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2023-12-31-accounts

Company number: 6942084 Charity Number: 1141797

London Quakers Property Trust

Report and financial statements. For the year ended 31 December 2023

London Quakers Property Trust

Contents

For the year ended 31 December 2023

Reference and administrative information ........................................................................................................... 1 Trustees’ annual report ........................................................................................................................................ 3 Independent auditor’s report .............................................................................................................................. 16 Statement of financial activities (incorporating an income and expenditure account) ........................................ 20 Balance sheet .................................................................................................................................................... 21 Statement of cash flows ..................................................................................................................................... 22 Notes to the financial statements ....................................................................................................................... 23

London Quakers Property Trust

Reference and administrative information

For the year ended 31 December 2023

Company number 6942084 Country of incorporation England and Wales Charity number 1141797 Country of registration (England & Wales) 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:

Caroline Nursey Clerk from Jan 2024 Mary Bernadette O'Shea Clerk until Dec 2023 Richard Martin Treasurer Catherine Bacon from September 2023 George Barrow Randal Barker until March 2023 Michael Charles Linda Craig Dugan Cummings from July 2023 Peter Daniels Oliver Griffiths until December 2023 Denise James-Mason until July 2023 Jenny Moy until May 2024 Judith Roads from May 2024 Robert Stephen Page from March 2023 John Smith Robert Campbell Smith from March 2024 Anne Wilkinson

Staff:

Senior Manager Beatriz Fernandez
Property Manager John Dash until January 2023
Premises Support Officer Vanessa Traini
Finance Officer Shamini Perinparaj_ACMA CGMA_
Building Surveyor Richard Djan Krofa from July 2023

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London Quakers Property Trust

Reference and administrative information

For the year ended 31 December 2023

Bankers

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
Nationwide Bank Shawbrook Bank
Nationwide House, Lutea House,
Pipers Way, Warley Hill Business Park,
Swindon, The Drive, Great Warley,
SN38 1NW 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
110 Golden Lane
LONDON
EC1Y 0TG

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2023

The trustees present their report and the audited financial statements for the year ended 31 December 2023.

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.

Clerk’s statement

Dear Friends,

2023 was the first year that LQPT operated with its new staffing structure which has made it possible to provide much more support to the volunteers on premises committees running Quaker meeting houses across London. We are providing regular information, drop-in sessions, and a popular away day as well as transferring some tasks from premises committees to the staff team. We are pleased that there has been such positive feedback about this.

Surveying work has been brought in-house, but the post of surveyor was not filled until more than halfway through the year so some of the planned periodic maintenance surveys & works were not completed until late 2023 or early 2024. This meant that less maintenance work was carried out during 2023 than had been intended, with less expenditure than budgeted leading to an operating surplus. The delayed work is being carried out in early 2024 alongside the surveys and work planned for the year - so we anticipate a significant deficit for 2024.

The pandemic posed severe challenges to LQPT with the collapse of income from hiring out our meeting houses. Although our income recovered during 2023 and almost reached 2019 levels, day-to-day costs in meeting houses increased by 24% in that period. Alongside this, it is becoming increasingly difficult to find Friends who are able to volunteer to look after our buildings, and the number of Quakers worshipping in some of our meeting houses has dropped. In response to these trends, trustees started work on a new strategy producing a draft for consultation with Quakers across London. Trustees hope to identify those meeting houses that are most important for Quaker worship across the city so that LQPT can invest in making them more accessible and more environmentally friendly.

During 2023, our Meeting House in Edgware was sold and Purley Meeting House was put on the market and has been sold during 2024. LQPT continued to ensure that the remaining 31 Meeting House in London were safe and secure for worship and that Quaker meetings worshipping in hired buildings or their own homes were supported.

I would like to thank Beatriz Fernandez and our staff team for all their work. I am very grateful to all those who serve on premises committees across London without whom we would not be able to provide places of worship for Quakers. And my thanks to all the trustees who served during 2023, and particularly those who completed their service during the year – Randall Barker who was Assistant Clerk, Oliver Griffiths who was Clerk of the Strategy Committee, Denise James-Mason who was a valued member of the Staffing Committee, and Bernadette O'Shea who was a trustee for nine years and served as Clerk for five years until December 2023. They all helped lead LQPT through the difficult years of the pandemic and a period of considerable change.

In friendship Caroline Nursey, Clerk

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2023

Objectives and activities

Purposes and aims

London Quakers Property Trust (LQPT)’s 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 the MH net rents (hire income minus MHs running costs), income generated by commercially let 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 remain 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.

Within the Trust are seven properties which are classed ‘specie trusts’ and permanent endowments, and so

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2023

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, 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 seven 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 seven 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 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. From the middle of 2023, LQPT has had its own in-house building surveyor but will continue to engage the services of surveyors and other professionals where necessary to conduct planned maintenance work in all its properties, following a rotation schedule.

Achievements and performance

During 2023 LQPT created a new post of in-house Building Surveyor. The Building Surveyor post is to manage all the Planned Periodic Maintenance (PPM) - formerly known as the Quinquennial works - of the buildings under the care of LQPT.

The new building surveyor was in post until July 2023 on a part-time contract. He started with the PPM works at Croydon and Hampstead. PPM surveys were carried out in Richmond, Westminster & Golders Green. The demolition and reconstruction of the wall at the burial ground at Wandsworth was completed before the end of 2023.

The works for Planned Periodic Maintenance in Wanstead, Brentford and Isleworth, Tottenham and Bunhill were postponed to early 2024. Wandsworth 2023 PPM works were delayed due to issues with planning permission.

During 2023 emergency work at a number of meeting houses was dealt with swiftly and efficiently by staff. Staff also ensured that buildings remained health and safety compliant.

As a response to the increased call for emergency works, staff have developed a Property Questionnaire for

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2023

meeting houses that have not had surveys in the last three years to try to identify possible issues with the buildings and tackle them in good time. Due to the economic climate in the UK and the world, LQPT saw a considerable increase in the cost of fuel to heat and light meeting houses and also a sharp rise in building work costs. These led to the trustees’ decision to focus on keeping all buildings watertight, structurally sound and health and safety compliant. No improvement works are planned for 2024.

Three meeting houses are no longer used for Quaker worship: Edgware, Purley and Harlow. Edgware Meeting House was sold in the autumn of 2023 to a religious group that will continue to use it as a place of worship and community building.

Towards the second half of 2023, efforts were made to sell Purley but no suitable offer was received during 2023. We received an offer for this former meeting house in mid-2024.Harlow is looked after by a community group and trustees expect to decide on the future of this building during 2024.

In the winter of 2023, trustees launched a consultation document named Better Homes for our Meetings. The strategy consultation document presents historical financial information about the meeting houses, and a series of questions to invite Friends to reflect on the needs of the meeting and how best to use the resources at hand. The key message of this document is that Quakers in London will need to find a way to provide opportunities for worship across London that is less resource-consuming yet supports the advancement of the Quaker Faith. LQPT trustees are expecting to receive responses from Area Meetings in May 2024.

During 2023, one of LQPT’s primary aims has been to improve communication with those Friends who take care of meeting houses by continuing to organise drop in meetings for Premises Clerks. A well attended away day took place in March 2023. Staff also created a one point of contact email: enquiries@lqpt.org which is monitored daily. LQPT also produced a weekly update and quarterly newsletters.

The increased capacity within the central team has allowed staff to respond more quickly to the needs of local meetings around their buildings. We still have a long way to go but we believe we are making good progress.

Other issues

Pan London Governance

LQPT’s future direction is impacted by work currently being undertaken to bring together the 9 separate charities (seven Area Meetings, LQPT and London Quakers) which currently cover Quakers in London into a single charity. The Pan London Governance Group (of which LQPT was part) worked for several years with two earlier rounds of consultation before presenting proposals to the seven Area Meetings and LQPT in 2023. The proposals were broadly accepted and a London Area Meeting Development Group has started work in 2024 to finalise details and manage the change. LQPT supports the proposals and recognizes that any decision will have implications for its governance structures and operations. Any possible merger will not take place within 12 months of this report. Legal advice has been sought for LQPT to be prepared for any merger.

Equality, Diversity & Inclusion

Most LQPT Trustees are appointed by the member Area Meetings from their membership. A small number can be co-opted. They must all be Quakers in membership. Trustees are from diverse career paths and backgrounds and, no one is excluded because of age, disability, ethnicity, gender, gender expression, sexual orientation or transgender status though the group is not diverse on most of these dimensions. 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 2023

Financial Review

2023 showed overall an improved financial result. There was a continued recovery in our room hire income from the effects of the Covid pandemic. Although the gross rents have reached 2019 levels the local costs have increased by 24% compared to 2019. The running costs of the meeting houses increased in part due to energy prices and also because of increased use of paid staff. The increase in our central staff costs reflects the increased staffing numbers to better serve local meetings and for our in-house surveyor to replace external ones, as consultants. However, less major building work on the properties was carried out in 2023 than in previous years so the net effect of these factors is an operating surplus of £237k before revaluations. In line with property prices in London in 2023 and new information about our Harlow property, the revaluations have reduced the value of our investment properties by £701k giving total net expenditure for the year of £464k.

2024 is likely to show a large operating deficit because meeting house costs, our central staff costs and the major works on the meeting houses are all expected to be higher – particularly because some major building work originally planned for 2023 is being carried out during 2024 alongside that originally planned for 2024. Our expectations of future deficits are reflected in, and covered by, the reserves we have maintained as explained below.

INCOME

Donations and legacies

During 2023, LQPT received the regular annual grant of £17,500 from North East Thames Area Quaker Meeting. We received a donation of £53,000 from Kingston Friends Trust to partially cover the cost of rebuilding the listed burial ground wall at Wandsworth MH.

Charitable activities

The gross income generated by room hire was £1,146k in 2023 – an increase of £190k (20%) on 2022 (Note 3). The income from investment property rents increased by £25k (14%). This is mainly due to the newly refurbished Wandsworth flat being rented from April 2023. Bank interest received increased by 26k more than 3 times the 2022 amount (Note 5).

Fundraising

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

LQPT does not therefore carry out any fundraising activities.

EXPENDITURE

Charitable activities (Note 6a)

Expenditure incurred by local meetings amounted to £675k during the year, an increase of 26% (£141k) on 2022. This is partly due to utility costs and increased use of paid staff in the meetings.

The increase in Meeting House room hire income compared to 2022 resulted in a net hiring income of £471k. The net rent figure for 2022 was £421k.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2023

Major and minor repairs to Meeting Houses totalled £343k during the year, a 32% decrease on 2022 (£506k). This is due to delay in implementing major works because a surveyor was not recruited until the second half of the year. Given below is the summary of the main building works done during 2023.

1) Wandsworth MH £78,000 (repairs to the burial ground wall)
2) Finchley MH £27,000
3) Sutton Flat £25,000
4) Croydon MH £18,000
5) Wanstead £18,000
6) Forest Hill £19,000
7) Wandsworth Flat £12,000
8) Wandsworth MH £10,000
9) Uxbridge £9,000
10) House in Harrow £9,000

We also spent £26,000 on Health & Safety checks and the resultant remedial works.

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)

The investment portfolio is managed under our ethical investment policy as shown in note 16. LQPT investment portfolio’s value increased by £27k. Investment income (dividends) increased by £2k compared to the previous 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 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 decreased by 6% based on the data from the Office for National Statistics. Two meeting houses (Harlow & Purley) are shown under investments as they are no longer used for Quaker worship. They were professionally valued in 2023. Edgware MH was sold for £800,000 in 2023. Purley is expected to be sold in 2024 at about £550,000.

Cash at bank

At the end of 2023, LQPT’s cash at bank was £3.516m – an increase of £1.041m on the year-end total for 2022. The main reason for this increase is the proceeds from the sale of Edgware meeting house.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2023

Debtors

Debtors decreased by £95k at the end of the year compared to the previous year. Net rents receivable increased by £28k compared to 2022. Quota receivable decreased by £20k compared to 2022.

Creditors

Creditors decreased by £100k at the end of the year compared to 2022.

Cash flow

Net income from operational activities amounted to £-22k by the end of the year (2022: -£264k).

Support costs

Support costs increased by £115k in 2023 compared to 2022. This is mainly due to an increase in staff costs and consultant’s fees (Buildings Surveyor/ Project Manager) by £65k and £26k respectively.

Principal risks and uncertainties

LQPT has an established Risk Register which is reviewed by Trustees at regular intervals. This was reviewed by Trustees in March 2024.

The key controls used include:

The most significant ongoing risks identified in 2023 and their mitigating actions are:

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2023

Reserves policy and going concern

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 Planned Periodic Maintenance 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.

Going concern

Trustees estimate that currently about £4 million is needed to cover the 5 matters listed above. The available reserves are estimated as follows:

£ million
Total fundsper the balance sheet 38.9
Less:
Endowment and restricted funds 11.2
Investment properties that are part of
meetinghouses (restricted)		 0.3
Other meetinghouses 17.3
Investment properties that are part of
meetinghouses(designated)		 4.4
Available reserves 5.7
Represented by:
Investmentproperties(general funds) 1.4
Investment portfolio 0.6
Cash and other net current assets 3.7
Total 5.7

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2023

The activities at the meeting houses have largely recovered from the covid-19 disruption, although a few have not recovered. We have seen, however, a sharp increase in building costs. Forecasts have been prepared for the next 5 years showing continuing deficits. This is being managed by reducing the number of Planned Periodic Maintenance works in any one year, and focusing on keeping the buildings watertight, structurally sound and H&S compliant while a strategy process is carried out to determine a longer-term approach. The aim is to bring operating income and expenditure more in balance while ensuring that the best mix of buildings is available for London Quakers’ worship. The trustees consider that the charity is a going concern and the financial statements should be drawn up on that basis.

Plans for the future

During 2022 and early 2023 the trustees identified the need to improve communication with its members. Member engagement and communication will continue to be a priority for 2024. Trustees and staff will consult with area meetings about LQPT’s strategy. Staff and trustees will review and implement improved communication with more involvement of trustees.

In January 2020 LQPT Trustees approved a 10 Year Strategy document . The strategic direction of fewer but better meeting houses was developed with and accepted by all seven member Area Meetings. However, during 2022, trustees discerned that a refresh of the strategy was needed, partly as a consequence of the pandemic and especially to clarify “fewer but better” and to ensure that Area and Local Meetings are fully supported in considering what accommodation, which might not be a meeting house, will enable them to thrive as a worshipping community. In the winter of 2023 LQPT trustees launched a revised strategy document called Better Homes for our Meetings. This document contains a series of questions for meetings to reflect on. A response from meetings is expected by May 2024.

The 2024 priorities set by Trustees are:

1. Meet all the agreed standards of performance.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2023

2. Governance

Appraisal of implication of Pan-London project on LQPT including options study to inform discernment.

Subject to decision on Pan-London, Revised Articles completed. Agreement on Code of Conduct for Trustees.

Complete the LQPT Strategy review; update the strategy and prepare an implementation plan.

3. Property maintenance.

Complete the agreed 2024 Planned Periodic Maintenance programme (PPM-surveys and works) to time and budget.

Implement the new Annual property questionnaire.

Revisit the earlier work on sustainability (circa 2008/9) update records and prepare programme.

Plan for residential upgrades to meet new EPC requirements.

4. Finance and property management.

Commission and complete the project to establish a unified financial IT solution for LQPT and AMs.

Complete the sale of Purley and prepare the ground for the disposal of Harlow.

5. Staffing.

Recruitment and induction of Technical Administrator post.

Complete the project to review and amend the terms and conditions of Meeting House building managers across London.

Consider and develop options for the specification and payment of Meeting House contractors across London (Cleaners, caretakers, book-keepers,gardeners etc).

Recruitment and Selection policy and procedure developed and implemented. 360 appraisal framework.

Structure, governance and management

Historical background:

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.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2023

The birth of London Quakers Property Trust

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.

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 four times a year with an additional away day. There are currently sub- committees considering the following specific areas: Finance, Governance, Strategy, Staffing, Building Options and Nominations. The Officers (Clerk, Assistant Clerk and Treasurer) meet with the Manager midway between the regular Trustee 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.

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

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

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2023

Fundraising

LQPT does not engage in fundraising activities in the general sense of charity fundraising. Occasionally, LQPT will request donations and support from other Quaker Trusts or from Area Meetings. These requests are for specific building projects and if any money is granted these would be recorded as restricted income in the accounts. Donations from Trusts and Area Meeting Charities support the main aim of the trust which is to maintain its buildings for worship. During 2023 LQPT received donations from Wanstead Meeting and from Kingston Friends Trust (KFT). The donation from Wanstead was unrestricted and went directly into the pooled fund. The donation from KFT was used to replace a heritage burial wall at Wandsworth Meeting House.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2023

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:

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 directors’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

The trustees’ annual report has been approved by the trustees on 15 July 2024 and signed on their behalf by

Caroline Nursey 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 2023 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).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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:

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.

17

Independent auditor’s report

To the members of

London Quakers Property Trust

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:

18

Independent auditor’s report

To the members of

London Quakers Property Trust

In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. 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.

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)

26 September 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

19

London Quakers Property Trust

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

For the year ended 31 December 2023

Forthe yearended 31 December 2023
Note
Income and endowments from:
2
3
4
5
6
6
16
15
20a
Reconciliation of funds:
Ap
Expenditure on:
Other Income
Donations and legacies
Charitable activities
Investments
Total income
Raising funds
Total expenditure
Charitable activities
Total funds brought forward
Net gains on investments
Transfers between funds
Net income / (expenditure) before other
recognised gains and losses
Net (Expenditure) / income for the year
Revaluation of investment properties
Net Income before net gains on
investments
Net movement in funds
Total funds carried forward		 Unrestricted
£
17,500
894,785
4,527
236,683		 Restricted &
Endowments
£
53,000
461,398
-
17,403		 2023
Total
£
70,500
1,356,183
4,527
254,086		 Unrestricted
£
20,000
752,803
19,493
189,494		 Restricted &
Endowments
£
55,478
413,889
-
12,306		 2022
Total
£
75,478
1,166,692
19,493
201,800
1,153,494 531,802 1,685,296 981,789 481,674 1,463,463
44,455
1,081,722
1,126,178		 -
322,111
322,111		 44,455
1,403,834
1,448,289		 40,958
1,094,717
1,135,675		 -
233,063
233,063		 40,958
1,327,781
1,368,738
26,533
(709,767)
27,316		 -
(18,190)
209,690
26,533
(727,957)
237,007		 (120,011)
413,028
(153,886)		 -
17,159
248,610		 (120,011)
430,187
94,725
(655,917)
227,828		 191,500
(227,828)		 (464,417)
-		 139,132
249,051		 265,769
(249,051)		 404,901
-
(428,090)
(428,090)
27,745,306		 (36,328)
(36,328)
11,561,628		 (464,417)
(464,417)
39,306,934		 388,183
388,183
27,357,124		 16,717
16,717
11,544,910		 404,901
404,901
38,902,033
27,317,216 11,525,301 38,842,517 27,745,306 11,561,628 39,306,935

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

20

London Quakers Property Trust

Company no. 06942084

Balance sheet

As at 31 December 2023

As at 31 December 2023 As at 31 December 2023
Note
£
14
15
16
17
241,782
3,516,403
3,758,185
18
(70,650)
20a
11,516,479
8,822
21,760,259
5,556,957
Fixed assets:
Tangible assets
Investment properties
Investments
Current assets:
Debtors
Cash at bank and in hand
Liabilities:
Creditors: amounts falling due within one year
Net current assets
Total net assets
The funds of the charity:
Endowment funds
Restricted Funds
Total Endowment and Restricted Funds
Unrestricted income funds:
Designated funds
General funds
Total unrestricted funds
Total charity funds		 2023
£
28,423,196
6,073,287
658,500		 £
336,550
2,474,670		 2022
£
28,423,196
7,620,056
622,823
35,154,983
3,687,535		 36,666,074
(99,710)
2,640,861
3,758,185
(70,650)		 2,811,221
(170,360)
11,516,479
8,822
21,760,259
5,556,957		 11,534,669
26,960
21,939,387
5,805,919
38,842,517 39,306,935
11,525,301 11,561,629
27,745,306
27,317,216
38,842,517 39,306,935

Approved by the trustees on 15 July 2024 and signed on their behalf by

Richard Martin

Caroline Nursey Trustee-Clerk

Treasurer

21

London Quakers Property Trust

Statement of cash flows

For the year ended 31 December 2023

For the year ended 31 December 2023 For the year ended 31 December 2023 For the year ended 31 December 2023
Note
£
£
Cash flows from operating activities
Net income for the reporting period
(464,417)
(as per the statement of financial activities)
701,424
(14,414)
(37,139)
(202,533)
94,768
(99,710)
Net cash used in operating activities
(22,022)
(44,639)
30,384
818,812
37,139
14,414
202,533
Movement in cash investment balances
5,112
1,063,755
1,041,733
2,474,670
3,516,403
Increase/(decrease) in creditors
2023
Dividends received
Interest received
(Losses) / Gains on investment and revaluation
(Increase)/decrease in debtors
Rents from investment properties
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
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
Receipts from sale of investment property
Rents from investment properties
Receipts from sale of investments		 £
£
404,902
(310,177)
(12,466)
(11,482)
(177,852)
(125,167)
(31,895)
(264,137)
(97,360)
88,818
-
11,482
12,466
177,852
1,669
194,927
(69,210)
2,543,880
2,474,670
2022
(22,022)
1,063,755		 (264,137)
194,927
1,041,733
2,474,670		 (69,210)
2,543,880
3,516,403 2,474,670

22

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2023

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.

23

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

f) Interest receivable

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.

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.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

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.

24

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2023

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.

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.

n) Cash at bank and in hand

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 up to 8% is made into a defined contribution pension scheme operated by NEST.

25

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2023

Donations and legacies
Grants from Trusts		 Unrestricted
£
-
17,500		 £
53,000
-
Restricted		 2023
Total
£
53,000

17,500		 Unrestricted
£
-
20,000		 £
55,478
-
Restricted		 2022
Total
£
55,478
20,000
17,500 53,000 70,500 20,000 55,478 75,478

3 Income from charitable activities

Meeting House lettings
Quota
Total income from
charitable activities		 Unrestricted
£
684,661
210,124		 £
461,398
-
Endowments		 2023
Total
£
1,146,059
210,124		 Unrestricted
£
542,563
210,240		 £
413,889
-
Endowments		 2022
Total
£
956,452
210,240
894,785 461,398 1,356,183 752,803 413,889 1,166,692
Income from other trading activities g activities
Unrestricted
£
2,462
2,065
-
4,527
Unrestricted
£
37,139
185,130
14,414
236,683
Income from investments
Pollard & Dickson admin
fee
Bank interest
Dividends
Income from investment
property
Ground rents
Other income		 Unrestricted
£
2,462
2,065
-		 £
-
-
-
Endowments		 2023
Total
£
2,462
2,065
-		 Unrestricted
£
2,589
2,065
14,839		 £
-
-
-
Endowments		 2022
Total
£
2,589
2,065
14,839
4,527 - 4,527 19,493 - 19,493
£
-
17,403
-
Endowments		 2023
Total
£
37,139
202,533
14,414		 Unrestricted
£
11,482
165,546
12,466		 £
-
12,306
-
Endowments		 2022
Total
£
11,482
177,852
12,466
236,683 17,403 254,086 189,494 12,306 201,800

26

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2023

Staff costs (Note 10)
Investment management
Investment property management costs
Investment property expenditure
Direct costs
Local MH expenditure
Major repairs, minor improvements
Insurance
Surveyor's fees & expenses
Support costs
Bank charges
Office rent
Printing, stationery & consumables
Office Equipment
Consultancy
Legal & professional fees
HR Support and Advice
Meeting costs
Sundry
Staff Recruitment & Training
Staff Travel
Auditors Remuneration
New Website
Software for MHs & LQPT
London Quakers Project
Governance costs
Support costs
Total expenditure 2023
Total expenditure 2022		 Raising funds
£
-
5,272
20,855
18,328
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
44,455
-
-
44,455		 Charitable
activities
£
-
-
-
-
675,481
343,336
37,059
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,055,876
22,627
325,331
1,403,834		 Fixed asset
Disposal
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Governance
costs
£
10,507
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,120
-
-
-
22,627
(22,627)
-
-		 Support costs
£
199,635
-
-
-
-
-
-
-
74
6,063
413
2,598
48,051
16,568
17,041
2,283
758
8,105
630

-
-
4,974
18,138
325,331
-
(325,331)
-		 2023 Total
£
210,142
5,272
20,855
18,328
675,481
343,336
37,059
-

74

6,063
413

2,598

48,051

16,568
17,041

2,283

758
8,105

630
12,120
-
4,974

18,138
1,448,289
-
-
1,448,289		 2022 Total
£
144,759
5,591
15,559
19,807
534,801
506,371
34,263
23,401
95
6,468
799
1,798
22,326
10,945
14,268
617
673
1,607
637
11,700
7,623
4,189
441
1,368,738
-
-
-
40,958 1,327,780 - - - 1,368,738

27

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2023

Staff costs (Note 10)
Investment management
Investment property management costs
Investment property expenditure
Direct costs
Local MH expenditure
Major repairs, minor improvements
Insurance
Surveyor's fees & expenses
Support costs
Bank charges
Office rent
Printing, stationery & consumables
Office Equipment
Consultancy
Legal & professional fees
HR Support and Advice
Meeting costs
Sundry
Staff Recruitment & Training
Staff Travel
Auditors Remuneration
New Website
Software for MHs & LQPT
London Quakers Project
Governance costs
Support costs
Total expenditure 2022		 Raising funds
£
-
5,591
15,559
19,807
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Charitable
activities
£
-
-
-
-

534,801
506,371
34,263
23,401
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Fixed asset
Disposal
£
-
-
-

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Governance
costs
£
7,238
-
-

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11,700
-
-
-		 Support costs
£
137,521
-
-

-
-
-
-
-
95
6,468
799
1,798
22,326
10,945
14,268
617
673
1,607
637
-
7,623
4,189
441		 2022 Total
£
144,759
5,591

15,559

19,807
534,801
506,371
34,263
23,401
95
6,468
799
1,798
22,326
10,945
14,268
617
673
1,607
637
11,700
7,623
4,189
441
40,958
-
-
40,958		 1,098,835
18,938
210,008
1,327,781		 -
-
-
-		 18,938
-
-
-		 210,008
-
-
-		 1,368,738
-
-
1,368,738

28

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2023

he year ended 31 December 2023
Endowment fund income & expenditure by Meeting House
Croydon
Epping
Hammersmith
Kingston
Uxbridge
Walthamstow
Bunhill Fields		 Gross rent
£
5,619
152,233
14,130
24,076
144,083
31,935
89,323		 £
5,817
70,861
5,814
16,169
75,140
14,208
62,965
~~7~~
Local running
cost		 2023
Net rent
£
(198)
81,372
8,316
7,907
68,943
17,727
26,358		 2022
Net rent
£
2,082
72,536
7,842
(2,173)
90,875
33,755
34,256
461,398 250,973 210,425 239,172

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

2022
Local running
Gross rent cost Net rent
£ £ £
Bunhill Fields 6,601 4,519 2,082
Croydon 125,353 52,817 72,536
Epping 11,368 3,526 7,842
Hammersmith 5,800 7,973 (2,173)
Kingston 136,461 45,587 90,875
Uxbridge 43,821 10,066 33,755
Walthamstow 84,484 50,229 34,256
413,889 174,717 239,172

29

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2023

8a Income & expenditure by Meeting House

he year ended 31 December 2023
Income & expenditure by Meeting House
Bethnal Green
Blackheath
Brentfd&Islwth
Bromley
Ealing
Epsom
Esher
Finchley
Forest Hill
Golders Green
Hampstead
Harrow
Muswell Hill
New Barnet
Purley
Richmond
Romford
`
Staines&Egham
Stoke Newington
Streatham
Sutton
Tottenham
Wandsworth
Wanstead
Westminster
Wimbledon
Winchmore Hill		 Gross rent
£
-
39,656
26,278
21,768
34,193
-
3,681
13,371
29,330
8,029
38,624
32,780
42,333
18,484
-
-
24,208
3,066
-
14,534
24,024
7,281
12,227
63,206
190,664
8,094
28,832		 £
1,149
37,726
18,017
11,384
15,887
648
7,604
10,978
23,511
15,076
23,381
14,419
26,186
12,182
-
5,724
6,181
5,680
7,210
5,643
14,418
4,805
9,300
36,786
73,710
4,258
32,644
Local running
cost		 2023
Net rent
£
(1,149)
1,929
8,261
10,383
18,306
(648)
(3,923)
2,392
5,819
(7,047)
15,243
18,361
16,147
6,302
-
(5,724)
18,027
(2,614)
(7,210)
8,892
9,606
2,476
2,927
26,420
116,954
3,836
(3,812)		 2022
Net rent
£
(803)
10,946
5,123
15,050
11,448
(454)
(4,910)
(608)
713
(6,574)
17,622
12,481
5,596
4,170
1,256
(3,402)
16,236
(3,842)
(6,085)
4,082
3,072
1,801
3,699
34,995
60,826
2,013
(1,977)
684,661 424,507 260,153 182,475

30

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2023

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

he year ended 31 December 2023
Income & expenditure by Meeting House (prior year)
Bethnal Green
Blackheath
Brentfd&Islwth
Bromley
Ealing
Esher
Finchley
Forest Hill
Golders Green
Hampstead
Harrow
Muswell Hill
New Barnet
Purley
Richmond
Romford
Staines&Egham
Stoke Newington
Streatham
Sutton
Tottenham
Wandsworth
Wanstead
Westminster
Wimbledon
Winchmore Hill		 Gross rent
£
-
39,474
24,149
26,083
25,634
2,169
9,922
20,202
7,689
33,975
24,143
32,356
13,124
2,475
381
23,239
2,079
-
9,247
15,753
6,459
8,859
69,386
117,810
5,161
22,795		 £
803
28,528
19,026
11,033
14,186
7,079
10,531
19,489
14,263
16,353
11,662
26,760
8,954
1,219
3,783
7,003
5,921
6,085
5,165
12,681
4,658
5,161
34,391
56,984
3,148
24,772
Local running		 2022
Net rent
£
(803)
10,946
5,123
15,050
11,448
(4,910)
(608)
713
(6,574)
17,622
12,481
5,596
4,170
1,256
(3,402)
16,236
(3,842)
(6,085)
4,082
3,072
1,801
3,699
34,995
60,826
2,013
(1,977)
542,563 360,088 182,475

31

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2023

This is stated after charging :

This is stated after charging :
2023 2022
£ £
Auditor's remuneration (excluding VAT):
Audit 10,100 9,200
10
2023
£
157,920
30,000
12,190
10,032
210,142
Salaries and wages
Employer’s contribution to defined contribution pension schemes
Redundancy and termination costs
Staff costs were as follows:
Employer's national insurance contributions
Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel		 10
2023
£
157,920
30,000
12,190
10,032
210,142
Salaries and wages
Employer’s contribution to defined contribution pension schemes
Redundancy and termination costs
Staff costs were as follows:
Employer's national insurance contributions
Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel		 2022
£
127,129
-
9,213
8,417
210,142 144,759

No employee earned more than £60,000 during the year (2022: 0).

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £210,142 (2022: £144,759).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity. (2022: One trustee, £15,689).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £0 (2022: £0) incurred by 2023 (2022: 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 4 (2022: 4 ).

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 2023
No.
3.5		 2022
No.
3.6
3.5 3.6

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 £2,462 has been made by London Quakers Property Trust, in respect of the year ended 31 December 2023 (2022: £2,589). The balance outstanding at the year end £2,462 (2022: £4,940).

Total quota received in 2023 from Area Meetings was £210,124 (2022: £210,240) and amount outstanding was £25,149 (2022: £45,226).

There are no other related party transactions to disclose for 2023 (2022: 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.

32

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2023

he year ended 31 December 2023
Tangible fixed assets
Deemed cost
At the start of the year
At the start of the year
At the end of the year
At the end of the year
Net book value		 Assets in
construction
£
-		 Endowment
Properties
£
11,156,003		 Freehold Property
£
17,267,193		 Total
£
28,423,196
- 11,156,003 17,267,193 28,423,196
- 11,156,003 17,267,193 28,423,196
- 11,156,003 17,267,193 28,423,196

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.

15 Investment properties

Investment properties
Fair value at the start of the year
Fair value at the end of the year
Revaluation during the year
Disposals in year (Edgware MH)		 2023
£
7,620,056
(818,812)
(727,957)		 2022
£
7,189,868
-
430,188
6,073,287 7,620,056

The historical cost of the investment properties is £3,068,700 (2022: £3,483,125).

Edgware MH was sold for £800,012 and the estate agent's fee was £19,200.The net sale proceeds was £780,812.

Harlow MH and Purley MH were professionally valued in 2023. In the current year, valuation was obtained for 33, The Close from an estate agent. This year the value of mixed use properties was decreased by 6% being the general drop in house prices in London reported by the Office for National Statistics.

33

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2023

16 Listed investments

he year ended 31 December 2023
Listed investments
Treasury - 1/4% Gilt 31/07/2031
Treasury - 1% gilt bonds 22/04/24
Treasury - 1/4% gilt bonds 31/01/25
ISHARES II PLC
Euro Investment Bank 1.375% snr 07/03/2035
Treasury 1/8% IL stock 22/03/29
Treasury 1/8% Gilt stock 10/08/31
Non-government bonds
Global investments
Listed investments (individual detail)
Deutsche Bahn Finance
Kreditanst Fur Wie
Lion Trust Investment
Rathbone Unit Trust Management
Royal London Unit Trusts
Lombard Odier Funds
Mirova Funds
Net gain on change in fair value
Historical cost of listed investments
Fair value at the end of the year
Movement in cash balance
Additions at cost
Non-government bonds
Cash balances
Treasury 7/8% stock 22/10/29
Treasury 7/8% Green Gilt 31/07/33
2.5% IL Treasury Stock 2024
Disposal proceeds
Collective & unit trusts
Listed investments comprise:
British government stocks
British government stocks
UK Gilts UCITS EFT
Equities
Aberdeen Std Fund - Global IL Bond
Fair value at the start of the year		 Cost
£
12,386
15,543
-
-
12,274
15,912
18,774
7,989
5,732		 2023
£
622,824
44,639
(30,384)
26,533		 2022
£
735,961
97,360
(88,818)
(120,011)
663,612
(5,112)		 624,493
(1,669)
658,500 622,824
524,036
2023
£
88,085
145,095
152,198
93,086
148,139
31,896		 524,186
2022
£
78,025
120,672
144,360
91,852
150,907
37,008
658,500 622,824
2023
Market
Value
£
10,595
16,628

-

-
10,498
16,520
21,197
7,551
5,096		 2022
Market
Value
£
10,490
9,300
9,298
10,062
6,160
20,906
7,047
4,762
88,610 88,085 78,025
17,805
19,684
12,611
15,249
6,199
24,316
24,897
19,221
13,779
7,132		 15,009
19,364
10,897
15,589
5,550
21,653
21,017
17,085
12,834
6,097		 15,288
10,668
15,263
5,310
20,004
20,000
16,249
12,264
5,626
160,893 145,095 120,672

34

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2023

16 Listed investments (continued)

ear ended 31 December 2023
ed investments (continued)
Global investments
Responsible Global Equity 14,273 33,545 31,210
Fund Partners Ltd (IM WHEB) 23,073 43,940 42,053
Impax Environmental 6,536 16,800 17,619
Janus Henderson Global 18,604 42,017 36,423
Schroder Investment Management 9,148 8,689 10,092
Stewart Investors - Asia sustainability B acc 6,409 7,207 6,963
78,043 152,198 144,360
Collective & unit trusts
Alliance Trust (Liontrust Investments Ltd) 8,902 13,522 12,678
Brown Advisory Fund 11,533 26,177 20,026
Digital 9 Infrastructure plc 6,000 1,785 5,184
Ecofins Renew 5,017 2,970 4,677
Greencoat UK Wind plc 7,763 8,973 9,003
Harmony Energy Income TST plc 5,500 4,356 6,793
Legg Mason Global Funds (Franklin Templeton) 20,391 24,181 20,955
Renewables Infrastructure 6,184 5,722 6,536
Octopus Renew Infra Trust 6,102 5,400 6,000
77,392 93,086 91,852
Equities
Bellway PLC 4,744 5,136 3,815
Coats plc 4,345 7,121 6,090
Civitas Social Housing - - 2,513
Experian plc 6,179 7,044 6,189
GlaxoSmithKline 10,442 11,602 11,501
Genuit Group 7,970 6,053 4,215
Haleon plc 2,317 3,217 3,274
Halma plc 8,365 9,136 7,896
Hikma Pharmaceuticals 4,838 4,115 3,570
Home Reit plc 6,172 2,283 2,283
Intertek Group plc 7,955 8,492 8,068
Keller Group plc - - 7,280
Legal & General 2,869 5,022 4,990
Londonmetric Property Plc 5,118 6,448 5,801
Marshalls Group 6,308 2,828 2,765
National Grid 3,546 6,877 6,483
Prudential plc 5,958 4,392 5,581
Relx Plc 1,947 12,751 9,381
Spirax - Sarco Engineering plc 6,237 11,556 11,667
Smith (D.S) 5,567 5,866 6,137
Smith & Nephew 5,772 5,824 5,991
SSE 2,324 6,032 5,564
Unilever 6,405 13,300 14,637
Victrex Plc 3,720 3,044 3,194
Vodaphone - - 2,022
119,098 148,139 150,907

35

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2023

he year ended 31 December 2023
Debtors
Taxation and social security
Creditors: amounts falling due within one year
Trade creditors
Accruals
Trade debtors		 2023
£
241,782		 2022
£
336,550
241,782 336,550
2023
£
6,345
4,902
59,402		 2022
£
117,644
4,183
48,533
70,650 170,360

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

Tangible fixed assets
Investment properties
Investments
Net current assets
Net assets at 31 December 2023
Analysis of net assets between funds (prior year)
Tangible fixed assets
Investment properties
Investments
Net current assets
Net assets at 31 December 2022		 General
unrestricted
£
-
1,395,248
658,500
3,503,209
5,556,957		 Designated
£
17,267,193
4,393,066
-
100,000
21,760,259		 Restricted &
Endowment
£
11,156,003
284,970
-
84,328
11,525,301		 Total funds
£
28,423,196
6,073,285
658,500
3,687,537
38,842,517
General
unrestricted
£
-
2,644,700
585,816
(102,466)		 Designated
£
17,267,193
4,672,196
-
-		 Endowment
£
11,156,003
303,160
-
102,466		 Total funds
£
28,423,196
7,620,056
585,816
-
3,128,050 21,939,389 11,561,629 36,629,068

19b Analysis of net assets between funds (prior year)

36

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2023

20a Movements in funds (current year)

At 1st January
2023
£
326,015
4,369,449
508,363
2,990,000
1,971,880
619,157
749,805		 Income & gains
£
5,619
169,636
14,130
24,076
144,083
31,935
89,323		 Expenditure &
losses
£
5,817
89,051
5,814
16,169
75,140
14,208
62,965		 Transfers
£
198
(98,775)
(8,316)
(7,907)
(68,943)
(17,726)
(26,358)		 At 31
December
2023
£
326,015
4,351,259
508,363
2,990,000
1,971,880
619,157
749,805
11,534,669 478,801 269,163 (227,828) 11,516,479
26,960
-		 -

53,000
18,138
53,000		 -
-		 8,822

-
26,960 53,000 71,138 - 8,822
17,267,193
4,672,194
-		 -
-
-		 279,128
-		 -
-
100,000		 17,267,193
4,393,066
100,000
21,939,387
5,805,919		 -
749,388		 279,128
1,126,178		 100,000
127,828		 21,760,259
5,556,957
27,745,306 749,388 1,405,306 227,828 27,317,216

Trustees have designated £100,000 to cover the legal and other costs relating to the Pan London Project.

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.

37

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2023

20b Movements in funds (prior year)

At 1 January
2022
£
326,015
4,352,289
508,363
2,990,000
1,971,880
619,157
749,805		 Income & gains
£
6,601
154,819
11,368
5,800
136,461
43,821
84,484		 Expenditure &
losses
£
4,519
55,244
3,526
7,973
45,587
10,066
50,229		 Transfers
£
(2,082)
(82,415)
(7,842)
2,173
(90,875)
(33,755)
(34,256)		 At 31
December
2022
£
326,015
4,369,449
508,363
2,990,000
1,971,880
619,157
749,805
11,517,509 443,355 177,143 (249,051) 11,534,669
27,401
-
-		 -
23,173
4,800
27,505
441
23,173
4,800
27,505		 -
-
-
-		 26,960

-

-

-
27,401 55,478 55,919 - 26,960
17,267,193
4,408,867		 -
263,328		 -
-		 -
-		 17,267,193
4,672,194
21,676,059 263,328 - - 21,939,387
5,681,064 1,011,479 1,135,675 249,051 5,805,919
27,357,123 1,274,807 1,135,675 249,051 27,745,306

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.

As at 31 December 2023, capital commitments totalling £37,591 had been entered into in relation to works at the Brentford and Isleworth Meeting House which will take place in 2024.

After the year end the former Meeting House at Purley was sold for £550,000. It was previously held on the baalnce sheet at the year end at £593,000.

38