## **Annual Report of the trustees of Mid Thames Area Quaker Meeting, for the year ended 31 December 2023**
## **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. There is also a worship group in Didcot which does not have the formal structure of a Local Meeting.
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 2023 and were also serving as trustees on the date that this report was approved:
Paul High (from 1[st] August 2023) Andrew Hughes Nind Naomi Iliff (from 12[th] March 2023) Mark Laskin (from 12[th] March 2023) Martin Lloyd Jean Scott-Barr Mark Tod (clerk)
Isabel Brimelow was appointed as a trustee from 1[st] January 2024
The following also served as trustees: Alasdair Donaldson (until 31[st] December 2023) Christopher Whichelo (until 31[st] December 2023)
## **Address**
c/o Reading Quaker Meeting house, 2 Church Street, Reading RG1 2SB
**Officers of Mid Thames Area Meeting in 2023** Clerks: Amanda Griffin, Angela Mason Membership clerk Sandra Periton Data Protection adviser: Philip Griffin Treasurer: Andrew Hughes Nind Schedule collector: Sandra Periton
## **Bankers**
CAF Bank, 25 Kings Hill, West Malling, Kent ME19 4JQ 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 Epworth Investment Management, 9 Bonhill Street, London EC2A 4PE Lloyds Bank (Henley Local Meeting) Co-operative Bank (Reading Local Meeting) NatWest Bank (Schedule Collector)
## **Nominee name for properties**
Friends Trusts Ltd, Friends House, 173 Euston Road, London NW1 2BJ
Page | 1
Mid Thames Quakers Annual Report and Accounts 2023
## **Insurers**
Congregational & General, Currer House, Currer Street, Bradford, BD1 5BA
## **Independent Examiner**
David Howard Chartered Accountants, 1 Park Road, Hampton Wick, Kingston-upon-Thames, KT1 4AS
## **Structure, governance and management**
## **Governance**
The charity is a Quaker charity, registered with the Charity Commission under number 201030. 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 by trustees and approved by the Area Meeting in 2021. During 2023, trustees had six meetings, all but one through videoconference. There are also three sub-committees, consisting of trustees and others, covering finance, property and people & internal processes which met before each main trustees' meeting. Trustees also 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 Woodbrooke (the Quaker learning and research organisation) 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 Register were re-drafted by trustees during 2020, and then considered by a group appointed by Area Meeting. They were approved by Area Meeting on 14 February 2021 and are being reviewed by trustees in 2024.
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 Register. The major risks relate to:
1. 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.
2. 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
Page | 2
Mid Thames Quakers Annual Report and Accounts 2023
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 an Area Meeting Safeguarding Co-ordinator (Naomi Iliff, who is a trustee), a Deputy Safeguarding Co-ordinator and a safeguarding link appointed in each Local Meeting.
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 2023 there were no safeguarding incidents to report.
The Safeguarding Policy was re-written in compliance with the guidelines sent by BYM. These were accepted by Area Meeting in November 2022 and went into force straight away. The Policy will be reviewed every November in future. It was reviewed in November 2023 and will be reviewed in November 2024. The policy has been uploaded to the public area of the web site so that anyone approaching Quakers through the web site will know that Safeguarding is important to this Area Meeting. There has been a change-over in Safeguarding Trustee. Now Naomi Iliff is the Safeguarding Trustee and Jean Scott-Barr is the safeguarding deputy coordinator.
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. Training was given to all role holders and Trustees during 2023. Naomi and Jean have attended the Trustee training sessions at thirtyoneeight.
Naomi Iliff is the DBS checker and she has been processing renewals as well as applying for new DBSs. There are 14 current DBSs in the Area Meeting and 3 further DBS holders from their jobs who have been validated.
The Mid Thames safeguarding team are supported by the BYM safeguarding adviser and safeguarding officer who work as part of BYM’s Quaker Life 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 Quaker Life team offer the uniquely Quaker perspective, in particular offering support to the Area Meeting coordinators in challenging situations **.**
## 3. Financial control
Our policy on financial procedures and controls was re-written and approved by trustees and Area Meeting in 2019 and reviewed by trustees and approved by Area Meeting in 2021. It will be next reviewed in 2024.
4. Employment The Area Meeting has a policy on employment and service provision which was revised by trustees and Area Meeting in 2021 and reviewed in 2023. Employment contracts are prepared in consultation with solicitors, to minimise risk and protect the interests of both the Area Meeting and the employees.
## 5. 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.
## 6. Data protection
Area Meeting has appointed a data protection adviser. Our data protection policy was re-written and approved by trustees in January 2024 and agreed by Area Meeting in February 2024. It will be reviewed again in January 2025.
Page | 3
Mid Thames Quakers Annual Report and Accounts 2023
## **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.
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; in 2023, Trustees saw no need to make changes.
## **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 fully revised in 2008 and is reviewed each triennium, (most recently in 2024) 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 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 2023 are in note 7.
## **Other policies and procedures**
The policy for hiring rooms at our meeting houses was revised and approved in 2021 and is kept under review. It was revised again in 2024. 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. In-person meetings are held once more and in many cases are blended, with some attending via Zoom.
We require enquirers who wish to attend via Zoom to make contact by email before they are sent a link. Some Friends chose to worship in their own homes during the year. There were also regular meetings for worship for business for all Local Meetings and for the Area Meeting as a whole, now mostly held in person (or blended), particularly during the summer months.
Page | 4
Mid Thames Quakers Annual Report and Accounts 2023
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.
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 work. Some of our members also participate as members of central committees. Some of this involvement took place by videoconference in 2023.
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 2023 Mid Thames Area Meeting had 148 members (December 2022:152), and 133 attenders (125). No meetings were laid down.
## **Worship and witness**
In 2023 all our local Quaker meetings (at East Garston, Henley, Maidenhead, Newbury, Reading, Wallingford and Wokingham) held public meetings for worship on Sundays and sometimes on weekdays as well when Meeting houses were open. Friends at Didcot held meetings on Saturdays.
Various study groups were held in person or by videoconference, several meetings held public events. We continued to support a range of local charitable work. More details will be in the Mid Thames Quakers’ annual review for 2023, if produced.
Page | 5
Mid Thames Quakers Annual Report and Accounts 2023
## **Financial review**
(2022 figures are shown in brackets throughout)
The accounts of Mid Thames Area Meeting for the year ended 31 December 2023 are attached from page 13 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 15. 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 provide 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 2023 was £228,082 (£291,852). This income came from donations, a small legacy, hiring rooms at Meeting houses, investments, and property rental. The main reason for the fall in income compared to the previous year is that in 2022 we made an insurance claim of £62,877 for lost income due to Covid. Total income also includes money collected on behalf of BYM by our Schedule collector: £13,642 (£21,703) was paid out during 2023. The cost of raising total income (including administration of donations and legacies, managing investments, running Meeting houses for hirers, and looking after let property) came to £70,345 (£94,808) in total: the reduction on 2022 is mainly due to less money needing to be spent on our let properties. The net income to MTAM, subtracting the cost of raising it and the BYM collection, was therefore £144,095 (£175,341).
Our net income from donations contributed £38,843 (£35,582). About three fifths of donations went to Local meeting funds and two fifths to Area Meeting central funds. We appreciate the ongoing generosity of Friends.
Our net income from hirings was £23,865 (£34,922). Support costs such as gas and electricity and meeting house supplies have risen faster than our hiring charges, reducing the net income from hirings. We note that the division of running costs between Quaker and hirings use has been estimated only approximately, as we do not separate out the costs of regular services such as energy, water, cleaning and routine maintenance for hirings specifically.
Interest and dividends on investments brought in £26,102 (£8,265) net. The increase relative to 2022 was due to a combination of both higher dividends and higher interest rates.
Our net income from let property was £54,286 (£25,300). In the previous year, 2022, we undertook refurbishment of our Yew Tree property, which resulted in both increased costs and reduced rental income as the property was unoccupied while refurbishment took place.
Legacy income was £1,000 (£8,394).
## **Expenditure on charitable activities**
Our total expenditure in 2023 was £302,068 (£242,444), including the contribution to BYM via the schedule. Taking off the costs of this contribution and raising income including hirings costs, we spent the remaining £218,081 (£125,933) on our charitable activities.
Our largest expense was looking after our Meeting houses, which cost £91,713 (£33,803). Much of this was associated with roofing repairs to two of our Meeting houses, at Wokingham and Henley, that had been deferred from 2022. Local Meetings also spent £23,427 (£18,770) on running their Meeting houses for
Page | 6
Mid Thames Quakers Annual Report and Accounts 2023
Quaker activities. As with the costs for hirings, these running costs have higher as the result of increases in utility bills.
The cost of Quakerly activities was £9,398 (£15,096). Most of this was spent by Local Meetings on outreach, stocking libraries and supporting committees; the main difference from the previous year was that the 2022 figure was inflated by the cost of the Quaker gathering at Charney Manor in that year. We also spent £1,185 on conferences and courses in 2023, including training for Quaker roles.
As a charity, the Area Meeting and Local Meetings in combination contributed £29,642 (£34,703) to BYM, of which £16,000 was additional to the Schedule. We contributed £20,652 (£3,840) in the form of Quaker grants, but conversely grants to non-Quaker bodies were lower as detailed below. In addition, individual Friends contributed £9,036 through collections (acting as agent) and about £20,024 (£30,107) directly to BYM. It should be noted that this figure for direct contributions was provided by BYM and is not part of our accounts.
We made grants totalling £5,377 (£28,756) to non-Quaker causes, with the difference largely offsetting the increased contributions to 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 and governance costs associated with running our Meeting came to £8,014 (£12,668). These costs include the cost of the independent examination of £1,440 required in 2023; in 2022 a full audit was needed (£8,700).
Net income, and spending on charitable activities, are shown in chart 1 below, for 2023, 2022, 2021 and 2020. The income spike in 2020 was associated with a property sale. The smaller spike in 2022 was associated with the one-off Covid insurance claim. In 2023, the costs of maintaining and running our Meeting houses rose significantly, leading to an overall deficit for the year.
Page | 7
Mid Thames Quakers Annual Report and Accounts 2023
**Net income Charitable spending**
**Chart 1: Mid Thames Quakers net income and charitable spending**
Page | 8
Mid Thames Quakers Annual Report and Accounts 2023
## **Transfers between funds**
Reading LM transferred 20%, or £6,284, or its hirings income from the previous year, to area meeting funds. In addition, Area Meeting and Wallingford LM transferred a total of £7,000 into the new Wallingford Development Fund set up to handle the costs of planning application for the renovation of Wallingford Meeting House.
## **Investments**
The value of our investment portfolio increased substantially over the year, achieving an unrealised gain of £52,681 (loss of £154,364). Trustees are satisfied overall with the performance of our Rathbones investment portfolio.
We continue to hold investments in two local renewable energy enterprises; following a small return of capital, the total invested is now £8,034. 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.
## **Surplus/deficit for the year**
Overall, before consideration of unrealised gains on assets and investments, we recorded a net loss of £73,986 (net gain of £49,408).
Combined with the unrealised gain in our Rathbones portfolio, we had an overall deficit of £21,305 (£104,956). Total year-end funds were £6,497,253 (£6,518,558).
## **Reserves**
Our reserves are the amounts held in unrestricted funds excluding tangible assets (ie: properties) and also excluding the Gloucester Road, Grenville Green and Newbury and Wallingford development funds which are designated for specific purposes. On this basis our end-2023 reserves were £779,882 (£805,433) of which £543,413 (£559,981) was in the General and Property funds, and £236,469 (£245,452) in Local Meeting funds.
Our target reserve for the General and Property funds was calculated as £447,020 (£474,436) at the end of 2023 (Note 7). These funds therefore had a surplus above target of £96,393 (£85,545).
For Local Meetings, the target reserve is calculated as £78,810 (£73,590) at the end of 2023. Local Meetings therefore had a surplus above target of £157,659 (£171,862).
Our budget for 2024, agreed in December 2023, includes a transfer of £20,500 to the Newbury and Wallingford development funds. The budget further allows for a deficit of £38,700 in the General and Property funds associated with substantial expenditure on our property, and a transfer of £10,000 hirings income from LMs to AM. The overall figure for Local meetings is a budget deficit of £25,798.
Based on the comments above, we anticipate an overall surplus of £179,054 in our reserves at the end of 2024, made up of a £47,193 surplus in the General and Property funds and a £131,861 surplus in Local Meeting funds. (This does not include any estimates for gains or losses in investments during 2024 because these are so variable.)
Our reserves – target, outturn and forecast – are summarized in Chart 2.
Page | 9
Mid Thames Quakers Annual Report and Accounts 2023
## **Chart 2: Mid Thames Quakers reserves**
Page | 10
Mid Thames Quakers Annual Report and Accounts 2023
##
##
##
##
##
## **Independent examiner's report to the trustees of Mid Thames Area Meeting**
I report to the trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 13 to 38.
## **Responsibilities and basis of report**
As the charity trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011(‘the Act’). The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
I report in respect of my examination of the Trustee’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- (1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
- (2) the accounts do not accord with those records; or
- (3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: …………………..........................
David Howard Chartered Accountants
1 Park Road Hampton Wick Kingston upon Thames Surrey KT1 4AS
30-05-2024 Dated: ....................
Page | 12
Mid Thames Quakers Annual Report and Accounts 2023
**Annual accounts of Mid Thames Area Quaker Meeting, for the year ended 31 December 2023**
## **Statement of Financial Activities (SOFA) 2023**
||**Unrestricted**
**funds**|**Restricted**
**funds**|**Endowment**
**funds**|**Total 2023**|**Total 2022**|
|---|---|---|---|---|---|
|**Income and endowments from**||||||
|Donations and legacies|£52,456|£0|£0|£52,456|£65,854|
|Charitable activities|£965|£0|£0|£965|£79|
|Other tradingactivities|£57,613|£0|£0|£57,613|£61,961|
|Investments|£76,357|£0|£40,628|£116,984|£101,080|
|Uncategorised income|£65|£0|£0|£65|£62,877|
|**Total**|£187,454|£0|£40,628|£228,082|£291,852|
|**Expenditure on**||||||
|Raisingfunds|£58,740|£0|£11,712|£70,453|£94,808|
|Charitable activities|£220,547|£0|£11,068|£231,615|£147,636|
|**Total**|£279,287|£0|£22,780|£302,068|£242,444|
|Netgain/(loss)on asset revaluation|£0|£0|£0|£0|£0|
|Netgain/(loss)asset sale|£0|£0|£0|£0|£0|
|Netgains/(losses)on investments|**£37,784**|**£0**|**£14,897**|**£52,681**|**(£154,364)**|
|**Net income/(expenditure)**|**(£54,049)**|**£0**|**£32,745**|**(£21,305)**|**(£104,955)**|
|**Transfers between funds**|£0|£0|£0|£0|£0|
|**Net movement in funds**|**(£54,049)**|**£0**|**£32,745**|**(£21,305)**|**(£104,955)**|
|**Reconciliation of funds**||||||
|Total brought forward frompreviousyear|£3,258,778|£936,596|£2,323,184|£6,518,558|£6,622,918|
|Prioryear adjustment|£0|£0|£0|£0|£596|
|**Total funds carried forward**|£3,204,728|£936,596|£2,355,929|£6,497,253|£6,518,558|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Figures may appear not to sum because of rounding.
Note 5 provides more detailed analysis of the statement of financial activities.
Page | 13
Mid Thames Quakers Annual Report and Accounts 2023
##
||Unrestricted|fr€strirted|Endowment|Total2S23|Total2O22|
|---|---|---|---|---|---|
||funds|income|funds|||
|Fixed assets||||||
|Tangibleassets|ft,8t8,762|f936,596|f2,a24,958|f4,780,316|f"4,784316|
|investrnents|t598,922|[0|€244,176|f843,098|r78qa7q|
|Total fixedassets|€2,4L7,684|f936,596|f.2,269,L34|f.5,623,4L4|f5,555,791|
|Ctrrentassets||||||
|Debtors|€6,912||f0|f.6,972|f6,772|
|Cashatbankardin frand|t785,028||f56,795|f871,823|€956,39C|
|Total currentassets|f79r,940|€0|f85,795|f878,735|c963,L62|
|Liabittths||||||
|Creditors: fallingduewithinone year|(f4,896)|f0|f0|(f4,896)|(f10,394)|
|f\l€tcurrentassets/{iiabilities}|{7,&;t,u1|tu|feA70q|f873,&!9|f9s2,767|
|Totalassetrlesscurentliahilities|8.2',,..728|t936,596|8?',355,929|16,49x,2r,|€6,5!.8,558|
|Totalnetassestsor liabilities|f,3,zw,7zg|f936,596|f2,355,9?g|,6,497,?.53|f,5,5L8,558|
|Thefundscrfthe charity||||||
|Endowrnent funds|||{2355,929|€2,355p29|{2,323,184|
|Restricted inccrnefunds||i935,595||f93S,596|f936,595|
|Unrestricted funds|f3,2A4,728|||f3,244,728|f.3,238,778|
|Totalcharityfunds|f,3,20d.,729|{936,596|f2,355.929|f6,497,253|f5,518,558|
## **Notes on the Statement of financial activity and Balance sheet**
## **Note 1: Accounting policies**
## **(a) Basis of preparation and assessment of going concern**
Mid Thames Area Quaker Meeting is a Quaker charity, registered with the Charity Commission under number 201030.
The financial statements have been prepared in accordance with the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
Monetary amounts are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention where applicable. The principal accounting policies adopted are set out below.
## **Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **(b) Income recognition**
All income is recognised once the charity has entitlement to it, there is sufficient certainty of 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. 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 2023. 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.
## **(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
Page | 15
Mid Thames Quakers Annual Report and Accounts 2023
are written off at purchase and so omitted from consideration; they are insured on a new for old basis for £204,464.
## **(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) Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **(h) Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
## **(i) Critical accounting estimates and judgements**
The preparation of the financial statements requires management to take judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
There were no key judgements. The main accounting estimates are debtors and accruals.
Page | 16
Mid Thames Quakers Annual Report and Accounts 2023
## **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. Preparation of accounts includes the actual fee for independent examination of the 2023 accounts. Worship and pastoral includes the costs for room hire at Didcot Town Hall.
|**Income and Expenditure**|**Income and Expenditure**|**2023**|**2023**|**2022**|**2022**|
|---|---|---|---|---|---|
|Donations and legacies|Schedule donations +giftaid|£13,693||£14,159||
||Legacies|**£0**||**£0**||
||Other contributions|£5|£13,698|£0|£14,160|
|Charitable activities|Feespaid to attend Gatherings||||£0|
|Investments|Interest|£772
£772||£259
£259||
|**Total income**|||**£14,470**||**£14,418**|
|Raisingfunds|Cost of voluntaryincome|£0|£0|£254|£254|
|Charitable activities|Contribution from MTAM to BYM|£0|£6,268|£0|£13,571|
||Grants to other Quaker bodies|£0||£100||
||Grants to non-Quaker bodies|£0||£0||
||Conferences and committees|£575||£0||
||Worshipandpastoral|£1,014||£842||
||Gatherings|£29||£610||
||Office holders' and Friends' expenses|£101||£95||
||Handbooks|£0||£0||
||Website and software|£1,467||£1,172||
||Legal andprofessional|£548||£201||
||Preparation of accounts|£1,440||£9,870||
||Bank charges|£60||£81||
||Trustees expenses|£0||£0||
||Support costs|£1,035||£600||
|**Total expenditure**|||**£6,268**||**£13,825**|
|**Income less expenditure**|||**£8,202**||**£593**|
|Transfers between funds|Transfer to/from AM funds||£6,284||£0|
|||||||
|**Total surplus/(deficit)**|||**£14,486**||**£593**|
|**Balance sheet**|**Balance sheet**|**Balance sheet**|**2023**|**2023**|**2023**|**2023**|**2022**|**2022**|**2022**|
|---|---|---|---|---|---|---|---|---|---|
|Accrued income
Held by letting agent
Interest free loans
Current assets|||£0
£200
£5,000||||£0
£200
£5,000|||
|Bank accounts|||£57,965||||£51,154|||
|Prepayments|||£75
£63,240||||£0
£56,354|||
|Current liabilities
Accrued expenses|||(£1,440)
(£1,440)||||(£9,040)|||
|**Net assets/(liabilities)**|||||**£61,800**||||**£47,314**|
|**Reserves**
Surplus/(deficit) for the year
Retained surplus brought forward
**Retained surplus carried forward**|||£14,486
£47,314
**£61,800**||||£593
£46,721
**£47,314**|||
|||||||||||
|Amounts handled as agent(BYM)||||£625||||£0||
|Amounts handled as agent(otherQuaker)||||£0||||£0||
|Amounts handled as agent(non Quaker)||||£0||||£0||
Page | 17
Mid Thames Quakers Annual Report and Accounts 2023
## **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**||**2023**|**2023**|**2022**|**2022**|
|---|---|---|---|---|---|
|Donations & legacies|Donations|||||
|Investments|Dividends|£9,230
£593
£43,658
£1,331
£54,812||£8,285
£383
£45,286
£1,098
£55,051||
||Interest|||||
||Letpropertyrent|||||
||Feed-in-tarrif|||||
|Uncategorised income|Covid insurance claims||£0||£12,575|
|**Total income**||**£54,812**||**£67,627**||
|Raising funds|Investment management fees|£6,148
£4,268
£9,666
£0
£1,433
£1,760
**£23,275**||£7,664
£2,293
£20,470
£1,998
£1,420
£0
**£33,845**||
||Letpropertymanagement|||||
||Letpropertymaintenance|||||
||Letpropertyimprovement|||||
||Letpropertyinsurance|||||
||Letpropertylegal&professional|£1,760||£0||
|Charitable activities|MeetingHouse maintenance|£53,152||£22,956||
||MeetingHouse improvement|£28,007
£6,379
£0
**£87,537**||£0
£6,393
£725
**£30,074**||
||MeetingHouse insurance|||||
||MeetingHouse legal&professional|||||
|**Total expenditure**||**£110,812**||**£63,918**||
|**Income less expenditure**||**(£56,000)**||**£3,708**||
|Transfer from Local Meetings (hirings)||£0||£4,411||
|Gains/(losses) on revaluation of fixed assets
Transfer to Yew Tree fund||||||
|Transfer to Wallingford dev project||(£5,000)||||
|Gains/(losses)on other investments||£29,946||(£87,747)||
|**Total surplus/(deficit)**||**(£31,054)**||**(£79,629)**||
|**Balance sheet**||**2023**|**2022**|
|---|---|---|---|
|Fixed assets|MeetingHouses and land|£178,804
£1,639,958
£474,689
£2,293,451|£178,804
£1,639,958
£441,661
£2,260,423|
||Investment and mixedproperties|||
||Investmentportfolio|||
|Current assets|Accrued income|£0
£6,924
£0
£6,924|£160
£71,002
£0
£71,161|
||Bank accounts|||
||Prepayments|||
|Current liabilities|Accrued expenses|£0|(£155)|
|**Net assets/(liabilities)**||**£2,300,375**|**£2,331,429**|
|Reserves|Surplus/(deficit)for theyear|(£31,054)
£2,331,429
**£2,300,375**|(£79,629)
£2,411,058
**£2,331,429**|
||Retained surplus brought forward|||
||Retained surplus carried forward|||
Page | 18
Mid Thames Quakers Annual Report and Accounts 2023
## **Note 2.3 Doreen Armstrong fund**
This fund was set up in December 2015 from the legacy of our late Friend Doreen Armstrong. It was designated to be used to help homeless people in the Reading area, in accordance with the wishes expressed in Doreen Armstrong’s will. The final grant was paid out in 2022 and this fund is now closed.
Page | 19
Mid Thames Quakers Annual Report and Accounts 2023
## **Note 2.4 Gloucester Road fund**
This fund was established in late 2021 to handle the proceeds of the sale of the Gloucester Road, Reading property in 2020. The fund is used to strengthen our meetings by providing support services, and also to support our development projects.
|**Income and Expenditure**||**2023**|**2023**|**2022**|**2022**|
|---|---|---|---|---|---|
|Donations and legacies|Legacies|£0||£0||
|Investments|Interest and dividends|£7,969||£3,059||
|**Total income**|||**£7,969**||**£3,059**|
|Raisingfunds|Investment mgt charges|£581|**£45,992**|£725|**£725**|
|Regular services|youth worker|£43,500||||
|Professional services|bookkeeper|£1,911||||
|**Total expenditure**||||||
|**Income less expenditure**|||**(£38,023)**||**£2,334**|
|Transfer from Propertyfund||||||
|Unrealisedgains/ (losses)|||**£2,832**||**(£8,297)**|
|**Total surplus/(deficit)**|||**(£35,191)**||**(£5,963)**|
|**Balance sheet**||**2023**|**2022**|
|---|---|---|---|
|Current assets|Bank accounts|£220,185|£257,276|
||Investments|£44,885|£41,762|
|Current liabilities|Accrued expenses|(£1,223)|£0|
|**Net assets/(liabilities)**||**£263,846**|**£299,037**|
|Reserves|Surplus/(deficit)for theyear|(£35,191)|(£5,963)|
||Retained surplus brought forward|£299,037|£305,000|
||**Retained surplus carried forward**|**£263,846**|**£299,037**|
Page | 20
Mid Thames Quakers Annual Report and Accounts 2023
## **Note 2.5 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. During 2023, the fund was used to support a wide variety of charitable causes, Quaker and non-Quaker.
|**Income and Expenditure**||**2023**|**2023**|**2022**|**2022**|
|---|---|---|---|---|---|
|Donations and legacies|Legacies|£0||£0||
|Investments|Interest and dividends|£7,447||£2,848||
|**Total income**|||**£7,447**||**£2,848**|
|Charitable activities|Grants to other Quaker bodies|£10,200|**£12,658**|£0|**£13,567**|
||Givingto BYM|£500||£0||
||Grants to non-Quaker bodies|£750||£11,017||
||Courses|£510||£1,826||
||MH equipment|£0||£0||
||Practical costs|£117||£0||
|Raisingfunds|Investment mgt charges|£581||£725||
|**Total expenditure**||||||
|**Income less expenditure**|||**(£5,211)**||**(£10,719)**|
|**Unrealisedgains/ (losses)**|||**£2,832**||**(£8,297)**|
|**Total surplus/(deficit)**|||**(£2,379)**||**(£19,016)**|
|**Balance sheet**||**2023**|**2022**|
|---|---|---|---|
|Current assets|Bank accounts|£230,111|£235,613|
||Investments|£44,885|£41,762|
|**Net assets/(liabilities)**||**£274,995**|**£277,375**|
|Reserves|Surplus/(deficit)for theyear|(£2,379)|(£19,016)|
||Retained surplus brought forward|£277,375|£296,391|
||**Retained surplus carried forward**|**£274,995**|**£277,375**|
Page | 21
Mid Thames Quakers Annual Report and Accounts 2023
## **Note 2.6a 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. Development activity was limited during 2023 but will resume in 2024.
|**Income and Expenditure**||**2023**|**2023**|**2022**|**2022**|
|---|---|---|---|---|---|
|Donations & legacies|Schedule donations +giftaid|£0||£0||
||Appeal fund|£0||£102||
|||||||
|Investments|Interest|£1,281||£702||
|Other income||£0||£0||
|**Total income**|||**£1,281**||**£804**|
|Charitable activities|Outreach and advertising|||||
||Buildingmaintenance & improvement|||||
||Architect fees,surveys, permissions|£0||£3,730||
|**Total expenditure**|||**£0**||**£3,730**|
|**Income less expenditure**|||**£1,281**||**(£2,926)**|
|**Total surplus/(deficit)**|||**£1,281**||**(£2,926)**|
|**Balance sheet**||**2023**|**2023**|**2022**|**2022**|
|---|---|---|---|---|---|
|Current assets|Accrued income|||||
||Bank accounts||£59,101||£57,820|
|**Net assets/(liabilities)**|||**£59,101**||**£57,820**|
|Reserves|Surplus/(deficit)for theyear||£1,281||(£2,926)|
||Retained surplus brought forward||£57,820||£60,746|
||Retained surplus carried forward||**£59,101**||**£57,820**|
Page | 22
Mid Thames Quakers Annual Report and Accounts 2023
## **Note 2.6b Wallingford development fund**
This fund was set up in 2023, and designated for the purpose of handling the finances of the redevelopment of Wallingford Quaker meeting house, for which the planning application process has begun. Costs of £4,176 on this process were incurred in 2023. To cover the initial costs of the planning process, £7,000 were transferred into the fund: £5,000 from the Area Property fund and £2,000 from the Wallingford LM fund.
|**Income and Expenditure**|**Income and Expenditure**||||**2023**|**2023**|**2023**|**2022**|**2022**|**2022**|
|---|---|---|---|---|---|---|---|---|---|---|
|Donations & legacies||Schedule donations +giftaid|||£60|||£0|||
|||Appeal fund|||£0|||£0|||
||||||||||||
|Investments||Interest|||£0|||£0|||
|Other income|||||£0|||£0|||
|**Total income**||||||**£60**||||**£0**|
|Charitable activities||Outreach and advertising|||||||||
|||Buildingmaintenance & improvement|||||||||
|||Architect fees,surveys, permissions|||£4,176|||£0|||
|**Total expenditure**||||||**£4,176**||||**£0**|
|**Income less expenditure**||||||**(£4,116)**||||**£0**|
|Transfers from other funds|||||£7,000||||||
|**Total surplus/(deficit)**||||||**£2,884**||||**£0**|
||||||||||||
|**Balance sheet**|||**2023**||||**2022**||||
|Current assets|Bank accounts|||£2,976|||||||
||Accrued expenses|||(£92)|||||£0||
|**Net assets/(liabilities)**||||**£2,884**|||||**£0**||
|Reserves|Surplus/(deficit)for theyear|||£2,884|||||£0||
||Retained surplus brought forward|||£0|||||£0||
||Retained surplus carried forward|||**£2,884**|||||**£0**||
Page | 23
Mid Thames Quakers Annual Report and Accounts 2023
## **Note 2.7 Funds of constituent Local Meetings**
Local Meetings keep their own accounts of the funds designated to them by the Area Meeting, as summarised below. Henley’s accounts are separately examined before collation into the Area Meeting accounts. The other LM accounts are examined as part of the Area Meeting examination or audit.
|**Income and expenditure**|**Income and expenditure**|**East**
**Garston**|**Henley**|**Maiden-**
**head**|**New-**
**bury**|**Reading **|**Walling-**
**ford**|**Woking-**
**ham**|**2023**
**total**|**2022 total**|
|---|---|---|---|---|---|---|---|---|---|---|
|Donations and legacies|Schedule donations inc GiftAid
LM collections and donations
Legacies
Other contributions|£828
£155|£1,137
£500|£413
£432
£25|£1,406
£150
£4|£6,377
£5,170
£1,000|£1,868|£697
£20
£30|£12,726
£6,427
£1,000
£59|£18,418
£10,436
£8,394
£0|
||||||||||||
||||||||||||
||||||||||||
|Charitable activities|Sales of literature etc
Contributions to events||£77
£707||||£258||£77
£965|£5
£79|
|Other trading activities|Meeting house hirings
Receipts from sales
Othergenerated income|£910|£10,470|£5,980|£9,228|£24,082|£5,333|£1,534|£57,536
£0
£0|£61,956
£0
£0|
|Investments|Dividends
Interest
Feed-in tariff||£213
£709|£75|£363|£670
£1,353
£387|£223|£82|£670
£2,310
£1,096|£601
£626
£1,036|
|Uncategorised Income|Covid insurance claims||||||||£0|50301.96|
|**Total income**||**£1,893**|**£13,813**|**£6,925**|**£11,151**|**£39,039**|**£7,681**|**£2,363**|**£82,865**|**£151,855**|
|Raisingfunds|Support costs (note 2.5a)
Other costs
Investment management|£1,459|£6,271|£3,363|£3,274|£14,903
£446|£2,943|£1,535|£33,748
£0
£446|£27,039
£0
£556|
||||||||||||
||||||||||||
|Charitable activities|Support costs (Note 2.5a)
Contributions to BYM
Grants to Quaker bodies
Grants to non-Quaker bodies|£1,013|£4,353
£2,000
£100
£677|£2,335
£2,500|£2,273
£300|£10,345
£10,000
£3,400|£2,043
£1,000
£200|£1,066
£50|£23,427
£15,500
£650
£4,077|£18,770
£13,000
£540
£4,369|
||||||||||||
||||||||||||
||||||||||||
||Outreach
Library
Other Quaker purposes
Expenses
Bank charges
Examination of accounts|£98
£662|£1,391
£166
£204|£381
£414
£62|£617
£61|£286
£322
£1,390
£36|£27
£217
£220
£548
£13|£300
£98
£378|£2,385
£1,315
£2,854
£1,165
£171|£1,667
£1,336
£2,497
£472
£176|
||||||||||||
||||||||||||
||||||||||||
||||||||||||
||||||||||||
|**Total expenditure**||**£3,232**|**£15,161**|**£9,055**|**£6,524**|**£41,128**|**£7,211**|**£3,426**|**£85,738**|**£70,423**|
|**Income less expenditure**||**(£1,339)**|**(£1,348)**|**(£2,130)**|**£4,627**|**(£2,089)**|**£470**|**(£1,063)**|**(£2,873)**|**£81,432**|
|Unrealised gains/(losses) on investment
Net transfer to Area Meeting
Transfer to Newbury Development fund
Transfer to Wallingford Development fund
**Total surplus/(deficit) for theyear**||**(£1,339)**|**(£1,348)**|**(£2,130)**|**£4,627**|£2,174
(£6,284)
**(£6,199)**|(£2,000)
**(£1,530)**|**(£1,063)**|£2,174
(£6,284)
(£2,000)
**(£8,983)**|(£6,371)
(£4,411)
**£70,651**|
(continues overleaf – Balance sheet, notes and reserves estimates)
Page | 24
Mid Thames Quakers Annual Report and Accounts 2023
## **Note 2.7 continued**
|**Balance sheet**||**East**
**Garston**|**Henley**|**Maiden-**
**head**|**Newbury**|**Reading**|**Walling-**
**ford**|**Woking-**
**ham**|**2023 total **|**2022 total**|
|---|---|---|---|---|---|---|---|---|---|---|
|Fixed assets|Investmentportfolio|||||£34,463|||£34,463|£32,066|
|Current assets|Accrued income
Bank accounts
Prepayments|(£619)|£46,760|£156
£13,011|£42,225|£1,481
£73,077|£16,297|£11,759|£1,637
£202,509
£0|£1,412
£213,143
£0|
||||||||||||
||||||||||||
|Current liabilities|Accrued expense and liabilities||(£590)|(£465)||(£351)|(£735)||(£2,141)|(£1,168)|
|**Net assets/(liabilities)**||**(£619)**|**£46,170**|**£12,702**|**£42,225 **|**£108,670**|**£15,562**|**£11,759 **|**£236,469**|**£245,452**|
|Reserves|Surplus/(deficit) for the year
Retained surplus brought forward
**Retained surplus carried forward**|(£1,339)
£720
**(£619)**|(£1,348)
£47,519
**£46,170**|(£2,130)
£14,832
**£12,702**|£4,627
£37,598
**£42,225 **|(£6,199)
£114,870
**£108,670**|(£1,530)
£17,091
**£15,562**|(£1,063)
£12,822
**£11,759 **|(£8,983)
£245,452
**£236,469**|£70,651
£174,802
**£245,452**|
||||||||||||
||||||||||||
|**Note 2.7a: Support costs, divided on previous page**
**between raising funds and charitable activities according**
**topercentage below**|**Note 2.7a: Support costs, divided on previous page**
**between raising funds and charitable activities according**
**topercentage below**|**East**
**Garston**|**East**
**Garston**|**Henley**|**Henley**|**Maiden-**
**head**|**New-**
**bury**|**Reading**|**Walling-**
**ford**|**Woking-**
**ham**|**Woking-**
**ham**|**2023**|**2022**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Repairs, equipment, materials, supplies
Salary costs (including accommodation offset)
Payment for regular services
Gas, oil, electricity
Water and sewerage
Phone, internet, printing etc
Other
**Total**||£803
£1,670
**£2,472**||£6,746
£888
£2,753
£213
£25
**£10,624**||£465
£2,820
£2,108
£215
£90
**£5,698**|£1,249
£1,670
£2,407
£221
**£5,547**|£4,276
£14,053
£637
£4,370
£841
£1,070
**£25,248**|£110
£3,328
£1,548
**£4,986**|£948
£1,189
£464
**£2,600**||£13,794
£17,381
£6,818
£16,044
£1,954
£1,185
£0
**£57,175**|£9,182
£15,775
£7,448
£10,925
£1,436
£1,042
£0
**£45,809**|
|Percentage of support cost forQuaker activities
41%
41%
41%
41%
41%
41%
41%
41%
41%||||||||||||||
|||||||||||||||
|**Amounts handled as agent**||**East**
**Garston**||**Henley**||**Maiden-**
**head**|**New-**
**bury**|**Reading**|**Walling-**
**ford**|**Woking-**
**ham**||**2023**|**2022**|
|For BYM
For other Quaker organisations
For non-Quaker organisations||£0
£0
£0||£1,126
£197
£1,383||£0
£682
£1,467|£100
£270
£795|£0
£587
£0|£0
£0
£0|£0
£280
£1,525||£1,226
£2,015
£5,170|£1,828
£1,836
£4,805|
|||||||||||||||
|**LM reserves details - summarised in note 7**|**East**
**Garston**||**Henley**||**Maidenhead**||**Newbury**|**Reading**|**Wallingford**||**Wokingham**||**Total**|
|Specialprojects reserve|£0||£0||£0||£7,000|£9,192|£10,651||£0||£26,843|
|Income decrease and cash flow reserve|£1,656||£7,631||£6,117||£4,547|£24,461|£4,658||£2,897||£51,967|
|**Target reserve - end 2023**|**£1,656**||**£7,631**||**£6,117**||**£11,547**|**£33,653**|**£15,309**||**£2,897**||**£78,810**|
|End 2023 reserves|(£619)||£46,170||£12,702||£42,225|£108,670|£15,562||£11,759||£236,469|
|**Surplus above target end 2023**|**(£2,275)**||**£38,540**||**£6,585**||**£30,678**|**£75,017**|**£253**||**£8,861**||**£157,659**|
|Budget surplus/(deficit)2024|(£1,339)||(£11,741)||(£2,130)||£4,627|(£13,515)|(£500)||(£1,200)||(£25,798)|
|**Estimated surplus above target end 2024**|**(£3,613)**||**£26,799**||**£4,455**||**£35,304**|**£61,502**|**(£247)**||**£7,661**||**£131,861**|
Page | 25
Mid Thames Quakers Annual Report and Accounts 2023
## **Note 2.8 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 are treated as expenditure and the remainder is then distributed amongst Area Meeting and Local Meetings, which all fall within the MTAM charity.
|**Income and Expenditure**|**Income and Expenditure**|**Income and Expenditure**|**2023**|**2023**|**2023**|**2023**|**2022**|**2022**|
|---|---|---|---|---|---|---|---|---|
|Donations and legacies||Donations|£37,944||£41,599||£40,565|£46,921|
|||Gift Aid|£3,655||||£6,356||
|**Total income**|||||**£41,599**|||**£46,921**|
|Charitable activities||Contribution to BYM common fund|£13,642||£13,642||£21,703|£21,703|
|||Contribution to BYM earmarked funds|£0||||£0||
|**Total expenditure**|||||**£13,642**|||**£21,703**|
|**Income less expenditure**|||||**£27,957**|||**£25,218**|
|Transfers||Area MeetingGeneral fund|(£9,255)||(£23,050)||(£14,159)|(£32,578)|
|||East Garston Local Meeting|(£828)||||(£845)||
|||HenleyLocal Meeting|(£1,137)||||(£2,211)||
|||Maidenhead Local Meeting|(£282)||||(£184)||
|||NewburyLocal Meeting|(£1,406)||||(£2,258)||
|||ReadingLocal Meeting|(£6,377)||||(£10,298)||
|||Wallingford Local Meeting|(£1,868)||||(£1,940)||
|||Wokingham Local Meeting|(£1,897)||||(£682)||
|||NewburyDevelopment fund|£0||||£0||
|**Total surplus/(deficit)**|||||**£4,908**|||**(£7,360)**|
||||||||||
|**Balance sheet**||||**2023**|||**2022**||
|Current assets|Current account|||||£5,258||£350|
|**Net assets/(liabilities)**||||||**£5,258**||**£350**|
|Reserves|Surplus/(deficit)for theyear|||||£4,908||(£7,360)|
||Retained surplus brought forward|||||£350||£7,710|
||**Retained surplus carried forward**|||||**£5,258**||**£350**|
## **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.
The Balance sheet is unchanged from 2022: the Meeting House and Burial Ground have the same value of £936,596, there is zero surplus, so the retained surplus carried forward is £936,596.
Page | 26
Mid Thames Quakers Annual Report and Accounts 2023
## **Note 4: Endowment funds**
## **Note 4.1 Mid Thames Area Meeting Pastoral Friends fund**
The Pastoral Friends 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.
This fund is called the Overseers fund in the Charity Commission scheme of 2015. The name used here reflects the change in the language now used by Mid Thames Quakers.
|**Income and Expenditure**||**2023**|**2023**|**2022**|**2022**|
|---|---|---|---|---|---|
|Donations and legacies|Donations|||||
|Investments|Dividends|£636|£636|£571|£571|
|**Total income**|||**£636**||**£571**|
|Raisingfunds|Investment management fees|£424|£424|£528|£528|
|Charitable activities|Pastoralgrants|£30|£30|£0||
||Courses|£100|£100|£64|£64|
|**Total expenditure**|||**£554**||**£593**|
|**Income less expenditure**|||**£82**||**(£22)**|
|Gain/(loss)on investments|||£2,065||(£6,050)|
|**Total surplus/(deficit)**|||**£2,147**||**(£6,072)**|
|**Balance sheet**||**2023**|**2023**|**2022**|**2022**|
|---|---|---|---|---|---|
|Fixed assets|Investmentportfolio|£32,730|£32,730|£30,452|£30,452|
|Current assets|Current account|£451|£451|£581|£581|
|||||||
|**Net assets/(liabilities)**|||**£33,181**||**£31,033**|
|Reserves|Surplus/(deficit)for theyear||£2,147||(£6,072)|
||Retained surplus brought forward||£31,033||£37,105|
||**Retained surplus carried forward**||**£33,181**||**£31,033**|
Page | 27
Mid Thames Quakers Annual Report and Accounts 2023
## **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.
|**Income and Expenditure**||**2023**|**2023**|**2022**|**2022**|
|---|---|---|---|---|---|
|Investments|Dividends|£3,278||£2,942||
||Interest|£1,406||£418||
||Letpropertyrent|£14,865||£14,307||
|**Total income**|||**£19,549**||**£17,667**|
|Raising funds|Investment management fees|£2,183|£6,043|£2,721|£4,647|
||Letpropertymaintenance|£3,183||£1,191||
||Letpropertyimprovement|||||
||Letpropertyinsurance|£677||£734||
||Pastoralgrants|£4,500||£3,200||
||Gatherings and courses|£616|£5,116|£6,254|£9,454|
|**Total expenditure**|||**£11,159**||**£14,101**|
|**Income less expenditure**|||**£8,390**||**£3,567**|
|Gain/(loss)on investments|||£10,634||(£31,159)|
|Gain/(loss)on revaluation of fixed assets|||£0||£0|
|**Total surplus/(deficit)**|||**£19,024**||**(£27,593)**|
|**Balance sheet**||**2023**|**2023**|**2022**|**2022**|
|---|---|---|---|---|---|
|Fixed assets|Investmentproperties|£585,000|£757,579|£585,000|£746,090|
||Investmentportfolio|£168,562||£156,833||
||Social investments|£4,017||£4,257||
|Current assets|Accrued income|£0|£60,300|£0|£52,795|
||Bank accounts|£60,300||£52,795||
||Interest free loans|||||
||Prepayments|£0||£0||
|Current liabilities|Accrued expenses||£0||(£31)|
|**Net assets/(liabilities)**|||**£817,878**||**£798,854**|
|Reserves|Surplus/(deficit)for theyear||£19,024||(£27,593)|
||Retained surplus brought forward||£798,854||£826,447|
||**Retained surplus carried forward**||**£817,878**||**£798,854**|
Page | 28
Mid Thames Quakers Annual Report and Accounts 2023
## **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.
|**Income and Expenditure**||**2023**|**2023**|**2022**|**2022**|
|---|---|---|---|---|---|
|Voluntaryincome||||||
|Investment Income|Dividends|£678|£20,442|£608|£18,659|
||Interest|£648||£444||
||Letpropertyrent|£19,116||£17,607||
|**Total income**|||**£20,442**||**£18,659**|
|Raising funds|Investment management fees|£451|£5,245|£563|£26,489|
||Letpropertymanagement|£1,900||£3,665||
||Letpropertymaintenance|£2,009||£2,670||
||Letpropertyimprovement|£885||£18,772||
||Letpropertyinsurance|£0||£820||
|Charitable activity cost|Grants to Quaker bodies|£5,272||£0||
||Grants to non-Quaker bodies|£550|£5,822|£10,870|£10,870|
|**Total expenditure**|||**£11,068**||**£37,359**|
|**Income less expenditure**|||**£9,375**||**(£18,700)**|
|Transfer from General fund||||||
|Transfer from Propertyfund|||£0||£0|
|Gain/(loss)on investments|||£2,199||(£6,442)|
|Gain/(loss)on revaluation of fixed assets|||£0||£0|
|**Total surplus/(deficit)**|||**£11,573**||**(£25,142)**|
|**Balance sheet**||**2023**|**2023**|**2022**|**2022**|
|---|---|---|---|---|---|
|Fixed assets|East Garston MeetingHouse|£149,005|£727,873|£149,005|£725,688|
||Investmentproperties|£540,000||£540,000||
||Investmentportfolio|£34,851||£32,426||
||Social investments|£4,017||£4,257||
|Current assets|Bank accounts||£26,045||£16,656|
||Prepayments|||||
|Current liabilities|Accrued expenses||£0||£0|
|**Net assets/(liabilities)**|||**£753,917**||**£742,344**|
|Reserves|Surplus/(deficit)for theyear||£11,573||(£25,142)|
||Retained surplus brought forward||£742,344||£767,486|
||**Retained surplus carried forward**||**£753,917**||**£742,344**|
Page | 29
Mid Thames Quakers Annual Report and Accounts 2023
## **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.
The Balance sheet is unchanged from 2022, with a retained surplus of £447,013 carried forward.
## **Note 4.5 Maidenhead Meeting House**
Under the Charity Commission Scheme, Maidenhead Meeting House is identified as an Endowment fund.
The Balance sheet is unchanged from 2022, with a retained surplus of £193,252 carried forward.
## **Note 4.6 Wallingford Meeting House**
Under the Charity Commission Scheme, Wallingford Meeting House is identified as an Endowment fund.
The Balance sheet is unchanged from 2022, with a retained surplus of £110,688 carried forward.
## **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 2023 income and expenditure in all the funds of Mid Thames Area Meeting. In this table ‘Schedule’ does not include the contributions paid out to MTAM and our LMs via the schedule: these are included with the individual funds.
The expenditure category Worship and pastoral under Quaker activities is primarily associated with hiring a room for Friends at Didcot Town Hall. Though not fully established as a Local Meeting, Didcot Friends have been meeting in this separate location during the year.
Page | 30
Mid Thames Quakers Annual Report and Accounts 2023
|**Income: SOFA category**|**Income: SOFA category**|**Income: grouped headings**|**Income: grouped headings**|**Income: detailed headings**|**General**|**Property **|**Schedule**|**LMs**|**Armstrong**|**Green**|**New Dev**|**Wal Dev**|**Toovey **|**Yew Tree **|**P Friends **|**Gloucester**|**2023 total **|**2022 total**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Donations and legacies|£52,520|Donations and
legacies|£52,520|Schedule, GiftAid, other donations
Legacies|£13,698
£0||£18,550|£19,212
£1,000|£0|£0|£0|£60|||||£51,520
£1,000|£57,459
£8,394|
|Charitable activities|£965|Fees and grants
received|£965|Fees paid to attend events
Grants received||||£965|||||||||£965
£0|£79
£0|
|Other trading activities|£57,613|Meeting house hirings
+ sales|£57,613|Meeting house hirings
Receipts from sales||||£57,536
£77|||||||||£57,536
£77|£61,956
£5|
|Investments|£116,984|Investment property
Invested money|£36,918
£80,067|Dividends
Interest
Let property rent
Feed-in tariff|£772|£9,230
£593
£43,658
£1,331||£670
£2,310
£1,096||£7,447|£1,281|£0|£3,278
£1,406
£14,865|£678
£648
£19,116|£636|£873
£7,096|£15,365
£21,553
£77,639
£2,427|£13,791
£7,957
£77,200
£2,134|
|Uncategorised|£0|Covid insurance|£0|Covid insurance claims||£0||£0|||||||||£0|£62,877|
|**Total income**|**£228,082**|**Total income**|**£228,082 **|**Total income**|£14,470|£54,812|£18,550|£82,865|£0|£7,447|£1,281|£60|£19,549|£20,442|£636|£7,969|**£228,082**|**£291,852**|
||||||||||||||||||||
|**Expenditure: SOFA**||**Expenditure:**||**Expenditure: detailed headings**|**General**|**Property **|**Schedule**|**LMs**|**Armstrong**|**Green**|**New Dev**|**Wal Dev**|**Toovey **|**Yew Tree **|**P Friends**|**Glo Road**|**2023 total **|**2022 total**|
|||Cost of vol income|£0|Cost of voluntaryincome|£0||||||||||||£0|£254|
||||£33,748|Cost of running MH for hirings||||£33,748|||||||||£33,748|£27,039|
|||Cost of hirings||Other costs||||£0|||||||||£0|£0|
|Raising funds|£70,345|Invest management
Looking after lets|£10,815
£25,781|Investment management fees
Let property management||£6,148
£4,268||£446||£581|||£2,183|£451
£1,900|£424|£581|£10,815
£6,168|£13,483
£5,957|
|||||Let property mainten&improve
Let property insurance||£9,666
£1,433|||||||£3,183
£677|£2,894
£0|||£15,743
£2,110|£45,100
£2,975|
||||||||||||||||||||
|||||Letpropertylegal &professional||£1,760|||||||||||£1,760|£0|
||||£158,640|Meeting House maintenance||£53,152|||||||||||£53,152|£22,956|
|||Looking after Meeting
Houses||Meeting House improvement
Meeting House insurance
Meeting House legal & professional||£28,007
£6,379
£0|||||£0|£4,176|||||£32,183
£6,379
£0|£0
£6,393
£4,455|
||||||||||||||||||||
||||||||||||||||||||
|||||Cost of runningMH for Quaker use||||£23,427||||||||£43,500|£66,927|£18,770|
||||£55,671|Contributions to BYM|£0||£13,642|£15,500||£500|||||||£29,642|£34,703|
|||Making contributions
and grants||Grants to Quaker bodies
Grants to non-Quaker bodies
Pastoralgrants|£0
£0|||£650
£4,077|£0|£10,200
£750|||£4,500|£5,272
£550|£30||£16,122
£5,377
£4,530|£540
£28,756
£3,300|
||||||||||||||||||||
||||||||||||||||||||
||||£9,398|Quaker purposes - LMs||||£6,554|||||||||£6,554|£5,500|
|Charitable activities|£231,723|Quakerly activities||Conferences, committees, courses
Worship and pastoral
Vouchers
Gatherings|£575
£1,014
£0
£29|||||£510|||£616||£100
£0||£1,185
£1,014
£0
£645|£1,890
£842
£0
£6,864|
||||||||||||||||||||
||||||||||||||||||||
||||||||||||||||||||
||||£3,397|Office holders' & Friends expenses|£101|||£1,165|||||||||£1,266|£567|
|||Practical costs||Newsletter
Handbooks
Website and conferencing
Legal costs
Other charitable activities costs|£0
£0
£1,467
£548|||||£0
£117|||||||£0
£0
£1,467
£548
£117|£0
£0
£1,172
£201
£0|
||||||||||||||||||||
||||||||||||||||||||
||||||||||||||||||||
||||||||||||||||||||
|||Governance costs|£4,617|Accounts prep and bank charges
Support costs|£1,500
£1,035|||£171||||||||**£1,911**|£1,671|£10,127|
||||||||||||||||||£2,946|£600|
|||||Trustees expenses|£0||||||||||||£0|£0|
|**Total expenditure**|**£302,068**|**Total expenditure**|**£302,068 **|**Total expenditure**|£6,268|£110,812|£13,642|£85,738|£0|£12,658|£0|£4,176|£11,159|£11,068|£554|£45,992|**£302,068**|**£242,444**|
|||||Income less expenditure
Transfers between funds
Gains/(losses) on asset revaluation
Net gain/(loss) asset sale|£8,202
£6,284|(£56,000)
(£5,000)
£0
£0|£4,908|(£2,873)
(£8,284)|£0|(£5,211)|£1,281|(£4,116)
£7,000|£8,390
£0|£9,375
£0
£0|£82|(£38,023)
£0|(£73,986)
£0
£0
£0|£49,408
£0
£0
£0|
|Mid Thames Quakers Annual Report and Accounts 2
**Note 5.1a: Income and expenditure overview**||||023
Gains/(losses) on investments
Surplus/(deficit)for theyear||£29,946||
£2,174|Page | 31|£2,832|||£10,634|£2,199|£2,065|£2,832|£52,681|(£154,364)|
||||||**£14,486**|**(£31,054)**|**£4,908**|**(£8,983)**|**£0**|**(£2,379)**|**£1,281**|**£2,884**|**£19,024**|**£11,573**|**£2,147**|**(£35,191)**|**(£21,305)**|**(£104,956)**|
## **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.
|**Net income**|**2023**|**2022**|**2021**|
|---|---|---|---|
|Donations - (cost of raising them)
Hirings income - (cost of running MH for hirers)
Investment income - (cost of investment management)
Rental income - (cost of looking after let property)
Legacies
Covid insurance claim|£38,843|£35,582
£34,922
£8,265
£25,300
£8,394
£62,877|£42,830
£11,964
£320
£57,374
£4,000
£0|
||£23,865|||
||£26,102|||
||£54,286|||
||£1,000|||
||£0|||
|**Total**|**£144,095 **|**£175,341 **|**£116,488**|
|||||
|**Charitable spending**|**2023**|**2022**|**2021**|
|Maintaining MH for Quaker use
Running MH for Quaker use
Cost Quakerly activities
Practical and governance costs
Armstrong grants
Othergrants and donations|£91,713|£33,803
£18,770
£15,096
£12,668
£2,500
£43,096|£49,496
£13,880
£5,257
£7,410
£0
£39,448|
||£66,927|||
||£9,398|||
||£8,014|||
||£0|||
||£42,029|||
|**Total**|**£218,081 **|**£125,933 **|**£115,492**|
Page | 32
Mid Thames Quakers Annual Report and Accounts 2023
## **Note 5.2: Grants exceeding £250 to non-Quaker organisations**
The table below shows all grants exceeding £250 made to non-Quaker organisations in 2023, totalling £10,200.
In addition, we supported an individual on an educational course in accordance with Quaker values. The support given was £4,500 from the Caleb Toovey fund. The money was used to pay a portion of the fees.
|**Organisation**|**Amount**|**Purpose**|**Discernment**|**Fund**|
|---|---|---|---|---|
|ReadingGreen Well-beingNetwork|£550|Support for half-dayconference ongreen health|Accords with Quaker testimonies|Yew Tree|
|MedicalAidforPalestinians|£750|General support|Accords with Quakerpeace testimony|Grenville Green|
|ReadingElderlyBS|£3,400|Support for coffee mornings|Accords with Quakerpeace testimony|ReadingLM|
|Brumanna School|£5,000|Support for Quaker School in Lebanon(PV solar)|Accords with Quaker testimonies|Grenville Green|
|Nomad|£500|Support for food bank in Henley|Accords with equalitytestimony|HenleyLM|
|**Total**|**£10,200**||||
A few organisations were given donations in-kind as reduced-rate hirings at different Meeting Houses. The value of these is not included in our accounts.
Page | 33
Mid Thames Quakers Annual Report and Accounts 2023
## **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 2023 balance sheet for all the funds of Mid Thames Area Meeting.
- Rdg MH stands for Reading Meeting House and Burial Ground.
- He+Ma+Wa MH stands for Henley-on-Thames Meeting House and Burial Ground, Maidenhead Meeting House and Wallingford Meeting House.
|||**Unrestricted**|**Unrestricted**|**Unrestricted**|**Unrestricted**|**Unrestricted**|**Unrestricted**|**Unrestricted**|**Unrestricted**|**Unrestricted**|**Restricted**|**Endowment**|**Endowment**|**Endowment**|**Endowment**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|**Fund**||**General**|**Property**|**Schedule**|**LMs**|**Armstrong**|**Green**|**Gloucester**
**Road**|**Newbury**
**Develop**|**Wallingford**
**Develop**|**Rdg MH**|**Toovey**|**Yew Tree**|**P Friends**|**He+Ma+**
**Wa MH**|**Total 2023**|**Total 2022**|
|Fixed assets|Functional property
Investment and mixed properties
Investment portfolio
Social investments||£178,804
£1,639,958
£474,689||£34,463||£44,885|£44,885|||£936,596|£585,000
£168,562
£4,017|£149,005
£540,000
£34,851
£4,017|£32,730|£750,953|£2,015,358
£2,764,958
£835,064
£8,034|£2,015,358
£2,764,958
£776,961
£8,514|
|Current assets|Accrued income
Bank accounts
Held by letting agent
Interest free loans
Prepayments|£57,965
£200
£5,000
£75|£0
£6,924|£5,258|£1,637
£202,509|£0|£230,111|£220,185|£59,101|£2,976||£0
£60,300
£0|£26,045|£451||£1,637
£871,823
£200
£5,000
£75|£1,572
£956,390
£200
£5,000
£0|
|Liabilities|Accrued expenses|(£1,440)|£0||(£2,141)|||(£1,223)||(£92)||£0||||(£4,896)|(£10,394)|
|**Net assets/(liabilities)**||**£61,800**|**£2,300,375**|**£5,258 **|**£236,469**|**£0**|**£274,995**|**£263,846**|**£59,101**|**£2,884**|**£936,596**|**£817,878**|**£753,917**|**£33,181 **|**£750,953**|**£6,497,253**|**£6,518,558**|
|Reserves|Surplus/(deficit) for the year
Retained surplus brought forward
Prior year adjustment
**Retained surplus carried forward**|£14,486
£47,314
**£61,800**|(£31,054)
£2,331,429
**£2,300,375**|£4,908
£350
**£5,258 **|(£8,983)
£245,452
£0
**£236,469**|£0
£0
**£0**|(£2,379)
£277,375
**£274,995**|(£35,191)
£299,037
**£263,846**|£1,281
£57,820
**£59,101**|£2,884
£0
**£2,884**|£936,596
**£936,596**|£19,024
£798,854
**£817,878**|£11,573
£742,344
**£753,917**|£2,147
£31,033
**£33,181 **|£750,953
**£750,953**|(£21,305)
£6,518,558
£0
**£6,497,253**|(£104,955)
£6,623,514
£0
**£6,518,558**|
Page | 34
Mid Thames Quakers Annual Report and Accounts 2023
## **Note 6:2: Asset details**
The table below lists all the tangible assets held by Mid Thames Area Meeting at the end of 2023, 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.)
||||**2023**|**2023**|**2022**|**2022**|
|---|---|---|---|---|---|---|
|**Tangible assets(property)**|||||||
|_Name_|_Type_|_Held infund_|||||
|East Garston|MeetingHouse|Yew tree|£149,005||£149,005||
|Henley|MeetingHouse|HenleyMH&BG|£447,013||£447,013||
|Maidenhead|MeetingHouse|Maidenhead MH|£193,252||£193,252||
|Reading|MeetingHouse|ReadingMH&BG|£936,596||£936,596||
|6 Church Street|Warden's house|Property|£178,804||£178,804||
|Wallingford|MeetingHouse|Wallingford MH|£110,688||£110,688||
||**Total functionalproperty**|||**£2,015,358**||**£2,015,358**|
|Newbury|MeetingHouse + let|Property|£669,958||£669,958||
|Wokingham|MeetingHouse + let|Property|£350,000||£350,000||
|13 Castle Street|Let|Property|£295,000||£295,000||
|4 Church Street|Let|Property|£325,000||£325,000||
|Yew Tree Cottages|Let|Yew Tree|£540,000||£540,000||
|45 Northfield End|Let|Caleb Toovey|£585,000||£585,000||
||**Total investment + mixedproperty**|||**£2,764,958**||**£2,764,958**|
|**Total tangible assets**||||**£4,780,316**||**£4,780,316**|
|**Investments**|||||||
|**Investmentportfolio**|||||||
||UK equities||£192,516||£199,139||
||Overseas equities||£365,837||£392,991||
||Fixed interest||£77,775||£99,155||
||Alternatives||£34,290||£46,350||
||Liquidity (cash in 2022)||£164,646||£39,326||
|**Social investments**|||||||
||Shares and bonds||£8,034||£8,514||
|**Total investments**||||**£843,098**||**£785,475**|
|**Current assets**|||||||
|Debtors|||£6,912||£6,772||
|Bank accounts and cash|||£871,823||£956,390||
|**Total current assets**||||**£878,735**||**£963,162**|
|**Creditors**||||(£4,896)||(£10,394)|
|**Net assets**||||**£6,497,253**||**£6,518,558**|
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
Page | 35
Mid Thames Quakers Annual Report and Accounts 2023
## **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 2023. There was no disposal of property or revaluation of property during the year.
|**Property**|**2023**|**2022**|
|---|---|---|
|Balance at beginning of year|£4,780,316|£4,780,316|
|Disposals(see below)|||
|Revaluations(see below)|||
|**Balance at end ofyear**|**£4,780,316**|**£4,780,316**|
||||
|**Investment**|**2023**|**2022**|
|Balance at beginningofyear|£785,475|£938,942|
|Net disposal|||
|Net additions|||
|Revaluations|£57,623|(£153,467)|
|**Balance at end ofyear**|**£843,098**|**£785,475**|
## **Revaluation of investment and mixed property**
Properties partially or wholly let are independently revalued every five years, and have values reviewed annually in intervening years. In 2020 the Trustees engaged Haslams Chartered Surveyors to provide market values for the properties classed as investment and mixed properties and resulted in a net increase of £464,958 in the value of our properties. These valuations were given at August 2020 and form the basis of the Trustees valuation as at 31st December 2023. 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. 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. Trustees are satisfied that the total value of investment property at 31 December 2023 is not materially different in total to the market value as at 31 December 2020.
The revaluation of our investment portfolio in 2023 was dominated by the unrealised loss in the Rathbones portfolio. The figure also takes account of the effects of investment management charges and dividends.
Page | 36
Mid Thames Quakers Annual Report and Accounts 2023
## **Note 7: Reserves calculations**
In our 2021 reserves policy, Trustees agreed the following calculation of our target reserves:
- Planned long-term projects: the estimated cost of these projects.
- Major property repair: 5% of the insured value of properties (described by Quaker Stewardship Committee as a ‘prudent’ level).
- Reduction in voluntary income: 25% of average voluntary income (AM central funds)
- Cash flow fluctuations: 25% of average expenditure (AM central funds)
- Reduction in voluntary income and cash flow fluctuations: 75% of average expenditure (LM funds)
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-2023 target reserves and surplus/(deficit) for end-2023 and end-2024 are calculated below. Details of individual Local Meeting reserves are in Note 2.7 above.
|**Target reserves**|**General &**
**property**|**General &**
**property**|**Local Meetings**|**Local Meetings**|**Overall**|
|---|---|---|---|---|---|
|Post-2023 specialprojects|£44,500||£26,843|||
|Majorpropertyrepair|£367,997|||||
|Reduction in voluntaryincome|£6,347||£51,967|||
|Cash flow fluctuation|£28,176|||||
|**Total target reserve**||**£447,020**||**£78,810 **|**£525,830**|
|**Surplus/(deficit) compared to target**|**General &property**|**General &property**|**Local Meetings**|**Local Meetings**|**Overall**|
|---|---|---|---|---|---|
|End-2023 reserves|£543,413||£236,469||£779,882|
|**End-2023 surplus/(deficit) compared to target**||**£96,393**||**£157,659**|**£254,052**|
|Budget surplus/(deficit)2024|(£38,700)||(£25,798)|||
|||||||
|Budget transfers to MH developmentprojects in 2024|(£20,500)|||||
|Budget LM transfers in 2024|£10,000|||||
|||||||
|||||||
|Anticipated end-2024 reserves|£494,213||£210,671||£704,884|
|**Anticipated end-2024 surplus/(deficit) compared to target**||**£47,193**||**£131,861**|**£179,054**|
Page | 37
Mid Thames Quakers Annual Report and Accounts 2023
## **Note 8: Related party transactions**
During the course of the year £1,295 (2022: £1,637) was paid to a close relation of a Trustee of MTAM, in respect of garden maintenance which was an arm’s length transaction.
## **Note 9: Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
## **Note 10: Net income/ (expenditure) for the year**
This is stated after charging:
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|Independent examiners’ Fees|£1,440|
8,700|
||_______|_______|
|**Note 11: Employees**|||
|**Employee Numbers**|||
|The average number of employeesduring the year was|**2023**|**2022**|
||**Number**|**Number**|
|Employees|3|3|
||_______|_______|
|**Analysis of staff costs**|**2023**|**2022**|
||**£**|**£**|
|Wages and salaries (excluding pension costs)|
13,713|12,279|
|Accommodation offset|3,176|3,051|
|Social security costs|0|0|
|Other pension costs|492|445|
||**17,381**|**15,775**|
||_______|_______|
There were no employees with emoluments above £60,000 during the year (2022: 0).
Page | 38
Mid Thames Quakers Annual Report and Accounts 2023