Annual report, including financial statements for the year ended 31 December 2023 Compiled for Yearly Meeting 2024, Friends House, London and online 26-30 July 2024 Yearly Meeting of Quakers in Britain Proceedings A number of documents will help us meet wtEh hearts and minds prepared. Collectivev. these are the 'Proceedings ofthe Yeorly Meeting of the Religious Soaety ofFriends (Quakers) in Britain 2024.. All document5 will be available online at www.quaker.org.uklym. Many Friends will read the documents online, but if you need print documents, they wll be in a printer-friendly PDF forTnat. We ask Friends to print their own copies or to seek assistance from someone in their meeting. Thi5 will help u5 to save cost5 and reduce the environmental impact of Yethy Meeting. If you require accessible documents, please request these when booking for Yeady Meeting. If these do not meet your accessibility needs, or the needs of someone you know, please email ym@quaker.org.uk. All Quaker faith & Practrce references arE to the fifth edition, which can be found online at www.quaker.org.uklqfp. You can ￿ad about Yearly Meeting in chapter 6 of Quaker faith & proctrce. Alternatively, contact Yearly Meeting Arrangements Committee on 020 7663 1040 or at ym@quaker.org.uk or go to www.quaker.org.uklym. The full set comprises.. l. Piepoiing (oryearly Meeting, including community guideline5. 2. Agendo ond notes, Wlth introductory material for Yearty Meeting and annud reports of Meeting for Sufferings and other related bodies 3. Testimonies, including index ol eP1s￿e5 4. Trustees annutJl ￿pOrt including financial statements lor the year ended December 2023 5. Patterns o[member5hp, including the 2023 tabular sLatement 6. Minutes, which are distributed after the conclusion of Yethy Meeting For the year ended 31 December 2023 ## **Annual report, including financial statements** ## Contents |Contents|| |---|---| |From the Clerk of Trustees and the Recording Clerk|2| |About us|3| |The way we work|4| |The work we do|10| |Future plans|13| |Financial review|15| |Financial statements|22| |Notes to financial statements|25| |Reference and administrative details|54| |Statutory information|55| 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 2023, visit www.quaker.org.uk/annualreview. Annual Report for the year ended 31 December 2023 | 1 ## Introduction ## F rom t he C l erk of T rus t ees and t he Record i ng C l erk _“We know the power of God’s Spirit at work in the lives of people within the community of our meetings. These people may have been drawn into the community by a sudden convincement, a long period of seeking, or have grown up within it from childhood. We also know that we are engaged in a lifelong growth into faith, and experience a continuing irruption of grace into our lives which demands and sustains a commitment to a life of discipleship. We recognise this power at work in people of all ages, races and creeds: a transforming power which can issue in lives of joy, humility and service.”_ London Yearly Meeting, 1986, from _Quaker faith & practice 10.02_ As we write, our world faces many challenges. The linked crises of climate change, inequality and war call us to action both practical and spiritual. The world’s suffering cannot be ignored. Quakers continue to seek inspiration in our meetings for worship and for church affairs as to how we should respond, in our own lives, through our corporate work, and in the public square. We want to offer the world Quaker communities which are thriving, inclusive and active. Our national organisation exists to support Quakers across Britain not only to worship, but to follow the leadings of the Spirit, to put our faith into action, and to bear witness to the healing power of love in the world. Our local development workers work alongside Quaker communities across England, Wales, Scotland, the Channel Islands and the Isle of Man to become more confident, connected and sustainable. Our faith in action team supports Quakers in their activism, which aims to bring the world closer to our vision of how it could be. Our public affairs and advocacy team ensures that our Quaker truth is spoken to those in positions of power. Our communications team ensures that Quakerism is discoverable by those who seek it and is understood by all. We work to build peace in our communities, schools and in some of the regions troubled by militarised conflicts. We undertake this work not for self-serving reasons or merely out of a principled value-system, but because we believe we are following the leadings of the Spirit in service of the world’s needs. Our meetings for worship and for business are how we test these leadings, and we are supporting the Quaker community to reform and develop our structures to enable us to do so better and more efficiently. We are revising our book of discipline, _Quaker faith & practice_ , to be fit for the next generation of Quakers, and are looking forward to the completion of that process in the next few years. This report describes the work undertaken by Britain Yearly Meeting with and for Quakers in 2023. We are grateful to all our staff for their commitment, determination and skill in their work, and ask Quakers to hold them in the light in their activities. The report shows how the funds provided by Quakers, trusts and other supporters have been put to use in service of the Quaker community and our work. We thank them for all their support and generosity and hope it will continue to sustain our work for many years to come. In peace, Marisa Johnson Paul Parker | Annual Report for the year ended 31 December 2023 2 ## About us ## Br i ta i n Year l y Meet i ng exp l a i ned Quakers in Britain – also known as the Religious Society of Friends – is 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 (443; 2022:456), grouped together into area meetings (70; 2022:70), where individual membership (c.11,118 (2022: c. 11,491), plus a further 7,143 attenders (2022: 6,948)) 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. 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. Members of these area meetings make up the membership of the Yearly Meeting of the Religious _________________________________________________________________________________________________ ## Pub li c bene fit 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 another centre for national Quaker work in Leeds. 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 for the year ended 31 December 2023 | 3 ## The way we work ## Governance and dec i s i on - mak i ng “It is always to be recognised that, coming together with a variety of temperaments, of backgrounds, education and experience, we shall have differing contributions to make to any deliberation. It is no part of Friends’ concern for truth that any should be expected to water down a strong conviction or be silent merely for the sake of easy agreement. Nevertheless we are called to honour our testimony that to every one is given a measure of the light, and that it is in the sharing of knowledge, experience and concern that the way towards unity will be found. There is need for understanding loyalty by the meeting as a whole when, after all sides of a subject have been considered, a minute is accepted as representing the discernment of the meeting..” From _Quaker faith & practice_ , Chapter 3 General Counsel on Church Affairs, paragraph 3.05) 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 selfquestioning 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 for adoption in 2030. ## The duty of trustees It is the duty of BYM Trustees to: - ensure that the priorities for the work set out by Yearly Meeting and Meeting for Sufferings are taken forward with the right use of our resources - ensure that the governance and management of the work carried out are in accordance with the objectives set out in the governing document and compliant with the law. In addition, the board of directors of Friends House (London) Hospitality Ltd. (trading as Quiet Company) is appointed by, and reports annually to, BYM Trustees. Trustees have three subcommittees: Audit Committee, Employment Committee, and Finance & Property Committee. Trustees are further supported by four standing committees and, together, define policies and decide the work to be done. The standing committees are: - Quaker Committee for Christian & Interfaith Relations - Quaker Life Central Committee - Quaker Peace & Social Witness Central Committee - Quaker World Relations Committee. ## 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 | Annual Report for the year ended 31 December 2023 4 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 and undertake regular training . New trustees receive careful induction and take part in a reflective review at the end of their first year of service, and again when they complete their term. BYM Trustees have adopted a strategy to improve their diversity and are now collecting information on a broader number of indicators (the exercise was repeated with trustees serving in 2022 to provide a baseline). At December 2023, of the serving trustees: - 64% were women, 21% men, 0% other gender identity, 14% preferred not to say (2022: 67% were women, 25% men, 0% other gender identity, 8% preferred not to say) - 86% had the same gender identity as sex assigned at birth, 14% preferred not to say (2022: 92% had the same gender identity as sex assigned at birth, 8% preferred not to say) - 43% were over 66 years old, 14% 51–65, 14% 36–50, 21% 35 or under, 7% preferred not to say (2022: 33% were over 66 years old, 17% 51–65, 25% 36–50, 25% 35 or under) preferred not to say (2022: 50% were straight/heterosexual, 8% gay/lesbian/homosexual, 25% bisexual, 16% preferred not to say) - occupation of main household earner when aged 14 – 64% higher managerial, administrative and professional occupations, 7% intermediate occupations, 7% routine and manual occupations, 7% other, 14% preferred not to say (2022: 83% higher managerial, administrative and professional occupations, 8% routine and manual occupations, 8% preferred not to say) - 14% had caring responsibilities, 79% did not, 7% preferred not to say (2022: 17% had caring responsibilities, 83% did not) ## Safeguarding procedures BYM is committed to ensuring that our events and services are safe for everyone and that everyone, including children, young people and adults at risk of abuse, can worship safely within Quaker communities. We work to comply with legal and regulatory safeguarding requirements. Adhering to our policies and procedures ensures that only appropriate staff and volunteers work with children and young people and that criminal records checks and training are undertaken as required and kept under review. Our ‘MyConcern’ safeguarding database enables us to record and monitor all safeguarding incidents reported by our staff and our meetings around Britain; volunteer Area Safeguarding Coordinators receive professional advice from safeguarding agency consultants and are supported by our Safeguarding Officer. In 2023 we continued to implement our Safeguarding Improvement Plan, enabling us to build a strong safeguarding culture built on robust policies which are reviewed annually and well understood throughout our organisation. By the end of 2023 all items in the Plan were in progress or complete and a full review and new draft was scheduled for the first half of 2024 to ensure that Safeguarding remains at the forefront of everything we do. - 36% had a disability or long-term health condition, 57% did not, 7% preferred not to say (2022: 42% had a disability or long-term health condition, 58% did not) - 79% were White, 7% Black/African/Caribbean/ Black British, 7% other ethnic group, 7% preferred not to say (2022: 83% were White, 8% Black/ African/Caribbean/Black British, 8% preferred not to say) - 64% were straight/heterosexual, 7% gay/lesbian/homosexual, 7% bisexual, 14% Annual Report for the year ended 31 December 2023 | 5 ## 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 2023. ____________________________________________________________________________ ## R i sk managemen t ## Risk management policies and procedures Quakers have historically taken 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. 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, which are monitored by trustees. Operational managers identify and manage operationallevel risks. All risks are brought together into BYM’s Risk Register, which is regularly reviewed and updated. The trustees’ Audit Committee, constituted of one trustee and three external members, provides independent assurance that risk is being adequately managed. For much of 2023, our risk profile continued to reflect a return to normal operations following the COVID pandemic. However, risk relating to advocacy increased due to a more restrictive legislative environment. The Hamas attacks of 7 October in Israel and the ensuing war in Gaza prompted an urgent reappraisal of the risks to which our fieldworkers abroad were exposed and the decision to bring them home. ## Main risks ## i ) Major changes i n Quaker commun iti es Reductions in membership, closure of meetings, unsustainable local structures, loss of tradition, disconnection with BYM, and loss of support to BYM. Management of risk: - New ways of worshipping (especially use of online technology) - Local Development Workers now established across Britain and Youth Workers have been added - Actions from the Integrated Strategy for Supporting Quaker Communities - Focus on simplification - Improved understanding of diversity and inclusion - Actions to sustain relationships between BYM and meetings, for example Memoranda of Understanding now being rolled out ## ii ) Operat i ng mode l Operating model becomes unsustainable or unstable leading to loss of income to charity. Management of risk: - Fundraising strategy and plan adopted Autumn 2023 - Income generation plan, including exploring options for income generation from properties - Staff training to improve financial literacy - Work with committees to review programmes - Build a culture of resilience and adaptability - Market analysis: benchmarking to competitors - Ethical business principles a distinctive feature for hospitality business - Maintain ability to flex or reduce core work programme to address cost base issues ## iii ) I nformat i on t echno l ogy Risks on IT governance; resilience and continuity; cyber security; vendor and third-party risks; data management; IT program and execution risks Management of risk: - ICT Strategy, emphasising a wider set of IT objectives: governance, infrastructure, digital, service management and security - Staff training and development plan - Vulnerability testing (Cyber Essentials Plus) - Digital Asset Inventory - Service Desk to manage ICT day-to-day work ## i v) Comm u n i ca ti ons 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: - New Communications Strategy under development - Recent investment in staffing taking effect - Impact reporting of projects and programmes | Annual Report for the year ended 31 December 2023 6 ## v) Governance Failure of governance control, unsustainable central governance structures, reputational risk of meeting governance failure Management of risk: - Actions to deliver strategic priority on simplifying structures - Governance strategy and plan, including investment in staff capacity - Risk management process - Audit Committee internal auditing process - Work to support committees and encourage service ## v i ) Sa f eguard i ng 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: - Implementation of safeguarding improvement plan continues, building on recommendations of external review conducted 2019 - Lead safeguarding trustee appointed - Safeguarding officer established in role - Departmental champions appointed - All staff take part in awareness training - Policies and procedures regularly reviewed and updated in consultation with expert advisor - Manage engagement with IICSA ## v ii ) 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: - Management Meeting change days - Change management tools and resources - Regular two-way communication - Active engagement with central committees - Communications with Friends - Training and development for Operational Managers _________________________________________________________________________________________________ ## BYM staff and Management Meet i ng ## Our people and culture At 31 December 2023, BYM employed 173 staff (113 full-time equivalent) across its departments, including 59 (46 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 2023: - 97 (56%) staff members were female - 32 (18.6%) were from black and minority ethnic communities, 16 (9%) preferred not to say - 18 (10.4%) staff considered themselves to be disabled. - 16 (9.3%) staff members identified themselves as Lesbian, Gay, Bisexual, Transgender, Queer/Questioning (LGBTQ), 25 (14.5%) preferred not to say - 27 (15.6%) staff identified themselves as Quaker. Much of this information is sensitive personal data that staff have shared voluntarily. This means that these statistics may not reflect the full demographic makeup of the staff body. ## We ll be i ng and Psycho l og i ca l Safety where people feel safe to raise concerns. As in previous years, we have worked on a range of employee relations issues and have tried to resolve them in as sensitive and supportive a way as possible. ## Peop l e So ft ware This year, three People databases reached the end of their shelf life, namely, the SelectHR database and the Litmus and Shine e-learning platforms. These were replaced with PeopleHR and Kallidus, respectively. The migration processes were on budget and on time. Staff are now enjoying the benefits of easier-to-use and more contemporary systems. ## E qu i ty , D i vers i ty and I nc l us i on In 2022, an EDI audit was undertaken. As a result, over 2023, all staff underwent EDI training. An EDI Working Group was formed to implement recommendations from the audit, and to ensure that inclusion work is done collaboratively and systemically. Belonging without othering is ongoing culture development work, and there are plans to do this more in the new year. In response to feedback, we will coordinate and communicate our work more intentionally. We are committed to creating a safe and respectful working environment where our staff and volunteers feel valued, where we recognise one another’s contribution, where inappropriate behaviour won’t be tolerated, and Annual Report for the year ended 31 December 2023 | 7 Relationship wth Unfce, the Union Staff arp eniouraged to join the employer-reCo￿1sed union, Unit& A member of Managern￿t Meeting m￿ts wth the union rEgularty. Union Officer5 Jy) attend Employment Commtttee meeting& The union supports staff during key consU￿ati(￿S and wtth employee ￿lation% Relationships wtth our Ltr)ion OITicer5 arE extrwTEty good. We have worked cdlaborntivety and conSu￿ed wth the Union succes￿11Y on a rarEe of i55ue& Our common goal is to er)sure that we work to ad)ieve excellence in way5 that rEflect and honour (JHker vatue& Remuneration The salaries for a115tsff, including the Rec0￿J1ng Clerk arKI Membe￿ of Management Meet'ns agreed upon on beha￿ of 8YM Trustee5 by Employrn￿t Commttt&. which negotiates these where rwuired wtth the workplace union rEprEsentatsve& For 5eved Yea￿ a fomiula has been in place to propose a cost-of-lwirig incrEase, which 15 ag￿d upon by trustees su4.ect to certan affordability crtLerii BYM has a longsthding policy that no ments of staff. etther on our London or ￿￿Onal pay 5(J£ Should receive a full-time salary more than four times that of any other. That policy. which results in a 1:4.7 ratio acrDS5 the two pay scal￿. is one way that Quakers are tyng to put our farth into practice in the worwace. Al staff aiE paid above the recommended ￿ving Wag Male Female (o io stsff (o 2203 2120 12.03 connected 2023f24 20.62 20.49 +0.63 20.55 connerted 2022123 2ZIO 20.72 +6.2 21.23 connerted 2021122 The tsble 5h(Iws a gradual change from a 6.2% rn￿e pay lead to a 0.7FX feM￿e pay lead over the last three yea￿. In lirE with our commitments to equty and inclusion. in 2023 we conducted work to dete￿NIne our ethnictty pay rat& Unlike the gender pay g¥. this is not a required ort frE)m a charty of our sze. The followng arE avernge h(JJr pay dThiided into six ethnic group EtPmicty Number Average hourty pay (Q 2253 Whrte Gender and Ethnic Pay Gap Govemment Regulations introduced in 2017 require public. piivate and voluntary sector O￿anisati￿$ wtth 250 or morE employees to report annu￿lY ()n their gender pay gap. TherE isn't yet a govemmert prDf¢JrTna ￿ the Ethnic Pay Gap reportrng. Given our %ze. we do rK)t Fkave to comply. Neverthele55, we con¢knct this eXe￿iSe annu￿lY LS we find this a useful monitoring and eV￿uatiOn tod. Mixed or mulb"p ethnic groups Asian or Asian 23.47 15.88 Pjaci E4ack Brttish, Caribbe2n or Afric2n 22.08 Other ethnic groups Prefer not to say 24.67 18.56 The Mean Gender Pay Gap for BYM and Quiet Company for 2023 is -0.77. This means the averdge fern￿e hou pay (£22.20) is slightly £￿ater than the averdge rnale houdy pay (12103). This is a reversa of yearfs P05tbon, wherE rn￿e5 had a +0.63% lead (£20.62) over females (£20.49). (Ajr median gender pay gap is -10. I O. The yeady cOMF￿1S0n of mean figures since 2021 is ¢)wn in the table below. This year matked the start of a rnU￿-year projert to iew all our people tx)licies to ensurE they arE inclusve, acceggble, easy to understsnd. leg&ly up-tt>date. and do t contin uncons(ious bkis. Communications BYM is commrtted to open and accountable management of our stsff, Whe￿ development and recogniton are aCkn0￿edged. Staff can r￿se concems thrr)ugh their line- manager or Management Meeting including the ording aerk or anonyinously through the istiet￿0W￿ng policy. | Annu￿ ReFX)rt forthe year UKled 31 Decanlw 2023 ## Ce l ebrat i ng 2023 The year ended with a staff conference where we celebrated achievements, affirmed each other and committed ourselves to being an equitable, diverse and inclusive workplace community. ## Vo l un t eer i nvo l vement BYM has a policy for volunteers who work alongside paid staff, based on four principles: - The role of volunteers and the staff with whom they work must be clear. - The work of volunteers should be seen as complementary to the work of staff, and volunteers should be supported in their work. - Volunteers will not be used to replace staff posts. - • Staff and volunteers will work closely together. The types of volunteers covered by this policy in 2023 included: - Volunteers who participate as leaders and facilitators on our Youth, Children and Families events and programmes; and - Volunteers who support the running of the Quaker Centre at Friends House, Euston - Volunteers who support BYM events, including Yearly Meeting. For the avoidance of doubt, we do not consider those Quakers who participate in our governance and working structures through participation in the central and standing committees of Britain Yearly Meeting to be volunteers for the purposes of this policy. ## F und r a i s i ng prac ti ces 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: - be transparent - be respectful - be fair and responsible - listen and respond - commit to high standards No fundraising complaints were received in 2023. For every £1 spent in 2023 on d ir ect cos t s of raising voluntary income for BYM centrally, £25 was received in donations, legacies and grants. In 2022 this figure was £20. This change is largely attributable to the increase in legacies in 2023. For every £1 spent in 2023 on t ota l costs of raising voluntary income for BYM centrally, £10 was received in donations, legacies and grants. In 2022 this figure was £7. This change is largely attributable to the increase in legacies in 2023. Annual Report for the year ended 31 December 2023 | 9 ## The work we do ## Ac ti v iti es , object i ves and ach i evemen t s 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, and for the preparation of matters for discernment by the Yearly Meeting in session. It also includes conducting relations with other churches, faiths and ecumenical bodies. In 2023 Yearly Meeting was held in the Spring as a blended event. Around 1600 friends attended, including 87 children and young people, and around 800 who registered to attend online. 240 Friends attended Yearly Meeting for the first time in 2023. The theme for this Yearly Meeting was ‘Releasing our energy so that we can follow the leadings of the spirit, fulfil our purpose and build a better world.’ Sessions focussed on the following questions: - Releasing our energy: How do we ensure our structures are simple, inclusive, and sustainable? - Revitalising our communities: How do we revitalise our Quaker meetings and nurture joy? - Following the leadings of the spirit: How can we build a better world with integrity, and how can we recognise and support truth in the wider world? In 2023 we opened a Facebook Group “Quaker Space”, for all those associated with Quaker communities across Britain. There are now over 1,200 members of this group and its pages see wide-ranging discussion and opportunities for connection across the community of Quakers in Britain. We have built an effective moderation team which includes staff from across the organisation. Staff worked with Quaker Life Central Committee to consider new ways of belonging to Quaker communities. This work is ongoing and has the potential to bring significant changes in relation to membership and nongeographic communities in future. Throughout 2023 work continued to consider the right next steps for simplifying our central governance structures, thereby enabling our energy to be released for work in the world. As well as being a matter for discernment at Yearly Meeting, proposals were developed and brought to Meeting for Sufferings during the year. This work builds a foundation for a proposal to come to Yearly Meeting in 2024. I n 2023 we spent £2 . 2 m illi on on sus t a i n i ng our church and f a i t h (2022 : £ 1. 5 m illi on) . ## 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 needs 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. In 2023 the Quaker Life team completed recruitment to the full suite of 15 Local Development Worker roles. This means that every Quaker Meeting in Britain has access to a Local Development Worker who can support their community. In addition, the recruitment of a property adviser means that support for managing property is more readily available to local Quaker communities. During 2023, the team began work to ensure that their support offer was clear to Friends. We continued to provide central support to local Quaker Communities through support for role-holders, including those entrusted with safeguarding and governance. I n 2023 we spent £3 . 4 m illi on on suppo r t in g meet i ngs (2022 : £2 . 5 m illi on) . ## Witness through action This is defined in _Quaker faith & practice_ as putting Quaker thinking into practice in relation to the problems and needs of the world. At present, our witness through action is focussed on 4 themes: peace and non-violence, climate justice, truth and integrity, and power and privilege. ## Peace In the later months of 2023, many staff were involved in responding to the horrific events in Palestine and Israel. The Ecumenical Accompaniment Programme in Palestine and Israel (EAPPI) team were initially busy managing the security of Ecumenical Accompaniers in the West Bank when the violence erupted and then their eventual recall to Jerusalem and evacuation home. Subsequently we have used our public platform to call for an immediate ceasefire and humanitarian access, and have involved Quakers across Britain and more widely by creating a new action page on the website, which has been shared and used widely. As the year drew to a close we focussed on getting a small group of Ecumenical Accompaniers back to Jerusalem, with limited duties, and continue to share | Annual Report for the year ended 31 December 2023 10 eyewitness blogs to highlight the stark increase in violence and human rights violations in the West Bank. While this responsive work dominated the EAPPI programme’s time in the final months of the year, the team also progressed in implementing the findings of the Equality, Diversity and Inclusion review into the programme. We continue to partner with Quaker or Quaker-affiliated organisations in Kenya, Rwanda and Burundi. Partners train communities in nonviolence, power and change, and then support communities to identify and run campaigns in their area. Campaigns this year have addressed genderbased violence, child labour, corruption and climate change. And the training offer has expanded to include mediation and dialogue, civic education, election monitoring and economic literacy. Working with Quaker Roots, we supported and participated in witness against the arms trade at the Defence and Security Equipment International (DSEI) arms fair, held in London in September. Although there was a good turnout for all events, the backdrop of more restrictive protest laws and a very unpredictable policing context, meant this was lower than in previous years. We continued work to grow and mainstream peace education approaches across Britain, advocating for policy and practice which promote a relational approach in schools. As well as creating a more peaceful school environment, this work provides a platform from which to challenge militarism and structural violence in education including militarism and exclusions. In September, Working with the Quakers in Scotland Parliamentary Engagement Working Group, we organised an exhibition in the Scottish Parliament, highlighting examples of peacebuilding in Scottish schools and calling for more funding and support for this approach. Over a third of MSPs engaged with the exhibition and supported a motion in support of peace education. We continue to build on these contacts and opportunities. Working with partners, we have supported teachers through resources and training, as they navigated explorations with students about the war in Ukraine, as well as escalating violence in Israel and Palestine. Our resources were downloaded over 7,000 times (27% increase on 2022). Over 300 educators participated in our teacher-training. September also saw the start of an externally funded peer mediation project. This project aims to develop sustainable peer mediation schemes in schools, giving pupils the skills that empower them to manage their own conflicts and building the infrastructure to support this. ## C li mate J ust i ce In 2023 we worked with Woodbrooke to complete delivery of the Exploring Faith and Climate Justice project, which allowed around 150 learners to explore the concepts around climate justice in greater depth. Participants appreciated both the well-prepared and informative course resources and the connection which they gained with a community of like-minded learners. We continued to work with coalition partners on our two key climate justice campaigns: Make Polluters Pay, and Insure our Future. Our work with Insure Our Future brought a faith voice to the campaign and gained it unprecedented media coverage with an article in the Times. Meanwhile, our work with the Make Polluters Pay campaign helped brief MPs across political parties, raising awareness about the urgent need to respond to climateinduced Loss and Damage. During the year, we carried out a strategic review of our peace campaigning priorities as requested by QPSW Central Committee. This piece of work identified that we could make a positive contribution to campaigning on the links between climate breakdown, war and militarism. From 2024 onwards we will use this analysis to shape decision-making about areas for future work. ## Tr uth and I nteg ri ty The Advocacy team continued to work on the Truth and Integrity programme. In December they held their first quiet diplomacy event, bringing together a group of Westminster politicians to explore ideas for raising the standards of political debate. This programme will continue through 2024. ## Powe r and Pr i v il ege We continue to support Quaker communities in their explorations of issues of power and privilege, as they respond to the decisions made by Yearly Meeting in session, in particular those which relate to anti-racism and to transgender inclusion. In 2023 we took the next steps in our journey towards making meaningful reparations for Quaker involvement in the harms of the transatlantic chattel slave trade, colonialism and economic exploitation. Quakers have formed a working group, with an expected lifespan of between 3 and 5 years, and a remit to undertake research, learning and communication activities, before reporting back to Yearly Meeting with a recommendation of how to make meaningful reparations. As well as campaigns led and supported by the staff of Quakers in Britain, our Faith in Action team works to support Quaker activists in their concerns and campaigns across the country. In 2023 team supported 5 groups campaigning for peace, 10 groups taking action for climate justice and accompanied dozens of individual Quakers taking forward social justice concerns in their local area. Faith in Action coordinators play a key role in supporting Friends to make events and campaigns successful, strategic and inclusive, such as the Loving Earth Exhibition, the Penn and Mead Re-enactment and two Interfaith Peace Walks. Following feedback from the monthly Faith in Annual Report for the year ended 31 December 2023 | 11 Action newsletter there is now a monthly drop-in space and bi-annual, regional faith in action gatherings I n 2023 we spent £2 . 2 m illi on on w i tness t hrough ac ti on (2022 : £ 1. 9 m illi on) . ## Promoting Quakerism This is defined in _Quaker faith & practice_ as raising awareness and developing understanding within and beyond BYM concerning the basic tenets of Quaker faith and practice, such as spirituality, peace and human rights. During 2023 the Communications team made significant upgrades to the materials and structure of the home page, “faith” and “our organisation” sections of our website. The faith section now includes a structured journey for Quaker-curious visitors to the website, while the “Our Community” section creates a simplified structure to share information about Quaker Community Support, Governance and resources. Ongoing website improvements in 2024 will continue to ensure that those who visit our website find the information they need. We produced a new range of outreach materials to support Quaker Week, including working with Crynwyr Cymru–Quakers in Wales on the theme for use at the Eisteddfod Cenedlaethol – National Eisteddfod. The ‘Simple – Radical – Spiritual’ theme proved popular. Work continued throughout the year on refurbishment and interpretation work at Swarthmoor Hall, in anticipation of reopening in the first half of 2024. This will allow us to use the Hall as a focus point for telling the story of the early Quakers. During the year we created a dedicated audio-visual room in Friends House, which allows us to improve the quality and variety of our video output. This, alongside our continued development of social media channels, enabled the creation of regular and high-quality content for our online platforms. I n 2023 we spent £3 . 0 m illi on on promo ti ng Quake ri sm (2022 : £2 . 0 m illi on) . | Annual Report for the year ended 31 December 2023 12 ## 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. ## T hr i v i iti es ng Quaker commun In 2024 we will develop our work to build and support thriving Quaker communities in a number of ways. 2024 marks the 400[th] anniversary of the birth of George Fox, one of the most well-known founders of the Quaker movement. The anniversary provides an opportunity to share stories within and beyond our community about the birth of the Quaker movement, the spiritual insights of the early Quakers, and contemporary Quakerism today. Alongside this, the reopening of Swarthmoor Hall, which is very strongly associated with George Fox and other early Quakers, following significant investment in the building and its interpretation, provides us with further opportunities to share both our history and our faith with the public. Supporting this, we will continue to ensure that our public-facing resources via our website are clear and accessible, telling our story and sharing our faith in contemporary language in a welcoming and engaging format. To ensure the long-term accessibility of Quaker history through our archive, in 2024 we will lay the foundations for greater access and engagement with our library and archives through dedicated staff time and a refreshed programme of work. In 2024 we will hold a Summer Yearly Meeting at Friends House. Shortly thereafter we will support Quakers in Britain to engage with the World Plenary Meeting of Friends, taking place in Southern Africa. These events will allow us to discern what British Quakers are called to do in the world today, and to strengthen our relationships and shared understanding with Quakers around the world. In 2024 we will also work with Woodbrooke Learning & Research to deliver the Future of British Quakerism Conference. We will consider the shape and state of the British Quaker community, and explore emerging forms of Quaker community. Communities can only thrive with appropriate support. We will work with Woodbrooke Learning and Research to ensure that support offers for Quaker Communities and Friends holding particular roles within these communities is clear and effective. We will continue to advocate for and develop a safeguarding culture across Quaker communities in Britain, through support for Safeguarding Coordinators, provision of resources and advice. We will revitalise our plan for support to youth, children, families and young adults, to ensure that our communities can be all age. Our communities need new voices and insights to thrive. In 2024 we will develop an outreach plan designed to engage with those who are interested in our faith and work, enabling them to find out more about us and participate in our community. ## A sus t a i nab l e and peacefu l wor l d In 2024 we will continue our work to bring about a sustainable and peaceful world. In a General Election year in the UK, we will continue to engage with civil society networks and parliamentarians on legislation and manifesto commitments, and to take forward our work on truth and integrity in public life. Our Peace Education programme will continue to grow its influence and impact through delivering teacher and facilitator training, developing and disseminating resources and working in partnership with local peacebuilding networks across the UK. Our climate justice campaigning work, through our Loss and Damage and Insure our Future campaigns will continue, alongside our coalition partners in these areas. In 2024 we are launching a new piece of work making the connections between peace and climate justice, particularly working for responses to climate breakdown based on peace and justice rather than militarism. We produced an analysis of these connections for QPSW Central Committee and have begun to share it with the wider world. For example, we submitted evidence to a parliamentary inquiry on ‘Climate change and security’. We are a key part of a small group of organisations working to plan the first global Week of Action for Peace & Climate Justice in September 2024. This work aims to build bridges between these movements, raise wider awareness and build momentum behind collective campaigns against militarism and for climate justice. We will work to support peacebuilding in the UK and abroad, conducting a needs analysis for peacebuilding in Britain, and through accompaniment of peacebuilding organisations and activists in both the UK and East Africa. In Britain, we will continue to work with and through the Racial Justice Advocacy Forum to build new work to respond to critical incidents and community tensions. Peacebuilding in Britain is a developing programme in QPSW and aims to strengthen work on deep division and conflict through accompaniment. This includes supporting and bolstering practitioners engaged in peacebuilding Annual Report for the year ended 31 December 2023 | 13 offering ‘heartful’ accompaniment such as 1:1 listening support; ‘thoughtful’ accompaniment such as sharing analyses, tools and approaches; and ‘hands-on’ accompaniment such as practical help, facilitation and training. We are also exploring work with organisations, groups, and networks (including Quakers), to develop and strengthen responsive, creative, and transformative approaches to peace and conflict in localities where invited. We will continue to respond to situations of conflict around the world, and in particular in Israel and Palestine, where we have long-term programme commitments and relationships. Our work to consider making meaningful reparation for the harms of the Transatlantic chattel slave trade, colonialism and economic exploitation will continue. In 2024 this will focus on strengthening international relationships with our Quaker family through engagement with the World Plenary Meeting in Southern Africa and supporting historical research across the Yearly Meeting about the involvement of Quakers, to better enable us to tell our whole story. In support of this work, we will embed our room sharing policy, which enables us to support organisations working on peace, racial justice and climate justice, through pro bono use of our conference spaces. ## S i mp l e s t ructures and prac ti ces In 2024 we will continue work to simplify and strengthen both our internal processes and elements of our external work. We will continue to implement Microsoft 365 systems, to support with digital information management and enable communication and collaboration across our organisation. We will consolidate our approach to staff induction, ensuring that appropriate information and support is available to colleagues when they join the organisation. We will focus our training and development on: - project management, rolling out a programme of training and launching a process to ensure consistent and effective project sign-off and monitoring; and - Leadership Development, working with the leadership team to articulate and share a vision for effective leadership in our organisation. We will continue to refine and integrate our planning, risk and budgetary processes, to ensure that our resources are effectively used in the pursuit of our objects. We will continue to develop user journeys on our website, ensuring that user need is centred so that Quakers and others can easily find what they are looking for. Our Memorandum of Understanding between Britain Yearly Meeting and the Area and General Quaker Meetings which make up the Society of Friends in Britain will come into action, having been developed and consulted on in previous years. This agreement helps to make explicit the expectations which each organisation within the society has of the other organisations, and how we can work effectively together. We will begin work to improve the support we provide to Quakers serving on our governance committees, including through new communication tools and improved induction training. We will also work to update how we plan for and deliver events for the Quaker community, ensuring that this is done consistently, effectively and inclusively. During 2024 we expect that Yearly Meeting will make a decision about the future of Yearly Meeting events, and Meeting for Sufferings and we expect to prepare for and, subject to Yearly Meeting’s discernment, begin to implement that decision. | Annual Report for the year ended 31 December 2023 14 ## Financial review ## H ead li nes 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 2023 was £13.0m, and our total spend was £15.6m; an increase of £3.6m (income) and an increase of £3.6m (spend) respectively compared to the previous year. Net income before investment gains was therefore a deficit of £2.7m. After investment gains of £0.7m (2022, investment losses of £5.9m), we had a deficit of £2.0m (2022: £8.5m deficit). These deficits are in line with expectations. The sizeable uplift in spend (30%) 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. ## I ncome 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 £13.0m, an increase of £3.6m compared to the previous year (2022: £9.4m). Of the £13.0m, Legacy and donation income increased to £6.6m, compared to £4.8m received in 2022. Investment income increased to £2.0m, an increase of £0.2 million compared to 2022. Our trading operation, Quiet Company, increased income this year from £2.7m to £4.3m given a full year of Covidunaffected trading, and the increasing return to face-toface meetings and conferences. With operations and expenditure scaled up to meet this demand. With Quiet Company income growth strong, Gift Aid payments resumed in 2023 following no payments made during 2022. ## E it ure xpend Total expenditure for the year was £15.6m, a significant increase of 30% compared to the previous year (2022: £12.0m). Most of this increase relates to staff costs, the largest component of our cost base. The rise in staffing was expected; post-Covid, it has been imperative for the organisation to scale up its operations to undertake the breadth of our charitable services. Of the £15.6m total expenditure, £10.8m was spent on direct charitable activities (2022: £7.9m). This is further detailed in note 5 on page 40. ## Grant - mak i li ng po cy 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). ## I nvestmen t s The total market value of the combined BYM investment portfolio at the end of 2023 was £29.1million (2022: £30.1 million). The drop in the value of the combined portfolio, despite the gain noted in the financial statements (page 30) of £0.7m, largely reflects the significant income and capital withdrawals of £2.5m from the General Fund over the period (in addition to £0.1m of natural income withdrawn from the Permanent Endowment Fund). These withdrawals have enabled the scaling up of operations noted above. These withdrawals were offset by the net purchase of £1.5m of investments as the significant cash holdings in 2022 were reduced by £3.3m during 2023. 2023 was a challenging year for investors, characterised by a difficult macroeconomic and geopolitical backdrop: - Technology stocks led global equity indices and disguised weaker returns across other sectors – we however remain underweight to these holdings given a range of ethical concerns; - Growth-style portfolios, such as ours, continue to face some headwinds across the UK, US and Europe; - Companies involved in the energy transition were hit with increased costs caused by higher interest rates and row backs from government on their net-zero pledges; - However, highlighting the unpredictable nature of the wider economy, the final quarter of 2023 saw a strong turnaround due to inflation easing and central banks signalling the end of the interest rate hikes. Annual Report for the year ended 31 December 2023 | 15 Our portfolio is invested for the long term and ￿rr6 to generate tota retUm5 to support prESent and futurE charTtkble WO￿ We ￿s0 aim to be a leading ethical and rEsponsble investor and we pride ¢Jur5elves on trK)w we invest, exclude, engage and innovate. As part of this we monitorthe carbon foolprint of the equrty portion BYM portfolio which is cuThendy 4(YX less than the FtSE 350. Our porttolios are aigned to 8 ￿thnable develorment themes covering issues such as enew and climate. resilient instituuons. indusive economies and decent wot* to name a few. The aloc*ion to energy and climate remans the la￿est exposu￿ within the portfolio. currently at 32%. This includes companies responding to the challenge of the climate emergency. erther through prKNding ￿neWable or low.cartK)n energy cy other m￿gation solubons Being an ethical and responsible investor does mean an incrEased Tisk profile due to the nature of the firTT invested irL later d￿lde that the tharty thould not proceed or con1J"nue wrth the prDFCt for which the fund5 were designated. Ofthe deggnated fiJnd& £49.5 million Q022.. £50.4ml reprEsents the rTN3in funCb0n￿ and investment prDpeTties held forthe l(xig term by BYM. These include SwarthmcK)r Hall. Friends HOUK and Drayton Hou T￿Stee5 cwtinue to rEview these designated funds to ensure that the set PUryK>ses rern￿n v￿ld and if not to ascertin if some can be rdeased for morE prE5sing need& In the last 12 mcnths the TntStees have created two ggntficant fiJnds to enable to 8YM to prEpar2 forthe firtu￿.. the risk management fijnd and the o￿anisatiOnal developrTEnt fijnd.. The iisk manag￿ent ￿nd has £3.2 million in tt to manage flucttjations in income (Includir)g in legacy income)". the ooanisationai development furTrd has £1. I million in tt to ensurE the o￿anisa0.0n can inve< th certainty. in it5 infrastructure govemance and support fiJnction& General ￿serveS At the year end. the re￿NeS amounted to £5.8 million (2021. £1 Z I million). These are the charTWs funds that arE not rE5tricted or deygnated to any parbcular purFX)s& The decrEase in gene￿ reserves is prEd0m￿narrtlY due to the crEation of two designated furKls mentioned above.. the risk managerrEnt fund (£3.2m) and the orEanisationJ fund {£ l. I m). These fvnds ￿ a￿lable forthe immediate use of BYM. subjert to retsining such am(xJnts as ￿ prudent for the srTKJoth running of the charty. Accortsingly, gene reserves are used to provide worknng CaPrt￿ cash needs and to finance 5hort-terTn defictts as necessary. The investment poliry, together with a fijll listing of our investments a5 at 31 December 2023, is published on our website at vmw. uaker.o Total funds The to￿ v￿ue of fiJnd5 hdd at 31 December 2023 was £88.7 million (2021. £90.6 million). There are rest>icted rpserves of £7.7 million {202Z. £8.4 million)., unrE5tricLed resetves of £75.0 million (2022.. £765 million) and endowment reserv￿ of £6.0 million (2021. £5.8 million). Endowment funds Endowments funds of £6.0 million Q022. £5.8 million) are monies ￿eWed by BYM wrth the requirement that the capitsl should be held permanently. and the irKome used for wious aspecLs of the (harTlknle purpo Trustees miew each of these endowments to see ether the ol'ecbves mi*t be achieved better by seeknng Charty Commission perTlliSSC¥) to spend the capitsl in the light of the increL%ed demands in scxne ar2as of work and the levels of retums a￿labl 2023 2022 Restricted funds Restricted funds of G.7 million Q022. £8.4 million) rpprEsent fijnds that have been donated for a partscular purpose and the trustees have no dtscretion to re￿lOcate for other us Tod funds as per Group bJance She 88.669 90,639 Exclude: Endowment funds {5.958) (5,781) Re5th"Ct￿ fvnds (7,744 (49540) 1&376) (50,350) Forfurther detils of how this b￿ance is splrt by purpose, specific appe￿ or thematic area please see note 20 of the financial Statements. These baances wll be spent I acbwties in these a￿aS in futu￿ years. Desgnated fund5 tied up in fixed and heritsge assets Other designated funds Unrestricted fiJnd5, not designated (19.633) 5.791 (14,010) IZ122 Designated funds Designated funds are monies set aside by TnJ5tee5 to be spent or held to cover specific expenditu￿ or project& The designation may be cancelled by the trJstees rfthey 16 | Annu￿ ReFX)rt forthe year ￿KIed 31 t)eCanI￿r 2023 Reserves policy Going concem Now that the impact of Covid-19 pandemic has diminished to practicaly zero the underfying robustr)ess of the orEaniskn"on's busness model continues to be steady. Alth(xJgh an operating deficit was made in 2023 and wa5 the Same oper3bng defictt rnade in 2022. This ￿ongside a strong reseNes pwbon. means the financi￿ statements have been P￿pa￿l on a going concem b￿1& which the tnjstees con&t*rto be appropriate for the following Our rEserves policy eyTrabI￿ managemerrt of general reserves to ensure we hold an appropriate level of acce55ible funds to mrtigate agasnst identsfied ffinarlci￿ iisks" ile wsuring we are mthng timely and strategic use of our funds. The policy focuses purEly on the gene resetves, as oudined abo￿ as these are the fiJn(k that can be deployed at the discreb.on of the tW5tee We hold generJ rEserve5 to prDvide cover for unexpected changes in income and expendtture. ￿lo￿ng us to continue activtbe5 in the event of The tnjstees have prepared cash flow forecasts for a period of at least 12 months frr)m the date of approvJ ofthese firnanciJ ststernents {'the going concem peTiixI"), which considerEd the inherent risk5 to the grDup's business model and analy5ed how those ris￿ might affect the tharitable company'5 finariciJ rESoU￿e5 or ability to continue operdtions over the going concern period. The adopton of the tot￿ rEtums policy for our investments enables the organisation to na the incomelcash flow gap brDught about by a deficrt trAJdget C(wenty. the bustees have concluded that there are rw) materiJ uncerta"nties that could cast significant doubt over their abilty to continue as a going concern for at least a year frum the date of appruval of the finana statements, and therefore have p￿Pared the finano Statern￿ts on a going concern bas& Approved by the Twstees of Brrt&"n Yearly Meeting of the Religious Society of Fri￿dS (Quakers) on 18 luty 2024 aTKI signed on thar behaFF by. temporary loss of income a perTnanent in inc(xne, ￿lO￿l￿g time to adjust our cost base or txjsiness model incuning one.off costs that are not covered from donor funds. General rEserve5 also allow u5 to implement new strategic PriOlTbes or invest in new opportunibes to achieve our go￿5. The Tru5tee5 Finance and PrE)perty Committee ￿gUl￿ty ￿viewS the reserves F(Jlicy. In 2023 ourtarget reseNes range wds 5.5 to 7 I￿nths. operating cost5 (17.2-9.1 million),. our c105ing general resetves at £5.8 million is just below this rdngo However. we Iso have £3.2 million held in a iisk rTWlagem￿t fijnd for this purpose. Aong5ide the productton ora medium- terTll financi￿ plan (3-5 year5), our rESerV￿ policy 15 to be reviewed overthe next 18 month A key mel￿re of ￿stainablIty is both current and future liquidty cover, rather than a 5urplu5 accounting p05tbC￿. BYM broadly. rotxjst income streams for tts trdding activrbes and investment incom Other sourres of irKome include donabon5 aTKt legacie& Legacy income. when recewed. can be significant but are pnjne to fluciuation. In arTiving at the target rE5erves policy. BYM congdered the ri&ks pertaning to tts main income strEarns as wdl a5 the rdab"on5hip between readily re￿iSable assets and the c&£h required to fulfil commttments and 5ustrain operknons for a gven period. Paul whrlehou￿. Treajrer Fkpcyt fr)rthe yearerykd 31 Decembff 2023 | 17 ## S t atemen t of trustees ’ respons i b iliti es Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and: - select suitable accounting policies and then apply them consistently 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. - observe the methods and principles in the Charities SORP - make judgements and estimates that are reasonable and prudent - state whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements ## Auditor Sayer Vincent LLP were re-appointed as the charity’s auditor during 2022. The trustees’ report was approved by the trustees on 18 July 2024 and signed on their behalf by: - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for Marisa Johnson, Clerk | Annual Report for the year ended 31 December 2023 18 ## I t aud i tor ’ t t o the T rus t ees of Br i ta i n Year l i t he Re li i ous ndependen s repor y Meet ng of g Soc i ety of F r i ends (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 2023 which comprise the consolidated statement of financial activities, the group and parent charity balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including _FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)_ . In our opinion, the financial statements: - Give a true and fair view of the state of the group and parent charity’s affairs as at 31 December 2023 and of the group’s incoming resources and application of resources, for the year then ended - Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice - Have been prepared in accordance with the requirements of the Charities Act 2011 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. ## 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 ## Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements - Sufficient accounting records have not been kept; or - The financial statements are not in agreement with the accounting records and returns; or - We have not received all the information and explanations we require for our audit ## Responsibilities of trustees As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a Annual Report for the year ended 31 December 2023 | 19 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. ## Aud i tor ’ s respons i b iliti es for t he aud it of the f i nanc i a l sta t ements 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 noncompliance 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. ## Capab ili ty of the aud i t i n detect i ng i rregu l ar iti es In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following: - We enquired of management, the Finance and General Purposes and Audit Committee, which included obtaining and reviewing supporting documentation, concerning the group’s policies and procedures relating to: - Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of noncompliance; - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; - The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations. - We inspected the minutes of meetings of those charged with governance. - We obtained an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the group from our professional and sector experience. - We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of noncompliance throughout the audit. - We reviewed any reports made to regulators. - • We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. - We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. - In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. 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. 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. | Annual Report for the year ended 31 December 2023 20 ## 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. 19 July 2024 Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006 Annual Report for the year ended 31 December 2023 | 21 Financial statements Yearto 31 December 2023 EThdo￿T￿ 2022 To Tot Income and en&**Thents 5.714 846 3583 1219 4,802 lTrvethent5 1015 87 OthertTathng knry￿S 4.316 4.326 2739 2.739 T¢)1￿ int(the Iz%i 9.359 Expenditure on.. ￿￿￿refundS mcor 639 Cost Of￿￿trad 4.lJ70 11 3,144 10 217 Iitr) zif 1513 1.523 3.439 1457 45 1502 73 293 1.895 1,997 1.495 696 1191 1536 1,904 14233 ISA29 10 11,995 op￿til¥￿rp￿{¢￿ffirJ1l 11172) (4) (136n 741 (10) 636} Ntt pnsI(kx￿l on 698 14520) {5,850) Nel inccrfn (1.967) (IWJ 17M7) {l.f25) 18.486) NEt incomE ?iiertrar6fors (1518) (1.97ryJ (7ffin {1.425) 18.486) {1518) (1.97U) (3￿84 (1,4251 fvnd5 at I l¥ 7&482 a376 5.781 %)h39 84.369 7550 7.106 99.125 20 T¢￿fvrth&t31 DecernbEr 21J23 74,9 7,747 5,958 7&482 8,376 5,781 639 The statement of financi￿ activitjes includes gans and losses recognised in the year. Al incorrE and expenditure detives from continuing acbwbes. 22 | Annu￿ ReFX)rt forthe year UKled 31 Decanlw 2023 Balance sheets as at 31 December 2023 Gw 31ml 31P 31B96 695 296 695 296 12 12 20m5 20,025 13 29￿3 S.158 29M53 30,158 Totrl 83,093 97 Dei*or5 14 4B28 8.127 6,183 C￿alb￿and1Trh 3ffj33 5.2 3M12 5.285 9.952 10213 11555 15 PS51} 66n P.9351 &402 7516 7.6 669 1.639 8Bh69 90,713 The fvnds ofth Ch￿lty Gerfftl D￿￿ated lun 69.174 69.174 643 74964 744f 74.964 76556 Restncted 19 7.747 8.276 7.747 8,376 Erth¥%Tnent 5,9S8 5.781 5.958 5.781 Tod fijnts aw 51XIgJ.713 accort wfiith twi Wepar￿ n accixxtsKe accimntrig w)IKie5 on pa￿5 ￿ to 28, wwe approv￿* by the Trustees of BrI￿n Yety ML*tng ofthe OfFrI￿ ((JJakus1 I81￿ 2024 arKI thgr b￿￿[b￿. Marrisajohnson Cleth of Trustees Paul Whrtehouse Fkpcyt forthe year erykd 31 Decembff 2023 | 23 Cash flow statements for the year ended 31 December 2023 2￿3 2020 Statemert of(a5h fl(Y&Y4 %h flows from operntiry aCtrwit￿S t5DI I) (1.798) CA%h fl¢X¥S fffjm iTh%*stir* atti¥ibes 1015 12 12 111641 Purtse ofntsryble ￿Sets 64 1652 1670 13a 14.1291 11,9161 15261 Cash flrAVS from fin￿￿1T$￿e5 afknn5 10 Net (xth fr[thI(￿xI Itll ffinancir* aLt¥ib (5538) 9.130 3592 9,130 2023 2022 incL¥ne 11,970) 18.4861 Adjustrnerttstr. 967 Gan wthe 5aleoffxed a55¢ts {698) 58 In￿e[rt in(￿r 0151 11ffj181 Decre35e In ￿0c￿5 e[￿as￿li￿21%e} in debFty5 B50 IncrEase I IdECtEa5el In uEditot5 954 (SMI I) {1.798) 2023 of(xsh ￿ tX5h crn) CLth ￿ haThl and at bank 3.033 5.290 T¢￿ t&Th Mnd 3593 9,130 24 | Annu￿ ReFX)rt forthe year UKled 31 Decanlw 2023 ## Notes to financial statements ## 1. Accoun ti ng po li c i es ## 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. ## 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 £11.3 million (2022: £7.2 million) and its gross expenditure was £12.7 million (2022: £10.0 million). ## 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. ## 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. ## 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. ## Expenditure Expenditure is included in the statement of financial activities when incurred and includes any attributable but irrecoverable VAT. Resources expended comprise the following: - (a) Raising funds. These include salaries, direct costs and a share of support costs; they are analysed into three categories: - Donations and legacies - Other trading activities (including funds generated from hospitality) - Investment income. - (b) Charitable activities. These include salaries, direct costs and a share of support costs (or indirect overheads) and are analysed into the following four categories: - Susta i n i ng ou r chu r ch and f a i th : this is defined in _Quaker faith & practice_ as organising and maintaining the Yearly Meeting itself as responsive to the leadings of the Holy Spirit; this entails calling, briefing and running decision-making meetings with all the facilities necessary for their efficient and effective functioning. It also includes conducting relations with other churches, faiths and ecumenical bodies. - Suppo r t i ng meet i ngs : 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 Annual Report for the year ended 31 December 2023 | 25 responsibility for meeting houses, and those raising funds. - Pro m o ti ng Quaker i sm : 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. - W i tness th r o u gh act i on : this is defined in _Quaker faith & practice_ as putting Quaker thinking into practice in relation to the problems and needs of people at home and abroad, for example through conference resources, restorative justice, diplomatic work at the European Union and the United Nations, working with those in positions of power, and supporting social and development projects. ## 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: - In 2023 to ensure support costs were more accurately and fairly attributed the basis of apportionment was amended. The prior year was not restated as there was no net effect on income/expenditure for the year. - In 2022 the following apportionment was used: - Support costs relating to the operation and maintenance of Friends House are split evenly across the activities, to reflect the dispersed work model adopted during the pandemic. - Support costs relating to governance are split evenly across the activities, reflecting the nature of these types of costs. - Support costs relating to finance, human resources, IT and office services are allocated to the functional departments based on total gross salaries within those functional departments. - In 2023 the following apportionment was used: - Support costs relating to the operation and maintenance of Friends House are allocated to the functional departments based on total gross salaries within those functional departments. - Support costs relating to governance are allocated to the functional departments based on total gross salaries within those functional departments. - Support costs relating to finance, human resources, IT and office services are allocated to the functional departments based on total gross salaries within those functional departments. ## 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. ## Operating leases Rental charges are charged on a straight-line basis over the term of the lease. ## 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) F unc ti ona l fr eeho l d p r ope rt y 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) O t he r tang i b l e fi xed assets Other tangible fixed assets are capitalised and depreciated in line with the policy over their estimated useful lives. - (c) Deprec i a ti on The depreciation expense is charged or apportioned to the relevant SOFA heading reflecting the asset’s use on a straight-line basis as follows: Freehold land nil; Freehold buildings 50 years; Computer equipment 3 years; Equipment furniture and fittings 5 years; General office equipment 5 years; Specialised building works 8 years - (d) I mpa i rment An assessment is made at each reporting date of whether there are indications that a fixed asset | Annual Report for the year ended 31 December 2023 26 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. ## Heritage assets These comprise artefacts, books, paintings and manuscripts relating to Quaker history, which have been purchased by or donated to the Society. These are made available to visitors, academics and researchers to promote an understanding of Quakerism. These are included either at market value, if available, or at nil value where conventional valuation approaches lack sufficient meaning. No depreciation is charged as the assets are considered to have indefinite lives. ## 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. Realised and unrealised gains (or losses) are credited (or charged) to the statement of financial activities in the year in which they arise. Investment properties include: - Drayton House, which comprises freehold land and buildings, valued at £20m by Carter Jonas LLP as at 31 December 2021 on an open market basis. The use of the building has been changed from office to educational use for the specific period of the tenancy. - Courtauld House, which comprises freehold land and buildings. On 7 March 2011 a long lease was granted on Courtauld House and its value was written down to £1. - The Jordans Estate, which comprises freehold land and buildings, valued at £505k by Carter Jonas, property consultants, in November 2021 on an open market basis adjusted to reflect the fact that in excess of 15 acres of pasture land are let on an annual contract, 5 acres of pasture land are subject to a long lease and 4.61 acres of pasture land are subject to a different long lease. The valuation also reflects the fact that this land is held (inter alia) upon trusts for the protection of the quiet, seclusion and amenities of Jordans Friends Meeting House and burial grounds. The estate is also held as a programme-related investment that furthers BYM’s aims in relation to sustainability. - Two small properties valued by BYM with professional assistance, at a valuation of £170k based on open market value adjusted where necessary to reflect the existence. One of these properties, Lesser Slatters, is expected to be sold during 2024. ## 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. ## 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. ## 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. ## 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 Annual Report for the year ended 31 December 2023 | 27 are translated at the rates of exchange ruling at the balance sheet date. ## 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. ## Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. BYM has entered into two foreign exchange forward contracts to manage the risk associated with committed grants and programme-related transactions. ## Going concern basis BYM reported a group cash outflow of £5.5 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. ## 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. ## E st i mat i on uncerta i n t y 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. ## F a ir va l ue meas ur emen t 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. | Annual Report for the year ended 31 December 2023 28 2. Donations and legacies Unrutrittod 21ni Toral 1.787 1112 1171 292 1463 Lega(ies 1850 1252 627 676 W￿ly￿e Ta 5.774 3J83 1319 3. Investment income Ta To Dmderd iDccffte 602 45 647 B7 552 Interest 73 Rent InCc￿e iT￿ome T¢¢al U115 IM18 4. Other trading activtties The mwn trading activ[b￿ are undertaken by Frtends House HoSptt￿ty (London) Ltd (FHHL Ltd.), a wholly own subsidiary of BrTtsin Yearly Meeting of the Relig4ou5 S(Kiety of Friend5 (Quaker5). The c¢Jmpany Pru￿ldeS fTEeting rDoms, conference facilibes, h0Sprt￿ty and rest3urant services at hiends Housq Euston Road. London. The company ￿s0 manages Swarthmoor Hall at Ulver5ton in Cumbria and the Quaker Pookshop on LEhalf ofthe Charity. The company is an exempk3r of an ethica busines& considering people, the planet and profrt equ￿￿. 2022 2611 1.4n 1.4n EqJiFrfnent trire 169 169 Cafe 1.485 1.485 1.097 oil pi) 1331 (331 (91 4J26 1739 Z739 DirEcic05ts 7921 (27921 11.9931 11,9931 5￿PE￿ c( 112761 112761 {4.068) 144} (3,144} (405) (￿5) Fkptxt fr)rthe yearerykd 31 Decembff 2023 | 29 5. ExpenditurE 2023 GrnnE Costs To £rth £VX¢ 264 386 473 1794 l J76 4M70 1.*3 3.144 1057 IM2 4719 ning cFMrth ard fath 157 Iiéo 951 42B 1,523 portry mEeti￿(sce 1.822 3.439 128 27 Promoting (see bekx) 23 767 WrtneSsthr￿h acbon15ee ￿￿￿¥} IP73 817 1191 815 1171 4J17 IQ756 3*13 154 217 217 To 1171 7320 5. 15M9 1S>J 4.4 11.995 30 | Annu￿ ReFX)rt forthe year UKled 31 Decanlw 2023 6. ExpenditurE on charrtable activtties Toul L our churrh hith Wthin Yearty Meets 133 247 62 361 414 IM37 1837 24 76 9S 1160 Im5 2012 Ta Toul b. SuFforUnE 821 438 937 419 258 677 349 435 222 562 Wthes5 ofmtttir 16 10 26 1.617 3.439 Tatsi To 334 273 202 475 293 183 476 96 336 349 285 475 528 5]) 278 710 767 Tc Direct &Jpport Tot 351 210 97 307 742 522 1,164 319 53 372 42 333 101 Fkpcyt forthe year eryjed 31 Decembff 2023 | 31 ## 7 . E xpend it ure (con ti nued) ||2023|2022| |---|---|---| |Group|£’000|£’000| |ouse supportcosts||| |Routine maintenance|311|364| |Long-term maintenance (Friends House)|54|61| |Reception and security|338|112| |Cleaning and depreciation|379|181| |Utilities|171|404| |Other|23|10| ||1,276|1,132| |humanresources, ITand office services||| |Finance|1,290|450| |Information Technology|573|441| |Office services|2,001|1,670| |Human resources|501|532| |Membership database|296|182| ||4,662|3,275| |Total|5,938|4,407| ## a . F r i ends H ouse suppor t cos t s ## b . Fi nance , human r esources , IT and o ffi ce serv i ces Support costs are then analysed into three categories and apportioned to the 'expenditure' categories as follows: - Support costs relating to the Friends House building are apportioned on the basis of area occupied. - Support costs relating to finance, human resources, IT and office services are apportioned on the basis of total gross salaries within the functional departments. - Support costs relating to departmental administration within the functional departments are apportioned on the basis of gross salary charged to each departmental activity. - Support costs are re-charged to the 'expenditure' as set out in Note 6. ## c . Governance Governance costs for 2023 totalled £1.2m (2022: £756k). 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, audit and a proportion of support costs. | Annual Report for the year ended 31 December 2023 32 8. Staff costs 2012 To fund5 47 47 8ayc pry (UK) 5281 47n 97 4069 EM￿Cyc￿5 NathJna Inu¥4ce 555 455 Ern￿oY￿s 428 71 366 14 14 438 438 367 367 Stsff dthfv 75 93 &932 &164 &278 8.1 The average number of employees during the year. analysed by fvnction 2023 2023 2022 2022 2022 LtVDe Ful.tsD Gtuup Ra￿ng incame 19 29 Chantatle 43 7&9 43 64 3J 55 94port 16 145 147 124 8.2 Analysis of redundancy or termination payments in the year Redur)dancy payments tO￿ling £Nil were made in the year in respert of O employ*s Q022. £Ok l O). A voluntary setdernent agre￿nent was rEached th two employees and a payTnWrt of £38.2k was made (2022.. one employee £Ok) Al paynEnts ￿ acc(xJnted for and fvnded at the point of c(mmitrnent Our pdicy rEgaréing rEdundancy from September 2020 has been two weeks. rK)rmal rate of pay t￿r fijll year. capped at a maximum of15 year5. 5erMce. xjbject to a minirwm of £3k and a maximum of Addtbonal months of semce beyond the last full year worked wll cafculated ¢J) a proportiord ba%.> Where staff work hours in addtbon to their contrarted hour& norm￿ pay will be (￿CUlated using average hour5 worked over the prEWQU5 12 m¢yTrth5 worked (prior to any period of fijdough). Where volunw redundancy is applied for and accepted. an enhanced payTr£nt of 11,(XX) is mad Fkpcyt fr)rthe yearerykd 31 Decembff 2023 | 33 8 . 3 Staff emo l umen t s The following number of employees (including those who joined or left in the course of the year) earned emoluments within the bands shown below. Emoluments include salaries, amounts in lieu of notice, compensation or redundancy payments, and exclude employer pension costs. |pension costs.||| |---|---|---| ||2023|2022| ||Number|Number| |£60,001-£70,000|7|-| |£70,001-£80,000|3|2| |£80,001- £90,000|1|-| |£90,001- £100,000|-|-| |£100,001- £110,000|-|-| |£110,001- £120,000|-|-| ## 8 . 4 Remunerat i on and benef i ts rece i ved by key managemen t personne l In 2023 Britain Yearly Meeting of the Religious Society of Friends (Quakers) considered the following posts to be key management personnel: - Recording Clerk - Deputy Recording Clerk - Head of Witness and Worship - Head of Operations - Head of Finance and Resources to 1 September 2023 - Director of Finance and IT from 2 September 2023 Total remuneration received by key management personnel was £425k (2022: £383k). The Recording Clerk acts as Chief Executive and earned a salary of £82,655. Salaries for other key management personnel ranged from £27,951 to £73,687. 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 of the Religious Society of Friends (Quakers) operates a 1:4.7 ratio between its lowest and highest paid posts across its London and regional pay scales. | Annual Report for the year ended 31 December 2023 34 9. Grants paid 2023 27 42 69 58 1,897 59 197 218 174 392 Z171 248 Britain Yearly Meetings made 74 (2022.. 61) grants and programme funithng awards induding reMtrX2t5￿ment of expenses to indmdu￿5 and orEanisations in 2023. Organisations in receipt of over £ l O,(XX) in order of the to￿ amount offijnds awarded to rerypients are listed below.. Quakw United Nthns OffKe {QUNO FrietK15 World IFWCQ Workl OffKe FrietKIs World cotYYry￿ f(r CQn5utsb"t￿ IFWCQ arKI Midde Eas10ffi 27 Worfd ￿r￿lI ofQurches Tumin£ the Tide in Kenya 59 Quaker Counal for ELYDpean Affaw5 C>Tnru QMker5 in Wale5 MIPAPEC I￿rU[K￿l Evtyi￿ Fnend5 ofRwar The Friwd PublKatk)n limited YoLn£ Frien& Meeting Grants and awards of £20,(XX) or less tO￿ling £91290 were grven to a turther 19 o￿lsation& 44 grants to indiMdu￿S were given tot￿ling £69.139. *The Woodbro()ke grant rEpresertts the tull fve yea5 th3t BYM is obligated to pay. yeaT5 2-5 have not yet been P￿d. A full list of grants and prr)grdmme fijnding awdrds gNen in 2023 to organisa1ions is on our v4ebstte. www.quaker.OTE.U Fkptxt fr)rthe yearerykd 31 Decembff 2023 | 35 1 0 . T ransac ti ons w i th re l i es ated part No trustee received any renumeration in respect of services given as trustee in 2023 or 2022. 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 Britain Yearly Meeting of the Religious Society of Friends (Quakers) (13 Trustees in 2023 and 9 Trustees in 2022) and included in direct costs was £6,073 (2022: £1,574). Much of the work of governance is carried out through delegated authority although the trustees of Britain Yearly Meeting of the Religious Society of Friends (Quakers) 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 (2022: £nil). By the nature of their role, charity trustees are deemed to be related parties. Donations received by Britain Yearly Meeting of the Religious Society of Friends (Quakers) without conditions from Trustees totalled £4,060 in 2023 (2022: £4,214). ## 1 0 .1 T ransact i ons w i th subs i d i ary company ||2023|2022| |---|---|---| ||£’000|£’000| |Distribution received from subsidiary|843|-| |company:||| |Payments received from subsidiary|51|52| |company:||| |Rent|630|630| |Interest on debenture loan|-|-| |Payments made to subsidiary company:||| |Creditor: balance due to subsidiary|1,976|1,872| |Debenture: balance due from subsidiary|1,750|1,750| | Annual Report for the year ended 31 December 2023 36 Investment in subsidiary undertaking and related charity BYH ha5 one subsidiary cornpany. Friends H¢Ju5e (Londw) HospttJty Limtted. Thi5 company 15 incorporated in England and wal￿., (ts regISte￿d office is located at Friends H(xJse, 173 Euston Road, London NW12W. The principJ activtbes of the company are the provision of meeting rC￿rr4 conference faciltties. hosp[t￿ty and restaurdnt 5ervFces. The Investry￿nt of BYM in Frlends House (London) H05Pttatty knmtted COmPTises two ordinary 5harES of £1 each, being the entire issued share Cap[*￿ of that company. Friends House (London) Hosp[[￿ty Ltmtted donates tts taxable profrts to BYM by Gift Aid. A summary of the finanaal rwults of the compaTy forthe yearto 31 December 2023 is shown bdow. Accounts ofthe company will be filed the Registrdr of Companie 2U22 4.385 1793 4651 6461 147 Imettll pad PrDfitl 0gsF) forthE}r*ri￿￿ GftknlwKIt4B 147 X>22 1453 (7031 (5531 Its73 Cakd up 5harE catxd1£21 Delmture IA73 This note is the company note The gr(xJp note (Note 5: OthertradiTrg acbwtses) includes the company's resukrs Fxrt is th¢)wn beforE £630k rEnt paid to Britain Yearly meeb.ng of the Religiou5 S￿iety of Friend5 (Quakers) ￿ well £51 k in recharges Brrtairl Yeady Meeting of the Relig￿oUS S(xiety of fri￿(￿ (Quaker5) has a(fvanced £1.750,(XX) to Friends House (London) H05pitalty Jrnited (Wie Ccmpany.) for the purpose5 of prvwding worknng capttal. Thi5 loan is seCu￿d by a fixed and floating Cha￿ overthe assets and undertakang ofthe Company and is repayable on Btit￿n Yeaty Meeting of the Re]igious Society of Friend5 (Quaker5) gmng 24 m¢Jnth5' wfTtten nob.ce The terTll5 of the loan agrEemwrt include5 the payTnent of interest at ar) ann's lerEth commercial t3te of l.(X)% atx)ve the Co-operatwe Bank base r3te forthe time being, calculated on a daily b￿1& The Tru5tee5 in(￿ased the facilty by £1 S(X).(K() due to Covii&19 pandemic to ensure that ti could continue to meet tts ongoing obligatons whitst the Dirertor5 worked on a ￿COVery plan. The￿ are plans to wiew this arrdngement during 2024. Fkpcyt fr)rthe yearerykd 31 Decembff 2023 | 37 12. Tangible fixed a55ets: Group and Charity F￿e￿old FrEthAd and Ihji Equipr 2022 lld￿ At C05t orvaluabon At l Ja 33.476 34ffi1 33.130 1ffi7 34.187 A￿tiOrS I 212 176 387 563 Wtskin pre&rtss (a￿ets urd constructtonl TrarsfLY5 1170) tli5poA5 y) Trf 35ng 31476 Depreoabon At l Ja 659 CIw8E f(KthE %7 574 319 Q821 12821 Td Z4 3243 15 Z558 NetWvAkJe ASAt 31 December 2023 31.891 31m6 410 Net at 31 t)etetY ZOZ2 31 410 31124 ll522 12,1 Revaluation of functtonal properties There are th￿e significant fiJnction￿ f￿ehOld propertie Friends House was rev￿Ued at £29.1 m in D￿ernber 2020 by Carterlonas PrDperty Con9Jltants Ltd. Swarthmoor H￿4 Estate ￿ I￿￿Ued at £23m in December 2020 by Carter lon&s Property Consultants Ltd. Quaker House Bnjssels was rev￿Ued £1.6m in lune 2021 by Marc Panichdli expert Immobilier. Included in the office equipment figure are intangible ￿Sets consisting of ￿ sof￿￿ with a net book value of £3(Mk (2022.. £246k}. 38 | Annu￿ ReFX)rt forthe year UKled 31 Decanlw 2023 12.2 Heritage assets The pictures, paintings and sketthe5 at Friend5 House and the hr5torid artefacts at Swarthmoor Hall arE rEcogrnised in the accounts at a Profe￿On￿ valuation. The pirtU￿& pantings, sketthes and ptints We￿ V￿Ued by Andrew Colvin, Fine Art V￿ue￿ in February 2[￿6. An updated inventcv Wds done during the year and the to￿ number is 278. The historical artefacfs at Swarthmoor H￿1 w￿e ￿Ued for insurdnce purposes by Tennants A￿tIOneerS in September 2003. 2021 2019 425 42S 425 425 415 FrTen& H￿se cdkn The charity also holds manuscripts and printed materiats in the ￿brary at Friends Houso These assets are aCkno￿edged to be of historic irnportance to Quaker5 armj must LE hdd Jndefinttdy in dirECt fiJrtherarKe of the charTtable obj'ects. i.& to promote the a7 Q6} 161 Trt 4812 4.7 e after morethan one ) 32 Ltd. To 8,127 4183 Interest-free loans a￿ made to meetings for the Fxjrchase and improven*nt of rrEeting houses. They are ￿payable in annuJ instalrnents over period5 of up to kn year& Credrtors: amounts falling due within one year 21J23 2023 503 4x1 Interest free ban5 15 18 15 395 243 240 DUE to Sthydary 1.976 Atcmk lJ)45 707 412 1935 Fkptxt fr)rthe yearerykd 31 Decembff 2023 | 43 1 6 . i l ease comm it men t s Operat ng At 31 December 2023, BYM is committed to making the following payments under non-cancellable operating leases: ||2023|2022| |---|---|---| |Payments falling due|£’000|£’000| |Within one year|31|27| |Between two and five years|49|46| |Total|80|73| The total expense for operating lease costs incurred in 2023 was £18k (2022: £27k) ## 1 7 . Opera ti ng l ease i ncome due At 31 December 2023, Britain Yearly Meeting of the Religious Society of Friends (Quakers) is due to receive rental income as follows under non-cancellable operating leases in respect of Drayton House: ||2023|2022| |---|---|---| |Rents falling due|£’000|£’000| |Within one year|542|1,083| |Between two and five years|-|542| |Total|542|1,625| | Annual Report for the year ended 31 December 2023 44 18. Funds 18a Unrestricted funds - programme acttvty Tr7rders BaknEe at 31 Decemb 2023 Group and Charity Germl IZ122 11596 421 14,0501 D￿r￿ated (Notes 18b & 1*1 643 112291 4.432 69.174 7&482 114233) 74,964 18b. Designated funds - programme acbvty Baknc• at 31 December 2023 I)￿ Group and Charf Cad￿ry Stairts FUTr 1.970 169 Furnl 4316 4.316 15 (h&a[￿Sati(￿d D￿QF￿ne[rt Furd Ptryerty Upkeep Fuxt 425 Q441 749 8,593 174 174 QPSW GenEd Fu 27 3.202 3,202 To {4131 4.432 19.635 18c, Designated funds - worting buildings uary 2023 31 December 2023 Grc4Jp and Charity 19J49 19,348 17h66 16921 26,974 Heritage A￿ets Fund lo￿an5 78 Lesser Satter5 o) 1.937 Totsl 18161 Fkpcyt forthe year eryjed 31 December 2023 | 45 18.1 Funds (prior year) 18.1 a, Unrestricted funds Bthnce at knceai31 1&377 7.235 (lQ3121 1&1781 DeSIEn￿ (N¢xes 19e & IWI 6S992 818 11.3421 64.360 T*3tal 84J69 111.410) {4520) 76,4fl 18,1 b. Designated fund5 - prDgramme actimty - prior year ns& Ik>Ssesl 31 Dqc•mbor ZO GrG4Jp and Charity Prcperty Upkttp {1651 (9351 7.664 91 QIC Fw 174 174 431 (1651 269 4.314 4.316 43 1545 meeti￿ kI0￿e5 &unts 21 QP5W GenEtJ Fut 29 Totsl 14.910 P761 (lJ42) 14MIO 18.1 c. Designated funds - wothng buildings - prior year Tr*nskn GI￿P Chari FrierKb Fhu5E 243 16421 27.666 1g,JS0 19349 Le55er Slatte HEritaF Asset5 Fut 1143 IcAan5 E5tr3te 141 501 Totsl 51.081 50350 DesigrTrated funds comprise monies set agde by P¥its'n Yearly Meeting ofthe Rdigious k)ciety of Friends (￿akers) out of unrpstricted generl fijnds bui design31ed for specrfic firture purposes or project& The Progrdmme acbvty funds are.. 46 | Annu￿ ReFX)rt forthe year ￿KIed 31 Dec￿￿￿￿ 2023 - The Cadbu r y S t a i nes F u n d , which is held for items of major non-routine expenditure at the discretion of Meeting for Sufferings. The income from this fund is applied towards grants to associated Quaker bodies and for the relief of individuals through the Overseers Relief Fund. - The L egacy F unded Sho rt T e r m P r o j ects F und supports development work in areas including peace and disarmament, non-violence, advocacy and supporting meetings. - The Ma r sh Memo ri a l F u n d to foster the gifts of children (particularly of girls) in the UK and overseas. - The Meet in g H o u ses Fu nd comprises interest-free loans made to meetings around the country in order that they may purchase or renovate local meeting houses. - The O r gan i sa ti ona l Deve l opment F und will allow the charity to invest in organisational development with the confidence there is sufficient funds. These projects will be non-capital in nature and used to improve or develop infrastructure, governance and support functions. All projects will be shorter than three years. - The P r ope r ty Upkeep F und , which is held to fund the structural maintenance and capital works of all the properties owned for the central work of Britain Yearly Meeting of the Religious Society of Friends (Quakers). - The QIC Income Fund ( Cou r tau l d H ouse) is held to fund any related costs which arise during the period of the long lease granted on this building. - The QPSW Genera l F und is held for the general activities of the QPSW department. - The R i sk Managemen t F und is held to manage the risk of large fluctuations in legacy income leading to unexpected funding shortfalls. The working building funds are: - The H er it age Assets F und , which comprises artefacts, books, paintings and manuscripts relating to Quaker history, which have been purchased by, or donated to, the Society. These are made available to visitors, academics and researchers to promote an understanding of Quakerism. - The other building funds are the asset value of the buildings the charity uses to deliver it charitable objects. Annual Report for the year ended 31 December 2023 | 47 Restricted funds B4arKE 4t I n5 and 2023 2023 Group artd ￿#￿ity 535 141 85 18 18 Brirtd AtEa MEeting &art• 27 Q4 BYM Swarthtt￿rH￿I 161 218 Im7 CB & HH T￿orTr￿ FurK 11641 CYP Fund 32 17 Eric& Mlcokn LeFy lknlx3ry1 193 353 498 $43 Ge￿d AJ Fut 146 119) Fund 88 ILYQan5 Estste FurKJ 333 333 Ose F￿J 454 83 83 1595 343 581 Q061 87 296 Q91) 36 1161 s￿e1 Fatmly Fw 1501 1253 Q7) 19 w￿JOnES GardEn Fund Yearly Meetng Fu 32 OtherrE5bKied fvtKJs Q8 2023 Trrt Fur IntBwblE SxEd a55ets 647 ]Q641 1598 3ZBB6 Investmert5 49.078 3.1 5.647 {43541 {4391 14,8231 5,791 69.174 7.746 &958 80M9 52 | Annu￿ ReFX)rt forthe year UKled 31 DeC￿nI￿r 2023 21. l Analysis of net assets between funds (prior year) 2022 Tot kn(k Group Intawble fxed assets 359 359 Tryble fixed a55ets ]0596 3155 IrNestments 18223 2&031 50.183 1465 7.748 10.214 2751 114) 664 11122 64.361 A376 &781 IDtaryble fxed a55ets 359 359 ]0596 3155 Investmems 18223 2&031 50.IB3 7.748 1105411 13.9351 CredrftCA5 the aftermorethan y 11195 64,361 a376 &781 713 Fkptxt fr)rthe yearerykd 31 Decembff 2023 | 53 ## Reference and administrative details ## T rustees serv i ng dur i ng 2023 and up t o t he da t e of th i s repor t Georgina Bailey Alison Breadon (to 31 December 2023) Catherine Brown Kit Fotheringham Ursula Fuller (from 1 January 2024) Kate Gulliver Ellie Harding Carolyn Hayman Jo Hills (from 1 January 2024) Marisa Johnson (from 1 May 2023) _Clerk (from 1 January 2024)_ Kit King (from 1 January 2024) Caroline Nursey (to 31 December 2023) _Clerk_ Silas Price Elizabeth Redfern (from 2 March 2024) Graham Torr (to 31 December 2023) _Assistant Clerk_ Frances Voelcker (to 31 December 2023) Danielle Walker Palmour _Assistant Clerk (from 1 January 2024)_ Paul Whitehouse _Treasurer_ London West Area Meeting Wirral & Chester Area Meeting Hampshire & Islands Area Meeting Devon Area Meeting East Kent Area Meeting West Scotland Area Meeting Central England Area Meeting North West London Area Meeting West Weald Area Meeting Cambridgeshire Area Meeting Mid Essex Area Meeting London West Area Meeting Norfolk & Waveney Area Meeting Leicester Area Meeting York Area Meeting North Wales Area Meeting York Area Meeting Bristol Area Meeting ## Managemen t Meet i ng Trustees delegate the responsibility for implementing decisions and managing work to senior staff (Management Meeting). In 2023, Management Meeting comprised: - Paul Parker, Recording Clerk - Siobhán Haire, Deputy Recording Clerk - Oliver Robertson, Head of Witness and Worship - Lorna Service, Head of Finance and Resources (to August 2023) - Vipan Narang, Finance Director (from September 2023) | Annual Report for the year ended 31 December 2023 54 ## Statutory information Britain Yearly Meeting of the Religious Society of Friends (BYM) is a charity registered with the Charity Commission for England and Wales. The Trustees of BYM are incorporated. ## Name and reg i s t ered off i ce of Br i ta i n Year l y Meet i ng of the Re li g i ous Soc i e t y of F r i ends (Quakers) Friends House, 173 Euston Road, London, NW1 2BJ Registered charity number 1127633 ## Pro f ess i ona l adv i sers Auditor Sayer Vincent LLP 110 Golden Lane, London, EC1Y 0TG 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 Annual Report for the year ended 31 December 2023 | 55 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. NWI 2BJ Follow us on social media @BritishQuakers www.quaker.org.uk 0962.QCA.0624