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2020-12-31-accounts

The Religious Society of Friends (Quakers) in Britain

Mid Thames Area Quaker Meeting and Related Charities (Registered Charity number 201030)

The Annual Report and Accounts for the year ended 31 December 2020

The Annual Report and Accounts
for the year ended 31 December 2020
Contents **Page **
Annual report of the trustees 1 - 12
Auditor’s report 13-15
Annual accounts 16 – 38
Statement of financial activities 16
Summarybalance sheet 17
Statement of Cash flows 18
Notes on Statement of financial activities and Balance sheet 19-39
Note 1: Accounting practices 19
Note 2: Unrestricted funds
2.1 General fund 20
2.2 Propertyfund 21
2.3 Doreen Armstrongfund 22
2.4 Grenville Green fund 23
2.5 Newburydevelopment fund 24
2.6 Funds of constituent Local Meetings 25-26
2.7 Schedule collectors’ accounts 27
Note 3: Restricted fund
3.1 ReadingMeetingHouse and Burial Ground 27
Note 4: Endowment funds
4.1 Mid Thames Area MeetingOverseers fund 28
4.2 Caleb Toovey’s Charity 29
4.3 The Yew Tree fund 30
4.4 HenleyMeetingHouse and Burial Ground 31
4.5 Maidenhead MeetingHouse 31
4.6 Wallingford MeetingHouse 31
Note 5: Income and expenditure details
5.1a Income and expenditure overview 31-32
5.1b Net income and charitable spending 33
5.2 Grants exceeding£250 to non-Quaker organisations 34
Note 6: Balance sheet details
6.1 Balance sheet overview 35
6.2 Asset details 36
6.3 Fixed asset investments 37-38
Note 7: Reserves calculations 39

Abbreviations

MTAM Mid Thames Area Meeting BYM Britain Yearly Meeting LM Local Meeting

Mid Thames Quakers annual report and accounts 2020, page 0

Annual Report of the trustees of Mid Thames Area Quaker Meeting, for the year ended 31 December 2020

Reference and administrative details of the Charity, its trustees and advisers

Mid Thames Area Quaker Meeting and Related Charities, abbreviated as Mid Thames Area Meeting or MTAM is part of the Religious Society of Friends (Quakers) in Britain. It is a charity established for the furtherance of the general religious and charitable purposes of the Religious Society in the area of Mid Thames Area Meeting and beyond. The principal activity is the arrangement and holding of meetings for worship in its constituent Local Meetings of East Garston, Henley, Maidenhead, Newbury, Reading, Wallingford and Wokingham.

The members of the Area Meeting are all those persons whose names are for the time being recorded as such in the official handbook. The trustees are appointed by the Area Meeting in session. The following persons were trustees in 2020 and were also serving as trustees on the date that this report was approved: Alasdair Donaldson (co-clerk) Christopher Whichelo John Griffin Jean Scott-Barr (from 20 August 2020) Mark Tod (co-clerk)

The following also served as trustees: Anne Wheldon (until 31 December 2020) Fiona Larsen (until 31 December 2020) Keith Isaacson (until June 2020) Lucy Harding (until 31 March 2021) Paul High (until 31 December 2020) Simon Bond (until 31 December 2020)

Address

c/o Reading Quaker Meeting house, 2 Church Street, Reading RG1 2SB

Officers of Mid Thames Area Meeting in 2020

Clerk: Jean Scott-Barr (until 20 August 2020), Naomi Iliff (from 20 August 2020) Membership, administration and data protection officer: Phillip Griffin Treasurer: Anne Wheldon Schedule collector: Andrew Hughes Nind

Bankers

CAF Bank, Box 289, West Malling, Kent ME19 4TA Triodos Bank, Brunel House, 11 The Promenade, Bristol BS8 3NN Charity Bank, Fosse House, 182 High Street, Tonbridge, Kent TN9 1BE Ecology Building Society, 7 Belton Road, Silsden, Keighley, West Yorks BD20 0EE Lloyds Bank (Henley Local Meeting) Co-operative Bank (Reading Local Meeting) NatWest Bank (Schedule Collectors)

Nominee name for properties

Friends Trusts Ltd, Friends House, 173 Euston Road, London NW1 2BJ

Insurers

Congregational & General, Currer House, Currer Street, Bradford, BD1 5BA

Auditor of accounts

Philip Lane FCCA of David Howard, 1 Park Road, Hampton Wick, Kingston-upon-Thames, KT1 4AS

Mid Thames Quakers annual report and accounts 2020, page 1

Structure, governance and management

Governance

The charity is subject to a Governing document adopted on 9 March 2008 based on and including reference to Quaker Faith and Practice (London: 2005) as amended by Britain Yearly Meeting from time to time. The charity works closely with Britain Yearly Meeting, the central body of Quakers in Britain.

Trustees are appointed by Mid Thames Area Meeting, normally for a triennium, to manage the finances, property and governance of the Area Meeting on its behalf and in accordance with its wishes. The terms of reference of trustees were revised and approved by the Area Meeting in 2018. During 2020, trustees met in person twice, and then a further ten times through videoconference, on account of the Coronavirus pandemic. Trustees maintained frequent email contact on day-to-day matters between meetings.

New trustees are recruited through a structured nominations process. Trustees guide the Area Meeting nominations committee on the particular skills required. New trustees are given an information pack including the latest annual report, governing document, and minutes of recent meetings. New and existing trustees are encouraged to attend trustee training courses and conferences run by the Woodbrooke Quaker study centre and others.

In 2010, after consultation with the constituent Local Meetings, the trustees agreed a Memorandum of understanding. This sets out the delegation of trustees’ responsibilities to other office holders and committees of the charity and the relationships between Mid Thames Area Meeting, Local Meetings and the trustees. The Memorandum of understanding and its associated Risk assessment were re-drafted by trustees during 2020, and at the end of the year were with the Area Meeting for review.

Voluntary service is essential to our work. All our offices are held by volunteers. We arrange and pay for appropriate training, e.g. for trustees, clerks and treasurers, and reimburse the actual costs of doing the work. Payments may also be made to members in respect of their professional services.

Risks and their mitigation

The risks to the Area Meeting and their mitigation are detailed in the Risk assessment. The major risks relate to:

(a) Health and safety including the safety of children and vulnerable adults.

The Area Meeting has an overall health and safety policy which is reviewed by trustees each year and revised as needed. Local Meetings carry out annual health and safety inspections based on a checklist, and these are reported to trustees. All Local Meetings have had professional fire risk assessments within the last five years and recommendations from these have been followed up. Health and safety is a standing item on the agenda for all trustees’ meetings.

(b) Safeguarding

We have noted the advice of the Charities commission for England and Wales that “Protecting people and safeguarding responsibilities should be a governance priority for all charities. As part of fulfilling your trustee duties, you must take reasonable steps to protect people who come into contact with your charity from harm.” We are aware particularly that as a religious community, seen as helpful and supportive, there is a need for vigilance to protect our Meetings from being targeted by those with less than scrupulous intentions.

Mid Thames Area Meeting has two Area Meeting safeguarding coordinators, and a safeguarding link appointed in each Local Meeting. New guidelines issued by BYM in late 2020 require a safeguarding lead trustee: Simon Bull was appointed to this role in early 2021.

Mid Thames Quakers annual report and accounts 2020, page 2

Safeguarding is a standing item on the agenda for all trustees meetings, to note any relevant developments. One of the safeguarding coordinators reports formally to trustees every quarter. The coordinators also report annually to update Trustees with the names of members and attenders who are approved to work with our children’s meetings. In 2020 there were no safeguarding incidents to report, and five DBS checks were renewed.

The safeguarding coordinators checked our safeguarding policy and procedures during 2020 and considered that no changes were needed. The new BYM guidelines require a different model of policies and procedures to be in place by the end of 2022. Our safeguarding lead trustee has confirmed that the current policy and procedures and are acceptable and safe. The safeguarding team and trustees have started work on adapting them to fit the new model.

Trustees feel strongly that safeguarding should be understood by everyone in our community, so that they know what behaviour or activity might be a concern and who to report it to. Safeguarding is everyone’s business. During 2020 our Meeting houses were closed for much of the year because of the coronavirus pandemic. Two children’s meetings took place outdoors: our COVID and safeguarding regulations required all children to have a parent present, and parents and children to keep in their own family bubbles. One Area Meeting safeguarding coordinator took online training with thirtyone:eight in 2020, and the other had training in her professional capacity. A training session for Pastoral Friends is scheduled for early 2021.

The Mid Thames safeguarding team are supported by the BYM safeguarding adviser and safeguarding officer who work as part of BYM’s Quaker Peace and Social Witness (QPSW) team. Alongside the service offered by thirtyone:eight (the Churches’ Child Protection Advisory Service) who are able to address the technical and legal issues of concerns, the QPSW team offer the uniquely Quaker perspective, in particular offering support to the Area Meeting coordinators in challenging situations .

(c) Financial control

Our policy on financial procedures and controls was re-written and approved by trustees and Area Meeting in 2019. It will be reviewed by trustees in 2021.

(d) Employment

The Area Meeting has a policy on employment and service provision which was revised by trustees and Area Meeting in 2018. Employment contracts are prepared in consultation with solicitors, to minimise risk and protect the interests of both the Area Meeting and the employees.

(e) Public liability, buildings and contents

These are all covered by an insurance policy. In addition, all properties have a quinquennial survey, and necessary repairs and maintenance are undertaken to keep them in excellent condition, and to avoid extra cost in future.

(f) Data protection

Trustees appointed a data protection officer in November 2017. Our data protection policy was re-written and approved by trustees and Area Meeting in 2018.

Property valuation

The trustees have instituted a policy for wholly functional property of the charity based on paragraph 10.53 and 10.56 of the 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, SORP (FRS 102). The costs of professional valuation being out of proportion to any requisite adjustment, the trustees place on each property the value assigned by the insurers in 2010. These assets will not be revalued except as may be required by any future impairment review.

Mid Thames Quakers annual report and accounts 2020, page 3

In accordance with paragraphs 10.53 and 10.56 of the SORP (FRS102), properties yielding investment income will be independently revalued every five years, and this took place in 2020. Details are given in note 6.3. Trustees will review values annually in intervening years.

Grants to non-Quaker bodies

Making grants and donations is only a minor part of the activity of Mid Thames Quakers. However, a donations policy was formulated and adopted in 2008. All donations to non-Quaker bodies are agreed and recorded at a meeting for worship for business of the Area Meeting as a whole, or one of its constituent Local Meetings. All such donations above £250 are listed in note 5.2.

Investment policy

The MTAM investment policy, which was reviewed in 2008, sets ethical criteria for our investments and accepts higher risk on this basis. The MTAM investment portfolio is reviewed annually with our investment manager Rathbone Greenbank.

Following recent Charity Commission guidance on investing for social, as well as financial, return, trustees have authorised our investment manager to consider higher-risk, ethical investments. Outside the investment portfolio, trustees have also made modest investments and loans to local ethical enterprises (see financial review).

Reserves policy

Trustees agreed a revised Mid Thames Area Meeting reserves policy in 2017, based on guidance from the Quaker Stewardship Committee of BYM, and agreed that we should hold reserves for planned long-term projects; major property repairs; reduction in voluntary income and cash flow fluctuations. Trustees assess our reserves position at the end of each financial year: details for 2020 are in note 7.

Other policies and procedures

The policy for hiring rooms at our meeting houses was revised and approved in 2018. Our grievance and disciplinary procedures are based on templates from BYM.

Objectives and activities

The object of the charity, stated in clause 3 of the adopted governing document, is the furtherance of the general religious and charitable purposes of the Religious Society in the area of Mid Thames Area Meeting and beyond.

Our main activity continues to be the right holding of public meetings for worship at all our Local Meetings throughout the year. For much of 2020, in-person meetings were not held, either because they were prohibited by Coronavirus restrictions, or because our risk assessment judged the risk to be too great. Local Meetings made their own arrangements to maintain worship and also pastoral care.

Many Local Meetings held meetings for worship via videoconference. We balanced the need for public worship with the need to screen potentially malicious people from attending by requiring enquirers who wishes to attend to make contact by email before they were sent a link. Some Friends chose to worship in their own homes. There were also regular meetings for worship for business for all Local Meetings and for the Area Meeting as a whole, and these too were held by videoconference for much of 2020.

We do not have dedicated ministers, so everyone in the Area Meeting is responsible for carrying out many tasks, as well as participating in meetings for worship and business. We support Friends to attend training courses for roles that they undertake, although few of these were held in 2020.

We continue to support Britain Yearly Meeting which manages central Quaker work including peace and social and economic justice. Our support includes giving money to BYM; sending representatives to Meeting for Sufferings and the Representative Councils; and involvement in the oversight of centrally-managed Quaker

Mid Thames Quakers annual report and accounts 2020, page 4

work. Some of our members also participate as members of central committees. Again, much of this involvement took place by videoconference in 2020.

Within our borders, we appoint a Quaker chaplain to Reading University, who works as an active member of the chaplaincy team. Several Local Meetings work with Churches Together in their town.

The Trustees have considered the Charity Commission guidance on public benefit and believe that the charities’ objectives are for the benefit of the public.

Achievements

Membership

The tabular statement sent to Britain Yearly Meeting records that in December 2020 Mid Thames Area Meeting had 209 members (December 2019:216) including 3 children, with 190 attenders (205) including 40 children. No meetings were established or laid down.

Worship and witness

All our local Quaker meetings (at East Garston, Henley, Maidenhead, Newbury, Reading, Wallingford and Wokingham) held public meetings for worship take place on Sundays and sometimes on weekdays as well when Meeting houses were open. Many continued these by videoconference when COVID restrictions were in place.

Various study groups were able to continue by videoconference, although very few public events could be held. We continued to support a range of local charitable work. More detail will be in the Mid Thames Quakers’ annual review for 2020.

Sustainability

Plans for the redevelopment of Newbury Quaker meeting house have advanced. We have agreed a more modest extension of the building footprint than previously envisaged, and commissioned an assessment of the CO2 impact of different options for the building fabric. Trustees are currently (May 2021) waiting for a detailed costing of the redevelopment, to decide which options to pursue.

The Mid Thames AM sustainability group has shared information about seminars and petitions, and joined in our Social witness group discussion of Quaker action in relation to COP26. Two members attended a Woodbrooke reading course on sustainability.

The table below shows the 2020 CO2e emission from energy use for each of our seven Meeting houses, with 2019 and 2018 for comparison. Emissions fell by over 50% from 2019 to 2020, unsurprisingly because Meeting houses were closed or only partly use for much of the year.

Meeting house
total area m2
tonnes CO2e 2018
tonnes CO2e 2019
tonnes CO2e 2020
kg CO2e per total m22020		 East
Garston
Henley
Maiden-
head
Newbury Reading
Walling-
ford
Woking-
ham
66
95
60
68
285
31
48
0.62
5.5
2.8
2.8
6.2
1.9
1.7
0.57
4.0
2.6
3.0
6.8
1.6
1.7
0.37
1.4
1.2
1.9
3.3
0.7
0.9
5.64
14.4
20.7
28.4
11.5
24.1
19.1		 Total
651
21.5
20.2
9.8
15.1

Notes: m[2] = the floor area of meeting rooms, and does not include kitchens, toilets, lobbies etc.

CO2e = CO2 equivalent of the three main greenhouse gases tracked in the UNFCCC reporting.

Mid Thames Quakers annual report and accounts 2020, page 5

Financial review

(2019 figures are shown in brackets throughout)

The accounts of Mid Thames Area Meeting for the year ended 31 December 2020 are attached from page 14 onwards. They comprise the Statement of Financial Activities, the Balance Sheet and related notes. Financial accounts are kept in accordance with the policies defined in Note 1, page 16. The terms on which trust funds are held is according to a Charity Commission Scheme issued on 16 January 2015.

Notes 2.1 to 4.6 show the income and expenditure and the assets and liabilities of all constituent meetings and other funds for which Mid Thames Area Meeting is responsible. A brief commentary is given on each of these funds. Notes 5.1a and 5.1b provides an overview of income and expenditure for all funds, and note 5.2 lists grants to non-Quaker organisations. Note 6.1 provides an overview of the balance sheet of all funds, with more details of assets in notes 6.2 and 6.3. Note 7 calculates our target reserves, and compares with actual values.

Net income

The total income of all funds in 2020 was £577,101 (£265,814). This income came from donations, legacies, grants, hiring rooms at Meeting houses, investments, and property rental. It includes £50,235 (£38,574) collected on behalf of BYM by our Schedule collector. The cost of raising this income (including administration of donations and legacies, managing investments, running Meeting houses for hirers, and looking after let property) came to £66,049 (£81,057) in total. The net income to MTAM, subtracting the cost of raising it, was therefore £460,817 (£146,183).

Our net income from donations contributed £51,336 (£36,511). About 55% of donations went to Local meeting funds, 42% to Area Meeting central funds, and 3% to the Newbury development fund. We appreciate how many Friends increased their donations to make up for our loss of hirings income.

Our late Friend Grenville Green left a legacy to be used by Wokingham Quakers: the estate is still being wound up but £337,500 was received in 2020. Because of the size of this legacy, trustees agreed that it should be held in a designated fund, the Grenville Green fund. Our late Friend Elizabeth Sheppard left a legacy of £5,000 to be used by Reading Quakers. Our later Friend Don Gill left a legacy of £8,244 to Mid Thames Quakers. There was no request for use with this, and trustees agreed that it should be used by Reading Quakers. We also secured a repayment of £2,500 of a grant made from the legacy of Doreen Armstrong, which was not being used for the purpose agreed.

Our net income from hirings was £1,915 (£46,554). This significant decrease was because our Meeting houses were closed to hirers, or open for only restricted use, for much of 2020. (The division of running costs between Quaker and hirings use was estimated only approximately, because of the erratic use of our premises during 2020).

Interest and dividends on investments brought in £6,600 (£4,923) net. This relatively small amount reflects the fact that our investments are managed for growth rather than income.

Our net income from let property was £47,721 (£41,694). Rental income was maintained because all properties had full occupancy throughout the year, although Trustees agreed not to increase rents this year. The cost of looking after let property (maintenance, management, insurance and legal) was slightly lower than in 2019.

Expenditure on charitable activities

Our total expenditure in 2020 was £223,819 (£208,879). Subtracting the costs of raising income and the contribution to BYM via the schedule, we spent the remaining £107,534 (£89,248) on our charitable activities.

Our largest expense was looking after our Meeting houses, which cost £22,090 (£30,881). Costs were lower than in several previous years. Local Meetings also spent £16,973 (£13,730) on running their Meeting houses

Mid Thames Quakers annual report and accounts 2020, page 6

for Quaker activities. This apparent increase may be partly due to the approximate estimate of the division between Quaker and hirings use. In addition, we continued paying our employees and main self-employed service providers during periods of closure.

The cost of Quakerly activities was £9,566 (£10,680). Over half of this came from the Grenville Green fund and was used for a weekend at Woodbrooke for Wokingham Friends and others to consider how the fund should be used. Most of the rest was spent by Local Meetings on outreach, stocking libraries and supporting committees. Very little was spent from central funds, because the pandemic prevented Friends from attending conferences and committees, or training for Quaker roles.

As an Area Meeting, we contributed £64,765 (£50,679) to BYM, mostly via the Schedule. We contributed £23,198 (£8,218) to other Quaker causes. £20,000 of this was a grant to Woodbrooke from the Grenville Green fund, most of the rest was grants from the Yew Tree fund. In addition, individual Friends contributed £2,075 through collections (acting as agent) and about £30,500 (£12,000) directly to BYM (the figure for direct contributions was provided by BYM and is not part of our accounts).

We made grants totalling £13,251 (£8,138) to non-Quaker causes. All grants and donations are agreed and recorded at Meetings for Worship for Business, and details of all those over £250 made to non-Quaker causes are given in Note 5.2.

Practical costs associated with running our Meeting came to £2,014 (£2,615) and costs of governance to £4,070 (£1,331). The latter included additional support costs to produce COVID risk assessments and guidance for local meetings.

Net income, and spending on charitable activities, are shown in chart 1 below, for 2020, 2019 and 2018.

Mid Thames Quakers annual report and accounts 2020, page 7

Chart 1: Mid Thames Quakers net income and charitable spending

Mid Thames Quakers annual report and accounts 2020, page 8

Transfers between funds

Newbury Quakers transferred a contribution to the Newbury development fund.

All Local Meetings transferred up to 20% of their previous years’ hirings income to the Property fund, for maintaining Meeting houses. Henley LM also transferred £3,000 to the General fund.

Investments

The value of our investment portfolio fell by over 20% during the first few months of the Coronavirus pandemic, but over the full year it achieved an unrealised gain of £43,438 (£116,817).

We continue to hold investments in two local renewable energy enterprises, both of which are returning capital each year so our total invested is now £8,959. We have also maintained an interest-free loan of £5,000 to a local credit union. This use of funds to support sustainability and financial inclusion is in line with Charity Commission guidance on investing for social, as well as financial, return.

Sale of assets and revaluation of fixed assets

We finally sold the piece of land with a building recently used by a playgroup at 59 Gloucester Road, Reading. at the end of January 2020. The sale realised £305,264 (£320,000 less £14,736 cost of sales). This represents a gain on £120,072 on the 2019 accounts value of £185,192.

In August 2020 the Trustees engaged Haslams Chartered Surveyors to provide market values for the properties classed as investment and mixed properties. These valuations form the basis of the Trustees revaluation as at 31st December 2020, and give an overall gain of £464,958. More details on the revaluation are given in note 6.3.

Surplus/deficit for the year

Income in nearly all individual funds exceeded expenditure in 2020. Overall, income exceeded expenditure by £353,282 (£56,935). This figure is heavily influence by the new Grenville Green fund: without this, income would have exceeded expenditure by £40,776.

This cash surplus, combined with the unrealised gain in our investments and the substantial gains due to property revaluation and sale of 59 Gloucester Road, led to an overall surplus of £996,486 (£173,752). Total year-end funds were £6,516,698 (£5,520,213).

Reserves

Our reserves are the amounts held in unrestricted funds excluding tangible assets (ie: properties) and also excluding the Doreen Armstrong, Grenville Green and Newbury development funds which are designated for specific purposes. On this basis our end-2020 reserves were £1,048,043 (£672,669) of which £892,760 (£501,951) was in the General and Property funds, and £155,283 (£170,717) in Local Meeting funds. The main reason for the significant increase in our central reserves is the £305,000 cash received from the sale of 59 Gloucester Road, which is currently held in the Property fund, also high net income from property and significant growth in investments. The fall in Local meeting reserves is due to the fall in hirings income because Meeting houses were closed for much of the year.

Our target reserve for the General and Property funds is calculated as £383,647 at the end of 2020 (£405,202 at the end of 2019) (Note 7). These funds therefore had a surplus above target of £509,113 (£96,749). This is considerably higher than the £103,685 anticipated last year for end-2020, for the reasons outlined above.

For Local Meetings, the target reserve is calculated as £91,176 at the end of 2020 (£89,063 at the end of 2019). Local Meetings therefore had a surplus above target of £64,107 (£81,654). This is lower than the £81,528 anticipated last year, mainly because of the loss of hirings income as noted above.

Mid Thames Quakers annual report and accounts 2020, page 9

Our 2021 Area meeting budget, agreed in December 2020, had a deficit of £10,200 and in addition included a transfer of £100,000 to the Newbury development fund. It was also agreed that an £8,244 legacy should be allocated for the use of Reading LM.

Trustees agreed in May 2021 that the cash received from the sale of 59 Gloucester Road should be transferred to a designated fund. Because central reserves would still be substantially above target they also agreed (a) to transfer £20,000 from the Property fund to the Yew Tree fund: this replaces part of the money transferred to the Property fund when central reserves were falling well below target a few years ago; and (b) to waive the transfers from LMs to the property fund during 2021.

Based on the comments above, we anticipate an overall surplus of £130,881 in our reserves at the end of 2021, made up of £65,669 surplus in the General and Property funds and £65,212 in Local Meeting funds. (This does not include any estimates for gains or losses in investments because these are so variable.)

----- Start of picture text -----
Mid Thames Quakers' reserves
£1,200,000
£1,000,000
£800,000
£600,000
£400,000
£200,000
£0
General and Local Overall
property meetings
Target End-2020 Anticipate end-2021
----- End of picture text -----

Chart 2: Mid Thames Quakers reserves

Mid Thames Quakers annual report and accounts 2020, page 10

Acting as agent

Local meetings and the AM General fund (on behalf of Reading local meeting) handled £2,075 as agent for BYM, £4,321 for other Quaker causes, and £2,674 for non-Quaker causes. Most of this relates to collections after Local Meetings for worship, many of which were made electronically via our bank accounts in 2020.

Bookkeeping and accounts preparation

At the start of 2020, we transferred the bookkeeping for centrally managed funds (central funds, East Garston LM and Wokingham LM) and Wallingford LM onto Quickbooks online bookkeeping and accounting software. Newbury LM also moved onto this software during the year. It’s been a steep learning curve but is starting to simplify the management and reporting of our finances.

COVID-19 impact

All of our Meeting Houses were closed for both Quaker use and hirers in late March, because of the COVID-19 pandemic. Trustees identified risks that the pandemic poses to our charity, and agreed a business continuity plan which was shared with all local meetings. A working group was set up to consider how and when we reopen meeting houses, taking into account government and public health guidance. Each local meeting also prepared a risk assessment specific to their own circumstances, and these were agreed by trustees before that meeting house re-opened. Most Meeting houses re-opened briefly in the Autumn of 2020, but closed again as infection rates escalated. At the time of writing this section (May 2021) some have started to reopen.

Our accounts confirm that the financial position of Mid Thames Quakers remained secure. Net income from hirings was reduced, but that from property rental increased, and Friends increased their donations. In addition we had substantial income from a large legacy and additional cash from the sale of 59 Gloucester Road (a property which had been vacant for several years and a net drain on resources before that). Our investments fell substantially early in the pandemic, but closed the year with significant gain overall.

Mid Thames Quakers annual report and accounts 2020, page 11

Statement of trustees' reporting responsibilities

The trustees are responsible for preparing the annual financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

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 charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, 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 enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the trustees on:

Signed on hard copy by XXX (co-clerk of trustees)

Mid Thames Quakers annual report and accounts 2020, page 12

Independent Auditor’s report to the trustees of Mid Thames Area Meeting

Opinion

We have audited the financial statements of Mid Thames Area Meeting (the “Charity”) for the year ended 31[st] December 2020 which comprise statement of financial activities, the balance sheet and 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 director’s 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 [entity]’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors 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.

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.

Mid Thames Quakers annual report and accounts 2020, page 13

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’ Annual 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 on page 9, 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Mid Thames Quakers annual report and accounts 2020, page 14

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be 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.

David Howard Chartered Accountants (Statutory Auditor)

1 Park Road Hampton Wick Kingston upon Thames KT1 4AS Date:

Mid Thames Quakers annual report and accounts 2020, page 15

Annual accounts of Mid Thames Area Quaker Meeting, for the year ended 31 December 2020

Statement of Financial Activities (SOFA) 2020

----- Start of picture text -----
Unrestricted Restricted Endowment Total 2020 Total 2019
funds funds funds
Income and endowments from
Donations and legacies £455,693 £455,693 £82,003
Charitable activities £10,000
Other trading activities £26,366 £26,366 £85,774
Investments £59,123 £35,920 £95,043 £88,038
Total £541,182 £0 £35,920 £577,101 £265,814
Expenditure on
Raising funds £56,688 £9,361 £66,049 £81,057
Charitable activities £149,311 £8,459 £157,770 £127,822
Total £205,999 £0 £17,820 £223,819 £208,879
Net gain/(loss) on asset revaluation £489,958 (£25,000) £464,958
Net gain/(loss) asset sale £134,808 £134,808
Net gains/(losses) on investments £29,675 £13,763 £43,438 £116,817
Net income/(expenditure) £989,624 £0 £6,862 £996,486 £173,752
Transfers between funds £0 £0 £0 £0 £0
Net movement in funds £989,624 £0 £6,862 £996,486 £173,752
Reconciliation of funds
Total brought forward from previous year £2,266,288 £936,596 £2,317,329 £5,520,213 £5,347,261
Prior year adjustment £0 (£801)
Total funds carried forward £3,255,912 £936,596 £2,324,191 £6,516,699 £5,520,213
----- End of picture text -----

Figures may appear not to sum because of rounding.

Expenses claimed by trustees (included in expenditure on charitable activities) amounted to £53.

Note 5 provides more detailed analysis of the statement of financial activities.

Mid Thames Quakers annual report and accounts 2020, page 16

Balance Sheet at 31[st] December 2020

Unrestricted
funds
Restricted
income		 Endowment
funds		 Total 2020 Total 2019
Fixed assets
Tangible assets
Investments
Total fixed assets		 £1,818,762
£497,502
£2,316,264		 £936,596
£936,596		 £2,024,958
£239,697
£2,264,655		 £4,780,316
£737,199
£5,517,515		 £4,500,550
£692,794
£5,193,344
Current assets
Debtors
Cash at bank and in hand
Total current assets		 £5,570
£938,712
£944,283		 £0 £953
£58,583
£59,536		 £6,523
£997,295
£1,003,819		 £14,813
£322,746
£337,559
Liabilities
Creditors: falling due within one year
Net current assets/(liabilities)
Total assets less current liabilities		 (£4,636)
£939,647
£3,255,911		 £0
£936,596		 £59,536
£2,324,191		 (£4,636)
£999,183
£6,516,698		 (£10,690)
£326,869
£5,520,213
Total net assests or liabilities £3,255,911 £936,596 £2,324,191 £6,516,698 £5,520,213
The funds of the charity
Endowment funds
Restricted income funds
Unrestricted funds		 £3,255,911 £936,596 £2,324,191 £2,324,191
£936,596
£3,255,911		 £2,317,329
£936,596
£2,266,288
Total charity funds £3,255,911 £936,596 £2,324,191 £6,516,698 £5,520,213

Figures may appear not to sum because of rounding.

Note 6 provides further analysis of the Balance sheet.

The financial statements are prepared in accordance with the section 138 of the Charities Act 2011. These accounts are prepared 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 statements on pages 14 to 39 were approved by Trustees on:

Signed on hard copy by XXX (co-clerk of trustees)

Mid Thames Quakers annual report and accounts 2020, page 17

Statement of Cash flows for the year ended 31 December 2020

2020 2019
Cash flows from operating activities:
Net income/(expenditure) for the reporting period (as per
the statement of financial activities)
Adjustments for:
Prior Period adjustment
(Gains)/Losses on investments
(Gains)/Losses on sale of investment property
Revaluation of investments
Dividends, Interest and rent from investments
(Increase)/decrease in debtors
Increase/(decrease)in creditors		 £996,486
£0
(£43,438)
(£134,808)
(£464,958)
(£95,043)
£8,290
(£6,054)		 £173,752
(£801)
(£116,817)
£0
£0
(£88,038)
£9,953
(£4,901)
Net Cashprovided by (used in) operating activities £260,475 (£26,853)
Cash flows from investing activities:
Dividends, Interest and rent from investments
Proceeds from sale of property
Proceeds from sale of investments
Purchase of investments		 £95,043
£320,000
£8,434
-£9,403		 £88,038
£0
£7,170
-£9,920
Net Cashprovided by (used in) operating activities £414,073 £85,288
Change in cash and cash equivalent in the reporting period £674,549 £58,436
Cash and cash equivalent at the beginning of the reporting period £322,746 £264,310
Cash and cash equivalent at the end of the reporting period £997,295 £322,746
Represented by:
Current accounts plus cash
Deposits
Cash held by letting agent		 £155,923
£130,243
£841,172
£192,303
£200
£200
£997,295
£322,746

Mid Thames Quakers annual report and accounts 2020, page 18

Notes on the Statement of financial activity and Balance sheet

Note 1: Accounting policies

(a) Basis of preparation and assessment of going concern

The accounts (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) (effective 1 January 2019) – (Charities SORP (FRS 102)), and the Charities Act 2011 and applicable regulations. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

(b) Income recognition

All income is recognised once the charity has entitlement to the income, there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

(c) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.

(d) Fixed asset investments

Investments held are entered in the balance sheet as valued at 31 December 2019. Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year (page 30).

(e) Tangible fixed assets (Property)

Solely functional buildings are shown at their 2010 rebuilding cost. These buildings are not depreciated as their useful life is deemed to be greater than 50 years and the buildings are maintained in a good state of repair. The buildings are not revalued other than as may be indicated by impairment review in future years. Properties partially or wholly let are independently revalued every five years, and have values reviewed annually in intervening years. In 2020 this revaluation was done independently by Haslams Chartered Surveyors, and resulted in a net increase of £464,958 in the value of our properties. Furniture and equipment are written off at purchase and so omitted from consideration; they are insured on a new for old basis for £185,449.

(f) Realised gains and losses

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

(g) Reconciliation with previous Generally Accepted Accounting Practice

In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102, and have determined that no restatement was required. The change to FRS 102 was effective from 1[st] January 2016; thus the last period prepared under the previous Generally Accepted Accounting Practice ended on the 31[st] December 2015.

Mid Thames Quakers annual report and accounts 2020, page 19

Note 2: Unrestricted funds

Note 2.1 General fund

This fund receives voluntary income and uses it for Quaker purposes like conference, training, literature and governance. It does not include the finances of property.

Income and Expenditure Income and Expenditure 2020 2019
Donations and legacies Schedule donations + giftaid
Legacies
Other contributions		 £19,626
£8,244
£2,160
£30,030		 £14,081
£178
£14,259
Investments Interest £152
£152		 £133
£133
Total income £30,182 £14,391
Raisingfunds Cost of voluntaryincome £877
£877		 £417
£417
Charitable activities Contribution from MTAM to BYM
Grants to non-Quaker bodies		 £5,530
£530
£245
£255
£288
£870
£201
£2,604
£60
£12
£1,245
£11,839		 £3,000
£600
£2,430
£1,015
£280
£225
£75
£282
£1,014
£841
£1,062
£60
£53
£10,938
Conferences and committees
Quaker role training
Vouchers
Office holders' and Friends' expenses
Newsletter and binding minutes
Handbooks
Website and software
Legal andprofessional
Preparation of accounts
Bank charges
Trustees expenses
Support costs(COVID work)
Total expenditure £12,716 £11,355
Income less expenditure £17,467 £3,036
Transfers between funds Transfer from Henley LM
Transfer to Yew Tree fund		 £3,000
Total surplus/(deficit) £20,467 £3,036
Balance sheet 2020 2019
Current assets Accrued income
Held by letting agent
Interest free loans
Current account
Deposit accounts
Prepayments		 £200
£5,000
£27,589
£15,504
£0
£48,293		 £200
£5,000
£8,118
£15,352
£0
£28,670
Current liabilities Accrued expenses (£199)
(£199)		 (£1,043)
(£1,043)
Net assets/(liabilities) £48,094 £27,627
Reserves Surplus/(deficit) for the year
Retained surplus brought forward
Retained surplus carried forward		 £20,467
£27,628
£48,094		 £3,036
£24,591
£27,628
Amounts handled as agent (BYM)
Amounts handled as agent (other Quaker)
Amounts handled as agent(nonQuaker)		 £201
£517
£1,390		 £189
£5,718
£1,827

Mid Thames Quakers annual report and accounts 2020, page 20

Note 2.2 Property fund

This fund receives income from property and other investments. Income is used to manage, maintain, improve and insure both let property and Meeting Houses.

Income and Expenditure 2020 2019
Donations & legacies Donations
Dividends
Interest
Let property rent
Feed-in-tarrif
Investments		 £5,989
£992
£47,739
£0
£54,720		 £6,318
£48,290
£41,160
£812
Total income £54,720 £48,290
Investment management fees
Let property management
Let property maintenance
Let property improvement
Let property insurance
Letpropertylegal&professional
Raising funds		 £4,721
£2,539
£6,871
£1,250
£15,636
£31,018		 £4,555
£20,279
£2,454
£9,510
£1,561
£2,200
Meeting House maintenance
Meeting House improvement
Meeting House insurance
MeetingHouse legal&professional
Charitable activities		 £13,322
£4,840
£18,161		 £11,333
£16,094
£4,762
Total expenditure £49,179 £36,374
Income less expenditure £5,541 £11,916
Transfer from Local Meetings
Transfer of retained income from Yew Tree fund
Transfer of reserves to Newbury Development fund
Transfer to Wallingford LM (salary contribution)
Gains/(losses) on revaluation of fixed assets
Net gain/(loss) on sale of 59 Gloucester Road
Gains/(losses)on other investments
Total surplus/(deficit)		 £17,135
£489,958
£134,808
£27,666
£675,108		 £15,962
(£1,406)
£74,403
£100,875
Balance sheet
Meeting Houses and land
Investment and mixed properties
Investmentportfolio
Fixed assets		 2020 2019
£178,804
£1,639,958
£463,827
£2,282,589		 £178,804
£1,335,192
£434,893
£1,948,889
Accrued income
Current accounts
Deposit accounts
Prepayments
Current assets		 £5,436
£375,402
£0
£380,839		 £2,048
£13,625
£25,000
(£841)
£39,832
Current liabilities
Accrued expenses		 (£402)
(£402)
Net assets/(liabilities) £2,663,428 £1,988,319
Reserves
Surplus/(deficit) for the year
Retained surplus brought forward
Retained surplus carried forward		 £675,108
£1,988,320
£2,663,428		 £100,875
£1,887,445
£1,988,320

Mid Thames Quakers annual report and accounts 2020, page 21

Note 2.3 Doreen Armstrong fund

This fund was set up in December 2015 from the legacy of our late Friend Doreen Armstrong. It is designated to be used to help homeless people in the Reading area, in accordance with the wishes expressed in Doreen Armstrong’s will. The first grants were made from this fund during 2016.

----- Start of picture text -----
Income and Expenditure 2020 2019
Donations and legacies Refunded grant (legacy) £2,500 £4,000
Investments Interest £0 £13
Other income
Total income £2,500 £4,013
Charitable activity cost Grants to non-Quaker bodies £6,876 £1,806
Total expenditure £6,876 £1,806
Income less expenditure (£4,376) £2,207
Total surplus/(deficit) (£4,376) £2,207
Balance sheet 2020 2019
Current accounts £0 £4,376
Current assets
Deposit accounts £0 £0
Net assets/(liabilities) £0 £4,376
Reserves Surplus/(deficit) for the year (£4,376) £2,207
Retained surplus brought forward £4,376 £2,170
Retained surplus carried forward £0 £4,376
----- End of picture text -----

Mid Thames Quakers annual report and accounts 2020, page 22

Note 2.4 Grenville Green fund

This fund was set up in January 2020 from the legacy of our late Friend Grenville Green. It is designated to be used for purposes recommended by Wokingham Local meeting Friends, in accordance with the wishes expressed in Grenville Green’s will. To date the fund has been used for a discernment weekend at Woodbrooke Quaker study centre and a grant to Woodbrooke. It has also been used to pay for videoconferencing software for use across the Area Meeting – something that has proved extremely helpful during the COVID pandemic.

----- Start of picture text -----
Income and Expenditure 2020
Donations and legacies Legacies £337,500 £337,500
Investments Interest £1,431 £1,431
Total income £338,931
Grants to other Quaker bodies £20,000
Charitable activities Courses £5,782
Website and software £643
Total expenditure £26,425
Income less expenditure £312,507
Total surplus/(deficit) £312,507
Balance sheet 2020
Current account £8,555
Current assets
Deposit accounts £303,952 £312,507
Net assets/(liabilities) £312,507
Reserves Surplus/(deficit) for the year £312,507
Retained surplus brought forward £0
Retained surplus carried forward £312,507
----- End of picture text -----

Mid Thames Quakers annual report and accounts 2020, page 23

Note 2.5 Newbury development fund

This fund was set up in June 2018, and designated for the purpose of handling the finances of the redevelopment of Newbury Quaker meeting house, which started in 2018.

----- Start of picture text -----
Income and Expenditure 2020 2019
Schedule donations + giftaid £1,361 £6,298
Donations & legacies
Appeal fund £0 £1,361 £96 £6,394
Grants Sawell family fund £0 £5,000 £5,000
Investments Interest £699 £699 £543 £543
Other income Contribution from Graingers £0 £5,000 £5,000
Total income £2,060 £16,937
Outreach and advertising
Building maintenance £1,502
Charitable activities
Architect fees £1,620 £11,760
Surveys and permissions (Sawell fund) £2,309 £3,929 £1,524 £14,786
Total expenditure £3,929 £14,786
Income less expenditure (£1,869) £2,151
Transfer from Area Meeting central funds
Transfer from Maidenhead Local Meeting
Transfer from Wokingham Local Meeting £3,000
Transfer from Newbury Local Meeting £2,952 £10,088
Total surplus/(deficit) £1,083 £15,239
Balance sheet 2020 2019
Accrued income £1,482
Current assets Current accounts £10,755 £8,932
Deposit accounts £65,576 £76,330 £64,833 £75,247
Net assets/(liabilities) £76,330 £75,247
Reserves Surplus/(deficit) for the year £1,083 £15,239
Retained surplus brought forward £75,247 £60,009
Retained surplus carried forward £76,330 £75,247
----- End of picture text -----

Mid Thames Quakers annual report and accounts 2020, page 24

Note 2.6 Funds of constituent Local Meetings

Local Meetings keep their own accounts of the funds designated to them by the Area Meeting, as summarised below. The accounts of Henley, Maidenhead and Reading Local Meetings are separately examined before collation into the Area Meeting accounts. The accounts of East Garston, Newbury, Wallingford and Wokingham local meetings are examined as part of the Area Meeting examination or audit.

----- Start of picture text -----
East Henley Maiden- New-bury Reading Walling- Woking- 2020 2019
Income and expenditure Garston head ford ham total total
Donations and Schedule donations inc GiftAid £410 £1,335 £602 £1,769 £15,599 £2,819 £1,132 £23,667 £12,122
LM collections and donations £41 £1,075 £151 £1,017 £2,152 £612 £81 £5,129 £4,117
Legacies £5,000 £5,000 £2,500
Other contributions £0 £37
Charitable Sales of literature etc £0 £0
activities Contributions to events £0 £0
Meeting house hirings £534 £3,876 £4,156 £2,472 £11,909 £2,136 £1,283 £26,366 £85,681
Other trading
Receipts from sales £0 £93
activities
Other generated income £0 £0
Dividends £435 £435 £459
Investments Interest £113 £60 £137 £258 £72 £40 £680 £550
Feed-in tariff £627 £379 £1,006 £931
Total income £985 £7,026 £4,968 £5,395 £35,732 £5,640 £2,536 £62,283 £106,490
Support costs (note 2.5a) £922 £2,552 £2,590 £3,143 £10,991 £2,675 £1,577 £24,451 £39,220
Raising funds Other costs £0 £0
Investment management £343 £343 £331
Support costs (Note 2.5a) £695 £1,701 £2,119 £165 £10,560 £990 £742 £16,973 £13,730
Contributions to BYM £3,000 £2,000 £3,000 £1,000 £9,000 £9,055
Grants to Quaker bodies £60 £90 £368 £200 £200 £918 £3,218
Grants to non-Quaker bodies £80 £50 £40 £1,338 £1,508 £2,970
Charitable Outreach £888 £135 £1,023 £1,340
activities Library £92 £118 £200 £81 £238 £148 £109 £986 £1,282
Other Quaker purposes £984 £291 £1,275 £2,375
Expenses £12 £12 £177
Bank charges £60 £60 £10 £130 £136
Examination of accounts £20 £20 £20
Total expenditure £1,709 £8,399 £7,059 £3,482 £26,535 £5,489 £3,965 £56,639 £73,854
Income less expenditure (£724) (£1,374) (£2,090) £1,913 £9,197 £151 (£1,429) £5,644 £32,636
Unrealised gains/(losses) on investment £2,009 £2,009 £5,402
Net transfer to Area Meeting (£143) (£6,017) (£2,267) (£2,380) (£7,004) (£1,104) (£1,220) (£20,135) (£14,556)
Transfer to Newbury Development fund (£2,952) (£2,952) (£13,088)
Total surplus/(deficit) for the year (£867) (£7,391) (£4,357) (£3,419) £4,201 (£953) (£2,649) (£15,434) £10,394
----- End of picture text -----

(continues overleaf – Balance sheet, notes and reserves estimates)

Mid Thames Quakers annual report and accounts 2020, page 25

Note 2.6 continued

----- Start of picture text -----
East Henley Maiden- New- Reading Walling- Woking- 2020 2019
Balance sheet
Garston head bury ford ham total total
Fixed assets Investment portfolio £33,675 £33,675 £31,574
Current assets Accrued income £570 £570 £6,040
Current accounts and cash £2,792 £21,828 £8,175 £10,843 £14,740 £3,714 £5,571 £67,662 £77,848
Deposit accounts £8,767 £2,000 £13,673 £22,019 £8,234 £3,117 £57,811 £64,370
Prepayments £0 £131
Current liabilitieAccrued expense and liabilities (£367) (£158) (£165) (£3,356) (£270) (£121) (£4,437) (£9,246)
Net assets/(liabilities) £2,792 £30,228 £10,017 £24,351 £67,649 £11,677 £8,567 £155,282 £170,717
Reserves Surplus/(deficit) for the year (£867) (£7,391) (£4,357) (£3,419) £4,201 (£953) (£2,649) (£15,434) £10,394
Retained surplus brought forwar £3,660 £37,619 £14,374 £27,770 £63,448 £12,631 £11,217 £170,717 £161,124
Prior year adjustment (note 2.5c (£801)
Retained surplus carried forward £2,793 £30,228 £10,017 £24,351 £67,649 £11,677 £8,567 £155,283 £170,717
Note 2.5a: Support costs, divided on previous East Henley Maiden- New- Reading Walling- Woking- 2020 2019
page between raising funds and charitable Garston head bury ford ham total total
activities according to percentage below
Repairs, equipment, materials, supplies £118 £2,229 £541 £1,121 £4,451 £510 £1,226 £10,196 £14,022
Salary costs £10,168 £2,511 £12,679 £13,523
Payment for regular services £1,092 £632 £2,970 £1,286 £3,639 £51 £9,670 £12,349
Gas, oil, electricity £233 £1,207 £1,020 £694 £1,416 £644 £541 £5,754 £9,598
Water and sewerage £174 £185 £170 £144 £714 £502 £1,890 £1,206
Phone, internet, printing etc £7 £65 £1,163 £1,235 £1,156
Other £0 £1,096
Total £1,617 £4,253 £4,709 £3,309 £21,552 £3,665 £2,319 £41,424 £52,950
Percentage of support cost for Quaker activities 43% 40% 45% 5% 49% 27% 32% 41% 26%
----- End of picture text -----

Note 2.5b : Total salary cost = £13,924, of which £10,168 paid by Reading LM, £2,511 by Wallingford LM and £1,245 by General funds. Breakdown: salaries £10,735 (inc income tax £487 + employee NI £4 + employee pension £342) + employer NI £13 + employer pension £428 + accomodation charge £2,748 = £13,924 Note 2.5c: prior year adjustment in 2019: irrecoverable hirings debts

----- Start of picture text -----
East Henley Maiden- New- Reading Walling- Woking- 2020 2019
Amounts handled as agent Garston head bury ford ham total total
For BYM £0 £1,314 £459 £100 £0 £0 £0 £1,874 £1,461
For other Quaker organisations £0 £294 £231 £1,565 £1,216 £270 £128 £3,704 £1,610
For non-Quaker organisations £0 £298 £229 £100 £375 £0 £282 £1,284 £5,801
East Henley Maiden- New- Reading Walling- Woking- 2020 2019
Reserves details (summarised in note 7) Garston head bury ford ham total total
Special projects reserve £0 £2,000 £0 £7,000 £9,400 £0 £0 £18,400 £31,010
Income decrease and cash flow reserve £1,489 £10,056 £8,967 £7,234 £33,653 £6,096 £5,281 £72,776 £58,053
Target reserve £1,489 £12,056 £8,967 £14,234 £43,053 £6,096 £5,281 £91,176 £89,063
End 2020 reserves £2,793 £30,228 £10,017 £24,351 £67,649 £11,677 £8,567 £155,283 £170,717
Surplus above target end 2020 £1,304 £18,172 £1,050 £10,117 £24,596 £5,581 £3,286 £64,107 £81,654
Budget surplus/(deficit) 2021 (£724) £1,560 (£930) £2,246 £1,292 (£910) (£1,429) £1,106 (£126)
Estimate surplus above target end 2021 £580 £19,732 £120 £12,363 £25,888 £4,671 £1,857 £65,212 £81,528
----- End of picture text -----

Mid Thames Quakers annual report and accounts 2020, page 26

Note 2.7 Schedule collectors’ accounts

These relate to the collection of voluntary income on behalf of (a) Britain Yearly Meeting and (b) Mid Thames Area Meeting general fund and (c) the funds of its constituent Local Meetings. After the recovery of Gift Aid, all the money is passed on as requested by the donors. Contributions to Britain Yearly Meeting constitute a separate designated fund within the Area Meeting accounts.

----- Start of picture text -----
Income and Expenditure 2020 2019
Donations and legacies Donations £86,063 £62,716
Gift Aid £9,096 £95,159 £8,359 £71,075
Total income £95,159 £71,075
Charitable activities Contribution to BYM common fund £50,235 £50,235 £38,574 £38,574
Contribution to BYM earmarked funds £0 £0
Total expenditure £50,235 £38,574
Income less expenditure £44,924 £32,501
Transfers Area Meeting General fund (£19,626) (£14,081)
East Garston Local Meeting (£410) (£155)
Henley Local Meeting (£1,335) (£1,302)
Maidenhead Local Meeting (£602) (£260)
Newbury Local Meeting (£1,769) (£384)
Reading Local Meeting (£15,599) (£7,901)
Wallingford Local Meeting (£2,819) (£1,307)
Wokingham Local Meeting (£1,132) (£812)
Newbury Development fund (£1,361) (£44,654) (£6,298) (£32,501)
Total surplus/(deficit) £270 £0
Balance sheet 2020 2019
Current assets Current account £270 £0
Net assets/(liabilities) £270 £0
Reserves Surplus/(deficit) for the year £270 £0
Retained surplus brought forward (£0) (£0)
Retained surplus carried forward £270 £0
----- End of picture text -----

Note 3: Restricted funds

Note 3.1 Reading Meeting House and Burial Ground

Under the Charity Commission Scheme, Reading Meeting House and Burial Ground were identified as a Restricted fund.

Balance sheet 2020 2019
Fixed assets
ReadingMeetingHouse and burialground		 £936,596 £936,596
Reserves
Surplus/(deficit) for the year
Retained surplus brought forward
Retained surplus carried forward		 £0
£936,596
£936,596		 £0
£936,596
£936,596

Mid Thames Quakers annual report and accounts 2020, page 27

Note 4: Endowment funds

Note 4.1 Mid Thames Area Meeting Overseers fund

The Pastoral Friends (formerly Overseers) of Mid Thames Area Meeting may apply income from this fund and (at the trustees’ discretion) capital for the benefit of Friends in need who are members or regular attenders within the area of Mid Thames Area Quaker Meeting.

----- Start of picture text -----
Income and Expenditure 2020 2019
Donations and legacies Donations
Investments Dividends £413 £413 £436 £436
Total income £413 £436
Raising funds Investment management fees £326 £326 £314 £314
Charitable activities Pastoral grants £561 £786
Gatherings £0 £561 £203 £989
Total expenditure £887 £1,303
Income less expenditure (£474) (£867)
Gain/(loss) on investments £1,908 £5,130
Total surplus/(deficit) £1,434 £4,263
Balance sheet 2020 2019
Fixed assets Investment portfolio £31,981 £31,981 £29,986 £29,986
Current assets Current account £645 £645 £1,206 £1,206
Net assets/(liabilities) £32,626 £31,192
Reserves Surplus/(deficit) for the year £1,434 £4,263
Retained surplus brought forward £31,192 £26,929
Retained surplus carried forward £32,626 £31,192
----- End of picture text -----

Mid Thames Quakers annual report and accounts 2020, page 28

Note 4.2 Caleb Toovey's Charity

The Endowment is investment property in Henley (45 Northfield Road and two garages). The income from letting the property is first used to maintain the property. Income and, at the trustees’ discretion, capital are then used for the benefit of Friends in need, who are members or regular attenders within the area of Mid Thames Area Quaker Meeting. Note that the investments within this fund come from accumulated income, and are not part of the Endowment.

----- Start of picture text -----
Income and Expenditure 2020 2019
Investments Dividends £2,127 £2,243
Interest £375 £502
Let property rent £12,925 £15,426 £13,620 £16,365
Total income £15,426 £16,365
Investment management fees £1,677 £1,618
Let property maintenance £867 £11,111
Raising funds
Let property improvement
Let property insurance £632 £3,176 £620 £13,348
Pastoral grants £561 £815
Gatherings (net) £0 £561 £1,755 £2,569
Total expenditure £3,737 £15,918
Income less expenditure £11,690 £448
Gain/(loss) on investments £9,824 £26,420
Gain/(loss) on revaluation of fixed assets £10,000
Total surplus/(deficit) £31,514 £26,868
Balance sheet 2020 2019
Investment properties £585,000 £575,000
Fixed assets Investment portfolio £164,704 £154,430
Social investments £4,480 £754,184 £4,991 £734,421
Current account £17,260 £5,645
Current assets Deposit accounts £18,693 £18,556
Prepayments £953 £36,905 £953 £25,154
Net assets/(liabilities) £791,089 £759,575
Reserves Surplus/(deficit) for the year £31,514 £26,868
Retained surplus brought forward £759,574 £732,706
Retained surplus carried forward £791,088 £759,574
----- End of picture text -----

Mid Thames Quakers annual report and accounts 2020, page 29

Note 4.3 The Yew Tree fund

(called ‘East Garston Meeting House’ in the Charity Commission Scheme)

The Endowment is East Garston Meeting House and investment property (Yew Tree and Little Yew Tree cottages). The investments within this fund come from accumulated income, and are not part of the Endowment. The income from letting the cottages and from the investments is first used to maintain the cottages. Provided there are sufficient reserves in the fund for maintaining the cottages, any surplus is used for small grants. A group has been set up to encourage applications and recommend grants to Area Meeting.

----- Start of picture text -----
Income and Expenditure 2020 2019
Investment Income Dividends £440 £464
Interest £280 £415
Let property rent £19,360 £20,080 £19,440 £20,319
Total income £20,080 £20,319
Investment management fees £347 £334
Let property management £1,866 £1,866
Raising funds Let property maintenance £2,901 £4,172
Let property improvement
Let property insurance £747 £5,860 £775 £7,148
Grants to Quaker bodies £3,000 £5,000
Charitable activity cost
Grants to non-Quaker bodies £4,337 £7,337 £2,762 £7,762
Total expenditure £13,197 £14,910
Income less expenditure £6,883 £5,409
Transfer from General fund
Transfer to Property fund
Gain/(loss) on investments £2,031 £5,462
Gain/(loss) on revaluation of fixed assets (£35,000)
Total surplus/(deficit) (£26,086) £10,872
Balance sheet 2020 2019
Fixed assets East Garston Meeting House £149,005 £149,005
Investment properties £540,000 £575,000
Investment portfolio £34,053 £31,929
Social investments £4,480 £727,538 £4,991 £760,925
Current assets Current account £17,751 £10,492
Deposit accounts £4,235 £21,985 £4,192 £14,684
Prepayments
Current liabilities Accrued expenses £0 £0
Net assets/(liabilities) £749,523 £775,609
Reserves Surplus/(deficit) for the year (£26,086) £10,872
Retained surplus brought forward £775,608 £764,736
Retained surplus carried forward £749,522 £775,608
----- End of picture text -----

Mid Thames Quakers annual report and accounts 2020, page 30

Note 4.4 Henley-on-Thames Meeting House and Burial Ground

Under the Charity Commission Scheme, Henley Meeting House and Burial Ground are identified as an Endowment fund.

----- Start of picture text -----
Balance sheet 2020 2019
Fixed assets Henley Meeting House and burial ground £447,013 £447,013
Reserves Surplus/(deficit) for the year £0 £0
Retained surplus brought forward £447,013 £447,013
Retained surplus carried forward £447,013 £447,013
----- End of picture text -----

Note 4.5 Maidenhead Meeting House

Under the Charity Commission Scheme, Maidenhead Meeting House is identified as an Endowment fund.

----- Start of picture text -----
Balance sheet 2020 2019
Fixed assets Maidenhead Meeting House £193,252 £193,252
Reserves Surplus/(deficit) for the year £0 £0
Retained surplus brought forward £193,252 £193,252
Retained surplus carried forward £193,252 £193,252
----- End of picture text -----

Note 4.6 Wallingford Meeting House

Under the Charity Commission Scheme, Wallingford Meeting House is identified as an Endowment fund.

----- Start of picture text -----
Balance sheet 2020 2019
Fixed assets Wallingford Meeting House £110,688 £110,688
Reserves Surplus/(deficit) for the year £0 £0
Retained surplus brought forward £110,688 £110,688
Retained surplus carried forward £110,688 £110,688
----- End of picture text -----

Note 5: Income and expenditure details

Note 5.1a: Income and expenditure overview

The table overleaf uses the data from Notes 2.1 to 4.6 above to overview 2020 income and expenditure in all the funds of Mid Thames Area Meeting. In this table ‘Schedule’ does not include the contributions for MTAM and our LMs collected via the schedule: these are included with the individual funds.

Mid Thames Quakers annual report and accounts 2020, page 31

Income: SOFA category Income: SOFA category Income: grouped headings Income: grouped headings Income: detailed headings General Property Schedule LMs
 Armstrong Green New Dev Toovey Yew Tree **Overseers ** **2020 total ** 2019 total
Donations and
legacies		 £455,693 Donations and
legacies		 £455,693 Schedule, GiftAid, other donations
Legacies		 £21,786
£8,244		 £50,505 £28,796
£5,000		 £2,500 £337,500 £1,361 £102,448
£353,244		 £75,503
£6,500
Chibl iii £ Fees and grants £0 Fees paid to attend events £0 £0
artae actvtes
received		 Grants received £0 £10,000
Other trading
activities		 £26,366 Meeting house hirings
+sales		 £26,366 Meeting house hirings
Receipts from sales		 £26,366
£0		 £26,366
£0		 £85,681
£93
Investments £95,043 Invested money
Investment property		 £14,013
£81,030		 Dividends
Interest
Let property rent
Feed-in tariff		 £152 £5,989
£992
£47,739
£0		 £435
£680
£1,006		 £1,431 £699 £2,127
£375
£12,925		 £440
£280
£19,360		 £413 £9,403
£4,610
£80,024
£1,006		 £9,920
£2,156
£74,220
£1,743
Total income £577,101 Total income **£577,101 ** Total income £30,182 £54,720 £50,505 £62,283 £2,500 £338,931 £2,060 £15,426 £20,080 £413 £577,101 £265,814
**Expenditure: SOFA category ** Expenditure: grouped Expenditure: detailed headings General Property Schedule LMs
 Armstrong Green
 Newb Dev Toovey Yew Tree **Overseers ** **2020 total ** 2019 total
Raising funds £66,049 Cost of vol income £877 Cost of voluntaryincome £877 £877 £417
Cost of hirings £24,451 Cost of running MH for hirings
Other costs		 £24,451
£0		 £24,451
£0		 £39,220
£0
Invest management

Looking after let
property		 £7,413
£33,309		 Investment management fees
Let property management
Let property mainten&improve
Let property insurance
Letpropertylegal &professional		 £4,721
£2,539
£6,871
£1,250
£15,636		 £343 £1,677
£867
£632		 £347
£1,866
£2,901
£747		 £326 £7,413
£4,405
£10,639
£2,629
£15,636		 £7,152
£4,320
£24,793
£2,955
£2,200
Looking after Meeting
Houses		 £39,063 Meeting House maintenance
Meeting House improvement
Meeting House insurance
Meeting House legal & professional		 £13,322
£4,840		 £3,929 £13,322
£0
£4,840
£3,929		 £12,835
£0
£4,762
£13,284
Cost of runningMH forQuaker use £16,973 £16,973 £13,730
Charitable activities £157,770 Making contributions
and grants		 £103,056 Contributions to BYM
Grants to Quaker bodies
Grants to non-Quaker bodies
Overseersgrants		 £5,530
£530		 £50,235 £9,000
£918
£1,508		 £6,876 £20,000 £561 £3,000
£4,337		 £561 £64,765
£23,918
£13,251
£1,122		 £50,629
£8,218
£8,138
£1,600
Quakerly activities
 £9,566 Quaker purposes - LMs
Conferences, committees, courses
Quaker role training
Vouchers
Gatherings		 £245
£255
£0		 £3,284 £5,782 £0 £0 £3,284
£6,027
£255
£0
£0		 £4,997
£2,430
£1,015
£280
£1,958
Practical costs £2,014 Office holders' & Friends expenses
Newsletter
Handbooks
Website and conferencing
Legal costs
Other charitable activities costs		 £0
£0
£288
£870
£201		 £12 £643 £12
£0
£288
£1,513
£201
£0		 £402
£75
£282
£1,014
£841
£0
Governance costs £4,070 Accounts prep and bank charges
Support costs (COVID work)
Trustees expenses		 £2,664
£1,245
£12		 £150 £2,814 £1,278
£53
£1,245
£12
Total expenditure £223,819 Total expenditure **£223,819 ** Total expenditure £12,716 £49,179 £50,235 £56,639 £6,876 £26,425 £3,929 £3,737 £13,197 £887 £223,819 £208,879
Income less expenditure
Transfers between funds
Gains/(losses) on asset revaluation
Net gain/(loss) asset sale		 £17,467
£3,000		 £5,541
£17,135
£489,958
£134,808		 £270 £5,644
(£23,087)		 (£4,376) £312,507 (£1,869)
£2,952		 £11,690
£10,000		 £6,883
(£35,000)		 (£474) £353,282
£0
£464,958
£134,808		 £56,935
£0
Note 5.1a: Income and expenditure overview Gains/(losses) on investments
Surplus/(deficit)for theyear		 £27,666 £2,009 £9,824 £2,031 £1,908 £43,438 £116,817
£20,467 £675,108 **£270 ** (£15,434) (£4,376) £312,507 £1,083 **£31,514 ** (£26,086) £1,434 £996,486 £173,752

Mid Thames Quakers annual report and accounts 2020, page 32

Note 5.1b: Net income and charitable spending

This table condenses the data in note 5.1a, to show each major category of income net of the cost incurred to raise it. This information is shown in chart 1.

----- Start of picture text -----
Net income 2020 2019 2018
Donations - (cost of raising them) £51,336 £36,511 £31,218
Hirings income - (cost of running MH for hirers) £1,915 £46,554 £33,434
Investment income - (cost of investment management) £6,600 £4,923 £6,388
Rental income - (cost of looking after let property) £47,721 £41,694 £19,881
Legacies £353,244 £6,500 £0
Grants received £0 £10,000 £0
Total £460,817 £146,183 £90,922
----- End of picture text -----

----- Start of picture text -----
Charitable spending 2020 2019 2018
Maintaing MH for Quaker use £22,090 £30,881 £37,091
Running MH for Quaker use £16,973 £13,730 £22,164
Cost Quakerly activities £9,566 £10,680 £12,553
Practical and governance costs £6,084 £3,946 £2,927
Armstrong grants £6,876 £1,806 £7,800
Other grants and donations £45,945 £28,205 £19,173
Total £107,534 £89,248 £101,708
----- End of picture text -----

Mid Thames Quakers annual report and accounts 2020, page 33

Note 5.2: Grants exceeding £250 to non-Quaker organisations

The table below shows all grants exceeding £250 made to non-Quaker organisations, totalling £12,848. A number of smaller grants and donations were also made, totalling £403. Five organisations were given donations in-kind as reduced-rate hirings at different Meeting Houses. The value of these is not included in our accounts.

Organisation **Amount ** Purpose Discernment Fund Notes
Wokingham food bank £500 Helping people short of food in
Wokingham		 Accords with our equality testimony Wokingham
LM		 Normally supported by a
special collection
Medical aid for Palestine £335 Support medical provision to
disadvantaged people		 Accords with our equality testimony Wokingham
LM		 Normally supported by a
special collection
Churches together in
Wokingham		 £300 General work of Churches together in
Wokingham		 Supports outreach and community Wokingham
LM		 Supported over many
years
Reading University chaplaincy £500 Support chaplaincy work among students
and staff		 Complements the work of our Quaker
chaplain. Increased reflecting growing
concern to reach young people.		 General Supported over many
years
Sadaka £903 Providing meals and other support for
homeless people in Reading		 Wish of Doreen Armstrong and accords
with our equality testimony		 Armstrong Second half of two-part
grant
Churches in Reading drop-in
centre (CIRDIC)		 £1,285 Providing meals and other support for
homeless people in Reading		 Wish of Doreen Armstrong and accords
with our equality testimony		 Armstrong Second half of two-part
grant
Faith Christian Group
(Readifood)		 £4,688 Food and support for homeless people
and others in Reading		 Wish of Doreen Armstrong and accords
with our equality testimony		 Armstrong New initial grant + extra
for COVID related work.
Age UK Berkshire (Friendly
Gardeners Group)		 £877 Weekly gardening group for older local
people		 Accords with our equality testimony by
countering social isolation		 Yew Tree Awarded through
application process
Just algorithms action group
(JAAG)		 £2,460 Understanding the role of algorithms in
welfare system reforms.		 Accords with our equality testimony by
understanding impact of welfare system
reform.		 Yew Tree Awarded through
application process
Windsor and Maidenhead
community land trust		 £1,000 Preliminaries towards purchase of land for
affordable housing
Accords with our equality testimony as a
step towards decent housing for all		 Yew Tree Awarded through
application process
Total £12,848

Mid Thames Quakers annual report and accounts 2020, page 34

Note 6: Balance sheet details

Note 6.1: Balance sheet overview

The table below uses the data from Notes 2.1 to 4.6 above to overview the end 2020 balance sheet for all the funds of Mid Thames Area Meeting.

----- Start of picture text -----
Restric-
Unrestricted Endowment
ted
Newbury He+Ma+
Fund General Property Schedule LMs Armstrong Green Rdg MH Toovey Yew Tree Overseers Total 2020 Total 2019
Develop Wa MH
Functional property £178,804 £936,596 £149,005 £750,953 £2,015,358 £2,015,358
Investment and mixed properties £1,639,958 £585,000 £540,000 £2,764,958 £2,485,192
Fixed assets
Investment portfolio £463,827 £33,675 £164,704 £34,053 £31,981 £728,240 £682,812
Social investments £4,480 £4,480 £8,959 £9,982
Current assets Accrued income £570 £570 £9,570
Current accounts and cash £27,589 £5,436 £270 £67,662 £0 £8,555 £10,755 £17,260 £17,751 £645 £155,923 £130,244
Deposit accounts £15,504 £375,402 £57,811 £303,952 £65,576 £18,693 £4,235 £841,172 £192,303
Held by letting agent £200 £200 £200
Interest free loans £5,000 £5,000 £5,000
Prepayments £953 £953 £243
Liabilities Accrued expenses (£199) £0 (£4,437) (£4,636) (£10,690)
Net assets/(liabilities) £48,094 £2,663,428 £270 £155,282 £0 £312,507 £76,330 £936,596 £791,089 £749,523 £32,626 £750,953 £6,516,698 £5,520,213
Surplus/(deficit) for the year £20,467 £675,108 £270 (£15,434) (£4,376) £312,507 £1,083 £31,514 (£26,086) £1,434 £996,486 £173,752
Retained surplus brought forward £27,628 £1,988,320 (£0) £170,717 £4,376 £0 £75,247 £936,596 £759,574 £775,608 £31,192 £750,953 £5,520,212 £5,347,260
Reserves
Prior year adjustment £0 £0 (£801)
Retained surplus carried forward £48,094 £2,663,428 £270 £155,283 £0 £312,507 £76,330 £936,596 £791,088 £749,522 £32,626 £750,953 £6,516,698 £5,520,212
----- End of picture text -----

Mid Thames Quakers annual report and accounts 2020, page 35

Note 6:2: Asset details

The table below lists all the tangible assets held by Mid Thames Area Meeting at the end of 2020, and a breakdown of the investment portfolio by asset class. Investment properties have been valued by the Trustees based on information from the previous valuation and reference to the similar properties in the local area. (MH&BG = Meeting House and burial ground.)

Footnote: A list of the holdings in our investment portfolio at the end of the year is available to MTAM Friends on request by emailing: treasurer@midthamesquakers.org.uk

2020 2019
Tangible assets (property)
Name
Type
Held in fund
East Garston
Meeting House
Yew tree
Henley
Meeting House
Henley MH&BG
Maidenhead
Meeting House
Maidenhead MH
Reading
Meeting House
Reading MH&BG
6 Church Street
Warden's house
Property
Wallingford
Meeting House
Wallingford MH
Newbury
Meeting House + let Property
Wokingham
Meeting House + let Property
13 Castle Street
Let
Property
4 Church Street
Let
Property
Gloucester Road
Let
Property
Yew Tree Cottages Let
Yew Tree
45 Northfield End Let
Caleb Toovey
Total tangible assets
Total functional property
Total investment + mixed property		 £149,005
£447,013
£193,252
£936,596
£178,804
£110,688
£2,015,358
£669,958
£350,000
£295,000
£325,000
£540,000
£585,000
£2,764,958
£4,780,316		 £149,005
£447,013
£193,252
£936,596
£178,804
£110,688
£2,015,358
£525,000
£280,000
£175,000
£170,000
£185,192
£575,000
£575,000
£2,485,192
£4,500,550
Investments
Investment portfolio
UK equities
Overseas equities
Fixed interest
Alternatives
Cash
Social investments
Shares and bonds
Total investments		 £239,294
£299,161
£103,955
£35,209
£50,621
£8,959
£737,199		 £247,817
£269,918
£83,119
£32,253
£49,705
£9,982
£692,794
Current assets
Debtors
Current accounts plus cash
Deposits
Total current assets		 £6,523
£156,123
£841,172
£1,003,818		 £15,013
£130,244
£192,303
£337,559
Creditors (£4,636) (£10,690)
Net assets £6,516,697 £5,520,213

Mid Thames Quakers annual report and accounts 2020, page 36

Note 6.3: Fixed asset investments

The table below lists all the fixed asset investments held by Mid Thames Area Meeting at the end of 2020, and their movement throughout the year. Note that the net disposal of investments was incorrectly stated as £0 during 2019 in the 2019 accounts, because the capital repayment from social investments had been overlooked.

----- Start of picture text -----
Property 2020 2019
Balance at beginning of year £4,500,550 £4,500,550
Disposals (see below) (£185,192)
Revaluations (see below) £464,958
Balance at end of year £4,780,316 £4,500,550
Investment 2020 2019
Balance at beginning of year £692,794 £573,227
Net disposal (£1,023) (£18)
Net additions £1,990 £2,768
Revaluations £43,438 £116,817
Balance at end of year £737,199 £692,794
----- End of picture text -----

----- Start of picture text -----
Tangible assets (movement Disposal of Revaluation
2019 Values 2020 Values
during the year) property Profit/(Loss)
Name Type
East Garston Meeting House £149,005 £149,005
Henley Meeting House £447,013 £447,013
Maidenhead Meeting House £193,252 £193,252
Reading Meeting House £936,596 £936,596
6 Church Street Warden's house £178,804 £178,804
Wallingford Meeting House £110,688 £110,688
Total functional property £2,015,358 £2,015,358
Newbury Meeting House + let £525,000 £144,958 £669,958
Wokingham Meeting House + let £280,000 £70,000 £350,000
13 Castle Street Let £175,000 £120,000 £295,000
4 Church Street Let £170,000 £155,000 £325,000
Gloucester Road Let £185,192 (£185,192)
Yew Tree Cottages Let £575,000 (£35,000) £540,000
45 Northfield End Let £575,000 £10,000 £585,000
Total investment + mixed property £2,485,192 £2,764,958
Total tangible assets £4,500,550 (£185,192) £464,958 £4,780,316
----- End of picture text -----

Disposal of property

On the 31 January 2020 the let property '59 Gloucester Road' was sold for £320,000. After deducting sale costs of £14,736 and the 2019 accounts value of the property of £185,192, a gain on disposal of investments of £134,808 was recognised on the Statement of Financial Activities.

Revaluation of investment and mixed property

During the year the Trustees engaged Haslams Chartered Surveyors to provide market values for the properties classed as investment and mixed properties. These valuations were given at August 2020 and form

Mid Thames Quakers annual report and accounts 2020, page 37

the basis of the Trustees revaluation as at 31st December 2020. However, the Trustees recognise that any technique or method used to determine a fair value is inherently subjective due to a number of factors including the individual nature of the property, its location and the expectation of future rentals . This has been particularly relevant in light of the market uncertainty due to both Brexit and the COVID-19 crisis, both of which have been carefully considered. As a result, the valuations placed on the investment property are subject to a degree of uncertainty and are made on the basis of assumptions that may not prove to be accurate, particularly in years of volatility or low transaction flow in the market. As a result, if the assumptions prove to be inaccurate, actual results of operations and realisation of the investment property could differ from the estimates set forth in these financial statements, and the difference could be significant.

Functional property

Solely functional buildings are shown at their 2010 rebuilding cost. These buildings are not depreciated as their useful life is deemed to be greater than 50 years and the buildings are maintained in a good state of repair, with their estimated residual value to be equivalent to their cost. The buildings are not revalued other than as may be indicated by impairment review in future years.

Mid Thames Quakers annual report and accounts 2020, page 38

Note 7: Reserves calculations

In our 2017 reserves policy, Trustees agreed the following calculation of our target reserves:

Averages of income and expenditure use inflation-corrected figures for the previous five years. Any surplus should be spent over ten years, and any deficit corrected over five years.

Based on the above policy, our end-2020 target reserves and surplus/(deficit) for end-2020 and end-2021 are calculated below. Details of individual Local Meeting reserves are in Note 2.6.

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Target reserves General & property Local Meetings Overall
Post-2021 special projects £68,000 £18,400
Major property repair £292,425
Reduction in voluntary income £3,842
£72,776
Cash flow fluctuation £19,380
Total target reserve £383,647 £91,176 £474,823
Surplus/(deficit) compared to target General & property Local Meetings Overall
End-2020 reserves £892,760 £155,283 £1,048,043
End-2020 surplus/(deficit) compared to target £509,113 £64,107 £573,219
Budget surplus/(deficit) 2021 (£10,200) £1,106
Transfer of Don Gill's legacy to Reading LM (£8,244)
Budget transfer to Newbury development fund 2021 (£100,000)
Proposed transfer from LMs in 2021 £0
Proposed transfer to new 'Gloucester Road' fund (£305,000)
Proposed transfer back to Yew Tree fund (£20,000)
Anticipated end-2021 reserves £449,316 £156,389
Anticipated end-2021 surplus/(deficit) compared to £65,669 £65,212 £130,881
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Mid Thames Quakers annual report and accounts 2020, page 39