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2023-12-31-accounts

Charity no. 1175435

Bristol Area Meeting of the Religious Society of Friends (Quakers) Report and Audited Financial Statements 31 December 2023

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Reference and administrative details

For the year ended 31 December 2023

Charity number 1175435
Registered address Quaker Meeting House
300 Gloucester Road
Bristol
BS7 8PD
Website https://www.bristolquakers.org.uk/
Trustees The trustees are who served during the year and up to the date of this
report were as follows:
Susana Askew
Ray Bray
Sam Briggs Appointed 1 February 2023
Patricia De'Ath
Grahame Dixie Appointed 1 August 2023
Jonathan Jewkes
Sanni Kruger
Marcus Millington Resigned 31 March 2023
Catharina Pedder
Dean Smart Appointed 1 January 2023
Barney Smith
Gillian Whitehead Chair
Paul Whitehouse AM Treasurer to 31 March 2024
Christine Joan Willmore Appointed 1 February 2023, AM Treasurer
from 1 April 2024
Nominee for Land Friends Trust Limited
173-177 Euston Road
London
NW1 2BJ
Bankers Triodos Bank The Co-operative Bank Plc
Deanery Road P.O. Box 101
Bristol 1 Balloon Street
BS1 5AS Manchester
M60 4EP
CAF Bank Ltd Epworth
25 Kings Hill Avenue 9 Bonhill Street
West Malling London
ME19 4JQ EC2A 4PE
Investment managers Rathbone Investment Management Ltd
10 Queen Square
Bristol
BS1 4NT

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Bristol Area Meeting of the Religious Society of Friends (Quakers)

Reference and administrative details

For the year ended 31 December 2023

Auditors

Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

2

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Report of the trustees

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 Constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

1. LEGAL AND ADMINISTRATIVE DETAILS

1.1 Status and objectives

Bristol Area Quaker Meeting is one of around 70 Meetings which make up The Religious Society of Friends (Quakers) in Britain, also known as Britain Yearly Meeting (BYM). It was registered (number 1175435) as a Charitable Incorporated Organisation (CIO) on 30 October 2017.

1.2 Object

The object of Bristol Area Quaker Meeting is the furtherance of the general religious and charitable purposes of the Religious Society of Friends (Quakers) in Britain in the area of Bristol Area Meeting and beyond.

The CIO's income and property are used solely to further the area meeting's object by work such as:

1.3 Trustees

Up to 15 trustees are appointed by Bristol Area Meeting (AM) in Session, on the advice of the AM Nominations Committee. They hold office for a term of three years and may be re-appointed for a second term. Area Meeting in Session also appoints the Clerk to the trustees and the Treasurer, who is ex-officio a trustee.

1.4 Activities

The principal activity of the Area Quaker Meeting is the holding of public Meetings for Worship in the constituent Local Meetings: Bedminster, Central Bristol, Frenchay, Horfield, Portishead, Redland and Thornbury. Philanthropic activity is mainly through the Weekly Committee which provides financial support to needy Quakers and attendees. Some Local Meetings conduct collections to make donations to a range of causes. All members of the Area Meeting are entitled to take part in Meetings for Church Affairs which inter alia appoint the trustees.

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Bristol Area Meeting of the Religious Society of Friends (Quakers)

Report of the trustees

For the year ended 31 December 2023

1.5 Membership

Local Meeting Members
2022		 Members
2023		 Attenders
2023*
Bedminster 29 24 20 (8)
Central 21 22 16 (4)
Frenchay 30 32 26 (7)
Horfield 25 25 34 (4)
Portishead 13 14 6
Redland 105 108 70 (17)
Thornbury 21 20 4
TOTAL AM 244 245 176 (40)

*Numbers in brackets are children, included in total attenders

2. TRUSTEES' REPORT

2.1 Introduction

2.1.2 Local meetings

The Area Meeting comprises seven Local Meetings of which six occupy their own Meeting Houses. Thornbury Meeting meets in rented premises.

2.1.3 Burial grounds

Two Meeting Houses, Frenchay and Portishead, have burial grounds attached. In addition, the Area Meeting owns two freestanding burial grounds:

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Bristol Area Meeting of the Religious Society of Friends (Quakers)

Report of the trustees

For the year ended 31 December 2023

2.1.4 Governance

Meetings for church affairs, in which the Religious Society conducts its business, are meetings for worship based on silence, carrying the expectation that God’s guidance can be discerned if members are truly listening together and to each other. The unity that is sought depends on the willingness of all to seek the truth in each other’s utterances. There is no voting in the meetings, because the Society believes that this would emphasise the divisions between differing views and inhibit the process of seeking to know the right way forward, the will of God as expressed in the sense of the meeting.

The clerk of the meeting bears the final responsibility for preparing the business, conducting the meeting and drafting the minutes of the meeting. Minutes are drafted and read out by the clerk during the course of the meeting, but the final decision about whether a minute represents the sense of the meeting is the responsibility of the meeting itself, not of the clerk.

The Area Meeting in session, open to all members of the Area Meeting, is held about 10 times each year. The day to day administration of the Area Meeting’s affairs are conducted by a body of trustees, consisting of up to 15 Friends appointed by the Area Meeting.

2.2 General matters

2.2.1 Statement of public benefit

The trustees have had regard to the Charity Commission's guidance on public benefit. The principal public benefit is that at least weekly each of our six Meeting Houses (and our meeting at Thornbury) are open to the public for divine Worship. Our Meetings and their members and attenders are supported by the Area Meeting as they engage in a number of community activities.

Our Meeting Houses are also made available to suitable local community and interest groups and charities at a reduced rate where the purpose of the user is in line with our purposes. In 2023 the value of this benefit to those organisations was £42,240.

2.2.2 Financial review and reserves policy

During the year, the charity received income of £331,069 and incurred expenditure of £488,884, a deficit of £147,696 for the year, after the £10,119 gain on investments. This includes depreciation of £158,986. As at 31 December 2023 the charity had permanent endowment funds of £2,374,943 (the majority of which is represented by the Meeting Houses at Frenchay and Portishead), restricted funds of £118,327, and unrestricted funds of £4,136,974 (of which £3,568,683 relates to properties and other fixed assets). Free reserves, defined as unrestricted funds not held in designated funds, tangible fixed assets, or investment properties, were £133,609.

The trustees' reserves policy is to hold three months general expenditure (£54,000) plus five years expenditure for property maintenance (£82,000), a total of £136,000. Our free reserves of £133,609 are broadly in line with this target. We are aware of the need to carry out works to the Refugee House in Brislington which may impact our reserves. We will reconsider our reserves position when these costs have crystallised.

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Bristol Area Meeting of the Religious Society of Friends (Quakers)

Report of the trustees

For the year ended 31 December 2023

2.2.3 Summary of main achievements

We have continued to use technology in our Local Meetings to provide the option for people to join in Meeting for Worship online, although the numbers attending in person have increased this year. The use of our Meeting Houses, by both Quaker and community groups throughout the week, has also grown, providing valuable opportunities for outreach and mutual understanding.

We completed the purchase of a house for use by refugees in the city by using the proceeds of the sale of Wardens’ accommodation.

2.2.4 Sustainability

Apart from changing two gas hobs to electric, there has been no further physical work this year towards our Net Carbon Zero goal, but we continue to plan towards this. During 2023 we successfully applied for a grant from the Bristol City Council Community Resilience Fund, which will be used at Bedminster Meeting House to replace the gas boiler with an air source heat pump, to enlarge the Solar PV system and to add a battery. A project group is well forward with planning the implementation, which we hope will be completed in 2024. We are also considering adding external thermal insulation at Horfield. This year it emerged that the external render has failed and needs to be replaced in 2024 to prevent further water ingress. It would be cost-effective to add insulation at the same time.

2.2.5 Risk assessment and management

We are very aware of the need to manage the risks we face. This is not just in finance, but includes property, employment, provision for children and young people, data protection and safeguarding. Our policies on these matters and our risk register are reviewed regularly and systematically as a standing item on our Trustee Meeting Agenda, focusing on those areas where medium to high levels of residual risk have been identified.

2.2.6 Serious incidents

There were no serious incidents.

2.3 Report of trustees' committees

2.3.1 Trustees

The number of Trustees during the year varied between 10 and 12 out of a permitted maximum of 15. Trustees are responsible for the practical major committees, the Property and Health and Safety Committee, Employment and Wellbeing Committee, and the Finance Committee. Each committee is made up of at least two trustees, together with several non-trustee members. Weekly Committee is a very ancient committee which disburses funds to those in need.

2.3.2 Employment and Wellbeing Committee

The Committee continued to meet online throughout 2023. The main focus has been on the implementation of our new Safeguarding Policy and Procedures.

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Bristol Area Meeting of the Religious Society of Friends (Quakers)

Report of the trustees

For the year ended 31 December 2023

2.3.3 Finance Committee

We purchased a property in the Brislington area of Bristol using the remaining proceeds of the sale of the Warden’s House at Hampton Road. The house was already managed by our partner charity ACH, which supports refugees in Bristol, which meant there was no disruption to the lives of the three refugees already living there. We have agreed a five year lease with ACH for five years, with a review after three.

Early in the year, the directors of AEOB house people Limited (AEOB) approached us, requesting that we donate our stake in the organisation in order to increase its financial stability by reducing their overall indebtedness. Bristol Area Quaker Meeting had invested £20,000 in AEOB against the advice of the then Treasurer at the time.

Trustees were advised that complying with this request would be lawful. Being mindful that failure of AEOB could give rise to reputational damage for BAQM, and possibly hurt some of the more vulnerable people who invested in it, we decided to donate the majority of our shares in the organisation but retained a £50 stake which will enable future Trustees to ensure that the original intentions of the organisation may be preserved.

Hiring income held up well during the year. Following the significant increase energy costs, we recommended that Local Meetings review and raise their hiring charges by a minimum of 10%.

We routinely considered the management accounts at our quarterly meetings, looked at ways of how to encourage more Friends to contribute to Quaker work locally and nationally, and reviewed the policies owned by Finance Committee. We revised our Investments and Reserves policies. The Banking & Cash Handling policy did not need any amendments.

2.3.4 Property, Health and Safety (PH&S) Committee

To ensure that BAQM is meeting current H&S standards, we have this year commissioned two professional surveys of all our premises. One was an assessment of legionella risks, with advice on mitigation actions. The other provided us with professional fire risk assessments, including advice on how to regularly update these ourselves, and provided advice regarding the required regular testing and the required recording thereof.

Our architect has recently surveyed the property we purchased during the year and we await his report. We anticipate repairs will be needed during 2024. Following the refurbishment of the lift at Redland in 2022, we have this year further improved accessibility installing a chair lift on the short flight of stairs leading to the Library.

We continue to monitor the subsidence of the Community Hall at Portishead. There has been a small further movement during 2023, and we are awaiting assessment by a structural engineer.

2.3.5 Weekly Committee

Weekly Committee, which comprises two trustees and representatives from all Local Meetings, with the exception of Portishead, is responsible for providing financial support to individuals in times of difficulty through making grants and interest-free loans of varying amounts for different needs. The Committee has continued to meet regularly and to approve and administer payments of £6,370 (2022: £6,520) from our restricted funds to individuals in need.

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Bristol Area Meeting of the Religious Society of Friends (Quakers)

Report of the trustees

For the year ended 31 December 2023

Statement of responsibilities of the trustees

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the charity during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 20 May 2024 and signed on their behalf by

Gillian Whitehead

Gillian Whitehead Clerk to trustees

8

Independent auditors' report

To the members of

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Opinion

We have audited the financial statements of Bristol Area Meeting of the Religious Society of Friends (Quakers) (the 'charity') for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 charity 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 the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. 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.

9

Independent auditors' report

To the members of

Bristol Area Meeting of the Religious Society of Friends (Quakers)

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the trustees

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

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

Our 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 procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

10

Independent auditors' report

To the members of

Bristol Area Meeting of the Religious Society of Friends (Quakers)

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

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. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located 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 charityʼs trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charityʼs trustees those matters we are required to state to them in an auditorʼs 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 charityʼs trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Godfrey Wilson Limited

Date: 20 May 2024 GODFREY WILSON LIMITED Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

11

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Statement of financial activities

For the year ended 31 December 2023

Endowment
Note
£
Income from:
Donations and legacies
3
-
Charitable activities
4
-
Other trading activities
5
-
Investments
6
-
Total income
-
Expenditure on:
Raising funds
3,306
Charitable activities
52,840
Total expenditure
8
56,146
(56,146)
14
699
Net income / (expenditure)
(55,447)
Transfers between funds
-
Net movement in funds
10
(55,447)
Reconciliation of funds:
Total funds brought forward
2,430,390
Total funds carried forward
2,374,943
Net income / (expenditure)
before gains / losses
Net gains / (losses) on
investments		 Restricted
£
60,604
-
-
3,880
64,484
-
44,011
44,011
20,473
-
20,473
(165,000)
(144,527)
262,854
118,327		 Unrestricted
£
51,452
18,050
189,234
7,849
266,585
92,089
296,638
388,727
(122,142)
9,420
(112,722)
165,000
52,278
4,084,696
4,136,974		 2023
Total
£
112,056
18,050
189,234
11,729
331,069
95,395
393,489
488,884
(157,815)
10,119
(147,696)
-
(147,696)
6,777,940
6,630,244		 2022
Total
£
283,463
6,672
161,133
6,466
457,734
152,013
411,029
563,042
(105,308)
(61,646)
(166,954)
-
(166,954)
6,944,894
6,777,940

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 18 to the accounts.

12

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Balance sheet

As at 31 December 2023

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
16
Net current assets
Net assets
17
Funds
18
Endowment funds
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 £
134,078
182,206
316,284
(20,057)		 2023
£
5,915,283
418,734
6,334,017
296,227
6,630,244
2,374,943
118,327
3,697,969
439,005
6,630,244		 2022
£
6,072,769
275,294
6,348,063
134,540
320,955
455,495
(25,618)
429,877
6,777,940
2,430,390
262,854
3,791,099
293,597
6,777,940

Approved by the trustees on 20 May 2024 and signed on their behalf by

Gillian Whitehead

Gillian Whitehead Christine Willmore Clerk AM Treasurer

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Bristol Area Meeting of the Religious Society of Friends (Quakers)

Statement of cash flows

For the year ended 31 December 2023

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Losses / (gains) on investments
Dividends, interest and rents from investments
Decrease / (increase) in debtors
Decrease in creditors
Net cash used in operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Proceeds from the sale of investments
Purchase of investments
Investment portfolio cash movement
Net cash used in investing activities
Increase / (decrease) in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2023
£
(147,696)
158,986
(10,119)
(11,729)
462
(5,561)
(15,657)
11,729
(1,500)
282,924
(431,251)
15,006
(123,092)
(138,749)
320,955
182,206		 2022
£
(166,954)
158,985
61,646
(6,466)
(97,944)
(7,238)
(57,971)
6,466
(78,455)
31,799
(23,100)
(6,038)
(69,328)
(127,299)
448,254
320,955

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

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Bristol Area Meeting of the Religious Society of Friends (Quakers)

Notes to the financial statements

For the year ended 31 December 2023

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Bristol Area Meeting of the Religious Society of Friends (Quakers) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves, the current balance sheet, and the budget and forecast cash flow for the next 12 months. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

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

Income from the government and other 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 trust 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 treated as a contingent asset and disclosed if material.

d) Investment income

Interest on funds held on deposit, dividends and other investment income are included when receivable and the amount can be measured reliably by the charity. This is normally upon notification of the amounts paid or payable by the bank or investment managers.

Investment income generated from endowment funds is either restricted or unrestricted, depending on the terms of the endowment fund.

e) 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.

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Bristol Area Meeting of the Religious Society of Friends (Quakers)

Notes to the financial statements

For the year ended 31 December 2023

1. Accounting policies (continued)

f) Funds accounting

Endowment funds are funds which are held on trust to be retained for the benefit of the charity as a capital fund. Where the Trustees must permanently maintain the whole of the fund it is referred to as permanent endowment and such a fund cannot normally be spent as if it were income. Where the trustees have a power of discretion to convert endowed capital into income, it is referred to as expendable endowment.

Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. The aim and use of each restricted fund is set out in the notes to the financial statements.

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.

g) Grants payable

Grants payable are charged in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached have been fulfilled. Grants offered subject to conditions at the year end are noted as commitment but are not accrued as expenditure.

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.

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

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes, and includes costs of all fundraising activities including direct staff time, investment management fees and any associated support costs.

Expenditure on charitable activities is incurred on directly undertaking the activities which directly further the charity's objectives, including any associated support costs.

i) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between the costs of raising funds and charitable activities on the following basis:

2023 2022 Raising funds 50% 50% Charitable activities 50% 50%

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Bristol Area Meeting of the Religious Society of Friends (Quakers)

Notes to the financial statements

For the year ended 31 December 2023

1. Accounting policies (continued)

j) Tangible fixed assets

The freehold properties carried in the accounts consist of Meeting Houses and Burial Grounds and the title deeds are held in the name of Friends Trusts Limited. Historical costs were not known and the cost values were based on reinstatement values for insurance purposes, which were considered to represent deemed cost on transition to FRS102 at 1 January 2014.

Other tangible fixed assets are initially recognised at cost, which includes all costs incurred to bring the asset into its intended working condition. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Freehold land No depreciation charged Freehold buildings 50 years straight line Leasehold property Straight line over the life of the lease Property improvements 20 years straight line Equipment 5 years straight line

Items of equipment are capitalised where the purchase price exceeds £1,000.

k) Investment property

Investment property is property (land or a building, or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both.

Investment property is initially measured at cost, including transaction costs. Investment property is subsequently measured at fair value at the reporting date. This method of valuation applies to all the charity's investment properties.

Gains or losses arising from changes in the fair value of investment property are included in net profit or loss on the face of the Statement of Financial Activities for the period in which they arise.

l) Listed investments

Investments in quoted shares, traded bonds and similar investments are measured initially at cost and subsequently at fair value (their market value). The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.

m) Unlisted investments

Unlisted investments comprise investments in co-operative share capital, which are held at fair value. As co-operative shares do not appreciate in value, the fair value is deemed to be the same as historic cost less impairment.

n) 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.

o) 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.

17

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Notes to the financial statements

For the year ended 31 December 2023

1. Accounting policies (continued)

p) Creditors

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.

q) Financial instruments

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

r) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

s) Accounting estimates and key judgements

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Legacy valuations

Determining the value of legacy debtors requires an estimation of the future cash flows expected to be received from the legacy. Actual results may differ from these estimates because the value of legacy is usually dependant on the amount of cash realised from the estate in which the legacy relates, and the recognition of a debtor as per the SORP usually precedes the cash receipt. The charity uses the expertise of a professional to estimate future amounts based on supporting evidence.

Freehold land and buildings

As described in note 1(j) to the financial statements, the freehold properties were initially recognised at deemed cost, which was based on historic reinstatement values for insurance purposes. The split between land and buildings has been estimated on the basis of local government estimates for the value of land determined in 2014, and approximate hectarage of the land. The total deemed cost of the land at 31 December 2023 is estimated at £864,000.

Depreciation

As described in note 1(j) to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

18

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Notes to the financial statements

For the year ended 31 December 2023

2. Prior period comparatives: statement of financial activities

£
Income from:
Donations and legacies
-
Charitable activities
-
Other trading activities
-
Investments
-
Total income
-
Expenditure on:
Raising funds
2,421
Charitable activities
52,840
Total expenditure
55,261
(55,261)
Net losses on investments
(9,052)
(64,313)
3.
Income from donations and legacies
Donations
Prior period comparative:
Donations
Legacies
Total income from donations and legacies
Endowment
Net income / (expenditure) and net
movement in funds
Net income / (expenditure) before
losses		 Restricted
£
£
208,441
75,022
-
6,672
-
161,133
1,059
5,407
209,500
248,234
-
149,592
52,258
305,931
52,258
455,523
157,242
(207,289)
-
(52,594)
157,242
(259,883)
Restricted
£
£
60,604
51,452
Restricted
£
£
43,441
47,430
165,000
27,592
208,441
75,022
Unrestricted
Unrestricted
Unrestricted		 2022
Total
£
283,463
6,672
161,133
6,466
457,734
152,013
411,029
563,042
(105,308)
(61,646)
(166,954)
2023
Total
£
112,056
2022
Total
£
90,871
192,592
283,463

19

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Notes to the financial statements

For the year ended 31 December 2023

4. Income from charitable activities

Events 2023
£
18,050		 2022
£
6,672

All income from charitable activities in the current and prior year was unrestricted.

5. Income from other trading activities

Income from other trading activities
Lettings income
Feed-in tariff
Total income from other trading activities		 2023
£
179,310
9,924
189,234		 2022
£
152,583
8,550
161,133

All income from other trading activities in the current and prior year was unrestricted.

6. Income from investments

Dividends and interest from investments
Bank interest
Total income from investments
Prior period comparative:
Dividends and interest from investments
Bank interest
Total income from investments		 £
£
-
3,639
3,880
4,210
3,880
7,849
£
£
-
4,855
1,059
552
1,059
5,407
Unrestricted
Unrestricted
Restricted
Restricted		 2023
Total
£
3,639
8,090
11,729
2022
Total
£
4,855
1,611
6,466

7. Government grants

The charity did not receive any government grants in the current or prior year.

20

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Notes to the financial statements

For the year ended 31 December 2023

8. Total expenditure

Total expenditure
Staff costs (note 11)
Grants payable (note 9)
Bank charges
Cleaning
Energy
Gardening
Hospitality
Insurances
Ministry / library
Property repairs / maintenance
Staff housing costs
Rent
Depreciation
Event costs
Office and other costs
Investment management fees
Audit and accounting fees
Sub-total
Allocation of support and
governance costs
Total expenditure
Waste disposal, water and
sewerage		 Raising
funds
£
28,601
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,997
-
30,598
64,797
95,395		 Charitable
activities
£
39,810
68,638
-
-
-
8,483
637
-
31,338
-
-
-
1,866
158,986
18,934
-
-
-
328,692
64,797
393,489		 Support and
governance
costs
£
12,040
-
1,192
21,662
22,540
-
-
10,686
-
23,291
6,995
5,944
-
-
-
16,030
-
9,214
129,594
(129,594)
-		 2023 Total
£
80,451
68,638
1,192
21,662
22,540
8,483
637
10,686
31,338
23,291
6,995
5,944
1,866
158,986
18,934
16,030
1,997
9,214
488,884
-
488,884

Total governance costs were £9,660 (2022: £9,663).

21

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Notes to the financial statements

For the year ended 31 December 2023

8.
Total expenditure
Prior period comparative
Staff costs (note 11)
Grants payable (note 9)
Bank charges
Cleaning
Energy
Gardening
Hospitality
Insurances
Ministry / library
Property repairs / maintenance
Staff housing costs
Rent
Depreciation
Event costs
Office and other costs
Investment management fees
Audit and accounting fees
Sub-total
Allocation of support and
governance costs
Total expenditure
Waste disposal, water and
sewerage		 Raising
funds
£
25,804
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,789
-
28,593
123,420
152,013		 Charitable
activities
£
34,616
43,486
-
-
-
22,457
613
-
20,803
-
-
-
1,510
158,985
5,140
-
-
-
287,609
123,420
411,029		 Support and
governance
costs
£
8,012
-
1,034
22,586
13,130
-
-
9,228
-
158,520
6,348
4,287
-
-
-
14,762
-
8,932
246,840
(246,840)
-		 2022 Total
£
68,432
43,486
1,034
22,586
13,130
22,457
613
9,228
20,803
158,520
6,348
4,287
1,510
158,985
5,140
14,762
2,789
8,932
563,042
-
563,042

22

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Notes to the financial statements

Notes to the financial statements
For the year ended 31 December 2023

9.
Grants and donations payable
Britain Yearly Meeting (scheduled donations)
Other institutions:
AEOBhousepeople Limited
St. Luke's Project
Together4Bristol
Bristol Holocaust Memorial Day Steering Group
BS3 Community Development
QCEA British Committee
FWCC
Pickering & Hull Area Quaker Meeting
Gordano School
Bristol Dementia Action Alliance
Bristol Radical History Group
Churches Together in Portishead
Crawshawbooth LQM
Osmotherley LQM
Pity of War
Peace Pledge Union
Woodbrooke QSC
Grants to institutions (9 institutions, 2022: 12)
Grants to individuals (13 individuals, 2022: 17)
10. Net movement in funds
This is stated after charging:
Depreciation
Trustees' remuneration
Trustees' reimbursed expenses (2023: 1 trustee, 2022: nil)
Auditors' remuneration:
Statutory audit (excluding VAT)		 2023
£
36,578
19,950
2,155
1,000
998
734
569
185
100
-
-
-
-
-
-
-
-
-
62,269
6,369
68,638
2023
£
158,986
Nil
108
7,650		 2022
£
34,072
-
-
-
-
-
822
440
-
500
391
200
150
100
100
100
68
25
36,968
6,518
43,486
2022
£
158,985
Nil
Nil
7,150

Trustees' reimbursed expenses include reimbursement for accommodation.

23

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Notes to the financial statements

For the year ended 31 December 2023

11. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Pension costs		 2023
£
77,526
2,925
80,451		 2022
£
66,149
2,283
68,432

No employee earned more than £60,000 during the current or prior year.

The key management personnel of the charity comprise the Trustees, who did not receive any remuneration during the current or prior year.

Average full time equivalents
Average head count		 2023
No.
4
7		 2022
No.
4
7

12. Taxation

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

13. Tangible fixed assets

Cost
At 1 January 2023
Additions in year
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 £
5,978,458
-
5,978,458
920,602
102,289
1,022,891
4,955,567
5,057,856
Freehold
property		 £
£
302,366
791,181
-
1,500
302,366
792,681
4,123
96,039
2,749
39,634
6,872
135,673
295,494
657,008
298,243
695,142
Property
improvements
Leasehold
property		 £
72,894
-
72,894
51,366
14,314
65,680
7,214
21,528
Equipment		 Total
£
7,144,899
1,500
7,146,399
1,072,130
158,986
1,231,116
5,915,283
6,072,769

Included in freehold property is land totalling £864,000 that is not depreciated (2022: £864,000).

24

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Notes to the financial statements

For the year ended 31 December 2023

14. Investments

Additions
Disposals proceeds
Gains / (losses)
Movement in cash balance
Represented by:
Listed investments
Unlisted investments
Investment property
Cash
Market value at 31
December 2023
Market value at 1 January
2023		 Rathbones
funds
£
255,294
125,855
(262,974)
10,119
(15,006)
113,288
112,106
-
-
1,182
113,288		 £
20,000
-
(19,950)
-
-
50
-
50
-
-
50
Unlisted
investments		 Property
£
-
305,396
-
-
-
305,396
-
-
305,396
-
305,396		 2023
£
275,294
431,251
(282,924)
10,119
(15,006)
418,734
112,106
50
305,396
1,182
418,734		 2022
£
339,601
23,100
(31,799)
(61,646)
6,038
275,294
239,106
20,000
-
16,188
275,294

Unlisted investments comprise an investment co-operative share capital, which do not appreciate in value. The investment is reviewed annually for any diminution in value and is believed to be worth the amount stated in the balance sheet. During the year, shares in AEOB (Abolish Empty Office Buildings, House People) valued at £19,950 were donated back to AEOB. See note 20 for further information.

15. Debtors

Trade debtors
Accrued income
Prepayments
Other debtors		 2023
£
15,930
115,385
100
2,663
134,078		 2022
£
37,682
94,703
1,848
307
134,540

25

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Notes to the financial statements

For the year ended 31 December 2023

16. Creditors : amounts due within 1 year

Trade creditors
Accruals
Other taxation and social security
Other creditors		 2023
£
2,313
13,970
2,459
1,315
20,057		 2022
£
11,175
10,790
2,091
1,562
25,618

17. Analysis of net assets between funds

Tangible fixed assets
Investments
Current assets
Current liabilities
Prior year comparative:
Tangible fixed assets
Investments
Current assets
Current liabilities
Net assets at
31 December 2023
Net assets at
31 December 2022		 £
2,346,600
26,343
2,000
-
2,374,943
£
2,399,440
28,950
2,000
-
2,430,390
Endowment
funds
Endowment
funds		 £
-
-
118,327
-
118,327
£
-
-
262,854
-
262,854
Restricted
funds
Restricted
funds		 £
3,568,683
-
129,286
-
3,697,969
£
3,673,329
-
117,770
-
3,791,099
Designated
funds
Designated
funds		 £
-
392,391
66,671
(20,057)
439,005
£
-
246,344
72,871
(25,618)
293,597
General
funds
General
funds		 Total
funds
£
5,915,283
418,734
316,284
(20,057)
6,630,244
Total
funds
£
6,072,769
275,294
455,495
(25,618)
6,777,940

26

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Notes to the financial statements

For the year ended 31 December 2023

18. Movements in funds

Endowment funds
Permanent endowments:
BQ Loan Funds
Somerset Charities
Land and buildings
Total endowment funds
Restricted funds
Friends Relief Fund
Women's Fund
Library
Weekly Committee
Appeals for Others
Parsloe legacy
Other restricted funds
Total restricted funds
Community Resilience
Fund		 At 1
January
2023
£
2,000
28,950
2,399,440
2,430,390
33,974
56,811
2,596
4,951
(754)
165,000
-
276
262,854		 Income
£
£
-
-
-
(3,306)
-
(52,840)
-
(56,146)
1,474
(2,478)
2,406
(2,190)
-
(129)
376
(1,882)
38,847
(37,332)
-
-
21,381
-
-
-
64,484
(44,011)
Expenditure		 Gains/
(losses)
£
-
699
-
699
-
-
-
-
-
-
-
-
-		 £
-
-
-
-
-
-
-
-
-
(165,000)
-
-
(165,000)
Transfers
between
funds		 £
2,000
26,343
2,346,600
At 31
December
2023
2,374,943
32,970
57,027
2,467
3,445
761
-
21,381
276
118,327

27

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Notes to the financial statements

For the year ended 31 December 2023

18. Movements in funds (continued)
At 1
January
2023
£
Designated funds:
Ammerdown
-
Bedminster LM
7,615
Camp
8,374
Central LM
10,394
Frenchay LM
45,632
Horfield LM
22,456
Portishead LM
5,004
Redland LM
14,493
Thornbury LM
3,802
Fixed assets fund
3,673,329
Total designated funds
3,791,099
General funds
293,597
4,084,696
Total funds
6,777,940
Unrestricted funds
Total unrestricted funds		 Income
£
£
10,416
(14,462)
1,816
(2,456)
6,805
(4,679)
1,871
(1,209)
3,473
(480)
2,677
(1,567)
475
(1,113)
8,124
(2,319)
1,520
-
-
(106,146)
37,177
(134,431)
229,408
(254,296)
266,585
(388,727)
331,069
(488,884)
Expenditure		 Gains/
(losses)
£
-
-
-
-
-
-
-
-
-
-
-
9,420
9,420
10,119		 £
4,046
(2,030)
508
(1,470)
(2,100)
(1,750)
(910)
(11,396)
17,726
1,500
4,124
160,876
165,000
-
Transfers
between
funds		 £
-
4,945
11,008
9,586
46,525
21,816
3,456
8,902
23,048
3,568,683
At 31
December
2023
3,697,969
439,005
4,136,974
6,630,244

Purposes of endowment and restricted funds

Bristol Quakers (BQ) To make loans to Friends in need, giving preference to loans for furthering Loan Funds their careers.

Land and buildings

This fund represents the freehold property held on permanent endowment for general charitable purposes. Expenditure against this fund represents depreciation charges.

Friends Relief Fund

To assist needy Friends.

Women's Fund To assist needy women Friends.

Library For the upkeep of old Quaker books.

Weekly Committee

To provide financial support to those Members and Attenders within Bristol Area Meeting who are struggling financially.

Appeals for Others

Funds received specifically for organisations and projects that we support that we pass on including gift aid.

28

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Notes to the financial statements

For the year ended 31 December 2023

18. Movements in funds (continued) Purposes of endowment and restricted funds (continued)

Community Resilience Funding from Bristol City Council for upgrade works to the Bedminster Fund Meeting House. Other restricted funds Various other restricted donations received and spent in accordance with the donor's wishes.

Purposes of designated funds

Designated funds represent amounts set aside for specific purposes, principally for repairs and maintenance of buildings. Also included in designated funds are funds for the specific Local Meetings and the value of fixed assets not held in endowment funds.

Transfers

The transfer between the fixed assets designated fund and general funds reflects equipment additions in the year.

The transfers through the designated funds represent changes in the designations.

The transfer of the Parsloe Legacy to general funds and Thornbury LM designated funds was a decision made by Thornbury LM to widen the purposes of the funds, as the legacy was disproportionate to Thornbury LM's needs, subject to designating £20,000 for Thornbury LM to consider further.

Prior period comparative

£
Endowment funds
Permanent endowments:
BQ Loan Funds
2,000
Somerset Charities
40,423
Land and buildings
2,452,280
Total endowment funds
2,494,703
Restricted funds
Friends Relief Fund
36,226
Women's Fund
59,076
Horfield Memory Cafe
391
Library
3,031
Weekly Committee
5,509
Appeals for Others
159
Lower Hazel Path
-
Parsloe legacy
-
Other restricted funds
1,220
Total restricted funds
105,612
At 1 January
2022		 Income
£
£
-
-
-
(2,421)
-
(52,840)
-
(55,261)
413
(2,665)
646
(2,911)
-
(391)
-
(435)
374
(932)
34,421
(35,334)
8,526
(8,526)
165,000
-
120
(1,064)
209,500
(52,258)
Expenditure		 Gains/
(losses)
£
-
(9,052)
-
(9,052)
-
-
-
-
-
-
-
-
-
-		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Transfers
between
funds		 £
2,000
28,950
2,399,440
At 31
December
2022
2,430,390
33,974
56,811
-
2,596
4,951
(754)
-
165,000
276
262,854

29

Bristol Area Meeting of the Religious Society of Friends (Quakers)

Notes to the financial statements

For the year ended 31 December 2023

18. Movements in funds (continued) Prior period comparative (continued)

£
Designated funds:
Bedminster LM
8,124
Camp
6,684
Camp Bursaries
508
Central LM
11,672
Frenchay LM
47,327
Horfield LM
23,370
Nash Legacy
2,000
Portishead LM
7,185
Redland LM
38,277
Thornbury LM
2,929
Fixed assets fund
3,701,019
Total designated funds
3,849,095
General funds
495,484
Total unrestricted funds
4,344,579
Total funds
6,944,894
At 1 January
2022
Unrestricted funds		 Income
£
£
2,698
(1,287)
6,673
(5,491)
-
-
1,388
(1,322)
5,212
(4,795)
2,432
(1,746)
-
(2,000)
386
(1,735)
6,959
(23,575)
2,281
-
-
(106,145)
28,029
(148,096)
220,205
(307,427)
248,234
(455,523)
457,734
(563,042)
Expenditure		 Gains/
(losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
(52,594)
(52,594)
(61,646)		 £
(1,920)
508
(508)
(1,344)
(2,112)
(1,600)
-
(832)
(7,168)
(1,408)
78,455
62,071
(62,071)
-
-
Transfers
between
funds		 £
7,615
8,374
-
10,394
45,632
22,456
-
5,004
14,493
3,802
3,673,329
At 31
December
2022
3,791,099
293,597
4,084,696
6,777,940

19. Financial instruments at fair value

Financial assets measured at fair value 2023
£
417,552		 2022
£
259,106

Financial assets measured at fair value comprises listed investments, unlisted investments, and property.

20. Related party transactions

During the current year, total grants of £640 were paid to two trustees (2022: £nil). This was approved by the Weekly Committee and was notified to the Clerk of Trustees.

Total donations from trustees to the charity in the year were £12,163 (2022: £5,983).

Two trustees, Paul Whitehouse and Patricia De'Ath, are also directors of AEOB (Abolish Empty Office Buildings, House People). During the year, the charity donated £19,950 of their shares in AEOB back to the organisation (2022: £nil).

The trustees are not aware of any further related party transactions during the year.

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