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2024-12-31-accounts

Annual report

including financial statements for the year ended 31 December 2024

Contents

Contents
Introduction 2
About us 3
The way we work 4
The work we do 12
Financial StatementsYear to 31 December 2024 17
Financial review 18
Consolidated statement of fnancial activities 26
Financial statements 26
Balance sheets as at 31 December 2024 27
Cash fow statements Year to 31 December 2024 28
Notes to fnancial statements 29
Reference and administrative details 55

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

Introduction

Introduction

From the Clerk of Trustees and the Recording Clerk

“It is a great responsibility to discern in community what the Great Creator is leading us to do. In that discernment, each of us can learn from others and support them in the work that we cannot do ourselves. God's work is where your deep joy meets the deep hunger of the world”

Minute 27 of Britain Yearly Meeting 2024

Britain Yearly Meeting exists to further the work of Quakers in Britain discerned across our Yearly Meeting and its committees. This work includes programmes to sustain and strengthen our religious communities, and to live out our faith and testimonies in the world. Britain Yearly Meeting Trustees are entrusted with overseeing our centrally managed work, our finances, properties and employees to best deliver the priorities of Quakers in Britain.

We know that the Quaker way is a precious gift. Our worship and our faith inform our lives and the choices we make.Thriving Quaker communities, where every stage of our spiritual lives is nurtured, are the beating heart of our church. Our local development workers, now within reach of every meeting in our Yearly Meeting, support Quaker communities to flourish, complemented by youth development workers in some regions. The Future of British Quakerism, a conference organised in partnership with Woodbrooke, highlighted both need and opportunities for spiritual and numerical growth; its insights will inform our work in future years.

Faith communities do not exist to sustain themselves. “Just as the body without the spirit is dead, so faith without works is also dead.” (James 2:26). For centuries, Quakers’ faith has led us to be active in the world for peace, equity and justice. This work is our witness. Despite wars in Ukraine, Israel/Palestine, Sudan and elsewhere we believe that peace is possible, and are called to work for it in every way possible: using our

prophetic voice, holding open spaces for dialogue and reconciliation, investing in peace education and accompanying those working for peace in their communities. Peace is inextricable from justice; work for climate justice and a just transition to a sustainable world is a key part of how Quakers express their faith. Quakers recognise the part we have played in historical injustices; our Reparations Working Group continues to seek ways to realise our commitment to making meaningful reparations for our part in enslavement and economic exploitation. This is difficult and important work, and we have much to learn.

To support Quakers in their worshipping and witnessing lives we need structures which are fit for purpose. Structures which enable Friends to meet, worship and discern together, and which can act promptly and effectively on that discernment. Our Yearly Meeting in 2024 committed to the most significant structural change for a generation by agreeing to meet four times each year from mid-2026, and to lay down Meeting for Sufferings. We are putting in place the resources and making the changes needed to bring that about and are looking forward to the greater opportunities for engagement by many Friends this will bring. We are also supporting many change processes at local, regional and devolved national level to simplify and streamline our structures to be fit for the future.

We find much joy in this work, which is possible only because of the commitment – spiritual, practical and financial – of the many Friends who get involved, the staff whose work makes it happen, and the Quakers across England, Scotland, Wales, the Channel Islands and the Isle of Man who make up the community of Britain Yearly Meeting. Thank you all.

In peace,

Marisa Johnson

Paul Parker

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About us

About us

Britain Yearly Meeting explained

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 (440 | 2023: 443), grouped together into area meetings (70 | 2023: 70), where individual membership (10,764 | 2023: c.11,118), plus a further 7,173 attenders (2023: 7,143) is held. Local and area Quaker meetings manage their own affairs and own their own property; each area meeting is, or forms a part of, a separate charitable entity with its own trustees.

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

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

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

Public benefit statement

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

The charity’s resources come from members’ contributions, legacies, grants, any gift-aided surplus of our trading company, and investment income.

These resources are spent on deepening and sharing Quaker spiritual experience and on acts of witness that arise from our faith. For Quakers, belief and witness are indivisible. We work for peace and justice, environmental sustainability, the alleviation of suffering, and the upholding of victims of oppression.

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

For over 370 years Quaker faith has led us to testify to equality, simplicity, peace and truth. Quaker social witness encompasses work for peace and peacebuilding, including in Israel–Palestine and in East Africa. It strives for climate justice and for equality in Britain. It supports poorer people in society through bursaries, relief payments and grants. We provide support for the worshipping life and the

witness of local meetings through a network of Local Development Workers and other specialist staff, for example through servicing networks of prison chaplains.

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

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The way we work

The way we work

Governance and decision-making

In our Quaker work, are we sure that our decision-making is rooted in prayer and thought, those dual bases of all our actions? And as Friends with a responsibility for overseeing one another’s faithfulness, how often do we stop and hold in the Light the people who are acting on our behalf? How often do we stop to think how much research and information gathering is behind their actions? Too often I fear we jump to judgement. Both the work and its oversight have to be rooted in the silence of worship.

Christine A M Davis, 2008 Quaker faith & ractice , 8.01

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 our 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. A governance compliance review was undertaken at the close of 2024 and will help to define the focus of a new governance strategy to apply from 2026.

Governing document

The governing document is drawn largely from passages in our book of discipline Quaker faith & practice . The governing document was reviewed by Yearly Meeting in 2021. Quaker faith & practice contains, in addition to governance, advice and counsel, and encourages self-questioning and hearing each other in humility and love. The first book of discipline was compiled in 1738 and it 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:

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, IT and 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:

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.

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The way we work

Criteria for all work being sustained or developed

Strands of work

priorities for investment and development

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

Distinctively Quaker the work and how we do it have a clear Quaker identity and role ff Integrated between Quakers locally, nationally and internationally, and within BYM

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

Well governed resourced, impactful and communicated effectively

The conduct of business

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

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

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

Appointment of trustees, induction and training

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

Trustees keep their collective strengths and weaknesses under review 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 2024, of the serving trustees:

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The way we work

preferred not to say)

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 2024 we engaged professional safeguarding consultants to review our safeguarding documents. We determined that this would be an annual process to ensure our policies and procedures for BYM and Area Meetings remain in step with current best practice. We also renewed our Safeguarding Improvement Plan, setting new objectives to build on the improvements made in recent years.

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 2024.

Risk management

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 operational-level 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.

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The way we work

In 2024, we redefined the Strategic Level Risks related to Quaker communities and our operating model to distinguish more clearly between them and to manage their mitigation more effectively.

Main risks

i) Quaker communities

If BYM’s support for Quaker communities is inadequate, or poorly conceived, targeted and delivered, membership and attendance may continue to decline and leave local and regional Quaker structures unsustainable.

Management of risk:

ii) Understanding Quakerism

If BYM fails to nurture a well-grounded understanding of Quakerism, enriched by diverse insights, the Society may be weakened.

Management of risk:

iii) Income

If BYM fails to identify and respond to income trends, it may be forced to make changes it would not otherwise have planned or chosen or may fail to grasp opportunities that arise.

Management of risk:

iv) Operating Model

If the internal structure of BYM’s charitable operations restricts its strategic flexibility, it may not be able to deliver the work the yearly meeting expects of it or respond to changed priorities.

v) Information technology

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

Management of risk:

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The way we work

vi) Communications

BYM fails to use appropriate communications tools to help Quakers be widely known and understood, contributing to declining impact of work and engagement of Friends

Management of risk:

vii) Governance

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

Management of risk:

viii) Safeguarding

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

Management of risk:

ix) 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:

BYM staff and Management Meeting

Our people and culture

In December 2024, BYM employed 181 staff (162.7 full-time equivalent) across its departments, including 56 (52.7 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 2024:

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 are currently exploring the use of the term Global Majority, rather than Minority Ethnic. We will be consulting with our Diaspora of Cultures employee network to understand their views and feelings about the two terms.

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The way we work

Wellbeing and Psychological Safety

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 we are pro-active in avoiding inappropriate behaviour and clear this won’t be tolerated, and 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.

Equity, Diversity and Inclusion

In 2024 we recruited for the role of Workplace Equity Coordinator. This is a three-year fixed-term position central to connecting ongoing equity and justice work that will help to drive this agenda and co-create accountability for making progress.

As well as making strong connections with members of staff and employee groups, the Workplace Equity Coordinator held a series of ‘office hours’, which allowed members of staff to meet both virtually and in-person to discuss EDI related topics including ‘Approaching Tensions with Love (and the price of negative peace)’, ‘Psychological Safety’ and ‘Polarities’. Summaries of the discussions were written up and added to the intranet. The sessions were generally successful and enjoyed by those who participated.

Relationship with Unite, the Union

Staff are encouraged to join the employer-recognised union, Unite. A member of Management Meeting meets with the Union regularly, and in 2024 we began holding separate Union meetings for the charity and Quiet Company, to ensure both entities are getting equal focus and benefit from this relationship. Union Officers also attend Employment Committee meetings.

The union supports staff during key consultations and with employee relations.

Relationships with our Union Officers are extremely good. We have worked collaboratively and consulted with the Union successfully on a range of issues. Our common goal is to ensure that we work to achieve excellence in ways that reflect and honour Quaker values.

Remuneration

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

BYM has a longstanding policy that no member of staff, either on our London or regional pay scale, should receive a full-time salary more than four times that of any other. That policy, which results in a 1:4.7 ratio across the two pay scales, is one way that Quakers are trying to put our faith into practice in the workplace. All staff are paid above the recommended Living Wage.

Gender and Ethnic Pay Gap

Government Regulations introduced in 2017 require public, private and voluntary sector organisations with 250 or more employees to report annually on their gender pay gap. There isn’t yet a government proforma on the Ethnic Pay Gap reporting. Given our size, we do not have to comply. Nevertheless, we conduct this exercise annually as we find this a useful monitoring and evaluation tool.

The mean/average gender pay gap for the whole organisation in 2024 is +2.19%. This means that the average male hourly pay (at £23.32) is slightly greater than the average female hourly pay (at £22.81). This is a reversal of last year’s position, where females had a 0.77% pay lead (at £22.20) over males (at £22.03).

----- Start of picture text -----
Source Male £ Female £ % Diff. All staff £
Reward
Connected 23.32 22.81 +2.19 23.03
2024/25
Reward
22.03 22.20 -0.77 22.03
Connected
2023/24
Reward
20.62 20.49 +0.63 20.55
Connected
2022/23
Reward
Connected 22.10 20.72 +6.2 21.23
2021/22
----- End of picture text -----

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The way we work

----- Start of picture text -----
Ethnicity Last Year’s Data This Year’s Data
Number Average Hourly Pay (£) Number Average Hourly Pay (£)
White 104 22.53 110 23.36
Mixed or multiple ethnic groups 7 23.47 6 25.59
Asian or Asian British 2 15.88 6 20.36
Black, Black British, Caribbean or 19 22.08 19 21.98
African
Other ethnic groups 9 24.67 4 26.14
Prefer not to say 17 18.56 42 22.15
----- End of picture text -----

The table shows that 110 of the 187 employees at April 2024 (58.8%) are white and that 42 employees (22.5%) have either chosen not to declare their ethnicity, or their ethnicity is not known. This latter figure is a large increase on last year’s figure (when only 17 people were in this group). We think the reasons for this is as follows:

Our multi-year project to review all our people policies to ensure they are inclusive, accessible, easy to understand, legally up-to-date, and do not contain unconscious bias is ongoing. Six policies were updated, reviewed and approved in 2024.

Communications

BYM is committed to open and accountable management of our staff, where development and recognition are acknowledged. Staff can raise concerns through their line-manager or Management Meeting, including the Recording Clerk, or anonymously through the whistleblowing policy.

Celebrating 2024

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

Volunteer involvement

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

The types of volunteers covered by this policy in 2023 included:

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The way we work

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.

Fundraising practices

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

Individual Friends also make donations directly to BYM and we make applications to trusts and foundations for grant funding. Legacies are a crucial part of our fundraised income and we are grateful to all those who have left a gift for us in their will. We would like to thank all the local and area meetings, charitable trusts, foundations and individuals who support our work. We are registered with the Fundraising Regulator and abide by the Code of Fundraising Practice. We commit to the regulator’s Fundraising Promise and aim to exceed

these standards. We do not do any fundraising work with commercial participators. We have a policy for working with vulnerable supporters and all fundraising staff receive training on following this policy. In all our fundraising work we aim to:

No fundraising complaints were received in 2024.

For every £1 spent in 2024 on direct costs of raising voluntary income for BYM centrally, £20 was received in donations, legacies and grants. In 2023 this figure was £25. This change is largely attributable to the decrease in legacies in 2024.

For every £1 spent in 2024 on total costs of raising voluntary income for BYM centrally, £9 was received in donations, legacies and grants. In 2022 this figure was £10. This change is largely attributable to the decrease in legacies in 2024.

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The work we do

The work we do

Activities, objectives and achievements

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

Sustaining our church and faith

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

In 2024, Yearly Meeting was held in the summer at Friends House, London and online. 1,714 adults registered to attend, of whom 679 registered for online attendance and 1,035 registered to attend in person at Friends House. Of the total number, 274 people attended Yearly Meeting for the first time.

At this Yearly Meeting, Quakers considered how we have acted to take forward Yearly Meeting commitments to equity and justice.

We also discerned on integrity in public life, considering how we can find kinder ground on which to listen, acknowledge and disagree, and enable a shared seeking for truth.

Finally, Yearly Meeting discerned on its own role in steering the Society of Friends and how this is reflected in our structure of meetings, culminating in a decision to move from an annual Yearly Meeting, to holding 4 annual sessions of Yearly Meeting on a quarterly basis. Work to enable and prepare for this major transition will take place in 2025 and early 2026, and the new system will come into effect from mid-2026.

2024 was a significant year for Quakers globally, with a World Plenary Meeting of Friends, taking place in southern Africa and online. We supported Quakers from Britain to join and engage with this event, which allowed us to both 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.

We have also developed an outreach plan designed to engage with those who are interested in our faith, enabling them to find out more about us and participate in our community. Work will continue in both areas in 2025 and beyond.

In 2024 we also began to improve the support we provide to Quakers serving on our governance committees, including through new communication tools and improved induction training.

In 2024 we spent £1.7 million on sustaining our church and faith (2023: £2.2 million).

Supporting meetings

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

In 2024 we worked with Woodbrooke Learning & Research to deliver the Future of British Quakerism Conference, which was a popular event. The conference considered the shape and state of the British Quaker community and explored emerging forms of Quaker community.

Our Memorandum of Understanding between Britain Yearly Meeting and the Area and General Quaker Meetings which make up the Society of Friends in Britain came into action in 2024, 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 continued to provide central support to local Quaker Communities through local development work and youth development work, through the Quaker Life department. We also provided tailored support for role-holders, including those entrusted with safeguarding and governance.

In 2024 we spent £3.6 million on supporting meetings (2023: £3.4 million).

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The work we do

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 peacebuilding, climate justice, truth and integrity, and power and privilege.

The political climate remained incredibly challenging in 2024, and we adapted the work to respond to new and growing challenges to peace in Britain as well as globally.

Peace and peace-building

In 2024, the Peacebuilding in Britain programme expanded its work in response to growing violence and division in communities in Britain. The team accompanies, facilitates and provides learning spaces for Quakers and partners - including those working in communities affected by far-right violence. In November 2024, the team hosted “After the riots: A Cohesion Summit” at Friends House. Organised by Belong, British Futures, and Together, the event brought together experts and practitioners to develop a collective response to the violence that took place in August 2024.

We continued to provide grants and accompaniment to peacebuilding partners in Rwanda, Kenya and Burundi. All three countries have been affected by difficult economic contexts and escalating regional conflict. Our partners continued to support a committed network of skilled community peacebuilders – reaching over 8,600 people with their nonviolence training and peacebuilding activities in 2024. Their work includes campaigning on issues agreed by communities, such as gender-based violence, youth unemployment and land rights, and includes peacebuilding activities such as media and arts projects and peace clubs.

Peace education

There are small but important signs that the profile of peace education is growing – particularly in Scotland where aspects of the government’s policy on behaviour in schools now align with our educational policy objectives. Scotland’s largest teaching union, the Education Institute of Scotland has recently agreed a peace education policy. Backed up with resources and a commitment to training, this is a first for a major teaching union. We believe our work has contributed

to this. We are also developing exciting new work and partnerships in Wales.

Our resources are increasingly accessed by teachers, and we have grown our teacher training offer, working with teacher training institutions. Our Teach Peace resources were downloaded 9357 times in 2024. There were 411 participants in our teacher training sessions - up from 284 in 2023. Alongside this, the peer mediation ‘train the trainer’ offer reached 152 educators, which we project could result in over 5000 children and young people being trained in peer mediation techniques by the end of 2027. In 2024, we negotiated and co-wrote an Open University ‘open access’ course, which was then launched in February 2025.

Ecumenical accompaniment programme in Palestine and Israel (EAPPI)

2024 has been a year of ongoing extreme violence in Palestine and Israel, through both the ongoing military campaign in Gaza and continuing violence in the West Bank. Quakers in Britain administer the World Council of Churches’ Ecumenical Accompaniment Programme for the UK and Ireland. Ecumenical Accompaniers (EAs) are in placement in the West Bank and East Jerusalem and we remain one of the few monitoring agencies on the ground. EAs remain on restricted duties for security reasons, but they continue to report via: www. eyewitnessblogs.com

In October 2024, Meeting for Sufferings discerned a new position that 'apartheid' is an accurate description of the situation in occupied Palestine. They also affirmed (in line with the International Court of Justice ruling) that there is a plausible risk that the Israeli government is committing genocide in Gaza. Staff and EAs continue to push for action from the Irish and UK governments, and at EU level. Staff met with ministers and FCDO officials, sent briefings to all new MPs, and supported the peace education team to provide resources and training for teachers on this difficult issue. Staff continued to encourage EAs and Quakers in their witness and have provided action points for Quakers and others throughout the year via our social media channels.

Conciliation

In 2024 we established the International Conciliation Group (ICG), and this group is working to develop and support a pool of Quaker conciliators to continue the work of Quaker conciliation.

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The work we do

Climate Justice

Our climate justice campaigning work continued in 2024 through our Loss and Damage and Insure our Future campaigns.

In 2024 we launched 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. This work aims to build bridges between these movements, raise wider awareness and build momentum behind collective campaigns against militarism and for climate justice. Following initial research we submitted evidence to a parliamentary inquiry on ‘Climate change and security’ and worked with key partners to deliver the first global Week of Action for Peace & Climate Justice in September 2024. This aimed to raise public awareness of the links between war, militarism and climate injustice as well as build connections between peace, climate and justice movements. Over 60 events took place globally, we hope to build on this in 2025.

Following a briefing by our network, the Global Campaign on Military Spending UK, Independent MPs had a letter published in the Guardian and asked an urgent question in Parliament criticising the government’s ambition to raise military spending against a background of cuts.

We co-organised a Make Polluters Pay week of action in October 2024, where our work helped to grow interfaith involvement compared to previous years. This included a letter from 20 representatives from all major religions being sent to the Foreign Secretary David Lammy.

Truth and Integrity

A successful second quiet diplomacy event was held in February 2024 and a third event was planned but overtaken by the snap general election. Truth & Integrity issues were central to the material for our general election communications. In the changed political environment, post-election, we are reviewing options for delivering project goals into 2025 and beyond.

Power and Privilege

In 2024, our Reparations Working Group continued the work to take forward our commitment to exploring meaningful reparation for Quakers’ historical role in the transatlantic chattel slave trade, colonialism and economic exploitation. This work has developed

through historical research, networking with ecumenical and civil society contacts in the UK and overseas, and through key partnerships with the All Party Parliamentary Group on Pan-Afrikan Reparations, and Black Lives Matter UK.

In 2024 we were able to strengthen international relationships with our Quaker family in support of this work through engagement with the World Plenary Meeting in Southern Africa.

Faith in Action

In 2024 we continued to provide practical support and facilitate connections between Quaker groups who are led to witness on a wide range of issues. In 2024 we did this by working alongside Friends witnessing against a major arms fair in Telford, hosting a gathering looking at climate-related community resilience in Aberystwyth, and linking up Friends who have been imprisoned or are going through legal processes because of their Witness.

Grants

Our grants programme has subsidised school fees for orphaned children in Uganda, allowed a girls' school in northern Ghana to double its enrolment, and supported peacebuilding in the Democratic Republic of Congo, among other projects.

In 2024 we spent £2.7 million on witness through action (2023: £2.2 million).

Promoting Quakerism

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

We completed a new Communications Guide for staff in 2024. The guide provides support to colleagues on making all our communications clearer, more consistent and more accessible. In 2025 we will support staff to communicate clearly through training sessions.

2024 marked the 400th anniversary of the birth of George Fox, one of the most well-known founders of the Quaker movement. The anniversary provided 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, and this was managed through a year-long communications and

14 Annual report

The work we do

engagement project. The reopening of Swarthmoor Hall following significant investment in the building and its interpretation, provided us with opportunities to share both our history and our faith with the public in a location which is very strongly associated with George Fox and other early Quakers. A 6-day event at Swarthmoor Hall in July, as well as celebrations at our Yearly Meeting event, formed the centrepieces to this work, and we also supported more than 65 community-building and outreach events held by local, area and regional Quaker groups throughout the year. The online resources for outreach, community building and spiritual reflection associated with this work have been accessed over 1,000 times.

In support of this project and of our strategic aims we continued our rolling refresh of our website, ensuring that our public-facing resources remain clear and accessible.

To ensure the long-term accessibility of Quaker history through our archive, in 2024 we laid 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 completed the development of our new legacy promotion materials. We researched Quakers’ views on legacy giving and central work, which supported the drafting and design of the new materials. These have been distributed to all meetings and are also available on our website.

In 2024 we spent £3.1 million on promoting Quakerism (2023: £3.0 million).

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. We expect to review these priorities in 2025.

Thriving Quaker communities

In 2025 we will review and update our organisational strategic priorities through a consultative exercise with our Trustees and other stakeholders, as well as writing a new strategy for our work to support Quaker communities, which will incorporate a new strategy for Outreach. This will enable us to increase the effectiveness of our support for Quaker communities

and allow us to upgrade our offer of networking, resources, events and activities.

Together, the outputs from these two processes will significantly shape our strategic direction in the coming years.

Operational workstreams in 2025 will underpin this strategic work and any resulting programmes. This includes developing and using expressions of Quaker faith in contemporary language, increasing capacity in social media and videography, and undertaking audience development research and stakeholder mapping to inform access and engagement planning.

A sustainable and peaceful world

Climate Justice

In 2025 we will continue to play an active role in key Climate Justice campaigns and networks including the Make Polluters Pay campaign, Co-chairing the Faiths for Climate Justice Advocacy Group and continuing with the Insure our Future Campaign. We expect to coordinate the 2025 Week of action for peace & climate justice. We will continue our work to demonstrate the links between peace and climate justice by delivering a course with Woodbrooke on climate justice and peace.

Truth & Integrity

In 2025 we will support and engage in the Civil Society Voice network to influence the environment for civil society campaigning, and continue to work with UK parliamentarians, civil society and Quakers on this subject.

Reparations

In 2025 we will continue the work of the Reparations Working Group and expect to deliver learning opportunities for Quakers in Britain, building towards a recommendation to BYM Trustees and to Yearly Meeting in 2026.

Faith in Action

In 2025 we will support Quakers in their witness through accompaniment, networking, gatherings and communication resources. We will support a gathering of Quaker climate activists.

Peace

We will support Quaker witness against the arms trade, specifically through organising actions at the DSEI arms fair in east London in September 2025. In our peace

Annual report

15

The work we do

education work we will advocate for peace education with education policy makers, sharing evidence of impact to promote uptake of this approach. We will co-chair the Peace Education Network, and support Quaker peace educators through networking, training and co-steering the Peacemakers Key stage 2 project.

In partnership with the Civil Mediation Council, we will develop a framework and standards for peer mediation, and we will continue to identify and pursue opportunities to develop peer mediation skills and infrastructure across Britain.

Our EAPPI programme will continue to train and send human rights monitors to witness, monitor and reduce human rights violations and violence in Palestine and Israel. We will strengthen advocacy on this subject through more dedicated support and will enable and grow Quaker initiatives to bring together Palestinian activists and members of the Jewish community.

In our UK peacebuilding work we will provide ongoing accompaniment to 3-6 key peacebuilding organisations, networks and practitioners working on conflict and community cohesion and dialogue. We will conduct and share conflict analyses to inform our own and others’ work in this space. We will facilitate new peacebuilding networks to enable in-depth learning and collaboration on this subject.

Conciliation

We will develop a network of f/Friends who want spiritual support for international conciliation work. We will continue our accompaniment with partners in South Asia.

Systems

We will co-ordinate our approach to delivering advocacy outcomes across our programmes. We will develop a series of short videos to showcase our work. We will strengthen monitoring, evaluation and learning practices.

Finances

As part of our commitment to long-term sustainability, Trustees have set a goal to achieve a balanced budget by the end of 2028. This will be supported by improved financial planning, targeted cost controls, improved use of restricted funds, and strategic income growth

Simple structures and practices

In 2025 we will work to deliver the transition to a continuing Yearly Meeting system from 2026 onwards, and will identify and manage necessary delivery, constitutional and governance changes associated with it.

We will focus on ensuring our external communications are clear and inclusive. We will also research audience’ communication preferences, to ensure that we are investing in the right communication channels. We will work to develop integrated planning functions between our communications and programme delivery teams. Improved communication channels and accessibility will help us to increase engagement with Quaker meetings.

We will embed an improved approach to project management, with consistent usage of project initiation documents and training opportunities. Connected with this, we will launch an updated impact workstream, helping us to ensure that our work is driving us towards our strategic goals.

We will prioritise updates to the nominations section of our website so that Quakers are encouraged to volunteer their time with us, and we will also work to identify and dismantle barriers to volunteering with us, enabling a more diverse cohort of volunteers. We will work to deliver a new committee portal, which will improve the experience of Quakers undertaking service on QiB’s committees and enhance the effectiveness of our governance structures.

We will continue work to improve our collections management, developing a sustainable plan for storage and future growth.

We will begin the process of procuring a new CRM platform.

We will review the nominations processes, making recommendations for a more agile, accessible, transparent approach. We will also review the process for registering and supporting Quaker Recognised Bodies.

16 Annual report

Financial Statements Year to 31 December 2024

Financial Statements Year to 31 December 2024

Annual report 17

Financial review

Financial review

Headlines

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

Total income in 2024 was £12.2m, and our total spend was £16.2m. That is, a decrease of £0.8m (income), and an increase of £0.6m (spend) respectively compared to the previous year. Net income before investment gains was therefore a deficit of £4.0m.

After investment losses of £0.4m (2023, investment gains of £0.7m), we had a deficit of £4.4m (2023: £2.0m deficit).

The £2.4m increase in the deficit is a result of three factors: i) a year on year decrease in sales of £0.7m: in the main due to a decrease in legacies of £0.9m; ii) a year-on-year increase in costs £0.6m, being the offset of a £1.2m increase in staff costs and savings across most cost categories; and iii) a £1.1m increase in investment losses during the year.

Income

Our primary source of income is contributions from individual and Quaker meetings, legacies, grants, investment income and revenue from our trading operation. The total income for the year was £12.2m, a decrease of £0.7m compared to the previous year (2023: £13.0m).

Of the £12.2m, legacy, donation and grant income decreased to £5.8m, compared to £6.6m received in 2023. Donations were in line with 2023, but legacies were £0.9m down in 2024. By their nature legacies are unpredictable and as a result can vary significantly year to year. Investment income remained the same as 2023 at £2.0m.

Although, our trading operation, Quiet Company, increased income this year from £4.3m to £4.4m, 2024 was a challenging year. Lettings business was unexpectedly quiet in January after an exceptional year in 2023, and the announcement of the General Election in May further impacted bookings, particularly from charity and government organisations, who are key clients for the business. However, sales did still grow

on 2023, and November saw the biggest sales in the company’s history; a key milestone, post pandemic. We also hosted our biggest ever private event: the Global Chess League, which was covered in the Guardian.

Expenditure

Total expenditure for the year was £16.2m an increase of 3.7% compared on the previous year (2023: £15.6m). Most of this increase relates to staff costs (£1.2m), which are as we would expect, the hargest component of our cost base. The rise in staffing was expected; it’s been important for the organisation, post-Covid, to scale up its operations to undertake the breadth of our charitable services coupled with Quiet company investment in staff in anticipation of sales growth.

Of the £16.2m total expenditure, £11.2m was spent on direct charitable activities (2023: £10.8m). This is further detailed in note 5 on page 34.

Grant-making policy

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

Investments

The total market value of the combined BYM investment portfolio at the end of 2024 was £27.3million (2023: £29.1 million). The drop in the value of the combined portfolio, reflects the loss noted in the financial statements (page 45) of £0.6m (it should be noted this is partially offset by the £0.2m profit from the sale of a property) and the continued withdrawals from the General Fund during 2024.

These withdrawals have enabled the scaling up of operations noted above.

During 2024 cash holdings within the investment portfolio increased by £0.3m.

2024 was a year where different sectors moved very differently in global markets, with the divergence exacerbated by the US presidential election in the Autumn:

The very large US-listed technology stocks continued to lead global equity indices – we however remain underweight to these holdings

18 Annual report

Financial review

given a range of ethical concerns;

Some of our exclusions benefitted performance with alcohol and oil & gas sectors languishing, while others hindered performance with armaments and tobacco sectors soaring;

Following US elections there were headwinds which impacted the valuations of companies involved in the energy transition and other sustainable themes;

The initial market reaction to the election, combined with the heavy weighting in technology led to US markets significantly outperforming others.

Our portfolio is invested for the long term and aims to generate total returns to support present and future charitable work. We also aim to be a leading ethical and responsible investor, and we pride ourselves on how we invest, exclude, engage and innovate. As part of this we monitor the carbon footprint of the equity portion BYM portfolio, with the weighted average carbon intensity currently 52% less than that of the global equity market.

Our portfolios are aligned to eight sustainable development themes covering issues such as energy and climate, resilient institutions, inclusive economies and decent work to name a few. The allocation to energy and climate remains the largest exposure within the portfolio, currently at 26%. This includes companies responding to the challenge of the climate emergency, either through providing renewable or low-carbon energy or other mitigation solutions.

Being an ethical and responsible investor does mean an increased risk profile due to the nature of the firms invested in.

The investment policy, together with a full listing of our investments as at 31 December 2024, is published on our website at www.quaker.org.uk.

Total funds

The total value of funds held at 31 December 2024 was £84.3 million (2023: £88.7 million). In terms of different funds, we have restricted reserves of £8.2 million (2023: £7.7 million), endowment reserves of £5.8 million (2023: £6.0 million) and unrestricted reserves of £70.2 million (2023: £75.0 million).

Endowment funds

Endowments funds of £5.8 million (2023: £6.0 million) are monies received by BYM with the requirement that the capital should be held permanently, and the income used for various aspects of the charitable purposes.

Trustees review each of these endowments to see whether the objectives might be achieved better by seeking Charity Commission permission to spend the capital in the light of the increased demands in some areas of work and the levels of returns available.

Restricted funds

Restricted funds of £8.2 million (2023: £7.7 million) represent funds that have been donated for a particular purpose and the trustees have no discretion to reallocate for other use.

For further details of how this balance is split by purpose, specific appeal or thematic area, please see note 20 of the financial statements. These balances will be spent on activities in these areas in future years.

Designated funds

Designated funds are monies set aside by Trustees to be spent or held to cover specific expenditure or projects. The designation may be cancelled by the trustees if they later decide that the charity should not proceed or continue with the project for which the funds were designated.

Of the designated funds, £48.6 million (2023: £49.5m) represents the main functional and investment properties held for the long term by BYM. These include Swarthmoor Hall, Friends House, and Drayton House.

During 2024 we utilised the risk management fund, which had been set up to manage fluctuations in legacy income, with £0.9m used during the year, leaving £2.3m in the fund.

Additionally, £0.2m was used from the organisational development fund whose purpose is to allow us to invest in the essential development of our infrastructure, governance, and support functions. This leaves £1m in the fund.

Trustees continue to review these designated funds to ensure that the set purposes remain valid and if not

Annual report

19

Financial review

to ascertain if some can be released for more pressing needs.

General reserves

At the year end, the general reserves amounted to £3.3 million (2023: £5.8 million). These are the charity’s funds that are not restricted or designated to any particular purpose.

These funds are available for the immediate use of BYM, subject to retaining such amounts as are prudent for the smooth running of the charity. Accordingly, general reserves are used to provide working capital cash needs and to finance short-term deficits as necessary.

Total Funds as per
Group balance sheet
Exclude:
Endowment funds
Restricted funds
Designated funds tied up in
fxed and heritage assets
Other designated funds
Unrestricted funds,
not designated		 2024
£’000
84,278
(5,821)
(8,214)
(48,562)
(18,347)
3,334		 2023
£’000
88,669
(5,958)
(7,747)
(49,540)
(19,633)
5,791

Reserves policy

Our reserves policy enables management of general reserves to ensure we hold an appropriate level of accessible funds to mitigate against identified financial risks; while ensuring we are making timely and strategic use of our funds.

The policy focuses purely on the general reserves, as outlined above, as these are the funds that can be deployed at the discretion of the trustees. These are held to provide cover for unexpected changes in income and expenditure, allowing us to continue activities in the event of:

They also allow us to implement new strategic priorities or invest in new opportunities to achieve our goals.

The Trustees’ Finance and Property Committee regularly review the reserves policy.

Our reserves policy has been to maintain reserves at between 5.5- and 7.0-months running costs. Following an exercise to better understand the purpose of our restricted and designated funds and therefore utilise them fully we now believe a reserve target for unrestricted funds of four months would be more appropriate.

In 2025, this would mean target unrestricted reserves of £3.1m.

With the Risk Management Fund transfer noted below, the balance of these reserves by end 2025 is estimated to be £2.1m.

MtM will, with OMs, work towards over time to redress this shortfall with a focus on income growth, expenditure management, a gradual shift towards project roles and, with the Restricted Fund project progressing well, more effective use of restricted funds.

We have a Risk Management Fund of £3.2m. This will reduce, by the end 2024, by an estimated £0.9m, meaning a revised balance of £2.3m. The reduction relates to shortfalls we’re beginning to see in legacy income.

A key measure of sustainability is both current and future liquidity cover, rather than a surplus accounting position. BYM has, broadly, robust income streams for its trading activities and investment income.

Other sources of income include donations and legacies. Legacy income, when received, can be significant but are prone to fluctuation. In arriving at the target reserves policy, BYM has considered the risks pertaining to its main income streams as well as the relationship between readily realisable assets and the cash required to fulfil commitments and sustain operations for a given period.

Going concern

Although operating deficits were made in 2024 and 2023 the underlying robustness of the organisation's business model continues to be steady. This alongside a strong reserves position, means the financial statements have been prepared on a going concern

20 Annual report

Financial review

basis, which the trustees consider to be appropriate for the following reasons:

Consequently, the trustees have concluded that there are no material uncertainties that could cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements, and therefore have prepared the financial statements on a going concern basis.

In response to the current deficit, Trustees have committed to a financial recovery plan that aims to return BYM to a balanced budget by the end of 2028. This plan includes improved financial planning, targeted cost controls, improved use of restricted funds, and strategic income growth.

Approved by the Trustees of Britain Yearly Meeting of the Religious Society of Friends (Quakers) on 06 October 2025 and signed on their behalf by:

Paul Whitehouse, Treasurer

Annual report 21

Financial review

Statement of trustees’ responsibilities

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

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Auditor

Sayer Vincent LLP were re-appointed as the charity’s auditor during 2022.

The trustees’ report was approved by the trustees on 06 October 2025 signed on their behalf by:

Marisa Johnson, Clerk

22 Annual report

Financial review

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

Opinion

We have audited the financial statements of Britain Yearly Meeting of the Religious Society of Friends (Quakers) (‘the parent charity’) for the year ended 31 December 2024 which comprise the consolidated statement of financial activities, the group and parent charity balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Annual report 23

Financial review

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Capability of the audit in detecting irregularities

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

24 Annual report

Financial review

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

Use of our report

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

28 October 2025

Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, London, ECIY 0TG

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

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

Annual report 25

Consolidated statement of financial activities Year to 31 December 2024

Financial statements Year to 31 December 2024

Unrestricted
funds
£'000
Notes
Income and endowments from:
Donations and legacies
2
4,524
Investments
3
1,859
Other trading activities
4
4,431
Total income
10,814
Expenditure on:
Raising funds:
Cost of raising voluntary
income
5
615
Cost of other trading
activities
5
4,338
Investment Management
5
27
Charitable activities
Sustaining our church and
faith
6
1,368
Supporting meetings
6
3,377
Promoting Quakerism
6
2,904
Witness through action
6
2,143
Total expenditure
14,773
Operating surplus/(defcit)
(3,959)
Net gains/(losses) on
investments
13
(302)
Net income
(4,261)
Transfers between funds
18,19
(460)
Net income after transfers
(4,721)
Net movement in funds
(4,721)
Total funds at 1 January '24
74,964
Total funds at
31 December 2024
70,243		 Unrestricted
funds
£'000
Notes
Income and endowments from:
Donations and legacies
2
4,524
Investments
3
1,859
Other trading activities
4
4,431
Total income
10,814
Expenditure on:
Raising funds:
Cost of raising voluntary
income
5
615
Cost of other trading
activities
5
4,338
Investment Management
5
27
Charitable activities
Sustaining our church and
faith
6
1,368
Supporting meetings
6
3,377
Promoting Quakerism
6
2,904
Witness through action
6
2,143
Total expenditure
14,773
Operating surplus/(defcit)
(3,959)
Net gains/(losses) on
investments
13
(302)
Net income
(4,261)
Transfers between funds
18,19
(460)
Net income after transfers
(4,721)
Net movement in funds
(4,721)
Total funds at 1 January '24
74,964
Total funds at
31 December 2024
70,243		 Restricted
funds
£'000
1,308
131
-
1,439
11
-
29
344
267
194
570
1,414		 Endowment
funds
£'000
-
-
-
-
-
-
20
-
-
-
-
20
(20)
(117)
(137)
0
(137)
(137)
5,958
5,821		 2024
Total
funds
£'000
5,832
1,990
4,431
12,253
626
4,338
76
1,712
3,644
3,098
2,713
16,207
(3,953)
(438)
(4,391)
-
(4,391)
(4,391)
88,669
84,278		 Unrestricted
funds
£'000
5,774
1,961
4,326
12,061
639
4,070
116
2,109
3,131
2,673
1,495
14,233		 Restricted
funds
£'000
846
54
-
900
10
-
34
51
308
293
696
1,392		 Endowment
funds
£'000
-
0
-
0
-
-
4
-
-
-
-
4
(4)
181
177
0
177
177
5,781
5,958		 2023
Total
funds
£'000
6,620
2,015
4,326
12,961
649
4,070
154
-
2,160
3,439
2,966
2,191
15,629
(2,668)
698
(3,959) 25 (2,172) (492)
(19) 205 312
(4,261) 7 (1,967) (180)
(1,970)
-
460 449 (449)
(4,721)
(4,721)
74,964
70,243		 467
467
7,747
8,214		 (1,518)
(1,518)
76,482
74,964		 (629)
(629)
8,376
7,747
(1,970)
(1,970)
90,639
88,669

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

26 Annual report

Balance sheets as at 31 December 2024

Notes
Fixed assets
Functional property
12
Furniture & equipment
12
Heritage assets
12
Assets under construction
12
Investment properties
13
Securities
13
Total fxed assets
Current assets
Stocks
Debtors
14
Cash at bank and in hand
Total current assets
Creditors
Amounts falling due within one year
15
Net current assets
Total net assets
The funds of the charity
Unrestricted funds
General funds
Designated funds
Total unrestricted funds
18
Restricted funds
19
Endowment funds
20
Total funds		 Group
2024
2023
£'000
£'000
31,093
31,891
654
695
604
604
-
-
19,925
20,025
27,305
29,053
79,581
82,268
90
87
2,811
6,832
5,154
3,033
8,055
9,952
(3,358)
(3,550)
4,697
6,402
84,278
88,669
3,334
5,790
66,909
69,174
70,243
74,964
8,214
7,747
5,821
5,958
84,278
88,669		 Charity Charity
2024
£'000
31,093
654
604
-
19,925
27,305
79,581
90
2,811
5,154
8,055
(3,358)
4,697
84,278
3,334
66,909
70,243
8,214
5,821
84,278		 2024
£'000
31,093
654
604
-
19,925
27,305
79,581
90
2,316
5,134
7,540
(2,843)
4,697
84,278
3,334
66,909
70,243
8,214
5,821
84,278		 2023
£'000
31,891
695
604
-
20,025
29,053
82,268
87
8,127
3,012
11,226
(4,825)
6,402
88,669
5,790
69,174
74,964
7,747
5,958
88,669

These accounts, which have been prepared in accordance with accounting policies on page 29 to on page 32, were approved by the Trustees of Britain Yearly Meeting of the Religious Society of Friends (Quakers) o n 06 October 2025 and signed on their behalf by:

Marisa Johnson, Clerk of Trustees

Paul Whitehouse, Treasurer

Annual report 27

Cash flow statements Year to 31 December 2024

Cash fow from operating activities
Net cash generated from operating activities
Cash fows from investing activities
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Proceeds from the sale of investments
Purchase of investments
Net cash provided by investing activities
Cash fows from fnancing activities
Repayment of loans
Net cash from/(used in) fnancing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Reconciliation of net income to net cash fow from operating activities
Net income
Adjustments for:
Depreciation and amortisation charges
Gain/(losses) on the sale of fxed assets
Net gains on investments
Investment income
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase / (decrease) in creditors
Net cash generated from/(used) in operating activities
Analysis of cash and cash equivalents
Cash in hand and at bank
Cash with investment managers
Total cash and cash equivalents		 Notes Notes 2024
£'000
(873)
1,990
(241)
4,714
(3,158)
3,304
-
-
2,431
3,593
6,024
2024
£'000
(4,391)
1,084
160
438
(1,990)
(3)
4,021
(192)
(873)
2024
£'000		 2023
£'000
(5,011)
2,015
(1,064)
2,653
(4,129)
(525)
-
-
(5,536)
9,130
3,594
2023
£'000
(1,970)
967
(183)
(698)
(2,015)
8
(2,004)
883
(5,011)
2023
£'000
4
13
14a
14a
5,154
869		 3,033
560
6,024 3,593

28 Annual report

Notes to financial statements Year to 31 December 2024

Notes to financial statements

1. Accounting policies

1.1 Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

1.2 Consolidation

Consolidated financial statements (“group financial statements”) have been prepared in respect of BYM and its wholly owned subsidiary, Friends House (London) Hospitality Limited. The results of Friends House (London) Hospitality Limited have been consolidated on a line-by-line basis. Local and area meetings are separate entities with their own trustees and so not included in these accounts. No separate income and expenditure of the charity has been presented, as permitted by Section 408 of the Companies Act 2006 and para 15.11 of the SORP. The gross income for the charity for the year was £9.2 million (2023: £9.5 million) and its gross expenditure was £13.1 million (2023: £11.6 million).

1.3 Income and endowments

Income is recognised in the period in which the charity is entitled to receipt and where the amount can be measured with reasonable certainty. Income is

deferred only when the charity must fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income be expended in a future accounting period.

1.4 Legacies income

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

1.5 Government grants

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

1.6 Expenditure

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

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

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

Annual report 29

Notes to financial statements Year to 31 December 2024

1.7 Support and management costs

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

salaries within those functional departments.

1.8 Grants payable

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

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

1.9 Operating leases

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

1.10 Land, property, plant and equipment

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

(a) Functional freehold property

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

(b) Other tangible fixed assets

Other tangible fixed assets are capitalised and depreciated in line with the policy over their estimated useful lives

(c) Depreciation

The depreciation expense is charged or apportioned to

30 Annual report

Notes to financial statements Year to 31 December 2024

the relevant SOFA heading reflecting the asset’s use on a straight-line basis as follows:


a straight-line basis as follows:
Freehold land nil
Freehold buildings 50 years
Computer equipment 3 years
Equipment furniture and fttings 5 years
General ofce equipment 5 years
Specialised building works 8 years

(d) Impairment

An assessment is made at each reporting date of whether there are indications that a fixed asset may be impaired or that an impairment loss previously recognised has fully or partially reversed. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation loss. All other impairment losses are recognised in the SOFA. Reversals of impairment losses are recognised in the SOFA or, for revalued assets, as a revaluation gain. On reversal of an impairment loss, the depreciation is adjusted to allocate the asset’s revised carrying amount (less any residual value) over its remaining useful life.

1.11 Heritage assets

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

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

1.12 Investment properties

Investment properties are included in the accounts at a valuation. Every five years, professional valuers revise the values based on prevailing market conditions with the Trustees reassessing the valuations in the interim with professional assistance and making adjustments if they are deemed appropriate.

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:

1.13 Other investments

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

1.14 Net current assets

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

Debtors include loans advanced and sundry debtors. Interest-free loans are advanced to meetings for the purchase and improvement of meeting houses. They are repayable in annual instalments over periods of up

Annual report

31

Notes to financial statements Year to 31 December 2024

to ten years; these are treated as concessionary loans and are carried at cost rather than the net present value of future payments.

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

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

1.15 Taxation

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

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

1.16 Foreign currencies

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

1.17 Pension costs

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

1.18 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.19 Going concern basis

BYM reported a group cash inflow of £2.4 million for the year. Trustees are of the view that the high value of liquid investments and secured rental income from properties are sufficient for the immediate future of the charity for the next 12 to 18 months and on this basis the charity is a going concern. There are no material uncertainties about the charity’s ability to continue operating for at least 12 months from the date these financial statements are approved.

1.20 Significant management judgements and key sources of estimation uncertainty

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

Estimation uncertainty

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

Fair value measurement

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

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

32 Annual report

Notes to financial statements Year to 31 December 2024

2. Donations and legacies


Unrestricted
funds
£'000
1,828
2,541
155
4,524		 Restricted
funds
£'000
330
429
549
1,308		 Endowment
£'000
-
-
-
-		 2024
Total funds
£'000
2,158
2,970
704
5,832		 Unrestricted
funds
£'000
1,787
3,850
137
5,774		 Restricted
funds
£'000
325
31
491
846		 Endowment
£'000
-
-
-
-		 2023
Total
funds
£'000
Donations
Legacies
Grant income
Total		 2,112
3,881
627
6,620

3. Investment income

Unrestricted
funds
£'000
434
82
1,134
209
1,859		 Restricted
funds
£'000
130
0
0
1
131		 Endowment
£'000
-
-
-
-
-		 2024
Total funds
£'000
554
82
1,134
210
1,990		 Unrestricted
funds
£'000
602
73
1,153
133
1,961		 Restricted
funds
£'000
45
-
-
9
54		 Endowment
£'000
0
-
-
-
0.14		 2023
Total funds
£'000
Dividend income
Interest income
Rental Income
Other income
Total		 647
73
1,153
141
2,015

4. Other trading activities

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

Unrestricted
funds
£'000
2,784
274
1,586
(28)
(185)
-
4,431
(3,067)
(1,271)
(4,338)
93		 Restricted
funds
£'000
-
-
-
-
-
-
-
-
-
-
-		 2024
Total funds
£'000
2,784
274
1,586
(28)
(185)
-
4,431
(3,067)
(1,271)
(4,338)
93		 Unrestricted
funds
£'000
2,611
251
1,485
(21)
(33)
34
4,326
(2,792)
(1,276)
(4,068)
258		 Restricted
funds
£'000
-
-
-
-
-
-
-
-
-
-
-		 2023
Total funds
£'000
2,611
251
1,485
(21)
(33)
34
4,326
(2,792)
(1,276)
(4,068)
258
Room lettings
Equipment hire
Café
Commercial discounts
Discounts for Quaker organisations
Miscellaneous
Total
Less
Cost of activities for generating funds
. Direct costs
. Support costs
Total
Net contribution to charitable activities

Annual report

33

Notes to financial statements Year to 31 December 2024

5. Expenditure

5. Expenditure
Raising funds
Cost of raising voluntary income
Cost of other trading activities
Charitable activities
Sustaining church and faith (see below)
Supporting meetings (see below)
Promoting Quakerism (see below)
Witness through action (see below)
Investment management
Total		 Grant
costs
£'000
-
-
-
1,531
9
35
384
1,959
-
1,959		 Direct
costs
£'000
287
3,067
3,354
101
1,881
1,599
1,294
4,875
52
8,281		 Support
costs
£'000
339
1,271
1,610
80
1,754
1,464
1,035
4,333
24
5,967		 2024
Total
costs
£'000
626
4,338
4,964
1,712
3,644
3,098
2,713
11,167
76
16,207		 Grant
costs
£'000
-
-
-
1,846
10
25
291
2,171
-
2,171		 Direct
costs
£'000
264
2,794
3,057
157
1,607
1,480
1,073
4,317
145
7,520		 Support
costs
£'000
386
1,276
1,662
157
1,822
1,460
827
4,267
9
5,938		 2023
Total
costs
£'000
649
4,070
4,719
2,160
3,439
2,966
2,191
10,756
154
15,629

34 Annual report

Notes to financial statements Year to 31 December 2024

6. Expenditure on charitable activities

a. Sustaining our church and faith
Within Yearly Meeting
Within other Quaker bodies
Within other faiths and denominations
Total
b. Supporting meetings
General
Spirituality and membership
Children and young people
Witness of meetings
Total
c. Promoting Quakerism
General
Outreach
Web development
Library
Total
d. Witness through action
General
Peace witness
Social witness
Total		 Direct
costs
£'000
93
1,497
42
1,632
Direct
costs
£'000
960
503
408
19
1,890
Direct
costs
£'000
362
319
379
574
1,634
Direct
costs
£'000
284
1,002
393
1,679		 Support
costs
£'000
67
-
13
80
Support
costs
£'000
828
488
419
19
1,754
Support
costs
£'000
387
183
363
531
1,464
Support
costs
£'000
151
817
66
1,034		 2024
Total
costs
£'000
160
1,497
55
1,712
2024
Total
costs
£'000
1,788
991
827
38
3,644
2024
Total
costs
£'000
749
502
742
1,105
3,098
2024
Total
costs
£'000
435
1,819
459
2,713		 Direct
costs
£'000
114
1,837
52
2,003
Direct
costs
£'000
821
430
349
16
1,617
Direct
costs
£'000
334
293
349
528
1,505
Direct
costs
£'000
230
814
319
1,364		 Support
costs
£'000
133
-
24
157
Support
costs
£'000
860
507
435
20
1,822
Support
costs
£'000
386
183
362
530
1,460
Support
costs
£'000
121
654
53
827		 2023
Total
costs
£'000
247
1,837
76
2,160
2023
Total
costs
£'000
1,681
937
785
36
3,439
2023
Total
costs
£'000
720
476
711
1,058
2,966
2023
Total
costs
£'000
351
1,468
372
2,191

Annual report 35

Notes to financial statements Year to 31 December 2024

7. Expenditure (continued)

Group 2024
£’000
229
73
342
399
208
20
1,271
1,570
361
2,196
273
296
4,696
5,967		 2023
£’000
(a) Friends House support costs
Routine maintenance
Long-term maintenance (Friends House)
Reception and security
Cleaning and depreciation
Utilities
Other
(b) Finance, human resources, IT and ofce services
Finance
Information Technology
Ofce services
Human resources
Membership database		 311
54
338
379
171
23
1,276
1,290
573
2,001
501
296
4,662
5,938

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

Support costs are recharged to the 'expenditure' as set out in Note 5 on page 34.

(c) Governance

Governance costs for 2024 totalled £1.7m (2023: £1.2m). 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.

36 Annual report

Notes to financial statements Year to 31 December 2024

8. Staff costs

8. Staf costs
Group Unrestricted
funds
£'000
51
6,586
659
551
20
305
111
162
8,445		 Restricted
funds
£'000
-
553
56
48
-
-
-
-
657		 2024
Total
funds
£'000
51
7,139
715
599
20
305
111
162
9,102		 Unrestricted
funds
£'000
89
5,283
491
428
14
438
96
93
6,932		 Restricted
funds
£'000
-
803
64
71
-
-
-
-
938		 2023
Total
funds
£'000
Recruitment
Basic pay (UK)
Employer's National Insurance
Employer's pension contributions
Other allowances
Agency and temporary staf
Staf training and debriefng
Other		 89
6,086
555
499
14
438
96
93
7,870

8.1 The average number of employees during the year, analysed by function

Group 2024
Full-time
headcount		 2024
Part-time
headcount		 2024
Full-time
equivalent
56.8
82.0
3.5
18.8
161.1		 2023
Full-time
headcount		 2023
Part-time
headcount		 2023
Full-time
equivalent
Raising income
Charitable activities
Governance
Support services
51 17 40 19 48.8
59 52 43 46 76.9
2 2 2 2 3.6
21 3 16 1 17.4
133 74 102 68 146.6

8.2 Analysis of redundancy or termination payments in the year

Redundancy payments of £7k were made in the year in respect of 2 employees (2023: £ok/0). A voluntary settlement agreement was reached with 6 employees and payments of £91k was made (2023: two employees: £38.2k).

Our policy regarding redundancy from September 2020 has been two weeks’ normal rate of pay per full year, capped at a maximum of 15 years’ service. Part-years worked will be calculated on a proportional basis.

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

Where voluntary redundancy is applied for and accepted an enhanced payment of £1,000 is made.

Annual report 37

Notes to financial statements Year to 31 December 2024

8.3 Staff emoluments

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

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

£60,001-£70,000
£70,001-£80,000
£80,001-£90,000
£90,001-£100,000
£100,001-£110,000
£110,001-£120,000		 2024
number
11
-
3
1
-
-		 2023
number
7
3
1
-
-
-

8.4 Remuneration and benefits received by key management personnel

In 2024 BYM considered the following posts to be key management personnel:

Total remuneration received by key management personnel was £502k (2023: £425k).

The Recording Clerk acts as Chief Executive and earned a salary of £98,529. Salaries for other key management personnel ranged between £69,570–£89,440.

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.

38 Annual report

Notes to financial statements Year to 31 December 2024

9. Grants paid

9. Grants paid
Unrestricted
funds
£'000
-
1,247
172
1,419		 Restricted
funds
£'000
71
391
78
540		 2024
Total
funds
£'000
71
1,638
250
1,959		 Unrestricted
funds
£'000
27
1,897
138
2,062		 Restricted
funds
£'000
42
8
59
110		 2023
Total
funds
£'000
Grants to individuals
Grants to Quaker bodies
Other grants
Total		 69
1,905
197
2,171

Britain Yearly Meetings made 72 (2023: 74) grants and programme funding awards including reimbursement of expenses to individuals and organisations in 2024.

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

2024
Total funding
Recipient £'000
Quaker United Nations Ofce Geneva (QUNO Geneva) 610
School Bursary 300
Crynwyr Cymru Quakers in Wales 138
Friends World Committe for Consultation (FWCC) World Ofce 130
Quaker Council for European Afairs 100
Grants to meeting houses 98
Friends World Committe for Consultation (FWCC) Europe and Middle East Ofce 85
Turning the Tide in Kenya 81
World Council of Churches 73
Evangelical Friends Church of Rwanda 51
Delivery of Climate Crisis: Spirtual Nurture & Learning 48
MIPAREC (Burundi) 44
Woodbrooke 44
The Friend Publication Limited 25
General Meeting for Scotland 24
Young Friends General Meeting 10
Small Grants 98

Grants and awards of £10,000 or less totalling £31,455 were given to a further 19 organisations.

53 grants to individuals were given totalling £66,184

A full list of grants and programme funding awards given in 2024 to organisations is on our website www.quaker.org.uk.

Annual report 39

Notes to financial statements Year to 31 December 2024

10. Transactions with related parties

No trustee received any renumeration in respect of services given as trustee in 2024 or 2023.

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 2024 and 13 Trustees in 2023) and included in direct costs was £5,706 (2023: £6,073). 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 (2023: £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 £1,681 in 2024 (2023: £4,060).

10.1 Transactions with subsidiary company

Distribution received from subsidiary company:
Payments received from subsidiary company:
Rent
Payments made to subsidiary company:
Creditor: balance due to subsidiary
Debenture: balance due from subsidiary		 2024
£'000
686
10
675
238
-		 2023
£'000
843
51
630
1,976
1,750

40 Annual report

Notes to financial statements Year to 31 December 2024

11. Investment in subsidiary undertaking and related charity

BYM has one subsidiary company, Friends House (London) Hospitality Limited (6204129). This company is incorporated in England and Wales; its registered office is located at Friends House, 173 Euston Road, London NW1 2BJ.

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

A summary of the financial results of the company for the year to 31 December 2024 is shown below. Accounts of the company will be filed with the Registrar of Companies.

Proft and loss account 2024
£'000
4,517
(3,831)
686
-
686
2024
£'000
755
(755)
-
-
-
-
-		 2023
£'000
4,385
(3,465)
920
-
920
2023
£'000

Turnover
Operating expenses and shared costs
Operating proft
Interest paid
Proft / (loss) for the year before Gift Aid and taxation
Summarised balance sheet
Current assets
Creditors: amounts falling due within one year
Net assets
Called up share capital (£2)
Debenture
Proft and loss account		 2,453
(703)
1,750
-
1,750
-
1,750

This note is the company note. The group note (Note 4. Other trading activities) includes the company's results but is shown before £675k rent paid to Britain Yearly Meeting of the Religious Society of Friends (Quakers.) as well £86k in recharges.

During the pandemic, and up to December 2024, the Company’s parent charity had loaned the Company the sum of £1,750,000 for the purposes of providing working capital. This has now been replaced with a loan facility of £500k.

The loan facility is secured by a fixed and floating charge over the assets and undertaking of the Company and is repayable on the giving of 24 months’ written notice. Interest is payable on the balance that has been drawn down, on a quarterly basis.

Up to £250k, interest is payable at a rate of one percentage point above the Co-operative Bank base rate, calculated on a daily basis. Thereafter, interest is payable at a rate of 3.6% above the Bank of England base rate, calculated daily.

Annual report

41

Notes to financial statements Year to 31 December 2024

12. Tangible fixed assets: Group and Charity

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

Ofce
Equipment
£000
1,500
133
-

-

-

-
1,633
805
174

-

-
979
654		 2024
Total
£'000
35,828
177
69
-
-
-
36,074
3,243
1,084
-
-
4,327
31,747		 Freehold land
and buildings
£000
33,476
852
-
0
-
-
34,328
1,580
858
-
-
2,438
31,891		 Ofce
Equipment
£000
1,388
212
-
0
-
(99)
1,500
978
109
-
(282)
805
695		 2023
Total
£'000
Cost or valuation
At 1 January 2024
Additions during the year
Work in progress (assets under construction)
Transfers
Revaluations
Disposals
Total
Depreciation
At 1 January 2024
Charge for the year
Revaluations
At 31 December 2024
Net book values at 31 December		 34,328
44
69
-
-
-		 34,864
1,064
-
-
-
(99)
34,441 35,829
2,438
910
-		 2,558
967
-
- (282)
3,348 3,243
31,093 32,586

12. Revaluation of functional properties

There are three significant functional freehold properties:

42 Annual report

Notes to financial statements Year to 31 December 2024

12.1 Heritage assets

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

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

Group and Charity 2024
£'000		 2023
£'000		 2022
£'000		 2021
£'000		 2020
£'000
Historical artefacts at Swarthmoor Hall
Friends House picture collection
425 425 425 425 425
179 179 179 179 179
604 604 604 604 604

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

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

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

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

Books and pamphlets
Periodicals (titles)
Quaker archives
Bound manuscripts
Other manuscripts
Photographs, museum objects and medals		 2024
98,310
2,300
325
970
271
40,086		 2023
98,310
2,300
325
970
271
40,086		 2022
98,310
2,300
325
970
271
40,086		 2021
98,310
2,300
325
970
271
40,086		 2020
98,107
2,300
325
970
269
40,086

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

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

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

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

Annual report

43

Notes to financial statements Year to 31 December 2024

13. Investments

Group and Charity
Fair value at 1 January
Additions
Donated assets
Disposals
Impairment
Redemptions
Investment gains/(losses)
Net movement in cash
Fair value as at 31 December		 Listed
Investments
£'000
28,493
3,158
-
(4,614)
-
-
(601)
-
26,436		 Cash
£'000		 Investment
Properties
£'000
20,025
-
-
(100)
-
-
-
-
19,925		 2024
£'000
49,078
3,158
-
(4,714)
-
-
(601)
309
47,230		 2023
£'000
50,183
4,129
-
(2,653)
-
-
699
(3,280)
560
309
869 49,078

13.1 Listed investments and cash held by investment managers

Listed investments and cash held by investment managers at 31 December 2024 are analysed by fund as follows:

Group and Charity 2024
£'000
14,662
6,346
875
5,422
27,305		 2023
£'000
General funds
Designated funds
Restricted funds
Endowment funds
15,744
6,815
940
5,554
29,053

13.2 Listed investments held at 31 December 2024

Listed investments held at 31 December 2024, all of which were dealt in on a recognised stock exchange, comprised the following:

2024
£'000
1,048
9,923
14,434
869
1,031
27,305		 2023
£'000
UK fxed-income
UK equities
Overseas equities
Cash
Alternatives		 1,017
10,748
13,870
558
2,860
29,053

44 Annual report

Notes to financial statements Year to 31 December 2024

13.3 Individual holdings

Individual holdings at 31 December 2024 (2023 Three / £4,513k) which made up more than 5% of the portfolio were:

Impax Environmental Mkts Plc 10P Ordinary Shares
Fund Partners Ltd Im Wheb Sustainability B Acc		 2024
£'000
1,294
966

The historic cost of investments including cash at 31 December 2024 was £22,669k (2023: £22,445k)

The investment policy and full listing of investments at 31 December 2024 are published on our website at www.quaker.org.uk.

13.4 Net gains/(losses) on listed investments and property

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

2024
£'000
653
(1,254)
(601)
163
(438)		 2023
£'000
Realised gains / (losses) listed investments
Unrealised gains / (losses) listed investments
Realised gains / (losses) investment property		 271
427
698
-
698

13.5 Investment properties

Investment properties held at 31 December 2024 and their movements during the year were as follows:

Group and Charity 2024
£'000
20,025
(100)
-
19,925
2024
£'000
19,350
-
505
70
-
19,925		 2023
£'000
20,025
-
-
20,025
2023
£'000
19,350
-
505
70
100
20,025
Market value
At 1 January
Disposals
Adjustments to valuation
At 31 December
Group and Charity
Drayton House
Courtauld House
Woodland and pasture at Jordans
Land at Lakenheath
Lesser Slatters

Annual report

45

Notes to financial statements Year to 31 December 2024

13.6 Revaluation of investment properties

Drayton House was revalued to £20m on 31 December 2021 (2020: £18m) by Cameron Benge MRICS on behalf of Carter Jonas LLP. Woodlands and pasture at Jordans were revalued to £505k on 9th November 2021 (2020: £341k) by Samuel Head MRICS (Rural Surveyor) RICS Registered Valuer, peer reviewed by Mark Charter MRICS MARLA (Partner) RICS Registered Valuer. Carter Jonas LLP Reference: C1000824

One small property valued by BYM with professional assistance, at a valuation of £70k based on open market value adjusted where necessary to reflect the existence of sitting or life tenants.

Lesser Slatters was sold in 2024. There has been no indication of impairment since the last valuation.

Valuations of investment properties are based on a prudent approach. Desk review values are not assumed to be a reflection of the realisable value of the assets, unless supported by strong market evidence, such as recent comparable transactions or independent professional appraisals. This cautious stance helps ensure that reported values reflect a realistic and supportable estimate of market conditions, and mitigates the risk of overstating asset values in the financial statements.

Other investment properties:

14. Debtors

Receivable within one year
Loans advanced from the Meeting Houses Fund
Other loans advanced
Trade debtors
Prepayments
Accrued income
Other debtors
Total
Receivable after more than one year
Loans advanced to meetings (see below)
Debenture to Friends House Hospitality (London) Ltd.
Total		 Group
2024
£'000
5
(6)
723
127
1,946
16
2,811
-
-
-
2,811		 Group
2023
£'000
17
(3)
360
208
6,256
(26)
6,812
20
-
20
6,832		 Charity
2024
£'000
5
(6)
241
127
1,946
3
2,316
-
-
-
2,316		 Charity
2023
£'000
17
(3)
(82)
206
6,256
(38 )
6,357
20
1,750
1,770
8,127

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

46 Annual report

Notes to financial statements Year to 31 December 2024

15. Creditors: amounts falling due within one year

Trade creditors
Interest free loans
Social security and other taxes
Pension Contributions
Due to Subsidiary
Accruals
Deferred Income
Other
Total		 Group
2024
£'000
287
12
373
65
-
1,886
672
63
3,358		 Group
2023
£'000
503
15
395
55
-
1,815
707
61
3,550		 Charity
2024
£'000
169
12
364
65
238
1,752
179
63
2,842		 Charity
2023
£'000
399
15
240
55
1,976
1,784
294
61
4,824

16. Operating lease commitments

At 31 December 2024, BYM is committed to making the following payments under non-cancellable operating leases:

Payments falling due
Within one year
Between two and fve years
Total		 2024
£'000
21
63
84		 2023
£'000
31
49
80

The total expense for operating lease costs incurred in 2024 was £32k (2023: £35k).

17. Operating lease income due

At 31 December 2024, BYM is due to receive rental income as follows under non-cancellable operating leases in respect of Drayton House:

Rents falling due
Within one year
Between two and fve years
Total
Drayton House lease was extended from 27 June 2024 to 26 June 2027.		 2024
£'000
1,083
1,625
2,708		 2023
£’000
542
-
542

Annual report 47

Notes to financial statements Year to 31 December 2024

18. Unrestricted funds

Group and Charity
General
Designated (Note 18.1 & 18.2)
Total
18.1 Designated funds
Programme activity
Cadbury Staines Fund
Legacy funded short term projects
Marsh Memorial Fund
Meeting Houses Funds
Organisational Development Fund
Property Upkeep Fund
QIC Income Fund
QPSW General Fund
Risk Management Fund
Total
Working buildings
Drayton House
Friends House
Heritage Assets Fund
Jordans Estate
Lakenheath
Lesser Slatters
Swarthmoor Hall
Total		 At
1 January
2024
£'000
5,790
69,174
74,964
At
1 January
2024
£'000
1,970
196
4,316
15
1,142
8,593
174
27
3,202
19,635
At
1 January
2024
£'000
19,348
26,974
604
500
78
98
1,937
49,540		 Income
£'000
10,681
133
10,814
Income
£'000		 Expenditure
£'000
(13,515)
(1,258)
(14,773)
Expenditure
£'000		 Investment
gains and
(losses)
£'000
(328)
26
(302)
Investment
gainsand
(losses)
£'000		 Transfers
£'000
706
(1,166)
(460)
Transfers
£'000
-
-
-
-
-
-
-
(26)
(900)
(926)
Transfers
£'000
-
-
-
-
-
(240)
-
(240)		 At 31
December
2024
£'000
3,334
66,909
70,243
At 31
December
2024
£'000
1,958
178
4,309
15
970
8,440
174
-
2,302
41 (11) (42)
- (18) -
- (7) -
- - -
- (172) -
90 (150) (93)
- - -
- (1) -
- - -
131
Income
£'000		 (360)
Expenditure
£'000		 (134)
Investment
gainsand
(losses)
£'000		 18,347
At 31
December
2024
£'000
19,328
26,226
604
488
80
-
1,836
- (20) -
- (748) -
- - -
- (12) -
2 - -
- (17) 160
- (101) -
2 (898) 160 48,562

48 Annual report

Notes to financial statements Year to 31 December 2024

18.2 Unrestricted funds (prior year)

Group and Charity
General
Designated (Note 18.3)
Total
18.3 Designated funds (prior year)
Programme activity
Cadbury Staines Fund
Legacy funded short term projects
Marsh Memorial Fund
Meeting Houses Funds
Organisational Development Fund
Property Upkeep Fund
QIC Income Fund
QPSW General Fund
Risk Management Fund
Total
Working buildings
Drayton House
Friends House
Heritage Assets Fund
Jordans Estate
Lakenheath
Lesser Slatters
Swarthmoor Hall
Total		 At
1 January
2023
£'000
12,122
64,360
76,482
At
1 January
2023
£'000
1,545
269
4,316
15
-
7,664
174
27
-
14,010
At
1 January
2023
£'000
19,349
27,666
604
501
72
100
2,058
50,350		 Income
£'000
11,596
464
12,061
Income
£'000		 Expenditure
£'000
(13,003)
(1,229)
(14,233)
Expenditure
£'000		 Investment
gains and
(losses)
£'000
(942)
1,148
205
Investment
gains and
(losses)
£'000		 Transfers
£'000
(4,050)
4,432
382
Transfers
£'000
-
-
-
-
1,230
-
-
-
3,202
4,432
Transfers
£'000
-
-
-
-
-
-
-
-		 At 31
December
2023
£'000
5,790
69,175
74,964
At 31
December
2023
£'000
1,970
196
4,316
15
1,142
8,594
174
27
3,202
34 (8) 399
- (73) -
- - -
- -) -
- (88) -
425 (244) 749
- - -
- - -
- - -
458
Income
£'000		 (413)
Expenditure
£'000		 1,148
Investment
gains and
(losses)
£'000		 19,635
At 31
December
2023
£'000
19,348
26,974
604
500
78
98
1,937
- (1) -
- (692) -
- - -
- (1) -
6 - -
- (2) -
- (121) -
6 (817) - 49,540

Annual report 49

Notes to financial statements Year to 31 December 2024

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

The working building funds are:

19.1 Restricted funds

Group and Charity
Albert Moore Fund
WT & Bader Philanthropies Grant
BYM Swarthmoor Hall Capital
CYP General Fund
EAPPI Fund
Eric & Malcolm Legacy (Library)
Friends Education Fund - Higher Education Awards
Friends Education Fund - Joint Bursary Scheme
Gerald AJ Hodgett Fund
Hope Fund
Jordans Estate Fund
Kingsmead Close Income Fund
Kingsmead Income Fund
Pastoral Care
Quaker House Brussels		 At
1 January
2024
£'000
531
18
1,026
(8)
(221)
101
353
543
227
90
333
191
486
82
1,572		 Income
£'000		 Expenditure
£'000		 Investment
gains and
(losses)
£'000		 Transfers
£'000		 At 31
December
2024
£'000
531
18
1,023
-
-
86
364
275
208
87
332
201
517
82
1,545
- - - -
- - - -
18 (3) (19) -
20 (24) - 12
168 (434) - 487
- (15) - -
27 (16) - -
35 (303) - -
- (19) - -
- (3) - -
- (1) - -
11 (1) - -
34 (3) - -
- - - -
- (27) - -

50 Annual report

Notes to financial statements Year to 31 December 2024

Quaker Life General
Quaker Peace and Social Witness General
QUNO General
Sawell Family Fund
Swarthmoor Hall Fund
The Outreach Fund
Wynn Jones Garden Fund
Yearly Meeting Events Bursary Fund
Other restricted funds (38<£20k)
Total		 187
90
41
483
1,224
19
23
31
324		 363 (336) - (72) 142
646
74
465
1,185
(1)
24
29
381
612 (82) - 26
33 - - -
- (18) - -
- (39) - -
- (20) - -
1 - - -
1 (3) - -
116 (66) - 7
7,747 1,439 (1,414) (19) 460 8,214

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

Annual report 51

Notes to financial statements Year to 31 December 2024

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

19.2 Restricted funds (prior year)

Group and Charity
Albert Moore Fund
WT & Bader Philanthropies Grant
Bristol Area Meeting Grant
BYM Swarthmoor Hall Capital
CB & HH Taylor Trust Fund
CYP General Fund
Eric & Malcolm Legacy (Library)
Friends Education Fund - Higher Education Awards
Friends Education Fund - Joint Bursary Scheme
Gerald AJ Hodgett Fund
Hope Fund
Jordans Estate Fund
Kingsmead Close Income Fund
Kingsmead Income Fund
Oliver Morland Fund
Pastoral Care
Quaker House Brussels
Quaker Life General
Quaker Peace and Social Witness General
QUNO General
Sawell Family Fund
WF Southall Trust Grant
Swarthmoor Hall Fund
The Outreach Fund
Wellcome Grant Library Archives
Wynn Jones Garden Fund
Yearly Meeting Events Bursary Fund
Other restricted funds (38<£20k)
Total		 At
1 January
2023
£'000
535
85
27
800
164
32
193
346
498
246
88
333
180
454
85
83
1,595
343
296
36
477
50
1,253
46
-
21
32
78
8,376		 Income
£'000		 Expenditure
£'000		 Investment
gains and
(losses)
£'000		 Transfers
£'000		 At 31
December
2023
£'000
531
18
-
1,027
-
(8)
101
353
543
227
90
333
191
486
-
83
1,571
187
90
41
482
-
1,223
19
-
22
31
106
7,747
- (4) - -
18 - - (85)
- - - (27)
15 (6) 218 -
- - - (164)
17 (58) - -
- (92) - -
8 (23) 22 -
20 (5) 30 -
- (19) - -
5 (3) - -
- - - -
3 (2) 9 -
9 (5) 28 -
- - - (85)
- - - -
7 (32) - -
409 (358) - (206)
86 (291) - -
41 - - (36)
- 5 - -
- - - (50)
1 (31) - -
- (27) - -
- - - -
- - - -
- (1) - -
263 (506) - 271
904 (1,459) 308 (382)

52 Annual report

Notes to financial statements Year to 31 December 2024

20. Endowment funds

Group and Charity
Friends Education Fund - Higher Education Awards Fund
Friends Education Fund - Joint Bursary Scheme
Kingsmead
Kingsmead Close
R Penney Fund
Richard Hawkins Charitable Fund
S & M Holt Memorial Fund
Wynn-Jones Library Fund
Total		 At
1 January
2024
£'000
1,315
1,921
1,829
596
197
30
39
30
5,958		 Income
£'000		 Expenditure
£'000		 Investment
gains and
(losses)
£'000		 Transfers
£'000		 At 31
December
2024
£'000
1,283
1,877
1,788
583
193
29
38
29
- (5) (27) -
- (7) (37) -
- (6) (35) -
- (2) (11) -
- - (4) -
- - (1) -
- - (1) -
- - (1) -
- (20) (117) - 5,821

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

Others: the income of five small funds is restricted within the terms of the relevant fund.

20.1 Endowment funds (prior year)

Group and Charity
Friends Education Fund - Higher Education Awards Fund
Friends Education Fund - Joint Bursary Scheme
Kingsmead
Kingsmead Close
Phillips Consultancy Fund
R Penney Fund
Richard Hawkins Charitable Fund
S & M Holt Memorial Fund
Wynn-Jones Garden Fund
Wynn-Jones Library Fund
Total		 At
1 January
2023
£'000
1,274
1,866
1,776
579
-
192
28
38
(1)
29
5,781		 Income
£'000		 Expenditure
£'000		 Investment
gains and
(losses)
£'000		 Transfers
£'000
-
-
-
-
-
-
-
-
-
-
-		 At 31
December
2023
£'000
1,315
1,922
1,829
596
-
198
29
39
-
30
- (1) 42
- (1) 57
- (1) 54
- - 18
- - -
- - 6
- - 1
- - 1
- - 1
- - 1
- (5) 181 5,958

Annual report

53

Notes to financial statements Year to 31 December 2024

21. Analysis of net assets between funds

A. Group
Tangible fxed assets
Investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
£’000
912
14,662
(9,352)
(2,888)
3,334		 Designated
funds
£’000
29,868
26,271
10,737
33
66,909		 Restricted
funds
£’000		 Endowment
funds
£'000
-
5,422
394
6
5,821		 Total
2024
£'000
32,351
47,230
8,055
(3,358)
84,278
1,571
875
6,276
(509)
8,214
B. Charity
Tangible fxed assets
Investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
£’000
912
14,662
(9,867)
(2,373)
3,334		 Designated
funds
£’000
29,868
26,271
10,737
33
66,909		 Restricted
funds
£’000		 Endowment
funds
£'000
-
5,422
394
6
5,821		 Total
2024
£'000
1,571
875
6,276
(509)		 32,351
47,230
7,540
(2,843)
8,214 84,278

21.1 Analysis of net assets between funds (prior year)

A. Group
Intangible fxed assets
Tangible fxed assets
Investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
£’000
304
647
6,004
1,911
(3,074)
5,791		 Designated
funds
£’000
-
30,641
36,580
1,989
(35)
69,174		 Restricted
funds
£’000		 Endowment
funds
£'000
-
-
5,554
399
6
5,959		 Total
2023
£'000
32,886
49,078
9,945
(3,543)
88,670


1,598
940
5,647
(439)
7,746
B. Charity
Intangible fxed assets
Tangible fxed assets
Investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
£’000
304
647
6,004
3,190
(4,354)
5,791		 Designated
funds
£’000
-
30,641
36,580
1,989
(35)
69,174		 Restricted
funds
£’000		 Endowment
funds
£'000
-
-
5,554
399
6
5,958		 Total
2023
£'000


1,598
940
5,647
(439)		 32,886
49,078
11,225
(4,823)
7,746 88,669

54 Annual report

Reference and administrative details

Reference and administrative details

Trustees serving during 2024 and up to the date of this report

Georgina Bailey (until 31 December 2024) Catherine Brown Lis Burch (from 1 January 2025)

Kit Fotheringham Ursula Fuller Kate Gulliver (to 26 July 2024) Ellie Harding (until 31 December 2024) Carolyn Hayman (until 31 December 2024) Jo Hills Chris Jardine (from 1 March 2025) Marisa Johnson, Clerk Kit King, Assistant Clerk (from 1 January 2025) Liz Law (from 1 January 2025) John Lewis (from 1 January 2025) Silas Price Elizabeth Redfern (from 2 March 2024) Danielle Walker Palmour, Assistant Clerk (1 Jan to 31 Dec 2024) Paul Whitehouse, Treasurer (from 1 January 2023)

London West Area Meeting Hampshire & Islands Area Meeting Oxford & Swindon 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 South East Scotland Area Meeting Cambridgeshire Area Meeting Mid Essex Area Meeting South East Scotland Area Meeting South Wales Area Meeting Norfolk & Waveney Area Meeting Leicester Area Meeting York Area Meeting Bristol Area Meeting

Management Meeting

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

In 2024, Management Meeting comprised:

Recording Clerk

Annual report 55

Reference and administrative details

Statutory information

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

Name and registered office

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

Professional advisers

Auditor

Sayer Vincent LLP 110 Golden Lane London, EC1Y 0YG

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

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

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

56 Annual report