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2021-12-31-accounts

Company number: 6942084 Charity Number: 1141797

London Quakers Property Trust

Report and financial statements For the year ended 31 December 2021

London Quakers Property Trust

Contents

For the year ended 31 December 2021

Reference and administrative information ....................................................................................... 1 Trustees’ annual report ................................................................................................................... 3 Independent auditor’s report ....................................................................................................... 23 Statement of financial activities (incorporating an income and expenditure account) ................... 28 Balance sheet ............................................................................................................................... 29 Statement of cash flows ................................................................................................................ 30 Notes to the financial statements ............................................................................................... 31

London Quakers Property Trust

Reference and administrative information

For the year ended 31 December 2021

Company number 6942084 Country of incorporation England and Wales Charity number 1141797 Country of registration (England & Wales, Scotland or Northern Ireland) Registered office and operational address Friends House Euston Road London NW1 2BJ

Trustees: Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Mary Bernadette O'Shea - Clerk
Linda Craig
Michael Charles
Randal Barker
Jenny Moy
Jonathan Pettigrew
Thomas Rowlands to December 2021
Peter Daniels
Christine Downes-Grainger
David Robson to March 2022
Richard Martin - Treasurer
Denise James-Mason from January 2021
Sarah Totterdell to February 2022
Oliver Griffiths from January 2021 to January 2022
John Smith from March 2021
Susan Balmer from February 2021 to February 2022
Staff:
Manager John Dash to March 2022
Project Manager Kathleen Russell to May 2022
Finance Officer Shamini Perinparaj
Interim Manager Oliver Griffiths from January 2022 to 10 June 2022
Property Manager John Dash from April 2022
Senior Manager Beatriz Fernandez from 6 June 2022
Premises support Vanessa Traini from 3 May 2022

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London Quakers Property Trust

Reference and administrative information

For the year ended 31 December 2021

Bankers CAF Bank Limited Virgin Money Kings Hill Jubilee House West Malling Gosforth Kent Newcastle upon Tyne ME19 4TA NE3 4PL Triodos Bank Charity Bank Deanery Road 182 High Street Bristol Tonbridge BS1 SAS TN9 1BE Shawbrook Bank Lutea House, Warley Hill Business Park, The Drive, Great Warley, Brentwood CM13 3BE Solicitors Russell-Cooke LLP 2 Putney Hill Putney London SW15 6AB Investment Managers Rathbone Greenbank Investments 10 Queen Square Bristol BS1 4NT Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor Invicta House 108-114 Golden Lane LONDON EC1Y 0TL

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

The trustees present their report and the audited financial statements for the year ended 31 December 2021.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

Clerk’s statement

This report covers the work of the Trust in 2021. It was another challenging year as we all continued to grapple with the impact of the pandemic. We remain grateful to friends across London and our staff for their ongoing management of our Meeting Houses in such difficult circumstances.

Finances remained stretched in 2021 but with the benefit of our healthy reserves, trustees agreed to maintain our programme of annual works and to deliver the agreed major works projects. We did however make a minute in November 2020 that any new major projects (physical or administrative) coming forward in 2021 would need to be funded from other sources. We know this caused concern amongst some friends but was made in the light of the unknown length of the pandemic and our need to ensure our reserves remained within the agreed policy of the trust.

During 2021 a key focus for trustees was completing the staffing options project that we had started back in 2019. In 2020 LQPT appointed professional HR advisers and, with their input, planned and managed the necessary consultation with staff before agreeing the final changes to the arrangements in July 2021. This was followed by work to deal with staffing changes arising from that decision and by the end of the year we were in a position to advertise for two new posts; a new Senior Manager post to oversee the work of the team and to support the work of trustees and a new Premises Committee Support worker to provide day to day support to friends across London in managing their meeting houses. Both these staff are now in post.

Alongside this project we continued to deliver the quinquennial programme and the agreed major works project at Forest Hill Meeting House to create first floor flats to generate much needed income. Staff responded to urgent requirements.

In 2021 the Governance Committee addressed the outstanding issue of necessary revisions to the Articles of Association. These were considered by trustees in late 2021 and then forwarded to our member Area Meetings for discernment. We hope to complete this task in 2022. LQPT continued to actively engage with the Quaker Pan-London Governance Project, and we look forward to seeing that matter progress further in 2022.

One significant change in 2021 was the transfer of Leigh-on-Sea Meeting from North East Thames Area Meeting to Mid Essex Area Meeting. The ownership of the Meeting House has been transferred from LQPT to Mid Essex Area Meeting/Friends Trusts Ltd. The impact of this is reflected in the financial out-turn for 2021. Nearer to home and in line with our overall strategy ‘Fewer but better’ Trustees also began to give thought to how best to use the buildings now vacated as meeting houses (Purley, Edgware and Harlow); a working group has been established to develop options for trustee consideration in 2022.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

Finally in 2021 we worked on three key documents for LQPT: first an updated Meeting House guide; second a Staffing Handbook; and third a collation of Governance Policies. We hope that all three will be available in 2022 and will be posted on the long-awaited LQPT website.

During 2021 trustees held a number of on-line meetings with Premises Clerks, our member representatives and delegations from Area Meetings. We need to acknowledge the frustration sometimes voiced by friends about the responsiveness of the trust and the need for us to improve response times and openness. We want to be able to do this and hope that in 2022 friends will notice improvements.

Finally I want to end by thanking all the trustees who have served over the last year. There was so much to do, and the service given by some individuals was extraordinary. Thank you all for your time and commitment and upholding through a challenging year.

Bernadette O’Shea -Clerk

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

Objectives and activities

Purposes and aims

London Quakers Property Trust’s (LQPT) prime objective is to advance the religious purposes of the Religious Society of Friends (Quakers) in Britain. To achieve this, its main activity is to maintain, repair, preserve and insure the Quaker Meeting Houses, and other properties within the London area and to help pay for rented accommodation where appropriate.

The Trustees’ stated vision for London Quakers Property Trust is:

of working supportively with the London Quaker community to create a network of welcoming, well maintained sustainable and appropriate community buildings that lift the spirits.

Some will be beautiful and exciting as buildings; the historic Meeting Houses will root us in our past; some will be simple and ordinary; some will be rented rooms, but all will be friendly and welcoming.

We will achieve this by working constructively and joyfully together with members, attenders, Local and Area Meetings, releasing creativity and reducing the burden of maintenance, and our impact on the environment. Our buildings and structures will, we hope, empower us rather than burden us all, and help us to increase our spiritual reach across all of London's communities. In William Penn’s words, we seek “spiritual utility” so that we embody a glorious future for us and a new generation of Friends.

The prime objective is carried out through a system of pooled funds. LQPT receives all the rents and other income generated by the properties, and its investments, and pays the expenses of maintaining and operating the properties. All these funds and expenses are pooled into the General Fund, supplemented with an annual Quota levied on each Area Meeting according to its numerical membership. Quarterly financial returns are all sent directly from each Meeting House to LQPT with Area Meetings managing the Quota payments.

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

Within the Trust are eight properties which are classed ‘specie trusts’ and permanent endowments, and so are treated in our accounts as restricted funds. They are together called the “Six Weeks Meeting Charities”:

Bunhill Fields (part) – 1661 endowment, Croydon Meeting House and Adult School Hall, Epping Meeting House and burial ground, Hammersmith Meeting House, Kingston Meeting House, Uxbridge Meeting House, Long Lane Burial Ground, Walthamstow Meeting House (part).

The Charity Commission Scheme of 2016 governing the Six Weeks Meeting Charities and “altering and affecting” London Quakers Property Trust sets out the details.

Any money generated by these eight properties must, in the first instance, be spent on their maintenance. It has been agreed with the Charity Commission, however, that any surplus income arising may be accumulated and applied by LQPT as sole trustee for the upkeep and maintenance of all its properties. Any deficit arising, on the other hand, would be repaid to the specie trust out of the General Fund.

The General Fund is used for the maintenance and repair of all the property in the care of LQPT including the eight permanent endowment properties. (Ref: Note 20)

The Scheme also vested in the Trust all land which had previously been held by Friends Trusts Limited as nominee.

LQPT receives the net proceeds from the sale of any property, also into the pooled funds being held in trust for the benefit of all the Area Meetings.

Local management and oversight of the individual properties owned by LQPT is entrusted to (voluntary) Premises Committees which are appointed by each Area Meeting for each of the Local Meetings that occupy a Meeting House. Some of the Meeting Houses have paid staff who support the committees. LQPT engages the services of surveyors and other professionals to conduct Quinquennial surveys of the properties and to provide other professional services in connection with their maintenance, refurbishment and alteration.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

Achievements and performance

The charity's main activities are described below. Its charitable activities are aimed at supporting Quaker worship and witness in the London region, in particular by maintaining Quaker Meeting Houses and paying for rented accommodation for Quaker Meetings. This is undertaken to further London Quakers Property Trust’s charitable purposes for the public benefit.

Clearly a dominant feature of 2021 was the continuing impact of the Covid-19 pandemic which started to impact life in London in March 2020, and which we hope is easing as this is being written in mid-2022.

Having built up the charity’s reserves from zero over the last fifteen years, these have proved to be sufficient for LQPT to continue to operate with confidence through these challenging times.

Throughout 2021 LQPT staff have been working on laptops from their homes. All meetings of staff and trustees have been held online via zoom. LQPT’s income has been severely dented.

Despite these restrictions during 2020 and 2021, LQPT has continued to operate at full capacity:

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

The LQPT staff (Manager, Finance Officer, Project Officer) have been successfully working from home since March 2020. However, the disconnection of staff from each other and trustees has been a real disadvantage. All meetings of staff and trustees have had to be held online via zoom since March 2020. This has worked well in overseeing the general governance of the organisation, but the lack of personal connections and social interactions has been a loss. The opportunities to start meeting face to face again in 2022 has been welcome.

The key impact of the pandemic on LQPT has of course been that income has been severely impacted. This almost dried up during the lockdowns and will take time to fully recover.

Support has been provided to local staff and volunteers in managing the changing rules and regulations relating to places of worship and community use of buildings. LQPT committed early on to keeping cleaners, wardens and caretakers engaged throughout and has been providing sufficient funds as floats to cover all the local operating costs of Meeting Houses.

During 2021 Quinquennial Condition Surveys and Reports were completed at:

Finchley, Walthamstow and Edgware Meeting Houses. Work arising from surveys was caried out at: Ealing, New Barnet, Bromley and Sutton Meeting Houses.

Along with general maintenance these works included measures to reduce the energy consumption of the buildings whilst improving comfort levels and considered issues around accessibility.

The main work at Muswell Hill was delayed until 2022 due to timing issues for contractors and holidays for the building users.

Other works were carried out in 2021 at the following Meeting Houses:

The development of three flats over Forest Hill Meeting House was completed and they were let out in Jan 2022.

The new Hammersmith Meeting House won the Hammersmith Society Environment Award.

“This is a special jewel in the Bradmore Park Road street environment. It celebrates the opportunity of an open site to create a graceful pause in the line of Victorian terraces, each side sharing its front landscaping with the street. With its simple brick single storey walls, it provides an effective foil to the decorated Victorian terraces. It is softly radiused to create an inviting entrance; with artful metalwork on the gates and fence screens offering glimpses through to the meadow garden inside. The high rotunda reveals itself in longer street views, a sculptural form which expresses the Meeting Room, the heart of the building within. The

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

Meeting House provides for communal facilities as well as Quaker activities, joining with the Grove Neighbourhood Centre opposite to complete this cultural centre to Brackenbury.”

During the year Harlow Meeting decided to move out of the Meeting House and to meet in a rented room in the future. LQPT staff have assisted Harlow Meeting and North East Thames Area Meeting in this transition. Property Guardians have been in residence in the building to provide security. The house that was rented from the council for the warden to live in has been refurbished by LQPT to a standard for return to the council. Now in mid 2022 LQPT are currently negotiating leasing the building out whilst longer term plans for the site are worked up.

‘ Sustainability’

In 2011 Britain Yearly Meeting (the national body of Quakers) committed to becoming “a low carbon, sustainable community” in its ‘Canterbury Commitment’. In 2012 Six Weeks Meeting (predecessor to London Quakers Property Trust) recognised its role in reducing the energy consumption of the buildings in its care.

In the Meeting Houses in London, as part of the ongoing maintenance work, loft spaces have been insulated and cavity walls have been insulated where appropriate. When boilers are replaced, it is with the most efficient new boilers available with appropriate control systems.

At Croydon and Westminster heating systems have been installed this year with new gas boilers but that will facilitate easy connection to heat pumps in the future.

Where appropriate, remote control systems are included so that building managers can adjust the heating for changing hiring patterns without having to be present in the building.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

Other issues

Policies

An external consultant was commissioned to produce a suite of policies for LQPT taking into account general good practice and guidelines from similar organisations. These draft policies were received towards the end of 2019. The sub-committees of LQPT are currently working through them, editing to fit with how LQPT operates.

Website

Work was carried out with an external web site developer to design and construct a web site platform. It was populated during 2021. Management changes in 2022 have caused a change in direction on this.

Pan London Governance

With demographic and other changes impacting on how Quakers are structured and organised across London meetings have been held to consider how systems could be changed. This is not directly related to the work of LQPT but may well impact the governance structures.

Staffing

During 2021 the changes to the staff structure of LQPT have been progressed.

An interim Senior Manager was appointed from January to June 2022. The new Premises Support worker started in May 2022 and The new Senior Manager started in June 2022.

Equality, Diversity & Inclusion

LQPT trustees are appointed by the member Area Meetings form their membership. A small number can be co-opted. They must all be members of the Religious Society of Friends (Quakers) in Britain. Trustees are from diverse career paths and backgrounds and from all sections of the community, regardless of age, disability, ethnicity, gender, gender expression, sexual orientation and transgender status. Trustees are actively considering what more could be done to ensure the group is as diverse and inclusive as possible.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

Financial Review

INCOME

Donations and legacies

During 2021, LQPT received the regular annual grant of £20,000 from North East Thames Quaker Trust. We received a donation of £155,967 from Kingston Friends Trust of which £115,163 was towards the quinquennial costs and photovoltaic panel installation costs at Kingston Meeting House. The balance £41,804 was for the quinquennial costs at Streatham and Brixton. We also received a donation of £10,616 from the Wanstead Meeting House towards the replacement windows at Wanstead MH.

Charitable activities

Meeting House room hire generated £530k in 2021 – a increase of £90k (20%) on 2020 (Note3) The income from investment property rents decreased by £23k (15%). Bank interest received reduced by £15k (62%) (Note5).

Fundraising

LQPT income is made up of the surplus generated from use of the Meeting Houses, some investment income and an annual ‘quota’ or voluntary contribution levied on the membership via the Area Meetings.

It does not therefore carry out any fundraising.

EXPENDITURE

Charitable activities (Note 6a)

Expenditure by local meetings amounted to £416k during the year, a decrease of 9% (£39k) on 2020.

The increase in Meeting House room hire income compared to last year resulted in a net rent of £114k. The net rent figure for 2020 was - £15k.

Major and minor repairs to Meeting Houses totalled £729k during the year, a 26% decrease on 2020 (£985k). We spent £122k on Uxbridge MH, £91k on Brentford & Isleworth MH, £70k on Winchmore Hill MH, £61k on Ealing MH, £48k on Sutton MH, £35k on Bromley MH, £32k on Muswell Hill, £29k on Croydon and £29k on Westminster.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

ASSETS

Meeting House insured replacement valuations

The value of the meeting houses transferred from Six Weeks Meeting at the start of 2017 is the deemed cost for LQPT. See note 1 (j).

Investments (Note 16)

LQPT investment portfolio’s value increased by £67k. Investment income (dividends) decreased by £1.5k compared to last year.

Investment properties have been shown separately. In the 2019 accounts flats that form part of Meeting Houses but are currently let out commercially to generate income for the trust were added to the list of investment properties. The value of the remaining section of the building still being used for the charitable purposes was reduced by a percentage of the deemed cost according to floor area. In 2019 a formula was used to assess the value of these flats. In 2020 local estate agents were asked to provide commercial sale valuations. In the current year their value was increased by 4% based on the data from the Office for National Statistics. Three meeting houses (Edgware, Harlow & Purley) are shown under investments as they are no longer used for Quaker worship. They were professionally valued in 2021.

Cash at bank

At the end of 2021, LQPT’s cash at bank totalled £2.544m – a decrease of £856k on the year-end total for 2020. Cash and short-term deposits worth £856k were used up in 2021.

Debtors

Debtors increased by £79k at the end of the year compared to last year. Net rents receivable increased by £64k compared to 2020.

Creditors

Creditors decreased by £186k at the end of the year compared to 2020. This is mainly due to decrease in trade creditors by £303k.

Cash flow

Net income from operational activities amounted to £-735k by the end of the year (2020: - £151k).

Support costs

The above cost increased by £46k in 2021 compared to 2020. This is due to Legal & Professional fees increasing by £43k.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

Principal risks and uncertainties

LQPT has an established Risk Register which is reviewed by Trustees at regular intervals. This was reviewed and added to in response to the pandemic. The key controls used include:

The most significant ongoing risks identified in 2021 and their management are:

The switch to remote working in 2020-21 has shown that digital backup systems and online working has been found to be effective and robust, enabling the work to continue with little interruption apart from restricted access to paper information for the audit.

The biggest impact has been loss of income from room hire over the last two years. The risk of a health pandemic was not in trustees’ thinking but building up reserves in preparation for an

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

unknown, uncontrollable event has been. This put LQPT in a strong position to respond to the situation. Serious consideration will need to be given to how reserves are managed over the next few years given the lack of clarity as to how any recovery in the use of public space and community buildings will proceed.

There may also be unforeseen outcomes from the changes in lifestyles that we have all been faced with over the last two years.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

Reserves policy and going concern

Reserves policy

Reserves are maintained for:

  1. LQPT’s potential contributions to foreseeable major (capital) projects for new meeting houses or for major improvements to them.

  2. Commitments and contingencies not recognised as liabilities in the accounts.

  3. Estimated shortfall in the next five years in the investment income, quota and net rents receivable compared to the expenditure on the quinquennial surveys, other maintenance expenditure on the properties and on LQPT’s central costs.

  4. The uninsured risks arising from the management of the meeting houses, based on past experience with the buildings, contractors’ insolvencies and staff and on recent experience of 18 months of disruption resulting from the covid-19 outbreak.

  5. Working capital covering five months’ forecast expenditure.

Trustees estimate that currently £3.5 to 4.0 million (2020 £4 to 4.5 million) is needed to cover the

5 matters listed above. The available reserves are estimated as follows:

£ million
Total funds per the balance sheet 38.9
Less:
Endowment and restricted funds 11.5
Other meeting houses 17.3
Investment properties that are part of
meeting houses		 4.4
Available reserves 5.7
Represented by:
Other investment properties 2.5
Investment portfolio 0.7
Cash and other net current assets 2.5
Total 5.7

Going concern

As the activities at the meeting houses recover from the covid-19 disruption the trustees expect there may continue to be some losses. Forecasts have been prepared for the next 5 years and the level of losses in that period are more than covered by the available reserves as noted above. The trustees will be making changes as the recovery proceeds that will bring the operating income and expenditure more in balance.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

Plans for the future

I n January 2020 LQPT Trustees approved a 10 Year Strategy document.

The strategic direction of fewer but better meeting houses has been developed with and accepted by all seven-member Area Meetings.

LQPT's charitable objects are:

"for the public benefit to advance the religious purposes of the Religious Society of Friends (Quakers) Great Britain and in particular (but not exclusively) to maintain, repair, preserve and insure Quaker Meeting Houses and other properties owned or used by Quakers in Great Britain and their contents”.

The Strategy

Aims

How to achieve aims

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

Fewer

Better

Improving building stock

Increasing Central services

Alignment/communication

Financial

Social benefit

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

Structure, governance and management

London Quakers Property Trust (LQPT) is a registered charity and company limited by guarantee incorporated on 23[rd] June 2009 and registered as a charity on 9[th] May 2011. The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association. It exists to maintain, repair, preserve and insure the Quaker Meeting Houses and their contents within the London area.

On 1[st] January 2017 LQPT took over the assets, liabilities and operations of Six Weeks Meeting. The origins of SWM date back to 1671 when it was established by George Fox, who later clarified its prime responsibility for property in his advice of 1690. Monthly Meetings, both in the City of London and in the county of Middlesex, were asked to choose faithful Friends to attend to SWM’s business. The principles of mutual help and mutual responsibility through a system of pooled funds were to be the basis of SWM’s operation.

The Area Meetings in the London Area which make up London Quakers Property Trust are currently:

London West Area Meeting, North West London Area Meeting, North London Area Meeting, North East Thames Area Meeting, South East London Area Meeting, South London Area Meeting, Kingston & Wandsworth Area Meeting. The seven Area Meetings are the members of the company. They each appoint a ‘member’s representative’.

The Trustees of LQPT are appointed by the seven Area Meetings within the London area. All Trustees are members of the Religious Society of Friends (Quakers). Each Area Meeting is asked to appoint two or three Trustees to serve for a period of three years with the possibility of being reappointed twice for a total of up to nine years. Area Meetings use a Quaker Nominations Process to appoint new Trustees.

All new Trustees are provided with a pack of information regarding the role of a Trustee, the activities of LQPT over the last year, recent annual accounts, reports and background information on the history and function of LQPT. Trustees report back to their Area Meetings on the activities of LQPT at least once a year.

The Clerk of LQPT Trustees is appointed by the Trustees as are the Treasurer and Assistant Clerk, to serve for a period of three years (usually). Trustees meet six times a year. There are currently sub-committees considering the following specific areas: Finance, Governance, Staffing, Technical

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London Quakers Property Trust

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and Nominations. The Officers (Clerk, Assistant Clerk and Treasurer) meet with the Manager midway between the six annual Trustees meetings.

LQPT Trustees make decisions, in meetings held as meetings for worship for business in accordance with Quaker Faith & Practice, on major matters including establishing policies and strategy. Staff have delegated powers to make routine day-to-day decisions.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

Related parties and relationships with other organisations

Pollard & Dickson Trust

Trustees of LQPT are also managing Trustees of the Pollard & Dickson Trust (PDT). The Staff of LQPT spend a portion of their time on work for PDT, which remits to LQPT a sum equivalent to approximately 3% of the latter’s administrative, financial, office rental and operating expenses.

Area Meetings

The Trustees of London Quakers Property Trust are appointed by the seven Area Meetings in the LQPT area. London Quakers Property Trust is accountable to the constituent Area Meetings through their appointed Trustees and general meetings of members representatives, for careful stewardship of the pooled funds and assets which London Quakers Property Trust holds on their behalf.

Remuneration policy for key management personnel

All Trustees give of their time freely and no trustee remuneration was made in the year. Details of Trustees’ expenses are disclosed in Note 10 to the accounts.

The day-to-day administration of LQPT is delegated to the LQPT Staff. In 2021 these were LQPT Manager and Finance Officer. The Project Manager worked approximately one week a month on specific projects.

The pay of the charity’s staff is reviewed annually by trustees.

Statement of responsibilities of the trustees

The trustees (who are also directors of London Quakers Property Trust for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2021

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

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

The trustees’ annual report has been approved by the trustees on 18 July 2022, by minute LQPT22/42 and signed on their behalf by

Mary Bernadette O’Shea Trustee – Clerk

Richard Martin Trustee - Treasurer

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Independent auditor’s report

To the members of

London Quakers Property Trust

Opinion

We have audited the financial statements of London Quakers Property Trust (the ‘charitable company’) for the year ended 31 December 2021 which comprise the statement of financial activities, balance sheet, statement of cash flows and 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).

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 charitable company 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 London Quaker Property Trust'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.

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Independent auditor’s report

To the members of

London Quakers Property Trust

Other Information

The other information comprises the information included in the trustees’ annual report, 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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Independent auditor’s report

To the members of

London Quakers Property Trust

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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:

25

Independent auditor’s report

To the members of

London Quakers Property Trust

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

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

26

Independent auditor’s report

To the members of

London Quakers Property Trust

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman (Senior statutory auditor) 30 August 2022

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

27

London Quakers Property Trust

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2021

Note
Income and endowments from:
2
3
4
4
5
6
6
6
16
14
15
20a
Reconciliation of funds:
Total funds carried forward
Total funds brought forward
Net gains on investments
Transfers between funds
Net income / (expenditure) before other
recognised gains and losses
Net income for the year
Revaluation of investment properties
Net Income before net gains on
investments
Revaluation of Freehold properties
Net movement in funds
Total expenditure
Charitable activities
Fixed Asset disposal
Expenditure on:
Other Income
Donations and legacies
Charitable activities
Investments
Total income
Raising funds
Other - Hammersmith		 Unrestricted
£
20,000
522,791
8,246
-
132,331		 Restricted &
Endowments
£
167,583
217,842
-
-
16,361		 2021
Total
£
187,583
740,633
8,246
-
148,692		 Unrestricted
£
20,000
494,062
4,091
283,598
172,546		 Restricted &
Endowments
£
37,405
156,365
2,620
2,531,369
12,485		 2020
Total
£
57,405
650,427
6,711
2,814,967
185,031
683,368 401,786 1,085,154 974,297 2,740,244 3,714,541
29,494
1,064,736
315,000		 -
311,758
-		 29,494
1,376,494
315,000		 31,559
1,425,708
264,000		 -
188,433
-		 31,559
1,614,141
264,000
1,409,230 311,758 1,720,988 1,721,267 188,433 1,909,700
67,331
25,303
995,813
(725,862)		 -
-
11,000
90,028		 67,331
25,303
1,006,813
(635,834)		 34,286
-
300,992
(746,970)		 -
-
(388,266)
2,551,812		 34,286
-
(87,274)
1,804,841
362,586
90,028		 101,028
(90,028)		 463,613
-		 (411,692)
18,559		 2,163,546
(18,559)		 1,751,853
-
452,614
452,614
26,904,511		 10,999
10,999
11,533,910		 463,613
463,613
38,438,420		 (393,133)
(393,133)
27,297,645		 2,144,987
2,144,987
9,388,922		 1,751,853
1,751,854
36,686,567
27,357,124 11,544,910 38,902,034 26,904,511 11,533,910 38,438,421

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 20a to the financial statements.

Income and expenditure on the endowment funds are outlined in note 7.

28

London Quakers Property Trust

Company no. 06942084

Balance sheet

As at 31 December 2021

Note
£
Fixed assets:
14
15
16
Current assets:
17
211,384
-
2,543,880
2,755,264
Liabilities:
18
(202,255)
20a
21,676,060
5,681,064
Total unrestricted funds
Investment properties
Debtors
Endowment funds
Unrestricted income funds:
Designated funds
Restricted Funds
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets
Investments
Cash at bank and in hand
Tangible assets
Short term deposits
General funds
Total charity funds		 Note
£
Fixed assets:
14
15
16
Current assets:
17
211,384
-
2,543,880
2,755,264
Liabilities:
18
(202,255)
20a
21,676,060
5,681,064
Total unrestricted funds
Investment properties
Debtors
Endowment funds
Unrestricted income funds:
Designated funds
Restricted Funds
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets
Investments
Cash at bank and in hand
Tangible assets
Short term deposits
General funds
Total charity funds		 2021
£
28,423,196
7,189,868
735,961		 £
132,153
500,000
2,899,384		 2020
£
30,156,880
4,475,068
663,360
36,349,025
2,553,009		 35,295,308
3,143,113
2,755,264
(202,255)		 3,531,537
(388,424)
21,676,060
5,681,064		 22,020,945
4,883,566
38,902,034 38,438,421
11,517,509
27,401
27,357,124		 11,506,509
27,401
26,904,511
38,902,034 38,438,421

Approved by the trustees on 18th July 2022 and signed on their behalf by

Mary Bernadette O'Shea Richard Martin Chair Treasurer

29

London Quakers Property Trust

Statement of cash flows

For the year ended 31 December 2021

Note
£
£
Cash flows from operating activities
Net income for the reporting period
463,613
(as per the statement of financial activities)
(1,099,447)
315,000
-
(10,995)
(8,915)
(128,782)
(79,231)
(186,169)
Net cash used in operating activities
(734,926)
(77,787)
65,193
500,000
(264,000)
8,915
10,995
128,782
Movement in cash investment balances
7,324
379,422
(355,504)
2,899,384
2,543,880
Cash and cash equivalents at the beginning of the
year
Net cash provided by investing activities
Cash flows from investing activities:
Payments to acquire investments
Interest received
Dividends received
Cost of construction of investment properties
Rents from investment properties
Receipts from redeption of short term deposits
Receipts from sale of investments
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Increase/(decrease) in creditors
2021
Disposal of fixed assets
Dividends received
Interest received
Gains on investment and revaluation
(Increase)/decrease in debtors
Gain on new Hammersmith MH
Rents from investment properties		 Note
£
£
Cash flows from operating activities
Net income for the reporting period
463,613
(as per the statement of financial activities)
(1,099,447)
315,000
-
(10,995)
(8,915)
(128,782)
(79,231)
(186,169)
Net cash used in operating activities
(734,926)
(77,787)
65,193
500,000
(264,000)
8,915
10,995
128,782
Movement in cash investment balances
7,324
379,422
(355,504)
2,899,384
2,543,880
Cash and cash equivalents at the beginning of the
year
Net cash provided by investing activities
Cash flows from investing activities:
Payments to acquire investments
Interest received
Dividends received
Cost of construction of investment properties
Rents from investment properties
Receipts from redeption of short term deposits
Receipts from sale of investments
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Increase/(decrease) in creditors
2021
Disposal of fixed assets
Dividends received
Interest received
Gains on investment and revaluation
(Increase)/decrease in debtors
Gain on new Hammersmith MH
Rents from investment properties		 Note
£
£
Cash flows from operating activities
Net income for the reporting period
463,613
(as per the statement of financial activities)
(1,099,447)
315,000
-
(10,995)
(8,915)
(128,782)
(79,231)
(186,169)
Net cash used in operating activities
(734,926)
(77,787)
65,193
500,000
(264,000)
8,915
10,995
128,782
Movement in cash investment balances
7,324
379,422
(355,504)
2,899,384
2,543,880
Cash and cash equivalents at the beginning of the
year
Net cash provided by investing activities
Cash flows from investing activities:
Payments to acquire investments
Interest received
Dividends received
Cost of construction of investment properties
Rents from investment properties
Receipts from redeption of short term deposits
Receipts from sale of investments
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Increase/(decrease) in creditors
2021
Disposal of fixed assets
Dividends received
Interest received
Gains on investment and revaluation
(Increase)/decrease in debtors
Gain on new Hammersmith MH
Rents from investment properties		 £
£
1,751,853
52,988
264,000
(2,531,369)
(9,529)
(23,701)
(142,479)
189,100
298,032
(151,104)
(78,651)
51,841
1,752,505
(415,000)
23,701
9,529
142,479
22,342
1,508,747
1,357,642
1,541,742
2,899,384
2020		 £
£
1,751,853
52,988
264,000
(2,531,369)
(9,529)
(23,701)
(142,479)
189,100
298,032
(151,104)
(78,651)
51,841
1,752,505
(415,000)
23,701
9,529
142,479
22,342
1,508,747
1,357,642
1,541,742
2,899,384
2020
(734,926)
379,422		 (151,104)
1,508,747
(355,504)
2,899,384		 1,357,642
1,541,742
2,543,880 2,899,384

30

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies

a) Statutory information

London Quakers Property Trust is a charitable company limited by guarantee and is incorporated in England and Wales.

The registered office address and principal place of business, is Friends House 173, Euston Road, London, NW1 2BJ.

b) 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 Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period that would affect the going concern assumption.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

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.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Income from lettings is recognised on a quarterly as reported and remitted by each meeting house administrator.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

31

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies (continued)

g) Fund accounting

Endowment funds are restricted funds in which the capital must be preserved, these are to be used for specific purposes as laid down by the donor. Income from these is permitted to be transferred to unrestricted funds on a quarterly basis. Expenditure which meets the criteria laid down by the donor is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Restricted funds are donations and other incoming resources received to be spent on a particular meeting house. It also includes funds received from Area Meetings to be spent on the Pan London Project.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on expenditure, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity:

100%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

32

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies (continued)

j) Tangible fixed assets

The land and buildings of the meeting houses are included at cost subject to depreciation. The value of the meeting houses transferred from Six Weeks Meeting at the start of 2017 is the deemed cost for LQPT. Given the value of the land element in the carrying value and the programme of maintenance of the buildings, any depreciation in relation to the meeting houses is considered immaterial. Works to the properties are not capitalised, as they are maintaining the property to a reasonable standard, so no depreciation is charged against MH's value, further to this a significant value of each property is in land, which has infinite useful economic life. Major additions to those meeting houses will be included at their cost and depreciated over their expected life.

Items of equipment are capitalised where the purchase price exceeds £5,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Following the change in accounting standards mixed use properties (held for charitable purposes and investment) must now be split and the two components presented separately. For LQPT this has applied to the flats attached to meeting houses that are rented out externally. Amounts representing the flats have been transferred from tangible fixed assets to investment properties and they have been revalued from deemed cost to fair value.

In order to recognise the full value of the property donated to Mid Essex Area Meeting the Leigh on Sea Meeting House was revalued to £315,000, resulting in a gain on disposal of £25,303 being recognised in SOFA.

k) Investment properties

Investment properties are measured initially at cost and subsequently included in the balance sheet at fair value. Investment properties are not depreciated. Any change in fair value is recognised in the statement of financial activities. The valuation method used to determine fair value will be stated in the notes to the accounts.

l) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing

quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

m) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

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. Short terms deposits are cash investments with a maturity of more than 3 months and up to 1 year.

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

p) Pensions

Employer contribution of upto 8% is made into a defined contribution pension scheme operated by NEST.

33

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2021

2 Income from donations and legacies

Donations and legacies
Grants from Trusts		 Unrestricted
£
-
20,000		 £
167,583
-
Restricted		 2021
Total
£
167,583
20,000		 Unrestricted
£
-
20,000		 £
37,405
-
Restricted		 2020
Total
£
37,405
20,000
20,000 167,583 187,583 20,000 37,405 57,405

3 Income from charitable activities

Meeting House lettings
Quota
Total income from
charitable activities		 Unrestricted
£
312,493
210,298		 £
217,842
-
Endowments		 2021
Total
£
530,335
210,298		 Unrestricted
£
283,964
210,098		 £
156,365
-
Endowments		 2020
Total
£
440,329
210,098
522,791 217,842 740,633 494,062 156,365 650,427

4 Income from other trading activities

Unrestricted
£
2,351
2,130
3,765
-
8,246
Unrestricted
£
8,915
112,421
10,995
132,331
Income from investments
Pollard & Dickson admin
fee
Bank interest
Dividends
Income from investment
Hammersmith
Ground rents
Other income		 Unrestricted
£
2,351
2,130
3,765
-		 £
-
-
-
-
Endowments		 2021
Total
£
2,351
2,130
3,765
-		 Unrestricted
£
2,211
1,880
-
283,598		 £
-
120
2,500
2,531,369
Endowments		 2020
Total
£
2,211
2,000
2,500
2,814,967
8,246 - 8,246 287,689 2,533,989 2,821,678
£
-
16,361
-
Endowments		 2021
Total
£
8,915
128,782
10,995		 Unrestricted
(Restated)
£
23,701
139,316
9,529		 £
-
12,485
-
Endowments		 2020
Total
(Restated)
£
23,701
151,801
9,529
132,331 16,361 148,692 172,546 12,485 185,031

5 Income from investments

34

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2021

6a Analysis of expenditure (current year)

Staff costs (Note 10)
Investment management
Investment property
management
Direct costs
Local MH expenditure
Major repairs, minor
Insurance
Surveyor's fees &
expenses
Support costs
Bank charges
Office rent
Printing, stationery &
consumables
Office Equipment
Consultancy
Legal & professional fees
Meeting costs
Sundry
Staff Recruitment &
Training
Auditors Remuneration
Trustees expenses
New Website
New software for MHs
London Quakers Project
Fixed Asset Disposal
(Forest Hill)
Fixed Asset Disposal
(Leigh on Sea)
Governance costs
Support costs
Total expenditure 2021
Total expenditure 2020		 Raising funds
£
-
5,882
7,818
15,793
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Charitable
activities
£
-
-
-
416,353
729,488
37,665
9,624
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Fixed asset
Disposal
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
315,000		 Governance
costs
£
4,353
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13,800
-
-
-
-
-
-		 Support
costs
£
82,709
-
-
-
-
-
-
110
6,280
1,660
-
11,046
51,366
183
3,014
222
-
6,336
2,285
-
-
-		 2021 Total
£
87,062
5,882
7,818
432,146
729,488
37,665
9,624
110
6,280
1,660
-
11,046
51,366
183
3,014
222
13,800
-
6,336
2,285
-
-
315,000		 2020 Total
Restated
£
86,409
5,110
9,322
472,611
985,024
32,984
8,184
-
6,100
1,458
2,329
9,963
7,919
963
1,649
-
8,700
23
6,336
-
615
264,000
-
29,494
-
-		 1,193,130
18,153
165,211		 315,000
-
-		 18,153
(18,153)
-		 165,211
(165,211)
-		 1,720,988
-
-		 1,909,700
-
-
29,494 1,376,494 315,000 - - 1,720,988 -
31,559 1,614,141 264,000 - - - 1,909,700

Note: Leigh on Sea meeting house has been transferred to Mid Essex Area Meeting.

35

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2021

Staff costs (Note 10)
Investment management
Investment property
management
Direct costs
Local MH expenditure
Major repairs, minor
Insurance
Surveyor's fees & expenses
Support costs
Bank charges
Office rent
Printing, stationery &
consumables
Office Equipment
Consultancy
Legal & professional fees
Meeting costs
Sundry
Staff Recruitment & Training
Auditors Remuneration
Trustees expenses
New Website
London Quakers Project
Fixed Asset Disposal (Forest
Hill)
Governance costs
Support costs
Total expenditure 2020		 Raising funds
£
-
5,110
9,322
17,127
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Charitable
activities
£
-
-
-
455,484
985,024
32,984
8,184
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Fixed asset
Disposal
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
264,000		 Governance
costs
£
4,320
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,700
23
-
-
-		 Support costs
£
82,088
-
-
-
-
-
-
-
6,100
1,458
2,329
9,963
7,919
963
1,649
-
-
-
6,336
615
-		 2020 Total
£
86,409
5,110
9,322
472,611
985,024
32,984
8,184
-
6,100
1,458
2,329
9,963
7,919
963
1,649
-
8,700
23
6,336
615
264,000
31,559
-
-		 1,481,676
13,044
119,421		 264,000
-
-		 13,044
(13,044)
-		 119,421
-
(119,421)		 1,909,700
-
-
31,559 1,614,141 264,000 - - 1,909,700

The deemed cost of Forest Hill meeting house is £800,000. The floor area of the original flat was about 33% of the total MH. Therefore the fixed asset disposal is shown as £264,000 (33% of £800,000)

36

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2021

7a Endowment fund income & expenditure by Meeting House

Croydon
Epping
Hammersmith
Kingston
Uxbridge
Walthamstow
Long Lane BG
Bunhill Fields		 Gross rent
£
4,878
88,825
8,841
84
63,541
5,780
45,893
-		 £
4,315
50,013
3,148
4,535
29,515
9,091
43,558
-
Local running
cost		 2021
Net rent
£
563
38,812
5,693
(4,451)
34,026
(3,311)
2,335
-		 2020
Net rent
£
970
6,815
2,595
(5,145)
12,947
(787)
(11,441)
120
217,842 144,175 73,667 6,073

7b Endowment fund income & expenditure by Meeting House (prior year)

Croydon
Epping
Hammersmith
Kingston
Uxbridge
Walthamstow
Long Lane BG		 Gross rent
£
58,673
7,041
2,437
44,585
5,398
33,265
120		 £
51,858
4,447
7,582
31,637
6,185
44,706
-
Local running
cost		 2020
Net rent
£
6,815
2,595
(5,145)
12,947
(787)
(11,441)
120
151,518 146,415 5,103

37

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2021

8a Income & expenditure by Meeting House

Bethnal Green
Blackheath
Brentfd&Islwth
Bromley
Ealing
Epsom
Esher
Finchley
Forest Hill
Golders Green
Hampstead
Harlow
Harrow
Leigh on Sea
New Barnet
Purley
Richmond
Romford
`
Staines&Egham
Stoke Newington
Streatham
Sutton
Tottenham
Wandsworth
Wanstead
Westminster
Wimbledon
Winchmore Hill		 Gross rent
£
-
24,059
23,125
23,680
12,182
-
231
7,400
5,729
3,860
14,600
8,699
14,888
5,038
13,340
2,700
-
18,206
1,336
-
5,139
10,546
4,830
3,171
38,934
37,974
3,659
8,488		 £
832
21,728
18,654
8,377
12,398
-
6,001
7,569
11,568
11,917
11,325
8,039
10,506
3,719
6,568
651
2,068
4,669
3,637
3,320
4,013
8,755
4,855
5,851
22,510
38,419
2,544
19,391
Local running
cost		 2021
Net rent
£
(832)
2,331
4,471
15,303
(216)
-
(5,770)
(169)
(5,839)
(8,057)
3,275
660
4,382
1,319
6,772
2,049
(2,068)
13,537
(2,301)
(3,320)
1,126
1,791
(25)
(2,680)
16,424
(445)
1,115
(10,903)		 2020
Net rent
£
(357)
(1,937)
3,046
8,585
1,067
(1,416)
(4,676)
1,503
(7,626)
(3,891)
2,701
978
(4,178)
(50)
7,142
1,575
(1,949)
6,081
(2,638)
(4,221)
903
(20)
(140)
(7,248)
(7,234)
3,399
194
(5,821)
291,813 259,883 31,930 (16,226)

38

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2021

8b Income & expenditure by Meeting House (prior year)

Bethnal Green
Blackheath
Brentfd&Islwth
Bromley
Ealing
Epsom
Esher
Finchley
Forest Hill
Golders Green
Hampstead
Harlow
Harrow
Leigh on Sea
Muswell Hill
New Barnet
Purley
Richmond
Romford
Staines&Egham
Stoke Newington
Streatham
Sutton
Tottenham
Wandsworth
Wanstead
Westminster
Wimbledon
Winchmore Hill		 Gross rent
£
-
19,446
19,141
17,785
13,505
-
2,757
9,330
2,357
4,769
15,433
11,422
6,998
3,475
11,884
15,194
2,575
220
11,565
859
-
6,189
10,268
3,003
6,012
20,497
50,950
3,724
14,606		 £
357
21,383
16,095
9,200
12,438
1,416
7,433
7,827
9,983
8,660
12,732
10,444
11,176
3,525
16,441
8,052
1,000
2,169
5,484
3,497
4,221
5,286
10,288
3,143
13,260
27,731
47,551
3,530
20,427
Local running		 2020
Net rent
£
(357)
(1,937)
3,046
8,585
1,067
(1,416)
(4,676)
1,503
(7,626)
(3,891)
2,701
978
(4,178)
(50)
(4,557)
7,142
1,575
(1,949)
6,081
(2,638)
(4,221)
903
(20)
(140)
(7,248)
(7,234)
3,399
194
(5,821)
283,966 304,749 (20,783)

39

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2021

This is stated after charging :

This is stated after charging :
Audit
Part of the audit fees (£3,850) relates to previous year.
Auditor's remuneration (excluding VAT):		 2021
£
11,500		 2020
£
7,250
Employer's national insurance contributions
Staff costs were as follows:
Employer’s contribution to defined contribution pension schemes
Salaries and wages		 2021
£
77,563
4,292
5,207		 2020
£
76,025
5,215
5,169
87,062 86,409

No employee earned more than £60,000 during the year (2020: nil).

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £87,062 (2020: £86,409).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2020: £nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £nil (2020: £nil) incurred by 0 (2020: 0) members relating to attendance at meetings of the trustees.

11 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 2 (2020: 2).

Staff are split across the activities of the charity as follows (full time equivalent basis):

Staff are split across the activities of the charity as follows (full time equivalent basis):
Management and Administration 2021
No.
2.0		 2020
No.
2.0
2.0 2.0

12 Related party transactions

The Pollard and Dickson Trust and London Quakers Property Trust are connected charities, in that the charities are controlled by the same trustees. A management charge of £2,351 has been made by London Quakers Property Trust, in respect of the year ended 31 December 2021 (2020: £2,211). There balance outstanding at the year end £2,351 (2020: £4,282).

Total quota received in 2021 from Area Meetings was £210,298 (2020: £210,098) and amount outstanding was £6,656 (2020: £nil).

There are no other related party transactions to disclose for 2021 (2020: none).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

13 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

40

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2021

Deemed cost
At the start of the year
At the end of the year
At the end of the year
Charge for the year
Eliminated on disposal
Net book value
At the start of the year
At the end of the year
Transfers to investment properties (Forest
Hill, Harlow, Purley)
Depreciation
At the start of the year
Additions in year
Disposals in year (Leigh on Sea)
Revaluation during the year (Leigh on Sea)		 Assets in
construction
£
415,000
264,000
(679,000)
-		 Endowment
Properties
£
11,156,003
-
-
-		 Freehold
Property
£
18,585,877
-
(1,028,987)
(315,000)
25,303		 Total
£
30,156,880
264,000
(1,707,987)
(315,000)
25,303
- 11,156,003 17,267,193 28,423,196
-
-
-		 -
-
-		 -
-
-		 -
-
-
- - - -
- 11,156,003 17,267,193 28,423,196
415,000 11,156,003 18,585,877 30,156,880

All of the above assets are used for charitable purposes.

No depreciation is charged on properties due to the high residual value of the land and the programme of regular maintenance carried out.

Disposals in the year: Purley MH ( £653,241) & Harlow MH (£375,746) have been transferred to Investment properties as they are no longer used for Quaker worship. Leigh on Sea meeting house has been transferred to Mid Essex Area Meeting.

Fair value at the start of the year
Transfers from fixed assets
Fair value at the end of the year
Revaluation during the year		 2021
£
4,475,068
1,707,987
1,006,813		 2020
£
4,147,917
414,425
(87,274)
7,189,868 4,475,068

The historical cost of the investment properties is £3,483,125 (2020: £1,813,138).

Harlow MH, Purley MH and Edgware MH were professionally valued in 2021. In the current year, valuation was obtained for 33, The Close from an estate agent. Last year's valuations for mixed use investment properties were obtained from estate agents. In the current year their value was increased by 4% being the general increase in house prices in London reported by the Office for National Statistics.

41

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2021

16 Listed investments

Deutsche Bahn Finance
Kreditanst Fur Wie
Lion Trust Investment
British government stocks
UK Gilts UCITS EFT
Treasury 7/8% stock 22/10/29
Treasury 7/8% Green Gilt 31/07/33
2.5% IL Treasury Stock 2024
Disposal proceeds
Additions at cost
Treasury 1/8% Gilt stock 10/08/31
Non-government bonds
Aberdeen Std Fund - Global IL Bond
EIB 2.5% bond
Collective & unit trusts
Listed investments comprise:
Movement in cash balance
Net gain on change in fair value
Historical cost of listed investments
Fair value at the end of the year
Fair value at the start of the year
British government stocks
Non-government bonds
Cash balances
Global investments
Equities
Listed investments (individual detail)
Rathbone Unit Trust Management
Royal London Unit Trusts
Lombard Odier Funds
Mirova Funds
0.125% IL Treasury Stock 2029
Treasury 1/8% IL stock 22/03/29		 Cost
£
12,385
12,274
2,211
18,774
-
7,989
5,732		 2021
£
663,360
77,787
(65,193)
67,331		 2020
£
624,605
78,651
(51,841)
34,286
743,285
(7,324)		 685,702
(22,342)
735,961 663,360
508,025
2021
£
61,811
135,571
204,751
111,727
183,423
38,677		 514,369
2020
£
57,326
117,416
183,418
90,914
168,285
46,001
735,960 663,360
2021
Market
Value
£
13,914
12,042
2,176
20,321

-
7,784
5,574		 2020
Market
Value
£
14,770
-
-
19,827
22,729
-
-
59,365 61,811 57,326
17,835
12,429
12,611
6,199
24,426
24,999
24,923
8,343
7,055		 19,287
12,250
12,082
5,972
25,597
25,098
20,230
8,127
6,928		 18,699
12,608
-
6,261
26,826
26,006
27,016
-
-
138,820 135,571 117,416

42

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2021

16 Listed investments (continued)

Global investments
Edentree Amity
F & C Funds Management
Fund Partners Ltd (IM WHEB)
Henderson Global
Impax Environmental
Menhaden Capital
Stewart Investors - Asia sustainability B acc
Stewart Investors
Collective & unit trusts
Brown Advisory Fund
Digital 9 Infrastructure plc
Foresight solar
Greencoat UK Wind plc
Harmony Energy Income TST plc
Renewables Infrastructure
Octopus Renew Infra Trust
Liontrust Investments Ltd
Equities
Bellway PLC
Clinigen Group
Civitas Social Housing
GlaxoSmithKline
Hikma Pharmaceuticals
Home Reit plc
Keller Group plc
Legal & General
Londonmetric Property Plc
Marshalls Group
Marks & Spencer
National Grid
Prudential plc
Relx Plc
Sage Group
Smith (D.S)
Smith & Nephew
SSE
Spirax - Sarco Engineering plc
St. Mowden Properties
Unilever
Victrex Plc
Vodaphone
Schroder Investment Management
Ecofins Renew
Coats plc
Experian plc		 -
21,980
22,226
18,604
6,536
8,300
6,710
6,341
13,422		 -
58,174
50,621
43,135
22,974
-
9,374
7,280
13,193		 -
48,373
43,617
17,745
8,217
36,645
9,792
-
19,030
104,119 204,751 183,418
23,066
6,000
5,017
7,070
7,205
5,500
6,184
9,255
8,214		 51,676
6,828
5,053
-
8,328
5,473
6,758
10,083
17,528		 39,030
-
5,138
7,175
7,381
-
6,426
10,351
15,413
77,511 111,727 90,914
4,744
5,947
3,982
4,345
6,179
12,759
4,838
6,200
5,701
2,869
5,118
5,840
13,759
3,546
5,958
1,947
-
5,567
5,772
2,324
6,237
-
6,405
3,720
4,454
-		 6,671
4,119
3,858
6,365
7,990
16,065
5,103
11,843
8,964
5,950
9,542
6,510
8,678
6,889
6,309
9,848
-
7,327
6,985
5,359
17,655
-
13,809
4,888
2,694
-		 5,910
3,038
4,173
6,192
6,109
13,420
5,791
6,696
6,352
5,324
7,710
7,027
5,111
5,623
6,668
7,349
5,820
7,151
8,154
4,875
12,425
4,400
15,372
4,692
2,903
-
128,211 183,423 168,285

43

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2021

17 Debtors

18
Prepayments
Taxation and social security
Creditors: amounts falling due within one year
Trade debtors
Accruals
Trade creditors		 2021
£
194,392
16,992		 2020
£
115,161
16,992
211,384 132,153
2021
£
146,907
2,098
53,250		 2020
£
333,514
2,187
52,723
202,255 388,424

19a Analysis of net assets between funds (current year)

19b
Investments
Net current assets
Tangible fixed assets
Investment properties
Tangible fixed assets
Investment properties
Analysis of net assets between funds (prior year)
Investments
Net current assets
Net assets at 31 December 2020
Net assets at 31 December 2021		 General
unrestricted
£
-
2,495,001
735,961
2,450,102		 Designated
£
17,267,193
4,408,867
-
-		 Restricted &
Endowment
£
11,156,003
286,000
-
102,907		 Total funds
£
28,423,196
7,189,868
735,961
2,553,009
5,681,064 21,676,060 11,544,910 38,902,034
General
unrestricted
£
-
1,180,000
663,360
3,040,206		 Designated
£
19,000,877
3,020,068
-
-		 Endowment
£
11,156,003
275,000
-
102,907		 Total funds
£
30,156,880
4,475,068
663,360
3,143,113
4,883,566 22,020,945 11,533,910 38,438,421

44

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2021

20a Movements in funds (current year)

Total endowment funds
General funds
Restricted Funds
Pan London Quakers Project
Endowment funds:
Bunhill Fields
Investments
Capital Funds
Total Designated funds
Investment property
Croydon
Total funds
Kingston
Total unrestricted funds
Non-endowment fund trust properties
Hammersmith
Uxbridge
Walthamstow
Long Lane BG
Unrestricted funds:
Designated funds
Epping
Sreatham
Kingston		 At 1st January
2020
£
326,015
4,341,289
508,363
2,990,000
1,971,880
619,157
749,805
-		 Income & gains
£
4,878
116,186
8,841
84
63,541
5,780
45,893
-		 Expenditure &
losses
£
4,315
50,013
3,148
4,535
29,515
9,091
43,558
-		 Transfers
£
(563)
(55,173)
(5,693)
4,451
(34,026)
3,311
(2,335)
-		 At 31
December 2021
£
326,015
4,352,289
508,363
2,990,000
1,971,880
619,157
749,805
-
11,506,509 245,203 144,175 (90,028) 11,517,509
27,401
-
-		 -
115,163
52,420
-
115,163
52,420
-
-
-		 27,401

-

-
27,401 167,583 167,583 - 27,401
19,000,876
3,020,069
-
-		 -
1,388,798
-
-		 315,000
-
-
-		 (1,418,683)
-
-
-		 17,267,193
4,408,867
-
-
22,020,945
4,883,566		 1,388,798
889,298		 315,000
1,094,230		 (1,418,683)
1,002,430		 21,676,060
5,681,064
26,904,511 2,278,096 1,409,230 (416,253) 27,357,124
38,438,421 2,690,882 1,720,987 (506,282) 38,902,034

The narrative to explain the purpose of each fund is given at the foot of the note below.

The designated funds represent the fixed assets of the charities (being the Meeting Houses in its care) together with those investment properties that are integral to the buildings of the Meeting Houses. As at the end of 2021 the trustees have decided that all the remaining unrestricted funds should be merged together as the general pooled funds which form the available reserves of LQPT (see page 12 of the Trustees’ Report).

Purposes of endowment funds

In the formation of LQPT there are 8 properties that form the "Six Weeks Meeting Charities". Under schemes dated 16 November 2016 the running costs and everyday maintenance are paid out of the individual income of each building before any surplus is transferred to the general fund each quarter.

Purpose of the restricted funds

Restricted funds represent donations and other incoming resources received to be spent on a particular meeting house. It also includes funds received from Area Meetings to be spent on the Pan London Project.

Transfer

Transfers from endowment fund to unrestricted funds represents the surplus or deficits recognised during the year.

45

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2021

20b Movements in funds (prior year)

Total restricted funds
Total designated funds
General funds
Total unrestricted funds
Designated funds
Uxbridge
Investments
Capital Funds
Restricted Funds
Pan London Quakers Project
Total funds
Bunhill Fields
Unrestricted funds:
Non-endowment fund trust properties
Investment property
Hammersmith
Kingston
Uxbridge
Walthamstow
Long Lane BG
Walthamstow MH
Croydon
Endowment funds
Epping		 At 1 January
2020
£
326,015
4,729,555
508,363
458,631
1,971,880
619,157
749,805
-		 Income & gains
£
4,967
71,158
7,041
2,533,806
44,585
5,398
33,265
120		 Expenditure &
losses
£
3,997
440,124
4,447
7,582
31,637
6,185
44,706
-		 Transfers
£
(970)
(19,300)
(2,595)
5,145
(12,948)
787
11,441
(120)		 At 31
December 2020
£
326,015
4,341,289
508,363
2,990,000
1,971,880
619,157
749,805
-
9,363,406 2,700,339 538,677 (18,559) 11,506,509
25,516
-
-		 2,500
17,405
20,000		 615
17,405
20,000		 -
-
-		 27,401

-

-
25,516 39,905 38,020 - 27,401
19,264,301
3,484,652
624,606
1,543,562		 -
300,992
34,286
-		 264,000
-
-
-		 575
(765,575)
(658,892)
(1,543,562)		 19,000,876
3,020,069
24,917,122 335,278 264,000 (2,967,454) 22,020,945
4,883,566
2,380,524 964,975 1,447,945 2,986,013
27,297,645 1,300,253 1,711,945 18,559 26,904,511
36,686,567 4,040,497 2,288,643 - 38,438,421

Purposes of designated funds

The designated funds represent the fixed assets of the charity and other cash funds held for capital improvement.

21 Legal status of the charity The charity is a company limited by guarantee and has no share capital.

46