 Annual report

Financial Statements Year to 31 December 2022

Financial Statements Year to 31 December 2022

Annual report 17

Financial review

Financial review

Headlines

The financial and economic climate in which we operate continues to be tough. In the face of this challenging climate, we are very grateful to Friends for their continued generosity, and we remain steadfast in ensuring that our income is used efficiently and effectively and that every pound counts.

Total income in 2022 was £9.3m and our total spend was £12.0m; a decrease of £0.7m (income) and an increase of £3.2m (spend) respectively compared to the previous year. Net expenditure before investment losses was therefore £2.7m.

After investment losses of £5.8m (2021, investment gains of £6.0m), we had a deficit of £8.6m (2021: £7.2m surplus). These losses primarily stem from a decrease in the value of investments managed by Rathbone Greenbank Investment, reflecting the current unpredictable nature of the investment market.

Despite the downturn in income, the uplift in spend demonstrates the organisation's commitment to maintain the provision of key services for those we

serve and seek to serve. That is, to continue to provide advice, resources, training and events to strengthen and empower Quaker meetings; uphold the structures and discipline that keep our church and our work spirit-led; operate a range of programmes in Britain and overseas that translates our faith into action; and carry out outreach, media and advocacy work that builds public awareness of who Quakers in Britain are and about the things that matter to us.

Income

Our primary source of income is contributions from individual and Quaker meetings, legacies, grants, investment income and revenue from our trading operation.

The total income for the year was £9.3m, a decrease of £0.7m compared to the previous year (2021: £10.0m). Of the £9.3m, Legacy and donation income reduced to £4.8m, compared to the unexpectedly high £7.4m received in 2021.

Investment income increased to £1.8m, an increase of 10% compared to 2021.

Post-Covid and the return to face-to-face meetings

Britain Yearly Meeting: Income

----- Start of picture text -----
4,000
3,000
2,000
1,000
-
Donations Legacies Grant income Charitable Investments Other trading
activities activities
2021 2022
£000
----- End of picture text -----

18 Annual report

Financial review

and conferences, our trading operation, Quiet Company, increased income this year from £0.9m to £2.7m. With operations and therefore expenditure scaled up to meet this demand, no gift aid payments were paid to the Charity. With Quiet Company income growth strong, Gift Aid payments will resume in 2023.

Expenditure

Total expenditure for the year was £12.0m, an increase of 37%, compared to the previous year (2021: £8.7m). Most of this increase relates to staff costs, which is the largest component of our costs. The rise in staffing is not unexpected; post-Covid, it has been imperative for the organisation to scale up its operations to ensure we can undertake our charitable services.

Of the £12.0m total expenditure figure noted above, £7.9m was spent on direct charitable activities (2021: £6.8m). This is further detailed in note 6 on page 34.

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/grants).

Investments

The market value of our investment portfolio at the end of 2022 was £30.1 million (2021: £33.3 million).

This drop in the value of our portfolio reflects a turbulent market brought on by broader political and economic uncertainty influenced by, for example, the invasion of Ukraine.

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 how we 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 providing renewable or low-carbon energy or other mitigation solutions.

The investment policy, together with a full listing of our investments as at 31 December 2022, is published on our website at www.quaker.org.uk.

Quakers in Britain: Expenditure

----- Start of picture text -----
3,000
2,500
2,000
1,500
1,000
500
-
Sustaining our Supporting Promoting Witness Cost of raising Cost of Investment
church and meetings Quakerism through action voluntary other trading management
faith income activities
2021 2022
£000
----- End of picture text -----

Annual report 19

Financial review

Total funds

The total value of funds held at 31 December 2022 was £91 million (2021: £99 million). There are restricted reserves of £8.3 million (2021: £7.6 million); unrestricted reserves of £76 million (2021: £84 million) and endowment reserves of £5.8 million (2021: £7.2 million).

Total Funds as per
Group balance sheet
Exclude:
Endowment funds
Restricted funds
Designated funds tied up in
fxed and heritage assets
Other designated funds
Unrestricted funds,
not designated		 2022
£’000
90,639
(5,781)
(8,376)
(50,350)
(14,010)
12,122		 2021
£’000
99,125
(7,206)
(7,550)
(52,111)
(13,881)
18,377

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 £8.3 million (2021: £7.6 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, £50.4 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 £12.1 million (2021: £18.4 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 in the medium-term BYM’s expenditure should be fully covered by its income.

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:

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.

20 Annual report

Financial review

In 2021 our target reserves range was 5.5 to 7 months’ operating costs (£5.5–7 million); our closing general reserves of £12 million are above the target range due to the historical performance of our investments.

Our trading activities have bounced back well with confidence and occupancy returning. Our 2024 budgeting reflects this trend and for the first time in three years, in respect of 2024, a gift aid payment is predicted to be paid from Quiet Company to BYM.

Our general reserves position, though remaining healthy, reduced this year from £18.4m to £12.1m. There are three reasons for this:

Trustees will reconsider the organisation’s reserves position from the second half of 2024 and into 2025 as we build up the organisation's medium-term financial strategy. Iterations of the strategy will be shared with Trustees. As noted earlier, designated reserve levels continue to be higher than our reserves target.

Considering all factors, the Trustees have adopted a total return investment policy, drawing down 6% of the value of our investments. Once we apply this approach to how we account for investments, 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, continue to be 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 fell by 10% last year due to multiple factors – inflation, the prospect of rising interest rates, and geopolitical tensions. The trustees have therefore committed to review this arrangement in 2024 before agreeing the level of return for 2025 and beyond 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 2022.

With the war in Ukraine and a change in the hospitality market post the Covid-19 pandemic, uncertainties persist. Tight budget controls continue.

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 12 months from the date of approval of these financial statements (“the going concern period”), 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 return policy for our investments is to close the gap in income as Quiet Company recovers from the effects of the pandemic. BYM’s financial commitments are outlined in Note 16. Trustees formerly put in place borrowing arrangements, which have not been used to date and are not expected to be used. This facility has now been ended.

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 10 November 2023 and signed on their behalf by:

Signature redacted

Paul Whitehouse, Treasurer

21

Annual report

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:

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.

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 10 November 2023 and signed on their behalf by:

Signature redacted

Caroline Nursey, Clerk

22 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 2022 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:

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 23

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:

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:

24 Annual report

Financial review

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Use of our report

This report is made solely to the parent charity’s trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the parent charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charity and the parent charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Signature redacted

10 November 2023

Sayer Vincent LLP, Statutory Auditor

lnvicta House, 108-114 Golden Lane, London, ECIY 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www. frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

25

Annual report

Consolidated statement of financial activities Year to 31 December 2022

Financial statements Year to 31 December 2022

Unrestricted
funds
£'000
Restricted
funds
£'000
Notes
Income and endowments from:
Donations and legacies
2
3,583
1,219
Charitable activities
3
-
-
Investments
4
1,731
87
Other trading activities
5
2,739
-
Total income
8,053
1,306
Expenditure on:
Raising funds:
Cost of raising voluntary
income
6
708
-
Cost of other trading
activities
6
3,144
Investment Management
6
167
40
Charitable activities
Sustaining our church and
faith
7
1,513
10
Supporting meetings
7
2,457
45
Promoting Quakerism
7
1,895
102
Witness through action
7
1,536
368
Total expenditure
11,420
565
Net gains/(losses) on
investments
14
(4,520)
85
Net income
(7,887)
826
Transfers between funds
19,
20
-
-
Net income after
transfers
(7,887)
826
Other recognised gains and losses:
Gains(losses) on revaluation
of charitable properties
13a
-
-
Net movement in funds
(7,887)
826
Total funds at 1 January
84,369
7,550
Total funds at
31 December
76,482
8,376		 Unrestricted
funds
£'000
Restricted
funds
£'000
Notes
Income and endowments from:
Donations and legacies
2
3,583
1,219
Charitable activities
3
-
-
Investments
4
1,731
87
Other trading activities
5
2,739
-
Total income
8,053
1,306
Expenditure on:
Raising funds:
Cost of raising voluntary
income
6
708
-
Cost of other trading
activities
6
3,144
Investment Management
6
167
40
Charitable activities
Sustaining our church and
faith
7
1,513
10
Supporting meetings
7
2,457
45
Promoting Quakerism
7
1,895
102
Witness through action
7
1,536
368
Total expenditure
11,420
565
Net gains/(losses) on
investments
14
(4,520)
85
Net income
(7,887)
826
Transfers between funds
19,
20
-
-
Net income after
transfers
(7,887)
826
Other recognised gains and losses:
Gains(losses) on revaluation
of charitable properties
13a
-
-
Net movement in funds
(7,887)
826
Total funds at 1 January
84,369
7,550
Total funds at
31 December
76,482
8,376		 Restricted
funds
£'000
1,219
-
87
-
1,306
-
40
10
45
102
368
565		 2022
Total
funds
£'000
Endowment
funds
£'000
Unrestricted
funds
£'000
-
4,802
7,001
-
-
95
-
1,818
1,532
-
2,739
886
-
9,359
9,514
-
708
538
-
3,144
1,196
10
217
109
-
1,523
1,801
-
2,502
1,634
-
1,997
1,621
-
1,904
1,408
10
11,995
8,307
(1,415)
(5,850)
4,958
(1,425)
(8,486)
6,165
-
-
-269
(1,425)
(8,486)
5,896
-
-
-
(1,425)
(8,486)
5,896
7,206
99,125
78,473
5,781
90,639
84,369		 Unrestricted
funds
£'000
7,001
95
1,532
886
9,514
538
1,196
109
1,801
1,634
1,621
1,408
8,307		 Restricted
funds
£'000
352
-
113
-
465
-
-
62
37
154
111
72
436		 Endowment
funds
£'000
-
-
-
-
-
-
-
6
-
-
-
-
6
782
776
-
776
-
776
6,430
7,206		 2021
Total
funds
£'000
7,353
95
1,645
886
9,979
538
1,196
177
1,838
1,788
1,732
1,480
8,749
5,967
7,197
-
7,197
265
7,462
91,663
99,125
85 227
(7,887)
826		 256
- -269 269
525
265
790
6,760
7,550

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

26 Annual report

Balance sheets as at 31 December 2022

Notes
Fixed assets
Functional property
13
Furniture & equipment
13
Heritage assets
13
Assets under construction
13
Investment Properties
14
Securities
14
Total fxed assets
Current assets
Stocks
Debtors
15
Cash at bank and in hand
Total current assets
Creditors
Amounts falling due within one year
16
Net current assets
Total net assets
22
The funds of the charity
Unrestricted funds
General funds
Designated funds
Total unrestricted funds
19
Restricted funds
20
Endowment funds
21
Total funds		 Group
2022
2021
£'000
£'000
31,896
32,124
296
204
604
604
114
194
20,025
20,025
30,158
33,341
83,093
86,492
95
91
4,828
5,678
5,290
8,577
10,213
14,346
(2,667)
(1,713)
7,459
12,633
90,639
99,125
12,122
18,377
64,360
65,992
76,482
84,369
8,376
7,550
5,781
7,206
90,639
99,125		 Charity
2022
2021
£'000
£'000
31,896
32,124
296
204
604
604
114
194
20,025
20,025
30,158
33,341
83,093
86,492
87
88
6,183
7,283
5,285
8,562
11,555
15,933
(3,935)
(3,074)
7,533
12,859
90,713
99,351
12,196
18,603
64,360
65,992
76,556
84,595
8,376
7,550
5,781
7,206
90,713
99,351

These accounts, which have been prepared in accordance with accounting policies on page 29 to on page 32, were approved by the Trustees of Britain Yearly Meeting of the Religious Society of Friends (Quakers) on 10 November 2023 and signed on their behalf by:

Signature redacted

Signature redacted

Caroline Nursey, Clerk of Trustees Paul Whitehouse, Treasurer

Annual report 27

Cash flow statements Year to 31 December 2022

Notes
Cash fow from operating activities
Net cash generated from operating activities
Cash fows from investing activities
Dividends, interest and rents from investments
4
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Purchase of tangible assets
13
Proceeds from the sale of investments
14a
Purchase of investments
14a
Net cash provided by investing activities
Cash fows from fnancing activities
Repayment of loans
Net cash from/(used in) fnancing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Reconciliation of net income to net cash fow from operating activities
Net income
Adjustments for:
Depreciation and amortisation charges
Non cash donation
Net (gains)/losses on investments and functional properties
Investment income
(Increase)/decrease in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash generated from/(used) in operating activities
Analysis of cash and cash equivalents
Cash in hand and at bank
Cash with investment managers
Total cash and cash equivalents		 Notes Notes 2022
£'000
(1,798)
1,818
-
-
(563)
2,670
(1,916)
2,009
10
10
221
8,909
9,130
2022
£'000
(8,486)
893
(37)
5,850
(1,818)
(4)
850
954
(1,798)
2022
£'000		 2021
£'000
512
1,645
-
-
(194)
3,382
(3,501)
1,332
30
30
1,874
7,035
8,909
2021
£'000
7,462
(744)
(7)
(6,232)
(1,645)
4
1,577
97
512
2021
£'000
6,594
441

7,035
5,290
3,840
9,130

28 Annual report

Notes to financial statements Year to 31 December 2022

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 £7.1 million (2021: £8.8 million) and its gross expenditure was £10 million (2021: £8.7 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

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.

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:

(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 29

Notes to financial statements Year to 31 December 2022

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:

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.

30 Annual report

Notes to financial statements Year to 31 December 2022

(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:


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. 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

TThese 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.

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.

Annual report 31

Notes to financial statements Year to 31 December 2022

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.

1.17 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.

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.

1.19 Going concern basis

BYM reported a group cash inflow of £0.2 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.

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

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

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.

32 Annual report

Notes to financial statements Year to 31 December 2022

2. Donations and legacies

Unrestricted
funds
£'000		 Restricted
funds
£'000
292
411
516
**1,219 **		 2022
Total
funds
£'000		 Unrestricted
funds
£'000		 Restricted
funds
£'000
8
37
307
352		 2021
Total
funds
£'000
Donations
Legacies
Grant income
Total		 2,171
1,252
160
**3,583 **		 2,463
1,663
676		 2,111
4,287
603		 2,119
4,324
910
4,802 7,001 7,353

3. Charitable activities

Unrestricted
funds
£'000
-
-
-
-
-		 Restricted
funds
£'000
-
-
-
-
-		 2022
Total
funds
£'000
-
-
-
-
-		 Unrestricted
funds
£'000
-
28
67
-
95		 Restricted
funds
£'000
-
-
-
-
-		 2021
Total
funds
£'000
Sustaining our church and faith
Supporting meetings
Promoting Quakerism
Witness through action
Total		 -
28
67
-
95

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
funds
£'000
465
48
1,101
117
**1,731 **		 Restricted
funds
£'000
87
-
-
-
**87 **		 2022
Total
funds
£'000
552
48
1,101
117
1,818		 Unrestricted
funds
£'000
398
3
1,131
-
1,532		 Restricted
funds
£'000
113
-
-
-
113		 2021
Total
funds
£'000
Dividend income
Interest income
Rental Income
Other income
Total		 511
3
1,131
-
1,645

Annual report 33

Notes to financial statements Year to 31 December 2022

5. Other trading activities

The main trading activities are undertaken by Friends House Hospitality (London) Ltd (FHHL Ltd.), a wholly owned subsidiary of Britain Yearly Meeting of the Religious Society of Friends (Quakers). 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.

Unrestricted
funds
£'000
1,472
169
1,097
(7)
(9)
17
2,739
(1,993)
(1,151)
(3,144)
(405)		 Restricted
funds
£'000
-
-
-
-
-
-
-
-
-

-

-		 2022
Total
funds
£'000
Unrestricted
funds
£'000
Restricted
funds
£'000
1,472
703
-
169
54
-
1,097
228
-
(7)
(41)
-
(9)
(58)
-
17
-
-
2,739
886
-
(1,993)
(943)
-
(1,151)
(253)
-
(3,144)
(1,196)
-
(405)
(310)
-		 2021
Total
funds
£'000
703
54
228
(41)
(58)
-
886
(943)
(253)
(1,196)
(310)
Room lettings
Equipment hire
Restaurant
Commercial discounts
Discounts for Quaker organisations
Miscellaneous
Total
Less
Cost of activities for generating funds
. Direct costs
. Support costs
Total
Net contribution to charitable activities

6. Expenditure

Raising funds
Cost of raising voluntary income
Cost of other trading activities
Charitable activities
Sustaining church and faith (see below)
Supporting meetings (see below)
Promoting Quakerism (see below)
Witness through action (see below)
Investment management
Total		 Grant
costs
£'000
-
-
-
951
128
23
428
1,530
-
1,530		 Direct
costs
£'000
235
1,993
2,228
144
1,448
1,206
815
3,613
217
6,058		 Support
costs
£'000
473
1,151
1,624
428
927
767
661
2,783
-
4,407		 2022
Total
costs
£'000
708
3,144
3,852
1,523
2,503
1,996
1,904
7,926
217
11,995		 Grant
costs
£'000
-
-
-
1,506
36
24
257
1,823
-
1,823		 Direct
costs
£'000
260
943
1,203
119
1,133
1,086
742
3,080
177
4,460		 Support
costs
£'000
278
253
531
213
619
622
481
1,935
-
2,466		 2021
Total
costs
£'000
538
1,196
1,734
1,838
1,788
1,732
1,480
6,838
177
8,749

34 Annual report

Notes to financial statements Year to 31 December 2022

7. Expenditure on charitable activities

a. Sustainingour church and faith
Within Yearly Meeting
Within other Quaker bodies
Within other faiths and denominations
Total
b. Supportingmeetings
General
Spirituality and membership
Children and young people
Witness of meetings
Total		 Direct
costs
£'000
62
1,004
28
1,095
Direct
costs
£'000
801
419
340
16
1,576		 Support
costs
£'000
362
-
66
428
Support
costs
£'000
438
258
222
10
927		 2022
Total
costs
£'000
424
1,004
95
1,523
2022
Total
costs
£'000
1,238
677
562
26
2,503		 Direct
costs
£'000
92
1,490
43
1,625
Direct
costs
£'000
594
311
253
11
1,169		 Support
costs
£'000
180
-
33
213
Support
costs
£'000
292
172
148
7
619		 2021
Total
costs
£'000
272
1,490
76
1,838
2021
Total
costs
£'000
886
483
401
18
1,788
c. Promoting Quakerism
General
Outreach
Web development
Library
Total
d. Witness through action
General
Peace witness
Social witness
Total		 Direct
costs
£'000
273
240
285
431
1,229
Direct
costs
£'000
210
742
291
1,243		 Support
costs
£'000
202
96
190
278
767
Support
costs
£'000
97
522
42
661		 2022
Total
costs
£'000
475
336
475
710
1,732
2022
Total
costs
£'000
307
1,264
333
1,904		 Direct
costs
£'000
246
217
257
390
1,996
Direct
costs
£'000
169
596
234
999		 Support
costs
£'000
164
78
154
226
622
Support
costs
£'000
70
380
31
481		 2021
Total
costs
£'000
410
295
411
616
1,732
2021
Total
costs
£'000
239
976
265
1,480

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

Annual report 35

Notes to financial statements Year to 31 December 2022

8. Expenditure (continued)

Group 2022
£’000
364
61
112
181
404
10
1,132
450
441
1,670
532
182
3,275
4,407		 2021
£’000
372
571
319
(944)
70
23
411
820
357
477
304
97
2,055
2,466
(a) Friends House support costs
Routine maintenance
Long-term maintenance (Friends House)
Reception and security
Cleaning and depreciation
Utilities
Other
(b) Finance, human resources, IT and offce services
Finance
Information Technology
Offce services
Human resources
Membership database

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

Support costs are recharged to the 'expenditure' as set out in Note 7 on page 35.

(c) Governance

Governance costs for 2022 totalled £756k (2021: £547k). 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.

36 Annual report

Notes to financial statements Year to 31 December 2022

9a. Staff costs

9a. Staff costs
Group Unrestricted
funds
£'000
47
4,772
-
446
358
9
367
75
90
6,164		 Restricted
funds
£'000
-
97
-
9
8
-
-
-
-
114		 2022
Total
funds
£'000
47
4,869
-
455
366
9
367
75
90
6,278		 Unrestricted
funds
£'000
11
4,101
-
412
366
-
18
15
75
4,998		 Restricted
funds
£'000
-
110
-
9
9
-
-
-
-
128		 2021
Total
funds
£'000
11
4,211
-
421
375
-
18
15
75
5,126
Recruitment
Basic pay (UK)
Basic pay (non-UK)
Employer's National Insurance
Employer's pension contributions
Other allowances
Agency and temporary staff
Staff training and debriefng
Other

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

Group 2022
Full-time
headcount
29
35
4
13
81		 2022
Part-time
headcount		 2022
Full-time
equivalent

39.1

64.6

5.5

14.5

124		 2021
Full-time
headcount		 2021
Part-time
headcount		 2021
Full-time
equivalent
31.1
56.3
5.5
13.6
107
Raising income
Charitable activities
Governance
Support services

22		 19 25

43		 29 37

2		 4 2

2		 13 1

70		 65 65

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

No redundancy payments were paid this year to any employee (2021: £63k / 5 employees).

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).

Annual report 37

Notes to financial statements Year to 31 December 2022

9d. Staff emoluments

The following number of employees (including those who joined or left during 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
£70,001-£80,000
£80,001-£90,000
£90,001-£100,000
£100,001-£110,000
£110,001-£120,000		 2022
number
-
2
-
-
-
-		 2021
number
1
4
-
-
-
-

9e. Remuneration and benefits received by key management personnel

In 2022 BYM considered the following posts to be key management personnel:

Total remuneration received by key management personnel was £383k (2021: £387k).

The Recording Clerk acts as Chief Executive and earned a remuneration of £91,638. Remunerations for other key management personnel ranged between £61,623–£85,886. This includes salaries plus employer pension costs and national insurance contributions.

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.

Britain Yearly Meeting is committed to a 1:4 ratio between the highest- and lowest-paid staff on its London salary scale. An adjusted regional scale is applied to posts based outside London, within which the same ratio applies. All staff are paid above the recommended Living Wage.

38 Annual report

Notes to financial statements Year to 31 December 2022

10. Grants paid

10. Grants paid
Unrestricted
funds
£'000
4
1,060
218
1,282		 Restricted
funds
£'000
54
20
174
248		 2022
Total
funds
£'000
58
1,080
392
1,530		 Unrestricted
funds
£'000
3
1,488
229
1,720		 Restricted
funds
£'000
43
33
27
103		 2021
Total
funds
£'000
46
1,521
256
1,823
Grants to individuals
Grants to Quaker bodies
Other grants
Total

No grants were made during the year to a Quaker meeting of which a Trustee was a member (2021: NIL)

Britain Yearly Meetings made 61 (2021: 111) grants and programme funding awards including reimbursement of expenses to individuals and organisations in 2022.

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


below:
2022
Total funding
Recipient £'000
Quaker United Nations Offce (QUNO) 684
Quaker Council for European Affairs (QCEA) 225
Africa Centre for Nonviolence (Kenya) 148
Friends World Committee for Consultation (FWCC) 131
MIPAREC (Burundi) 28
Evangelical Friends Church of Rwanda 28
The Friend Publication, Subscriptions Department 20

Grants and awards of £10,000 or less totalling £266,086 were given to a further 45 organisations.

33 grants to individuals were given totalling £58,335.

A full list of grants and programme funding awards given in 2022 to organisations is on our website www.quaker.org.uk.

Annual report 39

Notes to financial statements Year to 31 December 2022

11a. Transactions with related parties

No trustee received any renumeration in respect of services given as trustee in 2022 or 2021.

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 (9 Trustees in 2022 and 12 Trustees in 2021) and included in direct costs was £1,574 (2021: £1,494). 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 (2021: £NIL).

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

Donations received by BYM without conditions from Trustees totalled £4,214 in 2022 (2021: £3,891).

11b. Transactions with subsidiary company

Distribution received from subsidiary company:
Payments received from subsidiary company:
Rent
Interest on debenture loan
Payments made to subsidiary company:
Staff discount in restaurant
Creditor: balance due to subsidiary
Debenture: balance due from subsidiary		 2022
£'000
-
52
630
-
-
1,872
1,750		 2021
£'000
-
-
118
3
-
1,606
1,750

40 Annual report

Notes to financial statements Year to 31 December 2022

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 2022 is shown below. Accounts of the company will be filed with the Registrar of Companies.

Proft and loss account 2022
£'000
2,793
(2,646)
147
-
147		 2021
£'000
1,077
(1,059)
18
(3)
15
Turnover
Operating expenses and shared costs
Operating proft
Interest paid
Proft / (loss) for the year before Gift Aid and taxation
Summarised balance sheet 2022
£'000
2,226
(553)
1,673
-
1,750
(77)
1,673		 2021
£'000
1,834
(308)
1,526
-
1,750
(224)
1,526
Current assets
Creditors: amounts falling due within one year
Net assets
Called up share capital (£2)
Debenture
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 £630k rent paid to BYM, as well £52k in recharges.

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 Britain Yearly Meeting of the Religious Society of Friends (Quakers) giving 24 months' written notice. The terms of the loan agreement includes the payment of interest at an arm's length commercial rate of 1.00% above the Co-operative Bank base rate for the time being, calculated on a daily basis. This facility, which was increased during Covid-19, will be reviewed and likely reduced next year.

Annual report 41

Notes to financial statements Year to 31 December 2022

13. Tangible fixed assets: Group and Charity

At cost or valuation
Note
Freehold land
and buildings
£000		 At cost or valuation
Note
Freehold land
and buildings
£000

Offce
Equipment
£000
1,057
387
114
(170)
-
1,388
659
319
-
978
410		 2022
Total
£'000
34,187
563
114
-
-
34,864
1,665
893
-
2,558
32,306		 Freehold land
and buildings
£000
32,865
-
-
265
33,130
1,885
(837)
(42
1,006
32,124		 Offce
Equipment
£000
863
194
-
-
1,057
524
135
)
-
659
398		 2021
Total
£'000
33,728
194
-
265
34,187
2,409
(702)
(42)
1,665
32,522
Cost or valuation
At 1 January 2022
Additions during the year
Work in progress (assets under construction)
Transfers
Revaluations
Total
Depreciation
At 1 January 2022
Charge for the year
Revaluations
At 31 December 2022
Net book values at 31 December		 33,130
176
170
-
33,476
1,006
574
-
1,580
31,896

13a. Revaluation of functional properties

There are three significant functional freehold properties:

There has been no indication of impairment since the last valuation.

42 Annual report

Notes to financial statements Year to 31 December 2022

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 2022
£'000		 2021
£'000		 2020
£'000		 2019
£'000		 2018
£'000
425
179
604
Historical artefacts at Swarthmoor Hall
Friends House picture collection
425 425 425 425
179 179 179 179
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
Periodicals (titles)
Quaker archives
Bound manuscripts
Other manuscripts
Photographs, museum objects and medals		 2022
98,310
2,300
325
970
271
40,086		 2021
98,310
2,300
325
970
271
40,086		 2020
98,107
2,300
325
970
269
40,086		 2019
96,472
3,000
325
970
266
40,081		 2018
95,487
3,000
301
970
251
40,079

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/ library-collections).

Annual report 43

Notes to financial statements Year to 31 December 2022

14a. Investments

Groupand Charity
Fair value at 1 January
Additions
Donated assets
Disposals
Impairment
Redemptions
Investment gains
Net movement in cash
Fair value as at 31 December		 Investment
properties
£'000
20,025
-
-
-
-
-
-
-
20,025		 Listed
Investments
£'000
33,009
2,386
-
(2,670)
-
(470)
(5,937)
-
26,318		 Cash
£'000
332
-
-
-
-
-
-
3,508
3,840		 2022
£'000
53,366
2,386
-
(2,670)
-
(470)
(5,937)
3,508
50,183		 2021
£'000
47,382
3,479
7
(2,441)
-
23
5,025
(109)
53,366

14b. Listed investments and cash held by investment managers

Listed investments and cash held by investment managers at 31 December 2022 are analysed by fund as follows:

Groupand Charity 2022
£'000
16,398
6,925
886
5,949
30,158		 2021
£'000
18,129
7,655
980
6,577
33,341
General funds
Designated funds
Restricted funds
Endowment funds

14c. Listed investments held at 31 December 2022

Listed investments held at 31 December 2022, all of which were dealt in on a recognised stock exchange, comprised the following:

2022
£'000
906
10,963
12,516
3,840
1,933
30,158		 2021
£'000
1,385
16,425
12,942
332
2,257
33,341
UK fxed-income
UK equities
Overseas equities
Cash
Alternatives

44 Annual report

Notes to financial statements Year to 31 December 2022

14d. Individual holdings

Individual holdings at 31 December 2022 (2021 three / £6,112k) which made up more than 5% of the portfolio were:

Stewart Investors Asia Sustainability B Acc
WHEB Sustainability Fund
Impax Environmental Markets PLC 10p Ords		 2022
£'000
1,624
1,598
1,407

The historic cost of investments including cash at 31 December 2022 was 24,019k (2021: £20,116k)

The investment policy and full listing of investments at 31 December 2022 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:

2022
£'000		 2021
£'000
942

3,511

4,453
Realised gains / (losses)
Unrealised gains / (losses)		 87
(5,937)
(5,850)

14f. Investment properties

Investment properties held at 31 December 2022 and their movements during the year were as follows:

Groupand Charity 2022
£'000		 2021
£'000
18,511
-
1,514
20,025
Market value
At 1 January
Disposals
Adjustments to valuation
At 31 December		 20,025
-
-
20,025
Groupand Charity 2022
£'000		 2021
£'000
19,350
-
505
70
100
20,025
Drayton House
Courtauld House
Woodland and pasture at Jordans
Land at Lakenheath
Lesser Slatters		 19,350
-
505
70
100
20,025

Annual report 45

Notes to financial statements Year to 31 December 2022

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:

There has been no indication of impairment since the last valuation. The next revaluation will be done in financial year 2023.

15. Debtors

Receivable within one year
Loans advanced from the Meeting Houses Fund
Other loans advanced
Trade debtors
Prepayments
Accrued income
Other debtors
Total
Receivable after more than one year
Loans advanced to meetings (see below)
Debenture to Friends House Hospitality (London) Ltd.
Total		 Group
2022
£'000
16
2
392
85
4,307
(6)
4,796
32
-
32
4,828		 Group
2021
£'000
16
2
78
196
5,210

138
5,640
38
-
38
5,678		 Charity
2022
£'000
16
2
76
4,307
-
4,401
32
1,750
1,782
6,183		 Charity
2021
£'000
16
2
78
189
5,210
-
5,495
38
1,750
1,788
7,283

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.

16. Creditors: amounts falling due within one year

46 Annual report

Notes to financial statements Year to 31 December 2022

Trade creditors
Interest free loans
Social security and other taxes
Pension Contributions
Due to Subsidiary
Accruals
Deferred Income
Other
Total
Interest-free loans -groupand charity		 Group
2022
£'000
430
18
243
73
-
1,045
792
66
2,667		 Group
2021
£'000
122
28
110
53
-
1,190
195
15
1,713		 Charity
2022
£'000
380
18
132
73
1,872
984
412
64
3,935
2022
£'000
28
(10)
-
18		 Charity
2021
£'000
113
28
113
53
1,606
1,146
-
15
3,074
2021
£’000
Balance outstanding at 1 January
Repayments made
Converted to gifts
Balance outstanding at 31 December		 58
(30)
-
28

All interest-free loans are repayable on demand.

17. Operating lease commitments

At 31 December 2022, BYM is committed to making the following payments under non-cancellable operating leases:

Payments fallingdue
Within one year
Between two and fve years
Total		 2022
£'000
27
46
73		 2021
£'000
32
74
106

The total expense for operating lease costs incurred in 2022 was £32k (2021: £35k).

18. Operating lease income due

At 31 December 2022, BYM is due to receive rental income as follows under non-cancellable operating leases in respect of Drayton House:

Rents fallingdue
Within one year
Between two and fve years
Total		 2022
£'000
1,083
542
1,625		 2021
£’000
1,083
1,625
2,708

19a. Unrestricted funds

Annual report 47

Notes to financial statements Year to 31 December 2022

Groupand Charity
General
Designated (Note 19b)
Total
19b. Designated funds
Groupand Charity
Property Upkeep Fund
Meeting Houses Funds
Courtauld House Income Fund
Legacy funded Short term projects
Marsh Memorial Fund
Cadbury Staines Fund
Friends House
Drayton House
Lakenheath
Lesser Slatters
Heritage Assets Fund
Swarthmoor Hall
Jordans Estate
QPSW General Fund
Total		 At
1 January
2022
£'000
18,377
65,992
84,369
At
1January
2022
£'000
7,989
54
174
434
4,314
1,916
28,308
19,350
72
100
604
2,143
505
29
65,992		 Income
£'000
7,235
818
8,053
Income
£'000		 Expenditure
£'000
(10,312)
(1,108)
(11,420)
Expenditure
£'000		 Investment
gains and
(losses)
£'000
(3,178)
(1,342)

(4,520)
Investment
gainsand
(losses)
£'000		 Transfers
£'000
-
-

-
Transfers
£'000
-
-
-
-
-
-
-
-
-
-
-
-
-
-

-		 At 31
December
2022
£'000
12,122
64,360
76,482
At31
December
2022
£'000
7,664
15
174
269
4,316
1,545
27,666
19,349
72
100
604
2,058
501
27
775 (165) (935)
- (39) -
- - -
- (165) -
- 2 -
43 (7) (407)
- (642) -
- (1) -
- - -
- - -
- - -
- (85) -
- (4) -
- (2) -
818 (1,108) (1,342) 64,360

Items marked * represent designated funds tied to the main functional and investment properties held for the long term by BYM.

19c. Unrestricted funds (prior year)

Groupand Charity
General
Designated (Note 19d)
Total		 At
1 January
2021
£'000
16,372
62,101
78,473		 Income
£'000
8,252
1,262
9,514		 Expenditure
£'000
(8,183)
(124)
(8,307)		 Investment
gains and
(losses)
£'000
2,422
2,536

4,958		 Transfers
£'000
(486)
217
(269)		 At 31
December
2021
£'000
18,377
65,992
84,369

48 Annual report

Notes to financial statements Year to 31 December 2022

19d. Designated funds (prior year)

Groupand Charity
Property Upkeep Fund
Meeting Houses Fund
Courtauld House Income Fund
Legacy funded Short term projects
Marsh Memorial Fund
Cadbury Staines Fund
Friends House
Drayton House
Lakenheath
Lesser Slatters
Heritage Assets Fund
Swarthmoor Hall
Jordans Estate
QPSW General Fund
Total		 At
1 January
2021
£'000
6,693
76
174
713
4,314.00
1,707
27,036
18,000
70
100
604
2,273
341
-
62,101		 Income
£'000		 Expenditure
£'000		 Investment
gains and
(losses)
£'000		 Transfers
£'000
7
4
-
-
-
(1)
328
-
-
-
-
(121)
-
-
217		 At 31
December
2021
£'000
7,989
54
174
434
4,314
1,916
28,308
19,350
72
100
604
2,143
505
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

Items marked * represent designated funds tied to the main functional and investment properties held for the long term by BYM.

Designated funds comprise monies set aside by BYM out of unrestricted general funds but designated for specific future purposes or projects. The main funds are:

Annual report 49

Notes to financial statements Year to 31 December 2022

20a. Restricted funds

Groupand Charity
Albert Moore Fund
BYM Swarthmoor Hall Capital
CB & HH Taylor Trust Fund
Friends Education Fund - Higher Education Awards
Friends Education Fund - Joint Bursary Scheme
Gerald AJ Hodgett Fund
Hope Fund
Wellcome Trust Grant
Bader Philanthropies Grant
Southall Trust Grant
Jordans Estate Fund
Kingsmead Close Income Fund
Kingsmead Income Fund
Oliver Morland Fund
The Outreach Fund
Overseers Relief Round
Quaker House Brussels
Sawell Family Fund
Swarthmoor Hall Fund
Yearly Meeting Events Bursary Fund
Quaker Life General
Quaker Peace and Social Witness General
Eric & Malcolm Legacy (Library)
CYP General Fund
QUNO General
Joseph Rowntree Charitable Trust Peaceworker
Bristol Area Meeting Grant
Wynn Jones Garden Fund
Other restricted funds (30 <£20k)
Total		 At
1 January
2022
£'000
535
957
162
269
395
263
96
33
52
50
325
148
356
85
50
83
1,623
486
1266
33
-
-
-
15
3
20
27
21
197
7,550		 Income
£'000		 Expenditure
£'000		 Investment
gains and
(losses)
£'000		 Transfers
£'000		 At 31
December
2022
£'000
535
800
164
346
498
246
88
33
52
50
333
180
454
85
46
83
1,595
477
1,253
32
343
296
193
32
36
20
27
21
58
- - -
19 (4) (172) -
2 - - -
19 (3) 61 -
22 (2) 83 -
1 (18) - -
- (8) - -
- - - -
- - - -
- - - -
- 8 - -
7 (1) 26 -
21 (2) 79 -
- - - -
- (4) - -
- - - -
- (28) - -
- (9) - -
5 (18) - -
- (1) - -
350 (7) - -
363 (67) - -
193 - - -
17 - - -
33 - - -
- - - -
- - - -
- - - -
254 (401) 8 -
1,306 (565) 85 - 8,376

50 Annual report

Notes to financial statements Year to 31 December 2022

20b. Restricted funds (prior year)

Groupand Charity
Albert Moore Fund
BYM Swarthmoor Hall Capital
CB & HH Taylor Trust Fund
EAPPI Fund
Friends Education Fund - Higher Education Awards
Friends Education Fund - Joint Bursary Scheme
Gerald AJ Hodgett Fund
Hope Fund
Wellcome Trust Grant
Bader Philanthropies Grant
Southall Trust Grant
Bristol Area Meeting Grant
Jordans Estate Fund
Joseph Rowntree Charitable Trust Peaceworker
Kingsmead Close Income Fund
Kingsmead Income Fund
Oliver Morland Fund
The Outreach Fund
Overseers Relief Round
Quaker House Brussels
QPS-General Relief Fund
Sawell Family Fund
Swarthmoor Hall Fund
Wynn Jones Garden Fund
Yearly Meeting Events Bursary Fund
Other restricted funds (30 <£20k)
Total		 At
1 January
2021
£'000
536
599
190
62
163
330
286
95
-
-
-
-
325
20
139
330
43
50
83
1,403
54
508
1,262
19
33
230
6,760		 Income
£'000		 Expenditure
£'000		 Investment
gains and
(losses)
£'000		 Transfers
£'000		 At 31
December
2021
£'000
535
957
162
47
269
395
263
96
33
52
50
27
325
20
148
356
85
50
83
1,623
21
486
1,266
21
33
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

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:

Annual report

51

Notes to financial statements Year to 31 December 2022

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
Friends Education Fund - Joint Bursary Scheme
Kingsmead
Friends Education Fund - Higher Education Awards Fund
Kingsmead Close
R Penney Fund
S & M Holt Memorial Fund
Wynn-Jones Library Fund
Richard Hawkins Charitable Fund
Wynn-Jones Garden Fund
Phillips Consultancy Fund
Total		 At
1 January
2022
£'000
2,315
2,205
1,605
719
239
47
36
33
6
1
7,206		 Income
£'000		 Expenditure
£'000		 Investment
gains and
(losses)
£'000		 Transfers
£'000
-
-
-
-
-
-
-
-
-
-

-		 At 31
December
2022
£'000
1,866
1,776
1,274
579
192
38
29
28
(1)
-
5,781
- (4) (445)
- (3) (426)
- (2) (329)
- (1) (139)
- - (47)
- - (9)
- - (7)
- 1 (6)
- - (7)
- (1) -
- (10) (1,415)

52 Annual report

Notes to financial statements Year to 31 December 2022

21b. Endowment funds (prior year)

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

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.

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.

Annual report 53

Notes to financial statements Year to 31 December 2022

22a. Analysis of net assets between funds

Group
Intangible fxed assets
Tangible fxed assets
Investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
£’000
359
30,945
44,254
10,213
(9,289)
76,482		 Restricted
funds
£’000		 Endowment
funds
£'000
-
-
5,161
-
620
5,781		 Total
2022
£'000
359
32,551
50,183
10,213
(2,667)
90,639
-
1,606
768
-
6,002
8,376

22b. Analysis of net assets between funds

Charity
Intangible fxed assets
Tangible fxed assets
Investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
£’000
359
30,945
44,254
11,555
(10,557)
76,556		 Restricted
funds
£’000		 Endowment
funds
£'000
-
-
5,161
-
620
5,781		 Total
2022
£'000
359
32,551
50,183
11,555
(3,935)
90,713
-
1,606
768
-
6,002
8,376

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

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

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

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

54 Annual report

Reference and administrative details

Reference and administrative details

Trustees serving during 2022 and up to the date of this report

Georgina Bailey London West Area Meeting Linda Batten, Treasurer (to 31 December 2022) North Wales Area Meeting Alison Breadon Wirral & Chester Area Meeting Jenny Brierley (to 4 March 2022) York Area Meeting Catherine Brown (from 1 January 2023) Hampshire & Islands Area Meeting Nick Eyre (to 8 April 2022) Lincolnshire Area Meeting Kit Fotheringham Devon Area Meeting Kate Gulliver West Scotland Area Meeting Ellie Harding Central England Area Meeting Carolyn Hayman North West London Area Meeting Marisa Johnson (from 1 May 2023) Cambridgeshire Area Meeting Caroline Nursey, Clerk London West Area Meeting Silas Price Norfolk & Waveney Area Meeting Graham Torr, Assistant Clerk York Area Meeting Frances Voelcker North Wales Area Meeting Danielle Walker Palmour York Area Meeting Paul Whitehouse, Treasurer (from 1 January 2023) Bristol Area Meeting

Management Meeting

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

In 2022, Management Meeting comprised:

Paul Parker Recording Clerk Juliet Prager (to June 2022) Deputy Recording Clerk Siobhán Haire (from September 2022) Deputy Recording Clerk Paul Grey (to December 2022) Head of Operations Oliver Robertson Head of Witness and Worship Maureen Sebanakitta (to August 2022) Head of Finance and Resources Lorna Service (from August 2022) Head of Finance and Resources

Annual report 55

Reference and administrative details

Statutory information

Britain Yearly Meeting of the Religious Society of Friends (Quakers) (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

56 Annual report

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.

Accessible versions of this document are available. Please contact the publications manager at publications@quaker.org.uk or call 020 7663 1162.

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

0891.QCA.0123