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2024-12-31-accounts

Company number: 06942084 Charity Number: 1141797

London Quakers Property Trust

Report and financial statements For the year ended 31 December 2024

London Quakers Property Trust

Contents

For the year ended 31 December 2024

Reference and administrative information ........................................................................................................... 1 Trustees’ annual report ........................................................................................................................................ 3 Independent auditor’s report .............................................................................................................................. 20 Statement of financial activities (incorporating an income and expenditure account) ........................................ 24 Balance sheet .................................................................................................................................................... 25 Statement of cash flows ..................................................................................................................................... 26 Notes to the financial statements ....................................................................................................................... 27

London Quakers Property Trust

Reference and administrative information

For the year ended 31 December 2024

Company number 06942084 Country of incorporation England and Wales Charity number 1141797 Country of registration England and 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 January 2024 Richard Martin Treasurer Nathan Burnikell From January 2025 Robert Campbell Smith From March 2025 Judith Roads From May 2024 Anne Wilkinson Michael Charles Robert Stephen Page Linda Craig Dugan Cummings George Barrow John Smith Catherine Bacon Jenny Moy Unitl July 2024 Peter Daniels Until December 2024

Staff:

Senior Manager Beatriz Fernandez

Premises & Engagement Manager Vanessa Traini . Finance Officer. Shamini Perinparaj ACMA CGMA Building Surveyor. Richard Djan Krofa Project Manager Starlena McKetty-Campbell Until May 2025

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London Quakers Property Trust

Reference and administrative information

For the year ended 31 December 2024

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 2024

The trustees present their report and the audited financial statements for the year ended 31 December 2024.

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 2024

Clerk’s statement

Dear Friends,

2024 was a successful year in catching up on maintenance of Quaker meeting houses across London and rebuilding hirings and income following the pandemic. LQPT trustees are grateful to Beatriz Fernandez and our LQPT staff, to meeting-house based staff employed by any of the seven Area Meetings in London, and to the Quaker volunteers, including those serving on the premises committees of each Meeting House without whom it would be impossible to keep the buildings running.

This success is against a backdrop of rising costs in the building industry that make maintaining so many aging buildings challenging. Although the actual deficit was smaller than budgeted and is covered by reserves, trustees have worked throughout the year - in consultation with the area meetings in London - to draw up a strategy for Better Homes for Quaker Meetings in London over the next few years. Now that the Area Meetings across London have decided to merge, it will be easier in future to discern together how to ensure long term viability, improve accessibility and carbon usage, in order to provide suitable places of worship - some owned and some hired – to help Quakerism in London flourish.

Premises committees for most Meeting Houses are no longer able to do as much of the work as in the past. This makes it necessary to pay for much that was previously done by volunteers, and that increases costs. From the most recent annual survey conducted by LQPT, Trustees were pleased to see that premises committees appreciate the support that they are getting from LQPT staff and that most satisfaction scores were even higher than for 2023. However, there is a bare minimum that can only be done by Quakers locally. One Local Meeting decided to move to use rooms hired for them by LQPT while several more are currently discerning what to do. Trustees are delighted to see that one premises-free meeting has grown too big for the room it uses, and we look forward to hiring a bigger space for them in 2025.

Maintenance was much improved by having a part-time surveyor on the staff team for the full year. This made it possible to catch up on work carried over from 2023, and to complete all the surveys and most of the planned maintenance for 2024 - alongside increased levels of emergency work.

Trustees are conscious that the volume and intensity of work during 2024 put a lot of pressure on the staff team, and we have tried to plan more realistically for 2025. LQPT owns and maintains 32 Meeting Houses where Quakers worship regularly, hires space for a further five Quaker meetings, and is selling three buildings that are no longer used for worship. We have again budgeted a deficit for 2025 and intend to complete our strategy during the year to feed into planning and budgeting for 2026 and beyond.

My thanks go to my fellow trustees for all their work and, particularly, to Peter Daniels who completed six years as a trustee – including serving as clerk of our Nominations Committee and on the Governance Committee - at the end of 2024.

In Friendship,

Caroline Nursey Clerk of London Quakers Property Trust

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2024

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 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 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)[1] .

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

1 LQPT has other leased properties that generate no significant income nor expenditure these are: Stoke Newington Burial Ground, Whitechapel Vallance Road burial ground, Sidcup Priestlands Park Road, Barking burial ground and Ilford Old Meeting House.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2024

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 will be repaid to the specie trust from 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. Since 2023, LQPT has had its own in-house building surveyor, but will continue to engage the services of surveyors and other professionals if necessary to conduct planned maintenance work and improvements in all its properties.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2024

Achievements and performance

2024 was an exceptionally busy year for our team. The staff team not only tackled the backlog from 2023 but delivered most of the scheduled work for 2024 and dealt with an increased level of emergency work. Staff also conducted Health and Safety (H&S) checks in designated buildings and upgraded non-compliant buildings. In 2024, there was volatility in the building industry. The cost of building work increased sharply affecting the prices quoted by all kinds of contractors. Tender reports varied greatly, making accurate financial planning difficult.

This report highlights our key achievements, challenges, and plans.

Key 2024 Achievements

Pending Work

Despite the staff team’s hard work during 2024, some tasks remain unfinished. The fire doors at Westminster (PPM 2024) and Croydon (PPM 2023) are still outstanding. Finding a contractor to meet current fire requirements has been challenging. Although staff secured a contractor mid-year, they withdrew on the scheduled start date for personal reasons. The staff have since found a new contractor, and the work is planned for 2025. Other pending projects include Wanstead Windows and Wandsworth PPM that will be completed during 2025.

This means that the deficit for 2024 is smaller than originally planned. We are also happy to say that the

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2024

team did not have to draw on the contingency allocated to the budget related to PPMs nor for other work.. Outstanding work is being completed in 2025 making the projected deficit for 2025 larger than originally budgeted.

Weather Challenges

The weather in 2024 posed additional challenges. Heavy rain and wind caused many trees in Meeting House (MH) gardens to fall. This prompted tree surveys and works in many meeting houses. We have created individual records of trees in each MH.

Premises Committees Support Meetings

During 2024 the staff team focused on helping premises committees understand and implement the MH Management Guide. The guide is divided into chapters, presenting a large document in a more manageable manner and format, and workshops were delivered for each part. Attendance has been good, but we would love to see more new faces in 2025, specially those premises clerks who start their role in 2025.

Communication

Our quarterly newsletter and fortnightly updates continue to be sent to all contacts. In 2024, we also started sending printed copies of the newsletter to each MH, asking that they be displayed on MH notice boards to have a wider reach.

Trustees, at the request of the Members, have established two Members Meetings a year and one Premises Clerks away day as well as fortnightly and monthly drop-ins for premises committee members. This has been found beneficial for all as information flows better.

Staffing Changes

Richard Djan Krofa, part-time building surveyor, has settled well, managing most of the 2023 and 2024 work. We transitioned from an agency building surveyor to a second part-time in-house one, and recruited a second building surveyor in November, making 1.1 FTE in this role.

Ongoing Challenges

The tension between LQPT guidelines and local preferences remains a daily challenge. Every effort is made to comply with local meeting requests, and we are grateful for the incredible work and contributions from the voluntary work of Premises Committees members. However, there are matters, particularly around health and safety and building regulations where compromise is not possible as these are required by the law and good practice.

Looking Ahead to 2025

LQPT plans to conduct surveys in Kingston MH, Uxbridge MH, Streatham and Brixton MH, and Ealing MH in 2025. Planned periodic maintenance works will be carried out at: Blackheath MH, Kingston MH, Harrow MH & Bromley MH. We will complete the work at Winchmore Hill.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2024

Efforts will be made to ensure a less overwhelming year in 2025 for staff by carefully managing the workload. If time allows, we will work on presenting legal requirements around Health and Safety and building regulations in a clearer and more concise format.

2024 was a challenging yet productive year. We look forward to building on our successes and addressing the remaining challenges in years to come.

Other issues

London Area Meeting (Pan London Project)

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 merger was agreed in February 2025, and work is underway on detail drawing on legal, HR and financial advice. LQPT trustees are involved in this work and have minuted their intention to be part of one London Area Meeting at various stages in the discernment process.

Work on choosing and setting up a finance system for the new AM will take place during 2025, the legal structure will be clarified and consultation on staffing will start. However, LQPT will operate as in previous years throughout 2025 and no changes to its staffing structure are planned to be implemented this year.

Equality, Diversity & Inclusion

Most LQPT Trustees are appointed by the member Area Meetings from their membership. A small number can be co-opted (currently the clerk and treasurer). They must all be members of the Religious Society of Friends (Quakers) in Britain. Trustees are from diverse career paths and backgrounds and are not excluded on the basis 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. Currently, the number of trustees who are retired from paid employment is disproportionately high, though recent appointments have slightly improved the situation.

The staff team is a good representation of London’s diversity, LQPT uses an anonymous recruitment process at shortlisting stage.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2024

Financial Review

2024 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 19% compared to 2019. The running costs of the meeting houses is the same as in 2023. The increase in our central staff costs reflects the increased staffing numbers to better serve local meetings including having an in-house surveyor who can provide a better service at lower cost than consultants. We have done some PPM works originally planned for 2023 during 2024 alongside those originally planned for 2024. This has resulted in an operating deficit of £162k before revaluations.

2025 is likely to show a large operating deficit because meeting house costs and the major works on the meeting houses are all expected to be higher – particularly because some major building work originally planned for 2024 (fire doors for Westminster and Croydon meeting houses and the Wanstead windows project) are being carried out during 2025 alongside those originally planned for 2025. Our expectations of future deficits are reflected in, and covered by, the reserves we have maintained as explained below.

INCOME

Donations and legacies

During 2024, LQPT received the regular annual grant of £17,500 from North East Thames Area Quaker Meeting. We received a donation of £10,000 from Kingston Friends Trust to cover the cost of a feasibility study for a major development project at Wandsworth MH.

Charitable activities

The gross income generated by room hire was £1,212 k in 2024 – an increase of £66k (6%) on 2023 (Note 3). The income from investment property rents reduced by £3k (1.5%). This is due to the old meeting house in Harrow being empty between January and March 2024. Bank interest received increased by £27k compared to 2023 (Note 5).

Fundraising

LQPT’s income is made up of the surplus generated from the room hire of the Meeting Houses, investment income 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 £672k during the year, a reduction of of 0.5% (£3k) on 2023.

The increase in Meeting House room hire income compared to 2023 resulted in a net hiring income of £540k. The net hire figure for 2023 was £471k.

Major and minor repairs to Meeting Houses totaled £931k during 2024, a 170% increase on 2023 (£587k). This is due to some PPM works originally planned for 2023 being done during 2024 alongside the 2024 PPM works. This has resulted in an operating deficit.

This figure also includes the cost (£136k) expected to reinstate the flat roof plus other roof works at Wandsworth meeting house. This work is expected to happen in the second half of 2025. Given below is the summary of the main building works done during 2024.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2024

1 December 2024
PPM 2023
Brentford &
Isleworth		 48,185
Bunhill
Fields		 142,989
Croydon 14,453
Hampstead 49,061
Tottenham 46,815
Wanstead 18,688
PPM 2024
Golders
Green		 78,929
Richmond 43,925
Romford 27,517
Wandsworth 45,094
Wanstead 35,550
Westminster 86,645
Other
works
2024
Ealing 49,893
Winchmore
Hill		 15,204
Total 702,948

We also spent £28,000 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 decreased by £6k. Investment income (dividends) decreased by £2k compared to the previous year.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2024

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 increased by 0.9% based on the data from the Office for National Statistics. The 3 meeting houses (Harlow,Purley and Esher) are shown under investments as they are no longer used for Quaker worship. Harlow and Purley meeting houses were professionally valued in 2023 and Esher Meeting House was professionally valued in 2024.

Cash at bank

At the end of 2023, LQPT’s cash at bank was £3.331m – a decrease of £185k on the year-end total for 2023.

Debtors

Debtors increased by £18k at the end of the year compared to the previous year. Net rents receivable increased by £22k compared to 2023.

Creditors

Creditors increased by £138k at the end of the year compared to 2023.This is mainly due to bringing in £136k as accruals which is the expected cost of reinstating the flat roof plus other roof works at Wandsworth meeting house.

Cash flow

Net income from operational activities amounted to £-454k by the end of the year (2023: -£22k).

Support costs

Support costs decreased by £27k in 2024 compared to 2023.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2024

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 & November 2024.

The key controls used include:

The most significant ongoing risks identified in 2024 and their mitigating actions are:

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2024

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 (Quinquennial) surveys, other maintenance expenditure on the properties and 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 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 38.8
Less:
Endowment and restricted funds 11.5
Other meetinghouses 16.5
Investment properties that are part of
meetinghouses		 4.4
Available reserves 6.4
**Represented by: **
Other investment properties (Meeting Houses
without meetings)		 2.2
Investment portfolio 0.7
Cash and other net current assets 3.5
Total 6.4

Going concern

The activities at the meeting houses have recovered with income from hirings matching those of pre-pandemic levels, but this does not take inflation into account– and particularly inflation in the building industry – which makes it more expensive to maintain so many meeting houses. Forecasts have been prepared for the next 5 years showing continuing deficits, but the level of losses in that period can be covered by the available reserves as noted above. The trustees have been consulting Quakers across London as they develop a new strategy that will be finalized during 2025. It will aim to bring the operating income and expenditure more in balance. The trustees consider that the charity is a going concern and the financial statements should be drawn up on that basis.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2024

Plans for the future

In the winter of 2023 LQPT trustees launched a strategy document called Better Houses for our Meetings. This document contained a series of questions for meetings to reflect on. Trustees have drawn on responses from AMs and worked closely with Members and will agree a final strategy in mid- 2025 to guide our work over the next few years. Longer term, it will be easier to agree what meeting houses are needed across London once London Quakers are working together on one London Area Meeting.

The 2025 priorities set by Trustees include the following:

1. Staff Meet all the agreed standards of performance.

2. Governance & Strategy

Appraisal of implications arising from London Area Meeting on LQPT. This may include options study to inform discernment by relevant committees within LQPT trustees.

Re-visit live-in wardens’ contracts and think about the opportunities.

Subject to a decision on the London Area Meeting, Revised Articles completed.

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

Light review of all the existing policies to ensure these are up to date and fit for purpose. Some will need the input of HR specialists.

Continue to drive efforts to improve communications with Premises Committees, Area Meetings and Local Meetings across London by producing quarterly newsletters, fortnightly updates, drop-ins with PCs, training opportunities, one-to-one meetings or other. Organise two members’ meetings a year.

3. Property maintenance.

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

The plan for 2025 includes PPM Harrow, PPM Winchmore Hill, PPM Bromley, and PPM Blackheath, PPM Kingston (at least 50%). Surveys to be carried out in 2025: Kingston, Uxbridge, Stratham & Brixton, Ealing.

Complete in 2025 the works carried forwards from 2024 including: Fire doors at Croydon and Westminster. PPM for Wandsworth. Windows for Wanstead.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2024

Complete the agreed 2025 ‘other MH work’ and continue to respond quickly to emergency works.

Continue to Implement the new Annual property questionnaire.

Continue to support Premises Committees with small repairs, H&S checks and compliance, contractors, and other building management matters as requested by premises clerks.

Initiate detailed building records per building and begin a plan for future cyclical improvements and replacements (roofs, bathrooms, kitchens, windows, boilers etc.) in line with the strategy.

This is to include a detailed record of residential upgrades needed to meet new EPC requirements. Start work towards a sustainability programme including a draft implementation strategy.

4. Finance and property management.

Follow the lead of any developments related to LAM to build a unified IT financial solution if the new structure requires it.

Complete the sale of Esher and Harlow (if the covenant has been removed).

Produce the yearly accounts & quarterly management accounts to inform trustees and members of LQPT’s financial status.

Produce financial implications of the Strategy Committee’s work to assess different scenarios.

Draft a plan to improve returns on investments of LQPT reserves.

5. Staffing.

Recruitment and induction of new building surveyor and administrator post (if approved)

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

Add elements of the 360 appraisal framework to the current appraisal system.

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London Quakers Property Trust

Trustees’ annual report

For the year ended 31 December 2024

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.

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’.

Most of 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 five times a year. There are currently sub- committees or temporary groups 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 meetings and the Clerk has monthly line management meetings with the Senior Manager.

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 2024

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. The trustees are expecting to transfer the assets of the PDT to Britain Yearly Meeting during 2025 where it will be held as restricted funds. The Charity Commission has agreed to removal of the endowment provision.

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

Fundraising

LQPT does not conduct fundraising activities. LQPT’s income comes from room hire in all its properties. The properties are managed by Local Meetings. Another income stream for LQPT is the quota that members pay per year which is gathered by the Area Meetings. Another smaller income is from commercial lets.

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 2024

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 14 July 2025, by minute LQPT25/07/02 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 2024 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.

20

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.

21

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:

22

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 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) 09 September 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

23

London Quakers Property Trust

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

For the year ended 31 December 2024

For theyear ended31 December 2024
Note
Income and endowments from:
2
3
4
5
6
6
16
15
20a
Reconciliation of funds:
Total funds carried forward
Total funds brought forward
Net loss 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 expenditure
Charitable activities
Expenditure on:
Other Income
Donations and legacies
Charitable activities
Investments
Total income
Raising funds		 Unrestricted
£
17,500
977,712
4,692
257,747		 Restricted &
Endowments
£
10,000
456,687
-
17,800		 2024
Total
£
27,500
1,434,399
4,692
275,546		 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
1,257,650 484,487 1,742,137 1,153,494 531,802 1,685,296
49,931
1,711,064
1,760,995		 -
280,413
280,413		 49,931
1,991,478
2,041,408		 44,455
1,081,722
1,126,178		 -
322,111
322,111		 44,455
1,403,834
1,448,289
(6,082)
138,834
(503,345)		 -
2,565
204,073
(6,082)
141,399
(299,272)		 26,533
(709,767)
27,316		 -
(18,190)
209,690		 26,533
(727,957)
237,007
(370,593)
198,344		 206,638
(198,344)		 (163,954)
-		 (655,917)
227,828		 191,500
(227,828)		 (464,417)
-
(172,248)
(172,248)
27,317,216		 8,294
8,294
11,525,301		 (163,954)
(163,954)
38,842,517		 (428,090)
(428,090)
27,745,306		 (36,328)
(36,328)
11,561,628		 (464,417)
(464,417)
39,306,934
27,144,967 11,533,596 38,678,562 27,317,216 11,525,301 38,842,517

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

24

London Quakers Property Trust

Company no. 06942084

Balance sheet

~~As at 31 December 2024~~

~~As at 31 December 2024~~ ~~As at 31 December 2024~~ .
Note
£
14
15
16
17
259,703
1,014,399
2,316,576
3,590,678
18
(208,904)
20a
11,519,044
14,551
21,136,536
6,008,432
Fixed assets:
Tangible assets
Investment properties
Investments
Current assets:
Debtors
Short term deposits
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		 2024
£
27,760,116
6,877,766
658,906		 £
241,782
3,516,403		 2023
£
28,423,196
6,073,287
658,500
35,296,788
3,381,774		 35,154,983
3,687,535
3,590,678
(208,904)		 3,758,185
(70,650)
11,519,044
14,551
21,136,536
6,008,432		 11,516,479
8,822
21,760,259
5,556,957
38,678,562 38,842,517
11,533,595 11,525,301
27,317,216
27,144,968
38,678,562 38,842,517

Approved by the trustees on 14 July 2025 and signed on their behalf by

Caroline Nursey Trustee-Clerk

Richard Martin Treasurer

25

London Quakers Property Trust

Statement of cash flows

For the year ended 31 December 2024

Statement of cash flows
London Quakers Property Trust
For the year ended 31 December 2024
Note
Cash flows from operating activities
Net income for the reporting period
(as per the statement of financial activities)
Net cash used in operating activities
Movement in cash investment balances
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
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Increase/(decrease) in creditors
Dividends received
Interest received
(Losses) / Gains on investment and revaluation
(Increase)/decrease in debtors
Rents from investment properties		 £
£
(163,954)
(135,317)
(12,096)
(63,682)
(199,769)
(17,921)
138,254
(454,485)
(270,377)
243,982
-
63,682
12,096
199,769
19,906
269,058
(185,427)
3,516,403
3,330,975
2024		 £
£
(464,417)
701,424
(14,414)
(37,139)
(202,533)
94,768
(99,710)
(22,022)
(44,639)
30,384
818,812
37,139
14,414
202,533
5,112
1,063,755
1,041,733
2,474,670
3,516,403
2023
(454,485)

269,058		 (22,022)
1,063,755
(185,427)
3,516,403		 1,041,733
2,474,670
3,330,975 3,516,403

26

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2024

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.

27

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2024

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.

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:

 Charitable activities

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.

28

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2024

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.

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.

29

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2024

Donations and legacies
Grants from Trusts		 Unrestricted
£
-
17,500		 £
10,000
-
Restricted		 2024
Total
£
10,000
17,500		 Unrestricted
£
-
17,500		 £
53,000
-
Restricted		 2023
Total
£
53,000
17,500
17,500 10,000 27,500 17,500 53,000 70,500

3 Income from charitable activities

Meeting House lettings
Quota
Total income from
charitable activities		 Unrestricted
£
754,885
222,827		 £
456,687
-
Endowments		 2024
Total
£
1,211,572
222,827		 Unrestricted
£
684,661
210,124		 £
461,398
-
Endowments		 2023
Total
£
1,146,059
210,124
977,712 456,687 1,434,399 894,785 461,398 1,356,183
Pollard & Dickson admin
fee
Ground rents		 Unrestricted
£
2,627
2,065		 £
-
-
Endowments		 2024
Total
£
2,627
2,065		 Unrestricted
£
2,462
2,065		 £
-
-
Endowments		 2023
Total
£
2,462
2,065
4,692 - 4,692 4,527 - 4,527

5 Income from investments

Bank interest
Dividends
Income from investment
property		 Unrestricted
£
63,682
181,969
12,096		 £
-
17,800
-
Endowments		 2024
Total
£
63,682
199,769
12,096		 Unrestricted
£
37,139
185,130
14,414		 £
-
17,403
-
Endowments		 2023
Total
£
37,139
202,533
14,414
257,747 17,800 275,546 236,683 17,403 254,086

30

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2024

6a Analysis of expenditure (current year)

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
Trustees expenses
Software for MHs & LQPT
London Quakers Project
Governance costs
Support costs
Total expenditure 2024
Total expenditure 2023		 Raising funds
£
-
5,607
21,751
22,573
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Charitable
activities
£
-
-
-
-
671,765
930,584
41,442
26,603
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Fixed asset
Disposal
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Governance
costs
£
10,301
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,720
-
-
-		 Support
costs
£
195,710
-
-
-
-
-
-
-
74.00
6,467
386.48
-
36,708
26,392
6,120
1,540
836.01
11,900
775

-
-
6,885
4,271		 2024 Total
£
206,010
5,607
21,751
22,573
671,765
930,584
41,442
26,603

74
6,467
386
-
36,708
26,392

6,120

1,540

836
11,900

775
12,720
-
6,885

4,271		 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
49,931
-
-
49,931		 1,670,394
23,021
298,064
1,991,478		 -
-
-
-		 23,021
(23,021)
-
-		 298,064
-
(298,064)
-		 2,041,408
-
-
2,041,408		 1,448,289
-
-
1,448,289
44,455 1,403,834 - - - 1,448,289

31

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2024

6b Analysis of expenditure (prior year)

Staff costs (Note 10)
Investment management
Investment property management costs
Investment property expenditure
Direct costs
Local MH expenditure
Major repairs, minor improvements
Insurance
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
Software for MHs & LQPT
London Quakers Project
Governance costs
Support costs
Total Expenditure 2023		 Raising funds
£
-
5,272
20,855
18,328
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Charitable
activities
£
-
-
-
-
675,481
343,336
37,059
-
-
-
-
-
-
-
-
-
-
-
-
-		 Fixed asset
Disposal
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Governance
costs
£
10,507
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,120
-
-		 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		 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
44,455
-
-
44,455		 1,055,876
22,627
325,331
1,403,834		 -
-
-
-		 22,627
(22,627)
-
-		 325,331
-
(325,331)
-		 1,448,289
-
-
1,448,289

32

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2024

Endowment fund income & expenditure by Meeting House
Gross rent
£
4,469
122,371
15,932
52,121
143,784
33,202
84,808
-
456,687
Gross rent
£
5,619
152,233
14,130
24,076
144,083
31,935
89,323
-
461,398
Croydon
Epping
Hammersmith
Kingston
Uxbridge
Walthamstow
Bunhill Fields
Long Lane burial ground
Bunhill Fields
Croydon
Epping
Hammersmith
Kingston
Uxbridge
Walthamstow
Long Lane burial ground
Endowment fund income & expenditure by Meeting House (prior year)		 Gross rent
£
4,469
122,371
15,932
52,121
143,784
33,202
84,808
-		 £
5,090
78,886
5,861
29,216
77,409
17,412
62,268
-
~~7~~
Local running
cost		 2024
Net rent
£
(621)
43,485
10,071
22,904
66,375
15,790
22,540
-		 2023
Net rent
£
(198)
81,372
8,316
7,907
68,943
17,727
26,358
-
456,687 276,142 180,545 210,425
£
5,817
70,861
5,814
16,169
75,140
14,208
62,965
-
Local running
cost		 2023
Net rent
£
(198)
81,372
8,316
7,907
68,943
17,727
26,358
-
461,398 250,973 210,425
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
Richmond
Romford
Staines&Egham
Stoke Newington
Streatham
Sutton
Tottenham
Wandsworth
Wanstead
Westminster
Wimbledon
Winchmore Hill		 Gross rent
£
-
49,158
30,203
41,158
28,792
-
2,385
14,174
32,564
10,343
36,766
28,727
54,613
18,626
-
27,305
2,425
-
14,981
25,086
7,246
12,660
63,378
213,697
9,103
31,498		 £
420
35,062
21,821
8,869
19,706
791
6,278
9,874
24,001
11,955
16,361
15,597
19,970
11,630
4,631
4,110
6,808
7,830
6,304
11,884
3,739
7,665
40,226
61,923
5,305
32,865
Local running
cost		 2024
Net rent
£
(420)
14,096
8,382
32,288
9,086
(791)
(3,893)
4,300
8,563
(1,613)
20,406
13,130
34,643
6,996
(4,631)
23,195
(4,383)
(7,830)
8,677
13,203
3,507
4,995
23,152
151,774
3,798
(1,368)		 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)
754,885 395,623 359,262 260,153

33

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2024

Income & expenditure by Meeting House (prior year)
Bethnal Green
Blackheath
Brentfd&Islwth
Bromley
Ealing
Epsom
Esher
Finchley
Forest Hill
Golders Green
Hampstead
Harrow
Muswell Hill
New Barnet
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		 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)
684,661 424,507 260,153
9
2024
£
10,600
10
2024
£
175,032
-
19,413
11,809
206,253
Audit
Net (Expenditure) / income for the year
Auditor's remuneration (excluding VAT):
This is stated after charging :
Employer's national insurance contributions
Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
Staff costs were as follows:
Redundancy and termination costs
Salaries and wages
Employer’s contribution to defined contribution pension schemes		 2024
£
10,600		 2023
£
10,100
2023
£
157,920
30,000
12,190
10,032
206,253 210,142

34

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2024

No employee earned more than £60,000 during the year (2023: 60,000).

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £206,253 (2023: £210,142).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity. (2023: One trustee, £15,689).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £0 (2023: £0) incurred by 2024 (2023: 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 (2023: 4 ).

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

Management and Administration

2024
No.
3.5		 2023
No.
3.5
3.5 3.5

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 £2,627 has been made by London Quakers Property Trust, in respect of the year ended 31 December 2023 (2023: £2,462). The balance outstanding at the year end £2,627 (2023: £2,462).

Total quota received in 2023 from Area Meetings was £222,827 (2023: £210,124) and amount outstanding was £28,972 (2023: £25,149).

There are no other related party transactions to disclose for 2024 (2023: 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.

14 Tangible fixed assets

Tangible fixed assets
At the start of the year
At the end of the year
At the end of the year
Net book value
Deemed cost
At the start of the year
Additions in year
Transfer to investment properties (Esher MH)
Disposals in year
Revaluation during the year		 Assets in
construction
£
-
-
-
-
-		 Endowment
Properties
£
11,156,003
-
-
-
-		 Freehold Property
£
17,267,193
-
(663,080)
-
-		 Total
£
28,423,196
-
(663,080)
-
-
- 11,156,003 16,604,113 27,760,116
- 11,156,003 16,604,113 27,760,116
- 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.

35

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2024

Investment properties
Fair value at the end of the year
Revaluation during the year
Additions in year (Esher MH)
Fair value at the start of the year		 2024
£
6,073,287
663,080
141,399		 2023
£
7,620,056
(818,812)
(727,957)
6,877,766 6,073,287

The historical cost of the investment properties is £3,731780 (2023: £3,068,700).

Harlow MH and Purley MH were professionally valued in 2023 and Esher was professionally valued in 2024. Esher MH has been put on the market for £850,000 and we had an offer for £750,000. Therefore Esher MH is shown in the accounts at £750,000. In the current year, valuation was obtained for 33 The Close, Harrow from an estate agent. This year the value of mixed use properties was increased by 0.9% being the general increase in house prices in London reported by the Office for National Statistics. This is method was used for all properties not professionally valued.

16 Listed investments

Listed investments
Treasury - 1/4% Gilt 31/07/2031
TOMRA SYSTEMS ASA
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
British government stocks
Aberdeen Std Fund - Global IL Bond
Equities
Movement in cash balance
Additions at cost
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
North American Investments
INFINEON TECHNOLOGIES AG
ROCHE HOLDINGS AG Genusscheine
British government stocks
UK Gilts UCITS EFT
Deutsche Bahn Finance
Kreditanst Fur Wie
Lion Trust Investment
Treasury 1/8% IL stock 22/03/29
Treasury 1/8% Gilt stock 10/08/31
TREASURY 4 1/8% Gilt 29/01/2027
TREASURY 4 1/4% Stock 7/12/2046
TREASURY 4 3/4% Stock 7/12/2038
BELIMO HOLDING AG
ISHARES II PLC
ASML HOLDINGS NV
Euro Investment Bank 1.375% snr 07/03/2035
Non-government bonds
Global investments
Listed investments (individual detail)
Non-government bonds
Cash balances
Rathbone Unit Trust Management
Royal London Unit Trusts
Lombard Odier Funds
Mirova Funds		 Cost
£
-
-
10,112
9,813
12,952
-
36,048
-
-
-		 2024
£
658,500
270,377
(243,982)
(6,082)		 2023
£
622,824
44,639
(30,384)
26,533
678,812
(19,906)		 663,612
(5,112)
658,906 658,500
567,101
2024
£
68,338
97,800
159,202
57,191
106,304
158,081
11,990		 524,036
2023
£
88,085
145,095
152,198
93,086
-
148,139
31,896
658,906 658,500
2024
Market
Value
£
-

-
10,122
9,800
12,949
-
35,467
-
-
-		 2023
Market
Value
£
10,595
16,628
-
-
-
10,498
16,520
21,197
7,551
5,096
68,925 68,338 88,085
-
8,615
3,615
13,380
12,611
-
6,199
-
5,717
6,653
24,897
-
3,222
13,779
7,132		 -
7,295
4,754
13,342
10,918
-
5,660
5,784
6,753
21,034
-
3,092
12,894
6,274		 15,009
-
-
19,364
10,897
15,589
5,550
21,653
-
-
21,017
17,085
-
12,834
6,097
105,820 97,800 145,095

36

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2024

ed investments (continued)
Global investments
Responsible Global Equity
Impax Environmental
Janus Henderson Global
Infastructure funds
Alliance Trust (Liontrust Investments Ltd)
Brown Advisory Fund
Digital 9 Infrastructure plc
Greencoat UK Wind plc
Harmony Energy Income TST plc
Legg Mason Global Funds (Franklin Templeton)
Renewables Infrastructure
Octopus Renew Infra Trust
Equities
Bellway PLC
Coats plc
Experian plc
GlaxoSmithKline
Genuit Group
Haleon plc
Halma plc
Hikma Pharmaceuticals
Home Reit plc
Intertek Group plc
Legal & General
Londonmetric Property Plc
Marshalls Group
National Grid
Prudential plc
Relx Plc
Spirax - Sarco Engineering plc
Smith (D.S)
Smith & Nephew
SSE
Unilever
Victrex Plc
IMPAX ASSET MGMT GROUP
RENEWI PLC
JO HAMBRO CAPITAL MGMT Regnan
Fund Partners Ltd (IM WHEB)
First Sentier - STEWART INVESTORS Gbl
Emerg Mkts All Cap B Acc
First Sentier -Stewart Investors - Asia
sustainability B acc
XYLEM
North American Investments
ADOBE INC
APPLIED MATERIALS INC
APTIV PLC US
AUTODESK INC
EQUITY TRUSTEES FUND SERVICES
PAYCHEX INC
REPUBLIC SERVICES INC
STERIS PLC
VISA INC
Schroder Investment Management
Ecofins Renew		 -
16,230
23,181
6,536
18,604
14,952
9,244
15,237		 -
16,587
42,998
16,170
47,234
12,704
6,434
17,075		 33,545
-
43,940
16,800
42,017
8,689
7,207
103,984 159,202 152,198
9,042
-
-
-
7,763
-
17,486
11,110
6,102		 13,701
-
-
-
7,564
-
23,352
8,494
4,080		 13,522
26,177
1,785
2,970
8,973
4,356
24,181
5,722
5,400
51,503 57,191 93,086
9,318
6,103
5,626
5,548
14,369
10,729
10,870
10,615
16,177
10,770		 8,166
5,064
4,153
6,608
16,515
12,316
13,011
10,176
19,178
11,117		 -
-
-
-
-
-
-
-
-
-
100,125 106,304 -
4,744
4,345
6,179
10,442
7,970
2,317
8,365
4,838
6,172
7,955
11,149
2,869
5,118
6,308
4,765
8,178
1,377
6,315
8,437
-
10,171
2,324
6,405
-		 4,984
8,685
7,579
10,772
5,843
3,774
10,756
4,584
60
9,456
5,434
4,596
6,064
2,980
7,971
5,287
10,524
8,090
9,597
-
9,914
5,213
15,918
-		 5,136
7,121
7,044
11,602
6,053
3,217
9,136
4,115
2,283
8,492
-
5,022
6,448
2,828
6,877
4,392
12,751
-
11,556
5,866
5,824
6,032
13,300
3,044
136,744 158,081 148,139

37

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2024

For the year ended 31 December 2024
17
18
19a
19b
Net assets at 31 December 2023
Tangible fixed assets
Investment properties
Investments
Net current assets
Debtors
Analysis of net assets between funds (current year)
Tangible fixed assets
Investments
Net current assets
Net assets at 31 December 2024
Analysis of net assets between funds (prior year)
Investment properties
Accruals
Trade debtors
Taxation and social security
Creditors: amounts falling due within one year
Trade creditors		 General
unrestricted
£
-
2,157,805
658,906
3,191,720
6,008,431		 Designated
£
16,604,113
4,432,423
-
100,000
21,136,536		 2024
£
259,703		 2023
£
241,782
259,703 241,782
2024
£
142,362
5,578
60,964		 2023
£
6,345
4,902
59,402
208,904 70,650
Restricted &
Endowment
£
11,156,003
287,535
-
90,057
11,533,595		 Total funds
£
27,760,116
6,877,763
658,906
3,381,777
38,678,562
General
unrestricted
£
-
1,395,248
658,500
3,503,209		 Designated
£
17,267,193
4,393,066
-
100,000		 Endowment
£
11,156,003
284,970
-
84,328		 Total funds
£
28,423,196
6,073,285
658,500
3,687,537
5,556,957 21,760,259 11,525,301 38,842,517

38

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2024

20a Movements in funds (current year)

Total endowment funds
Total Restricted funds
General funds
Croydon
Total Designated funds
Non-endowment fund trust properties
Pan-London Project
Total unrestricted funds
Wandsworth
Total funds
Hammersmith
Investment property
Restricted Funds
Pan London Quakers Project
Endowment funds:
Bunhill Fields
Epping
Unrestricted funds:
Designated funds
Kingston
Uxbridge
Walthamstow
Long Lane burial ground		 At 1st January
2024
£
326,015
4,351,259
508,363
2,990,000
1,971,880
619,157
749,805
-		 Income & gains
£
4,469
142,735
15,932
52,121
143,784
33,202
84,808
-		 Expenditure &
losses
£
5,090
78,886
5,861
29,216
77,409
17,412
62,268
-		 Transfers
£
621
(61,285)
(10,071)
(22,904)
(66,375)
(15,790)
(22,540)
-		 At 31 December
2024
£
326,015
4,353,824
508,363
2,990,000
1,971,880
619,157
749,805
-
11,516,479 477,052 276,142 (198,344) 11,519,044
8,822
-		 -

10,000
4,271
-		 -
-		 4,551
10,000
8,822 10,000 4,271 - 14,551
17,267,193
4,393,066
100,000		 -
39,357
-		 663,080
-
-
 -
-
-
 16,604,113
4,432,423
100,000
21,760,259
5,556,957		 39,357
2,014,125		 663,080
1,760,995		 -
198,344		 21,136,536
6,008,432
27,317,216 2,053,482 2,424,075 198,344 27,144,968
38,842,517 2,540,534 2,704,488 - 38,678,562

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.

39

London Quakers Property Trust

Notes to the financial statements

For the year ended 31 December 2024

20b Movements in funds (prior year)

Movements in funds (prior year)
Total restricted funds
Total designated funds
General funds
Endowment funds
Croydon
Restricted Funds
Pan London Quakers Project
Total unrestricted funds
Total funds
Investment property
Pan-London Project
Wandsworth
Non-endowment fund trust properties
Epping
Designated funds
Bunhill Fields
Unrestricted funds:
Hammersmith
Kingston
Uxbridge
Walthamstow
Long Lane burial ground		 At 1 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 (254,186) 11,490,121
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 - 279,128 100,000 21,760,259
5,805,919 749,388 1,126,178 127,828 5,556,957
27,745,306 749,388 1,405,306 227,828 27,317,216
39,306,935 1,281,189 1,745,607 - 38,816,159

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.

22 Capital commitments

As at 31 December 2024, capital commitments totalling £27,019 had been entered into in relation to works at theWandsworth Meeting House which will take place in 2025.

The heritage report we received states the roof works we did at Wandsworth meeting house (in 2024) did not change the heritage character of the building. We have hired a heritage consultant to prepare the drawings, tendering and managing the site works at a cost of £18,768. We have also received a quote for £118,014 for the reinstatement of pitched roof and other roof works. We have brought the expected total cost of £136,082 as accruals.

23 Post balance sheet events

An offer was made in 2024 for the former Meeting House at Purley for £550,000. There has been a delay in exchanging the contract. We expect this sale will be completed in July/Aug 2025. There is also a good chance that this may fall through.

40