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2024-12-31-accounts

Charity registration number 1134208 (England and Wales)

SOUTHERN EAST ANGLIA QUAKER MEETING ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

SOUTHERN EAST ANGLIA QUAKER MEETING

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Martin Rayner Robert Parkes Christopher Samuel Rebecca Halliwell Jan Hutchinson

(Appointed 2 December 2024) (Appointed 2 December 2024) (Appointed 2 December 2024)

Charity number

Principal address

1134208 Quaker Meeting House 6 Church Street Colchester Essex CO1 1NF

Website address

essexsuffolkquakers.org

Independent examiner

Michael Greene BSc FCCA c/o Streets Whittle & Partners LLP The Old Exchange 64 West Stockwell Street Colchester Essex CO1 1HE

SOUTHERN EAST ANGLIA QUAKER MEETING

CONTENTS

Page
Trustees' report 1 - 4
Statement of Trustees' responsibilities 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 20

SOUTHERN EAST ANGLIA QUAKER MEETING

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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) (effective 1 January 2019)".

Objectives and activities

The objective of Southern East Anglia Quaker Meeting remains the furtherance of the general religious purposes of The Religious Society of Friends (Quakers) in Britain, in the area covered by Southern East Anglia Quaker Meeting and beyond, as set out in the governing document. These purposes include the right holding of public Meetings for Worship and of Meetings for Church Affairs in the constituent Local Meetings. Membership for the year was 96.

Public Benefit and Activities

During 2024, Meetings for Worship took place in Clacton, Colchester, Earls Colne and Sudbury Meeting Houses every Sunday morning. Colchester Quakers held a Meeting for Worship in Wivenhoe on Thursday evenings. Sudbury Quakers also hold a mid-week Meeting for Worship and there is a mid-week Meeting for Reflection in Colchester. The Harwich Worshipping Group continues to meet for worship on alternative Sundays in a hired venue.

The online Meeting for Worship on Zoom led by Colchester Quakers continues to provide worshipful experience to those in the AM and beyond who are unable to attend in person.

During the year there were several open celebrations across our Meeting Houses to commemorate the birth of George Fox. In Sudbury, subsequently, three peace concerts were put on attended by some 200 local school children.

All of these Meetings were open to the public and provided opportunities for worship and spiritual growth. Meetings have continued to experience new enquirers and attendees with some applications for membership.

The Trustees have observed guidance issued by the Charity Commission on the nature of activities the charity should undertake. To support the governance of the Area Meeting (AM) and its constituent Local Meetings (LMs), various Quaker Meetings for Church Affairs were held in person and via Zoom. This included committees with responsibility for eldership, pastoral care; wardenship; and premises. Trustees continued to meet and make decisions via online.

The Area Meeting has provided financial support to enable both its members and attenders to attend training courses and conferences, such as Britain Yearly Meeting.

The monthly Newsletter, sent by email or post, reports on the life of the AM. The SEAQM website, despite in need of overhaul, disseminated information to the wider world.

SOUTHERN EAST ANGLIA QUAKER MEETING

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

The policy of the AM continues to be that, when possible, rooms at all Meeting Houses are made available for hire to groups within the community. This not only provides an income for us but it also is a service to the community and contributes to community cohesion. The ongoing maintenance and decoration of the Meeting Houses is considered a necessary part of this. To this end, the Trustees commission Quinquennial surveys for the Meeting Houses. At Sudbury, an agent manages the hirings and general maintenance in return for a fee, although during the year, a Premises Committee was re-instated after a break of many years. During the year Colchester Meeting House was managed by two employees, a manager and a caretaker. Essential work to renovate Colchester Meeting House continued.

Interfaith support continues to be offered by Sudbury where the Meeting House is hired by a Muslim prayer group. However, it has been necessary to remind some hirers that whilst we make our buildings available to others for hire, they are first and foremost Quaker Meeting Houses which are owned and used by the Quaker community as places for our own worship. Sudbury Meeting also re-established contact with Churches Together in Sudbury.

Environmental Sustainability

Zoom continued to be used for business meetings at Trustee, AM and LM levels, reducing car use for participants. Both Layer Breton and Roman Road Burial Grounds are maintained without the use of pesticides and beehives are kept in Roman Road. Sudbury garden and burial ground is maintained to maximise wildflowers and fruit trees in Earls Colne burial ground are part of the community orchard.

Achievements and performance

Investments and other resources

The Meeting continues to retain Rathbone Greenbank as discretionary investment managers and all investments are in ethically screened companies or funds. The balance in Rathbone's portfolio was £410,424 at year end. The investment policies have been kept under review.

The former Quaker meeting house at Coggeshall valued at £225,000 is leased to Essex County Council as a local library and the adjacent shed is rented to Coggeshall Parish Council. Trustees began the process of renewing the lease for both properties. The self-contained flat at Clacton continues to be let on a tenancy agreement through an agent, as does the flat at Colchester Meeting House.

Trustees consider that the present levels of financial assets may be reduced over the medium term to provide for building development without financial risk. Other funding is available via the John Savage and Tony Wheeler restricted funds, subject to Sudbury Friends’ agreement.

SOUTHERN EAST ANGLIA QUAKER MEETING

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Financial review

Reserves and Restricted Funds

In line with the existing reserves policy agreed in 2014, from unrestricted funds trustees have designated

General operating costs for six months £ 50,000
Capital/Long Term Development Fund £ 50,000
Contingent employment liabilities, for two employees £ 10,000
Designated Funds
Kendall & Freshfield Educational Fund £ 54,635
Additional planned expenditure designated for 2024
Refugee support – Colchester £ 1,656
Clacton Friends in Need £ 1,900
Total £168,191
Restricted funds
AM: Jack Field Educational Fund £ 322
Sudbury: John Savage /Tony wheeler £ 86,365
AM Burial grounds £ 7,537

Income and expenditure

In 2024 our total income from all sources was £104,753. We spent £101,719 a difference of £3,034.

The 3 x largest sources of income were:

Significant expenditure was:

At the end of 2024 realisable assets stand at £1,862,362. This figure is made up of £1,386,000 relating to buildings owned by the Charity, investments of £410,424 held by the Charity and an unrestricted cash surplus after debtors and creditors of £65,938. The Trustees believe the Charity will be well placed to meet all its liabilities in 2025, including existing commitments to identified concerns.

However, as stated above, as assets fall, the Meeting is seeking ways to increase its income and exercise greater control over its expenditure. In the meantime, the Trustees are satisfied that our assets are sufficient to cover all contingencies.

SOUTHERN EAST ANGLIA QUAKER MEETING

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Risks

Trustees have systematically assessed the risks as suggested in current Charity Commission guidelines and those of the Religious Society of Friends and has developed or is developing systems and procedures in order to manage those risks. We continue to keep the risk assessment under review. Trustee capacity and succession gaps has a highrisk score – an ongoing challenge is having enough willing and able Friends to fill posts. Another potential significant risk is a breakdown in our safeguarding procedures. To this end, Trustees have (March 2025) commissioned a review of these.

Discussion with adjacent Areas continues to take place with a view to sharing/amalgamating posts to help alleviate risks and to maintain the Charity’s presence.

Structure, governance and management

The charity was registered with The Charity Commission in February 2010 under charity Number 1134208 and is formed and governed in accordance with Quaker practice, as laid down in Chapter 4 of Quaker Faith and Practice , and our governing document adopted in 2007 by minute 2007/74. Southern East Anglia Quaker Meeting consists of Local Meetings (LMs) at Clacton, Colchester, Earls Colne and Sudbury.

Trustees are appointed by the Area Meeting (AM). We aim to provide all trustees with guidance on their duties upon appointment, and they are encouraged to attend training with Woodbrooke Quaker Study Centre. The trustees serving in the year were:

Martin Rayner Robert Parkes Jenny Kay (Resigned 2 December 2024) Sylvia Jeffcock (Resigned 2 December 2024) Elizabeth Prockter (Resigned 2 December 2024) Christopher Samuel (Appointed 2 December 2024) Rebecca Halliwell (Appointed 2 December 2024) Jan Hutchinson (Appointed 2 December 2024)

On behalf of all the Trustees

Martin Rayner Trustee 24 July 2025

Robert Parkes Trustee

SOUTHERN EAST ANGLIA QUAKER MEETING

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The 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 state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SOUTHERN EAST ANGLIA QUAKER MEETING

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF SOUTHERN EAST ANGLIA QUAKER MEETING

I report to the Trustees on my examination of the financial statements of Southern East Anglia Quaker Meeting (the charity) for the year ended 31 December 2024.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Michael Greene BSc FCCA

c/o Streets Whittle & Partners LLP The Old Exchange 64 West Stockwell Street Colchester Essex CO1 1HE 24 July 2025

SOUTHERN EAST ANGLIA QUAKER MEETING

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Contributions,
donations and
legacies received
3
30,866
-
Property income
4
63,209
-
Investment income
5
8,864
-
Total income
102,939
-
Expenditure on:
Fundraising
Investment
management
3,559
-
Charitable activities
Bursaries
6
3,974
-
Donations and
contributions
6
7,862
-
Property running
costs
6
72,682
5,247
Other property costs
6
8,397
-
Total charitable
expenditure
92,915
5,247
Total expenditure
96,474
5,247
Net gains/(losses)
on investments
10
1,814
-
Net movement in funds
8,279
(5,247)
Fund balances at 1 January
2024
1,759,859
99,470
Fund balances at 31
December 2024
1,768,138
94,223		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
30,866
21,144
-
63,209
69,857
-
8,864
9,473
-
102,939
100,474
-
3,559
3,912
-
3,974
3,843
5,935
7,862
4,600
-
77,929
90,361
4,322
8,397
7,751
-
98,162
106,555
10,257
101,721
110,467
10,257
1,814
24,348
-
3,032
14,355
(10,257)
1,859,329
1,745,504
109,727
1,862,361
1,759,859
99,470		 Total
2023
£
21,144
69,857
9,473
100,474
3,912
9,778
4,600
94,683
7,751
116,812
120,724
24,348
4,098
1,855,231
1,859,329

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

SOUTHERN EAST ANGLIA QUAKER MEETING

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Tangible assets
12
Investment property
13
Current assets
Debtors
14
Investments
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
The funds of the charity
Restricted income funds
17
Unrestricted funds
18		 2024
£
1,550
410,423
69,407
481,380
(5,019)		 £
1,161,000
225,000
1,386,000
476,361
1,862,361
94,223
1,768,138
1,862,361		 2023
£
1,263
423,855
54,354
479,472
(6,143)		 £
1,161,000
225,000
1,386,000
473,329
1,859,329
99,470
1,759,859
1,859,329

The financial statements were approved by the Trustees on 24 July 2025

Martin Rayner Trustee

Robert Parkes Trustee

SOUTHERN EAST ANGLIA QUAKER MEETING

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Southern East Anglia Quaker Meeting is a charity registered with the Charity Commission under registration number 1134208, and is governed in accordance with normal Quaker practice, as laid down in Chapter 4 of Quaker Faith and Practice, and the governing document adopted on 9 September 2007 by Minute 2007/74.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised annually when the claim is made and received.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

SOUTHERN EAST ANGLIA QUAKER MEETING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

These are recognised in the period in which they are incurred. Resources expended include VAT which cannot be recovered. Management and administration comprises costs for the day to day running of the Charity itself as an organisation.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Properties are included in the balance sheet at an in use valuation, on which no depreciation is charged.

Land and buildings

No depreciation provided

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets comprise cash at bank and in hand, together with trade and other debtors and investments. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.

SOUTHERN EAST ANGLIA QUAKER MEETING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 212 112
Legacies - 1,000
Grants 30,654 20,032
30,866 21,144

4 Property income

**Unrestricted ** Unrestricted
funds funds
general general
2024 2023
£ £
Rent and Hiring Receivable 63,209 69,857
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 6,784 7,860
Interest receivable 2,080 1,613
8,864 9,473

SOUTHERN EAST ANGLIA QUAKER MEETING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

6 Charitable activities

Bursaries
Donations
and
contributions
Property
running
costs
Other
property
costs
2024
2024
2024
2024
£
£
£
£
Unrestricted expenditure
-
1,496
73,955
4,423
Restricted expenditure
-
-
-
-
Other expenditure
(unrestricted)
-
2,392
-
-
-
3,888
73,955
4,423
Share of governance costs
(see note 7)
3,974
3,974
3,974
3,974
3,974
7,862
77,929
8,397
Analysis by fund
Unrestricted funds -
general
3,974
7,862
72,682
8,397
Restricted funds
-
-
5,247
-
3,974
7,862
77,929
8,397		 Total
2024
£
79,874
-
2,392
82,266
15,896
98,162
92,915
5,247
98,162		 Total
2023
£
95,143
5,935
362
101,440
15,372
116,812
106,555
10,257
116,812

Costs are allocated to charitable activities on the basis of the expenditure actually incurred by the activity. Governance costs have been apportioned equally between charitable activities. Governance costs paid from restricted funds attributable to a charitable activity are allocated on an actual basis.

SOUTHERN EAST ANGLIA QUAKER MEETING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

6 Charitable activities (Continued)
For the year ended 31 December 2023
Bursaries Donations Property Other Total
and running property 2023
contributions costs costs
£ £ £ £ £
Unrestricted expenditure - 395 90,840 3,908 95,143
Restricted expenditure 5,935 - - - 5,935
Other expenditure (unrestricted) - 362 - - 362
5,935 757 90,840 3,908 101,440
Share of governance costs (see note 7) 3,843 3,843 3,843 3,843 15,372
9,778 4,600 94,683 7,751 116,812
Analysis by fund
Unrestricted funds - general 3,843 4,600 90,361 7,751 106,555
Restricted funds 5,935 - 4,322 - 10,257
9,778 4,600 94,683 7,751 116,812

Costs are allocated to charitable activities on the basis of the expenditure actually incurred by the activity. Governance costs have been apportioned equally between charitable activities. Governance costs paid from restricted funds attributable to a charitable activity are allocated on an actual basis.

7 Support costs allocated to activities

Support costs allocated to activities
Governance costs
Analysed between:
Bursaries
Donations and contributions
Property running costs
Other property costs		 2024
£
15,896
3,974
3,974
3,974
3,974
15,896		 2023
£
15,372
3,843
3,843
3,843
3,843
15,372

Legal and professional fees includes a charge relating to the independent examination of the accounts of £3,900 (2023: £4,060).

SOUTHERN EAST ANGLIA QUAKER MEETING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year. Trustees are reimbursed for travel costs incurred and claimed when attending meetings of the charity. The total expenses reimbursed in the year was £nil (2023: £52).

9 Employees

The average monthly number of employees during the year was:

Wardens
Caretaker
Total		 2024
Number
1
1
2		 2023
Number
1
1
2

There were no employees whose annual remuneration was more than £60,000.

10 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revaluation of investments 1,814 24,348

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Tangible fixed assets

Land and buildings
£
Cost or valuation
At 1 January 2024 1,161,000
At 31 December 2024 1,161,000
Carrying amount
At 31 December 2024 1,161,000
At 31 December 2023 1,161,000

SOUTHERN EAST ANGLIA QUAKER MEETING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

12 Tangible fixed assets

(Continued)

There are four properties in current use as places of worship and they are located in Colchester, Clacton-onSea, Sudbury and Earls Colne. The properties in Colchester and Earls Colne, along with the two burial grounds, were revalued in 2011, the property in Clacton-on-Sea was revalued in 2012 and the property in Sudbury in 2013.

The revaluations were carried out on an in use basis by a firm of independent Chartered Surveyors, Fenn Wright.

The Trustees do not believe that the fair value of the fixed assets has materially changed in the terms of the net assets of the charity and so do not propose to instruct further valuations.

At 31 December 2024, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been £nil (2023: £nil).

13 Investment property

Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024 225,000

Investment property represents the former Coggeshall Meeting House which is leased to Essex County Council as a branch library. The fair value of the investment property has been arrived at on the basis of a valuation carried out in March 2019 for accountancy purposes by an independent professionally qualified valuer. The valuation was made on the basis of capital and rental values of the property. The trustees do not believe that the fair value of the investment property has materially changed in the terms of the net assets of the charity and so do not propose to instruct further valuations.

14 Debtors

14
Debtors
Amounts falling due within one year:
Prepayments and accrued income
15
Current asset investments
Listed investments		 2024
£
1,550
2024
£
410,423		 2023
£
1,263
2023
£
423,855

Current asset investments are composed of listed stocks and shares which are stated at market value together with cash held for trading purposes. The historic cost of the stocks and shares element held at the year end is £371,950 (2023: £350,798).

SOUTHERN EAST ANGLIA QUAKER MEETING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security
Accruals and deferred income		 2024
£
599
4,420
5,019		 2023
£
446
5,697
6,143

17 Restricted funds

The restricted funds of the charity comprise the following unexpended balances of donations and grants held on trust for specific purposes:

At 1 January Resources At 31
2024 expended December
2024
£ £ £
John Savage legacy 35,761 (5,247) 30,514
Jack Fields Trust legacy 322 - 322
Tony Wheeler legacy 54,750 - 54,750
Burial ground 7,537 - 7,537
Other Sudbury Legacies 1,100 - 1,100
99,470 (5,247) 94,223
Previous year: At 1 January Resources At 31
2023 expended December
2023
£ £ £
John Savage legacy 40,083 (4,322) 35,761
Jack Fields Trust legacy 6,257 (5,935) 322
Tony Wheeler legacy 54,750 - 54,750
Burial ground 7,537 - 7,537
Other Sudbury Legacies 1,100 - 1,100
109,727 (10,257) 99,470

The John Savage legacy and the Tony Wheeler legacy are restricted for use by the Sudbury LM.

The Jack Fields Trust legacy was left to Colchester LM for the educational purposes of members and attendees, but has since been authorised for the benefit of the Area Meeting.

The Burial Ground fund arose from the sale of one of the AM burial grounds and is restricted for use on maintenance of the remaining grounds.

SOUTHERN EAST ANGLIA QUAKER MEETING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January Incoming Resources Transfers Gains and At 31
2024 resources expended losses December
2024
£ £ £ £ £ £
The Kendall &
Freshfield
Designated
Fund 54,635 - - - - 54,635
General
operating costs 50,000 - - - - 50,000
Capital/Long
Term
Development
Fund 50,000 - - - - 50,000
Contingent
employment
liabilities 5,000 5,000 - - - 10,000
Refugee
support 1,656 - - - - 1,656
Clacton Friend
in Need 1,900 - - - - 1,900
General funds 1,596,668 97,939 (96,474) - 1,814 1,599,947
1,759,859 102,939 (96,474) - 1,814 1,768,138

SOUTHERN EAST ANGLIA QUAKER MEETING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

18 Unrestricted funds Unrestricted funds (Continued)
Previous year: At 1 January Incoming Resources Transfers Gains and At 31
2023 resources expended losses December
2023
£ £ £ £ £ £
The Kendall &
Freshfield
Designated
Fund 54,635 - - - - 54,635
General
operating costs 50,000 - - - - 50,000
Capital/Long
Term
Development
Fund 50,000 - - - - 50,000
Contingent
employment
liabilities 5,000 - - - - 5,000
Buildings costs 13,718 - (13,718) - - -
Refugee
support 2,008 - (352) - - 1,656
Revaluation
reserve 1,519,032 - - - - 1,519,032
Clacton Friend
in Need - - - 1,900 - 1,900
General funds 51,111 100,474 (96,397) (1,900) 24,348 77,636
1,745,504 100,474 (110,467) - 24,348 1,759,859

SOUTHERN EAST ANGLIA QUAKER MEETING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

18 Unrestricted funds

(Continued)

The Kendall and Freshfield Designated Fund is for educational purposes in anticipation of the disappearance of the Jack Fields Restricted Fund.

It is the policy of the meeting to set aside general operating costs amounting to 6 months worth of expenditure to allow continuation of the Meeting in the event of unforeseen circumstances.

The Capital/Long Term Development Fund is intended to form the starting point for any unforeseen capital expenditure that SEAQM may incur, either in terms of risk management or establishing new meetings in response to changing demographics of the local Quaker population.

The contingent employment liabilities fund is intended to meet any future potential costs arising from employee redundancy or subcontractor termination payments that may be necessary.

The buildings costs fund is intended to meet the costs of maintaining/repairing the buildings owned by the Meeting to ensure good stewardship of its buildings.

The Refugee support fund provides aid to Syrian refugees as need arises.

As members of Britain Yearly Meeting (BYM), a contribution is made to their running costs and to their charitable work.

Clacton Friend in Need is the balance of a donation received in the previous year.

19 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 December 2024:
Tangible assets
1,161,000
-
Investment properties
225,000
-
Current assets/(liabilities)
382,138
94,223
1,768,138
94,223
Unrestricted
Restricted
funds
funds
2023
2023
£
£
At 31 December 2023:
Tangible assets
1,161,000
-
Investment properties
225,000
-
Current assets/(liabilities)
373,859
99,470
1,759,859
99,470		 Total
2024
£
1,161,000
225,000
476,361
1,862,361
Total
2023
£
1,161,000
225,000
473,329
1,859,329

SOUTHERN EAST ANGLIA QUAKER MEETING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

20 Revaluation reserve

Included in the unrestricted funds figure is an amount of £1,519,032 (2023: £1,519,032) representing the revaluation reserve. This is composed of the gains on revaluation of investments and property until 2019 when the treatment of these changed in line with an update to the Charities SORP.

21 Operating lease commitments

Lessor

One of the charity's properties is held for rental purposes (see note 13). Rental income is due under the lease is currently under renegotiation with a proposal of £13,750 per year and the tenant is committed for less than one year. All operating lease contracts contain market review clauses in the event that the lessee exercises its option to renew. The lessee does not have an option to purchase the property at the expiry of the lease period.

At the reporting end date the charity had contracted with tenants for the following minimum lease payments:

2024 2023
£ £
Within one year 13,750 8,063

22 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

The charity has no disclosure to make regarding related party transactions.