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2024-12-31-accounts

Annual Report of the trustees of Mid Thames Area Quaker Meeting, for the year ended 31 December 2024

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 2024 and were also serving as trustees on the date that this report was approved:

Isabel Brimelow Rajiv Chelani (from 9 December 2024) Paul High Andrew Hughes Nind Naomi Iliff Mark Laskin Martin Lloyd Jean Scott-Barr Mark Tod (clerk)

Address

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

Officers of Mid Thames Area Meeting in 2024 Clerks: Amanda Griffin, Angela Mason Membership clerk Sandra Periton Data Protection adviser: Leon Spence 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 and Wallingford Local Meeting) Co-operative Bank (Reading Local Meeting) NatWest Bank (Schedule Collector) Shawbrook Bank, Great Warley, Brentwood, CM13 3BE

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

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Mid Thames Quakers Annual Report and Accounts 2024

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 2024, 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 normally 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. During 2024 trustees suggested some additions to cover the financial responsibilities of local meetings.

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 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.

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Mid Thames Quakers Annual Report and Accounts 2024

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 2024 and will be reviewed in November 2025 [is that correct?]. 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 .

  1. 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 2024. It will be next reviewed in 2027.

  2. 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.

  3. 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 2026.

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

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Mid Thames Quakers Annual Report and Accounts 2024

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 2024, 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 2024 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. 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.

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

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Mid Thames Quakers Annual Report and Accounts 2024

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 2024.

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 2024 Mid Thames Area Meeting had 136 members (December 2023:148), and 122 attenders (133). No meetings were laid down.

Worship and witness

In 2024 all our local Quaker meetings (at East Garston, Henley, Maidenhead, Newbury, Reading, Wallingford and Wokingham) held public meetings for worship on Sundays in their Meeting houses and sometimes on weekdays as well. Friends at Didcot held meetings on Saturdays in rented premises.

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.

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Mid Thames Quakers Annual Report and Accounts 2024

Financial review

(2023 figures are shown in brackets throughout)

The accounts of Mid Thames Area Meeting for the year ended 31 December 2024 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 2024 was £233,937 (£228,082). This income came from donations, hiring rooms at Meeting houses, investments, and property rental. Total income also includes money collected on behalf of BYM by our Schedule collector: £1,665 (£13,642) was paid out during 2024. We stopped collecting on behalf of BYM during the second quarter of the year.

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 £133,541 (£70,345) in total: the increase on 2023 is mainly due to more money needing to be spent on our let properties, and also higher costs of running and maintaining our Meeting Houses. The net income to MTAM, subtracting the cost of raising it and the BYM collection, was therefore £98,731 (£144,095).

Our net income from donations contributed £46,599 (£38,843). We appreciate the ongoing generosity of Friends.

Our net income from hirings was £17,323 (£23,865). We note that the division of running and maintenance 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 £24,582 (£26,102) net. The reduction from 2023 to 2024 was primarily due to higher investment management fees in 2024.

Our net income from let property was £10,227 (£54,286). During the year, we undertook significant refurbishment of our let property in Reading, which resulted in both increased costs and reduced rental income as the property was unoccupied while refurbishment took place.

Legacy income was zero (2023 -£1,000).

Expenditure on charitable activities

Our total expenditure in 2024 was £407,992 (£302,068). Taking off the costs of raising income including hirings costs, and the BYM contribution, we spent the remaining £272,787 (£218,081) on our charitable activities.

Our largest expense was looking after our Meeting houses, which cost £146,643 (£91,713). Most of this total was associated with our Newbury Development Project and the planning application costs for our Wallingford Development Project. Local Meetings also spent £52,847 (£66,927) on running their Meeting houses for

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Mid Thames Quakers Annual Report and Accounts 2024

Quaker activities: these figures include the service costs of a youth development worker in Reading and were particularly high in 2023 due to two years’ service being paid in the same financial year.

The cost of Quakerly activities was £9,041 (£9,398). Most of this was spent by Local Meetings on outreach, stocking libraries and supporting committees. We also spent £1,337 on gatherings and courses in 2024, including training for Quaker roles.

As a charity, the Area Meeting and Local Meetings in combination contributed £16,165 (£29,642) to BYM, of which £14,500 was additional to the Schedule. We contributed £19,311 (£20,652) in the form of Quaker grants, but grants to non-Quaker bodies were higher as detailed below. In addition, individual Friends contributed £8,474 through collections (acting as agent) to all causes combined and about £22,697 (£20,024) 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 £16,287 (£5,377) to non-Quaker causes, with most of these coming from our Yew Tree fund. 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 £14,157 (£8,014). These costs include website and conferencing costs, the costs of our bookkeeper, and an estimated cost of £1300 + VAT for the independent examination required in 2024.

Net income, and spending on charitable activities, are shown in chart 1 below, for 2024, 2023, 2022 and 2021. The income spike in 2022 was associated with the one-off Covid insurance claim. The graph shows the higher costs of maintaining our buildings (both Meeting Houses and let property, the latter reducing net income from rent) in 2024 compared with 2023.

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Mid Thames Quakers Annual Report and Accounts 2024

Net income Charitable spending

Chart 1: Mid Thames Quakers net income and charitable spending

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Mid Thames Quakers Annual Report and Accounts 2024

Transfers between funds

During the year, there were transfers of £20,500 to our Newbury Development Fund and of £17,110 to our Wallingford Development Fund. Local Meetings transferred a total of £10,168 from the previous year’s hirings income to area meeting funds.

Investments

The value of our investment portfolio fell slightly in 2024: there was an unrealised loss of £4,530 compared with an unrealised gain of £52,681 in 2023. 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 £7,607. 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 £174,056 (£73,986).

Combined with the unrealised loss in our Rathbones portfolio, we had an overall deficit of £178,585 (£21,305). Total year-end funds were £6,318,668 (£6,497,253).

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-2024 reserves were £665,851 (£779,882) of which £485,605 (£543,413) was in the General and Property funds, and £180,246 (£236,469) in Local Meeting funds.

Our target reserve for the General and Property funds was calculated as £500,618 (£447,020) at the end of 2024 (Note 7). These funds therefore had a deficit below target of £15,014 (surplus of £96,393).

For Local Meetings, the target reserve is calculated as £69,286 (£78,810) at the end of 2024. Local Meetings therefore had a surplus above target of £110,960 (£157,659).

Our budget for 2025, agreed in December 2024, includes a transfer of £22,500 to the Wallingford development fund. The budget further allows for a combined deficit of £41,055 in the General and Property and Local Meeting funds associated with further expenditure on our property.

Based on the comments above, we anticipate an overall surplus of £32,392 in our reserves at the end of 2025, made up of a £42,283 deficit in the General and Property funds and a £74,674 surplus in Local Meeting funds. (This does not include any estimates for gains or losses in investments during 2025 because these are so uncertain.)

Our reserves – target, outturn and forecast – are summarized in Chart 2.

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Mid Thames Quakers Annual Report and Accounts 2024

Chart 2: Mid Thames Quakers reserves

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Mid Thames Quakers Annual Report and Accounts 2024

Acting as agent

Local meetings and the AM General fund handled £8,613 relating to collections after Local Meetings for worship. AM General fund also handled £17,241 in salary costs on behalf of local meetings.

Bookkeeping and accounts preparation

We have used Quickbooks software for handling the bookkeeping and accounts, with the exception of Henley Local Meeting which has operated and been examined independently. We have incorporated the main totals for Henley Local Meeting into Quickbooks to give more accurate totals for the charity as a whole. Our NatWest schedule bank account is also outside Quickbooks. We used a paid bookkeeper to help us with Quickbooks during 2024.

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.

Independent Examiner

David Howard are deemed to be reappointed in accordance of the Charities Act 2011.

In so far as the Trustees are aware, at the time of approving our Trustees’ annual report:

This report was approved by the trustees on 02 June 2025.

Signed on hard copy by Mark Tod (clerk of trustees)

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Mid Thames Quakers Annual Report and Accounts 2024

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 2024 which are set out on pages 13 to 37.

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:

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

02/06/2025 Dated: ....................

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Mid Thames Quakers Annual Report and Accounts 2024

Annual accounts of Mid Thames Area Quaker Meeting, for the year ended 31 December 2024

Statement of Financial Activities (SOFA) 2024

Unrestricted
funds		 Restricted
funds		 Endowment
funds		 Total 2024 Total 2023
Income and endowments from
Donations and legacies £47,602 £0 £0 £47,602 £52,456
Charitable activities £317 £0 £0 £317 £965
Other tradingactivities £62,121 £0 £0 £62,121 £57,613
Investments £83,275 £0 £40,277 £123,552 £116,984
Uncategorised income £344 £0 £0 £344 £65
Total £193,659 £0 £40,277 £233,937 £228,082
Expenditure on
Raisingfunds £119,637 £0 £13,904 £133,541 £70,453
Charitable activities £246,860 £0 £27,592 £274,451 £231,615
Total £366,496 £0 £41,496 £407,992 £302,068
Netgain/(loss)on asset revaluation £0 £0 £0 £0 £0
Netgain/(loss)asset sale £0 £0 £0 £0 £0
Netgains/(losses)on investments (£3,249) £0 (£1,281) (£4,530) £52,681
Net income/(expenditure) (£176,086) £0 (£2,500) (£178,585) (£21,305)
Transfers between funds £0 £0 £0 £0 £0
Net movement in funds (£176,086) £0 (£2,500) (£178,585) (£21,305)
Reconciliation of funds
Total brought forward frompreviousyear £3,204,728 £936,596 £2,355,929 £6,497,253 £6,518,558
Total funds carried forward £3,028,643 £936,596 £2,353,429 £6,318,668 £6,497,253

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.

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Mid Thames Quakers Annual Report and Accounts 2024

Balance Sheet at 31[st] December 2024

Unrestricted
funds		 Restricted
income		 Endowment
funds		 **Total 2024 ** Total 2023
Fixed assets
Tangible assets £1,818,762 £936,596 £2,024,958 £4,780,316 £4,780,316
Investments £596,883 £0 £242,945 £839,828 £843,098
Total fixed assets £2,415,645 £936,596 £2,267,903 £5,620,144 £5,623,414
Current assets
Debtors £16,361 £0 £16,361 £6,912
Cash at bank and in hand £674,254 £85,526 £759,780 £871,823
Total current assets £690,615 £0 £85,526 £776,141 £878,735
Liabilities
Creditors: fallingdue within oneyear (£77,617) £0 £0 (£77,617) (£4,896)
Net current assets/(liabilities) £612,998 £0 £85,526 £698,524 £873,839
Total assets less current liabilities £3,028,643 £936,596 £2,353,429 £6,318,668 £6,497,253
Total net assests or liabilities £3,028,643 £936,596 £2,353,429 £6,318,668 £6,497,253
The funds of the charity
Endowment funds £2,353,429 £2,353,429 £2,355,929
Restricted income funds £936,596 £936,596 £936,596
Unrestricted funds £3,028,643 £3,028,643 £3,204,728
Total charity funds £3,028,643 £936,596 £2,353,429 £6,318,668 £6,497,253

The financial statements are prepared in accordance with section 138 of the Charities Act 2011 and 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)).

Figures may appear not to sum because of rounding.

Note 6 provides further analysis of the Balance sheet

The financial statements on pages 13 to 37 were approved by Trustees on 02 June 2025.

Signed on hard copy by Mark Tod (clerk of trustees)

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Mid Thames Quakers Annual Report and Accounts 2024

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 2024. 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

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Mid Thames Quakers Annual Report and Accounts 2024

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.

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Mid Thames Quakers Annual Report and Accounts 2024

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 an accrual for the estimated fee for independent examination of the 2024 accounts. Worship and pastoral includes the costs for room hire at Didcot Town Hall.

----- Start of picture text -----
Income and Expenditure 2024 2023
Donations and legacies Schedule donations + giftaid £21,989 £13,693
Legacies £0 £0
Other contributions £86 £22,075 £5 £13,698
Charitable activities Fees paid to attend Gatherings
Investments Interest £1,715 £1,715 £772 £772
Total income £23,790 £14,470
Raising funds Cost of voluntary income £0 £0 £0 £0
Contribution from MTAM to BYM £0 £0
Grants to other Quaker bodies £500 £0
Grants to non-Quaker bodies £0 £0
Conferences and committees £107 £575
Worship and pastoral £1,341 £1,014
Gatherings £493 £29
Office holders' and Friends' expenses £106 £101
Charitable activities
Handbooks £0 £0
Website and software £1,338 £1,467
Legal and professional £2,196 £548
Preparation of accounts £0 £1,440
Bank charges £60 £60
Trustees expenses £0 £0
Support costs £868 £7,010 £1,035 £6,268
Total expenditure £7,010 £6,268
Income less expenditure £16,780 £8,202
Transfers between funds Transfer to/from AM funds £10,168 £6,284
Total surplus/(deficit) £26,948 £14,486
Balance sheet 2024 2023
Accrued income £7,100 £0
Held by letting agent £200 £200
Current assets Interest free loans £5,000 £5,000
Bank accounts £78,008 £57,965
Prepayments £0 £90,308 £75 £63,240
Current liabilities Accrued expenses (£1,560) (£1,560) (£1,440) (£1,440)
Net assets/(liabilities) £88,748 £61,800
Reserves Surplus/(deficit) for the year £26,948 £14,486
Retained surplus brought forward £61,800 £47,314
Retained surplus carried forward £88,748 £61,800
----- End of picture text -----

Page | 17

Mid Thames Quakers Annual Report and Accounts 2024

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 Income and Expenditure 2024 2024 2024 2023 2023
Donations & legacies Donations
Investments Dividends £9,029
£148
£48,513
£1,434
£59,124		 £9,230
£593
£43,658
£1,331
£54,812
Interest
Letpropertyrent
Feed-in-tarrif
Uncategorised income Covid insurance claims £0 £0
Total income £59,124 £54,812
Raising funds Investment management fees £8,071
£2,863
£50,208
£9,666
£1,531
£389
£72,727		 £6,148
£4,268
£9,666
£0
£1,433
£1,760
£23,275
Letpropertymanagement
Letpropertymaintenance
Letpropertyimprovement
Letpropertyinsurance
Letpropertylegal&professional £389 £1,760
Charitable activities MeetingHouse maintenance £34,008
£14,759
£6,813
£0
£55,579		 £53,152
£28,007
£6,379
£0
£87,537
MeetingHouse improvement
MeetingHouse insurance
MeetingHouse legal&professional
Total expenditure £128,306 £110,812
Income less expenditure (£69,182) (£56,000)
Transfer from Local Meetings (hirings) £0 £0
Gains/(losses) on revaluation of fixed assets
Transfer to Yew Tree fund
Transfer to Wallingford dev project
Gains/(losses)on other investments		 (£13,000)
(£2,575)		 (£5,000)
£29,946
Total surplus/(deficit) (£84,757) (£31,054)
Balance sheet 2024 2023
Fixed assets MeetingHouses and land £178,804
£1,639,958
£393,073
£2,211,835		 £178,804
£1,639,958
£474,689
£2,293,451
Investment and mixedproperties
Investmentportfolio
Current assets Accrued income £3,575
£208
£0
£3,783		 £0
£6,924
£0
£6,924
Bank accounts
Prepayments
Current liabilities Accrued expenses £0 £0
Net assets/(liabilities) £2,215,618 £2,300,375
Reserves Surplus/(deficit)for theyear (£84,757)
£2,300,375		 (£31,054)
£2,331,429
Retained surplus brought forward
Retained surplus carried forward £2,215,618 £2,300,375

Page | 18

Mid Thames Quakers Annual Report and Accounts 2024

Note 2.3 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 (although no support for the latter was provided in 2024).

Income and Expenditure 2024 2024 2023 2023
Donations and legacies Legacies £0 £0
Investments Interest and dividends £8,340 £7,969
Total income £8,340 £7,969
Raisingfunds Investment mgt charges £763 £27,456 £581 £45,992
Regular services youth worker £21,750 £43,500
Professional services bookkeeper £4,943 £1,911
Total expenditure
Income less expenditure (£19,116) (£38,023)
Transfer from Propertyfund
Unrealisedgains/ (losses) (£243) £2,832
Total surplus/(deficit) (£19,360) (£35,191)
Balance sheet 2024 2023
Current assets Bank accounts £160,785 £220,185
Investments £84,732 £44,885
Current liabilities Accrued expenses (£1,030) (£1,223)
Net assets/(liabilities) £244,487 £263,846
Reserves Surplus/(deficit)for theyear (£19,360) (£35,191)
Retained surplus brought forward £263,846 £299,037
Retained surplus carried forward £244,487 £263,846

Page | 19

Mid Thames Quakers Annual Report and Accounts 2024

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. During 2024, the fund was used primarily to meet expenditure on the Wokingham Meeting House.

Wokingham Meeting House.
Income and Expenditure 2024 2023
Donations and legacies Legacies £0 £0
Investments Interest and dividends £8,080 £7,447
Total income £8,080 £7,447
Charitable activities Grants to otherQuaker bodies £500 £3,680 £10,200 £12,658
Givingto BYM £0 £500
Grants to non-Quaker bodies £0 £750
Courses £0 £510
MH maintenance £2,417 £0
Practical costs £0 £117
Raisingfunds Investment mgt charges £763 £581
Total expenditure
Income less expenditure £4,400 (£5,211)
Unrealisedgains/ (losses) (£243) £2,832
Total surplus/(deficit) £4,156 (£2,379)
Balance sheet 2024 2023
Current assets Bank accounts £194,420 £230,111
Investments £84,732 £44,885
Net assets/(liabilities) £279,152 £274,995
Reserves Surplus/(deficit)for theyear £4,156 (£2,379)
Retained surplus brought forward £274,995 £277,375
Retained surplus carried forward £279,152 £274,995

Page | 20

Mid Thames Quakers Annual Report and Accounts 2024

Note 2.5a 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. This work, comprising refurbishment of the ground floor and an outdoor car park, was largely completed during 2024.

----- Start of picture text -----
Income and Expenditure 2024 2023
Schedule donations + giftaid £0 £0
Donations & legacies
Appeal fund £3,560 £0
Investments Interest £1,033 £1,281
Other income £0 £0
Total income £4,593 £1,281
Outreach and advertising
Charitable activities Building maintenance & improvement £66,130 £0
Architect fees, surveys, permissions
Total expenditure £66,130 £0
Income less expenditure (£61,537) £1,281
Transfer from Newbury LM £20,500 £0
Total surplus/(deficit) (£41,037) £1,281
----- End of picture text -----

Balance sheet 2024 2024 2023 2023
Current assets Accrued income
Bank accounts £18,064 £59,101
Net assets/(liabilities) £18,064 £59,101
Reserves Surplus/(deficit)for theyear (£41,037) £1,281
Retained surplus brought forward £59,101 £57,820
Retained surplus carried forward £18,064 £59,101

Page | 21

Mid Thames Quakers Annual Report and Accounts 2024

Note 2.5b 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 is ongoing. All costs to date, as part of this process, have been met from charity funds and a £5,000 grant from the Sawell family. Apart from this grant, all money that has been donated in 2023 and 2024, and the interest on this money, is held separately on deposit in specific Lloyds bank accounts dedicated to the purpose. Total cash on deposit was £56,688.35 at the end of 2024. If planning permission is not obtained for the project, then this sum is fully refundable, and this has been formally agreed with all those who have donated to the project. (The Sawell grant was explicitly given to help meet the costs of the planning process.)

Income and Expenditure 2024 2024 2023 2023
Donations & legacies Schedule donations +giftaid £4,725 £60
Appeal fund £0 £0
Investments Interest £215 £0
Other income £0 £0
Total income £4,940 £60
Charitable activities Outreach and advertising
Buildingmaintenance & improvement
Architect fees,surveys, permissions £24,933 £4,176
Total expenditure £24,933 £4,176
Income less expenditure (£19,993) (£4,116)
Transfers from other funds £17,110 £7,000
Total surplus/(deficit) (£2,884) £2,884
Balance sheet 2024 2024 2023 2023
Current assets Bank accounts £56,688 2976
Accrued expenses £0 (£92)
Wallingford Dev - cash deposit (£56,688) (£2,884)
Net assets/(liabilities) £0 £0
Reserves Surplus/(deficit)for theyear (£2,884) £2,884
Retained surplus brought forward £2,884 £0
Retained surplus carried forward £0 £2,884

Page | 22

Mid Thames Quakers Annual Report and Accounts 2024

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. 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		 2024
total		 2023 total
Donations and legacies Schedule donations inc GiftAid
LM collections and donations
Legacies
Other contributions		 £480
£180		 £2,075
£150		 £537
£445
£186		 £2,193
(£53)		 £4,840
£3,230		 £2,278
£120		 £1,743
£444
£5		 £14,145
£4,448
£0
£258		 £12,726
£6,427
£1,000
£59
Charitable activities Sales of literature etc
Contributions to events		 £24
£117		 £200 £24
£317		 £77
£965
Other trading activities Meeting house hirings
Receipts from sales
Othergenerated income		 £1,636 £12,095
£41		 £7,903 £5,738 £30,077 £2,982 £1,626 £62,056
£41
£0		 £57,536
£0
£0
Investments Dividends
Interest
Feed-in tariff		 £301
£725		 £92 £491 £656
£1,688
£404		 £297 £115 £656
£2,984
£1,129		 £670
£2,310
£1,096
Uncategorised Income Covid insurance claims £0 0
Total income £2,295 £15,527 £9,163 £8,370 £40,894 £5,877 £3,933 £86,058 £82,865
Raisingfunds Support costs (note 2.5a)
Other costs
Investment management		 £849 £6,235 £5,131 £4,168 £23,247
£586		 £3,277 £1,891 £44,798
£0
£586		 £33,748
£0
£446
Charitable activities Support costs (Note 2.5a)
Contributions to BYM
Grants to Quaker bodies
Grants to non-Quaker bodies		 £590 £4,328
£2,000
£476		 £3,562
£2,500
£210		 £2,893
£500		 £16,137
£10,000
£5,200
£270		 £2,275 £1,313
£50
£300		 £31,097
£14,500
£6,436
£570		 £23,427
£15,500
£650
£4,077
Outreach
Library
Other Quaker purposes
Expenses
Bank charges
Examination of accounts		 £98 £1,173
£338
£76		 £107
£95
£92
£62		 £250
£1,577
£60		 £1,674
£317
£2,371		 £342
£160
£408
£13		 £98
£18		 £3,189
£1,118
£2,792
£2,095
£135		 £2,385
£1,315
£2,854
£1,165
£171
Total expenditure £1,537 £14,626 £11,759 £9,448 £59,802 £6,475 **£3,669 ** £107,317 £85,738
Income less expenditure £758 £900 (£2,596) (£1,078) (£18,909) (£598) **£264 ** (£21,259) (£2,873)
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		 £758 (£4,156)
(£3,256)		 (£1,196)
**(£3,792) **		 (£20,500)
(£21,578)		 (£187)
(£4,816)
(£23,912)		 (£4,110)
(£4,707)

**£264 **		 (£187)
(£10,168)
(£20,500)
(£4,110)
(£56,223)		 £2,174
(£6,284)
(£2,000)
(£8,983)

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

Page | 23

Mid Thames Quakers Annual Report and Accounts 2024

Note 2.6 continued

Balance sheet East
Garston		 East
Garston		 Henley Maiden-
head		 Newbury Newbury Reading Walling-
ford		 Woking-
ham		 **2024 total ** **2024 total ** 2023 total
Fixed assets Investmentportfolio £34,346 £34,346 £34,463
Current assets Accrued income
Bank accounts
Prepayments		 £139 £43,371 £8,910 £20,647 £251
£67,121
£234		 £11,543 £12,022 £251

£163,753
£234		 £1,637
£202,509
£0
Current liabilities Accrued expense and liabilities (£456) (£17,194) (£689) (£18,339) (£2,141)
Net assets/(liabilities) £139 £42,915 £8,910 £20,647 £84,759 £10,854 £12,022 £180,246 £236,469
Reserves Surplus/(deficit) for the year
Retained surplus brought forward
Retained surplus carried forward		 £758
(£619)
£139		 (£3,256)
£46,170
£42,915		 (£3,792)
£12,702
£8,910		 (£21,578)

£42,225

£20,647		 (£23,912)
£108,670
£84,759		 (£4,707)
£15,562
£10,854		 £264
£11,759
£12,022		 (£56,223)

£236,469
£180,246		 (£8,983)
£245,452
£236,469
Note 2.6a: Support costs, divided on previous page
between raising funds and charitable activities according
topercentage below		 East
Garston		 Henley Maiden-
head		 New-
bury		 Reading Walling-
ford		 Woking-
ham		 2024 2023
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		 £50
£720
£669
£1,439		 £5,863
£1,216
£3,205
£219
£60
£10,563		 £3,239
£2,895
£2,324
£235
£8,693		 £3,604
£1,735
£1,395
£225
£102
£7,061		 £12,875
£17,279
£661
£6,584
£820
£1,166
£39,384		 £397
£3,538
£1,618
£5,552		 £1,270
£1,352
£581
£3,203		 £27,297
£20,816
£7,226
£17,147
£2,081
£1,328
£0
£75,895		 £13,794
£17,381
£6,818
£16,044
£1,954
£1,185
£0
£57,175
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		 2024 2023
For BYM
For other Quaker organisations
For non-Quaker organisations		 £0
£0
£0		 £1,628
£540
£1,870		 £0
£443
£1,391		 £115
£0
£1,025		 £0
£0
£0		 £0
£0
£0		 £0
£155
£1,445		 £1,743
£1,138
£5,731		 £1,226
£2,015
£5,170
LM reserves details - summarised in note 7 East
Garston		 Henley Maidenhead Newbury Reading Wallingford Wokingham Total
Specialprojects reserve £0 £0 £0 £0 £9,192 £0 £0 £9,192
Income decrease and cash flow reserve £1,900 £8,375 £6,498 £5,062 £30,545 £4,996 £2,719 £60,094
Target reserve - end 2024 £1,900 £8,375 £6,498 £5,062 £39,737 £4,996 £2,719 £69,286
End 2024 reserves £139 £42,915 £8,910 £20,647 £84,759 £10,854 £12,022 £180,246
Surplus above target end 2024 (£1,760) £34,540 £2,412 £15,585 £45,022 £5,859 £9,303 £110,960
Budget surplus/(deficit)2025 £758 (£3,630) (£2,944) (£1,078) (£25,787) (£2,855) (£750) (£36,286)
Estimated surplus above target end 2025 (£1,002) £30,910 (£532) £14,507 £19,235 £3,004 £8,553 £74,674

Page | 24

Mid Thames Quakers Annual Report and Accounts 2024

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 are treated as expenditure and the remainder is then distributed amongst Area Meeting and Local Meetings, which all fall within the MTAM charity.

within the MTAM charity. within the MTAM charity. within the MTAM charity.
Income and Expenditure 2024 2023
Donations and legacies Donations(inc Gift Aid) £34,855 £34,855 £41,599 £41,599
Gift Aid
Total income £34,855 £41,599
Charitable activities Contribution to BYM common fund £1,665 £1,665 £13,642 £13,642
Contribution to BYM earmarked funds £0 £0
Total expenditure £1,665 £13,642
Income less expenditure £33,191 £27,957
Transfers Area MeetingGeneral fund (£21,844) (£36,120) (£9,255) (£23,050)
East Garston Local Meeting (£480) (£828)
HenleyLocal Meeting (£2,075) (£1,137)
Maidenhead Local Meeting (£668) (£282)
NewburyLocal Meeting (£2,193) (£1,406)
ReadingLocal Meeting (£4,840) (£6,377)
Wallingford Local Meeting (£2,278) (£1,868)
Wokingham Local Meeting (£1,743) (£1,897)
NewburyDevelopment fund £0 £0
Total surplus/(deficit) (£2,929) £4,907
Balance sheet 2024 2023
Current assets Current account £2,328 £5,258
Net assets/(liabilities) £2,328 £5,258
Reserves Surplus/(deficit)for theyear (£2,929) £4,908
Retained surplus brought forward £5,258 £350
Retained surplus carried forward £2,328 £5,258

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 2023: 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 | 25

Mid Thames Quakers Annual Report and Accounts 2024

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 2024 2024 2023 2023
Donations and legacies Donations
Investments Dividends £623 £623 £636 £636
Total income £623 £636
Raisingfunds Investment management fees £556 £556 £424 £424
Charitable activities Pastoralgrants £0 £0 £30 £30
Courses £0 £0 £100 £100
Total expenditure £556 £554
Income less expenditure £66 £82
Gain/(loss)on investments (£178) £2,065
Total surplus/(deficit) (£111) £2,147
Balance sheet 2024 2024 2023 2023
Fixed assets Investmentportfolio £32,618 £32,618 £32,730 £32,730
Current assets Current account £451 £451 £451 £451
Net assets/(liabilities) £33,069 £33,181
Reserves Surplus/(deficit)for theyear (£111) £2,147
Retained surplus brought forward £33,181 £31,033
Retained surplus carried forward £33,069 £33,181

Page | 26

Mid Thames Quakers Annual Report and Accounts 2024

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.

and are not part of the Endowment. and are not part of the Endowment.
Income and Expenditure 2024 2023
Investments Dividends £3,206 £3,278
Interest £1,507 £1,406
Letpropertyrent £15,011 £14,865
Total income £19,725 £19,549
Raising funds Investment management fees £2,866 £8,525 £2,183 £6,043
Letpropertymaintenance £4,936 £3,183
Letpropertyimprovement
Letpropertyinsurance £723 £677
Pastoralgrants £4,970 £4,500
Gatherings and courses £0 £4,970 £616 £5,116
Total expenditure £13,495 £11,159
Income less expenditure £6,230 £8,390
Gain/(loss)on investments (£914) £10,634
Gain/(loss)on revaluation of fixed assets £0 £0
Total surplus/(deficit) £5,316 £19,024
Balance sheet 2024 2023
Fixed assets Investmentproperties £585,000 £756,791 £585,000 £757,579
Investmentportfolio £167,988 £168,562
Social investments £3,804 £4,017
Current assets Accrued income £0 £66,403 £0 £60,300
Bank accounts £66,403 £60,300
Interest free loans
Prepayments £0 £0
Current liabilities Accrued expenses £0 £0
Net assets/(liabilities) £823,194 £817,878
Reserves Surplus/(deficit)for theyear £5,316 £19,024
Retained surplus brought forward £817,878 £798,854
Retained surplus carried forward £823,194 £817,878

Page | 27

Mid Thames Quakers Annual Report and Accounts 2024

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.

for small grants.
Income and Expenditure 2024 2023
Voluntaryincome
Investment Income Dividends £663 £19,930 £678 £20,442
Interest £581 £648
Letpropertyrent £18,686 £19,116
Total income £19,930 £20,442
Raising funds Investment management fees £593 £4,823 £451 £5,245
Letpropertymanagement £1,506 £1,900
Letpropertymaintenance £1,780 £2,009
Letpropertyimprovement £946 £885
Letpropertyinsurance £0 £0
Charitable activity cost Grants toQuaker bodies £6,905 £5,272
Grants to non-Quaker bodies £15,717 £22,622 £550 £5,822
Total expenditure £27,445 £11,068
Income less expenditure (£7,515) £9,375
Transfer from General fund
Transfer from Propertyfund £0 £0
Gain/(loss)on investments (£189) £2,199
Gain/(loss)on revaluation of fixed assets £0 £0
Total surplus/(deficit) (£7,704) £11,573
Balance sheet 2024 2024 2023 2023
Fixed assets East Garston MeetingHouse £149,005 £727,540 £149,005 £727,873
Investmentproperties £540,000 £540,000
Investmentportfolio £34,732 £34,851
Social investments £3,804 £4,017
Current assets Bank accounts £18,673 £26,045
Prepayments
Current liabilities Accrued expenses £0 £0
Net assets/(liabilities) £746,213 £753,917
Reserves Surplus/(deficit)for theyear (£7,704) £11,573
Retained surplus brought forward £753,917 £742,344
Retained surplus carried forward £746,213 £753,917

Page | 28

Mid Thames Quakers Annual Report and Accounts 2024

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 2023, 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 2023, 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 2023, 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 2024 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.

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Mid Thames Quakers Annual Report and Accounts 2024

----- Start of picture text -----
Income: SOFA category Income: grouped headings Income: detailed headings General Property Schedule LMs Green New Dev Wal Dev Toovey Yew Tree P Friends Gloucester 2024 total 2023 total
Donations and legacies £47,947 [Donations and ] £47,947 Schedule, GiftAid, other donations £22,075 (£1,265) £18,852 £3,560 £4,725 £47,947 £51,520
legacies Legacies £0 £0 £0 £0 £1,000
Charitable activities £317 [Fees and grants ] £317 Fees paid to attend events £317 £317 £965
received Grants received £0 £0
Other trading activities £62,121 [Meeting house hirings ] £62,121 Meeting house hirings £62,056 £62,056 £57,536
+ sales Receipts from sales £65 £65 £77
Dividends £9,029 £656 £3,206 £663 £623 £854 £15,030 £15,365
Invested money £38,779
Interest £1,715 £148 £2,984 £8,080 £1,033 £215 £1,507 £581 £7,486 £23,749 £21,553
Investments £123,552
Let property rent £48,513 £15,011 £18,686 £82,210 £77,639
Investment property £84,773
Feed-in tariff £1,434 £1,129 £2,563 £2,427
Uncategorised £0 Covid insurance £0 Covid insurance claims £0 £0 £0 £0
Total income £233,937 Total income £233,937 Total income £23,790 £59,124 (£1,265) £86,058 £8,080 £4,593 £4,940 £19,725 £19,930 £623 £8,340 £233,937 £228,082
Expenditure: SOFA Expenditure: Expenditure: detailed headings General Property Schedule LMs Green New Dev Wal Dev Toovey Yew Tree P Friends Glo Road 2024 total 2023 total
Cost of vol income £0 Cost of voluntary income £0 £0 £0
£44,798 Cost of running MH for hirings £44,798 £44,798 £33,748
Cost of hirings
Other costs £0 £0 £0
Invest management £14,198 Investment management fees £8,071 £586 £763 £2,866 £593 £556 £763 £14,198 £10,815
Raising funds £133,541 Looking after let
£74,546
property Let property management £2,863 £1,506 £4,368 £6,168
Let property mainten&improve £59,874 £4,936 £2,725 £67,535 £15,743
Let property insurance £1,531 £723 £0 £2,254 £2,110
Let property legal & professional £389 £389 £1,760
£199,490 Meeting House maintenance £34,008 £34,008 £53,152
Meeting House improvement £14,759 £66,130 £24,933 £105,823 £32,183
Looking after Meeting
Meeting House insurance £6,813 £6,813 £6,379
Houses
Meeting House legal & professional £0 £0 £0
Cost of running MH for Quaker use £31,097 £21,750 £52,847 £66,927
£51,762 Contributions to BYM £0 £1,665 £14,500 £0 £16,165 £29,642
Making contributions Grants to Quaker bodies £6,436 £500 £6,905 £13,841 £16,122
and grants Grants to non-Quaker bodies £0 £570 £0 £15,717 £16,287 £5,377
Pastoral grants £500 £4,970 £0 £5,470 £4,530
£9,041 Quaker purposes - LMs £7,100 £7,100 £6,554
Conferences, committees, courses £107 £0 £0 £107 £1,185
Charitable activities £274,451 Quakerly activities
Worship and pastoral £1,341 £1,341 £1,014
Vouchers £0 £0 £0
Gatherings £493 £0 £0 £493 £645
£8,152 Office holders' & Friends expenses £106 £2,095 £2,202 £1,266
Newsletter £0 £0 £0
Handbooks £0 £0 £0
Practical costs
Website and conferencing £1,338 £2,417 £3,755 £1,467
Legal and professional costs £2,196 £2,196 £548
Other charitable activities costs £0 £0 £117
£6,005 Accounts prep and bank charges £60 £135 £195 £1,671
Governance costs Support costs £868 £4,943 £5,810 £2,946
Trustees expenses £0 £0 £0
Total expenditure £407,992 Total expenditure £407,992 Total expenditure £7,010 £128,306 £1,665 £107,317 £3,680 £66,130 £24,933 £13,495 £27,445 £556 £27,456 £407,992 £302,068
Income less expenditure £16,780 (£69,182) (£2,929) (£21,259) £4,400 (£61,537) (£19,993) £6,230 (£7,515) £66 (£19,116) (£174,056) (£73,986)
Transfers between funds £10,168 (£13,000) (£34,778) £20,500 £17,110 £0 £0 (£0) £0
Gains/(losses) on asset revaluation £0 £0 £0 £0 £0
Net gain/(loss) asset sale £0 £0 £0
Note 5.1a: Income and expenditure overview Gains/(losses) on investments (£2,575) (£187) (£243) (£914) (£189) (£178) (£243) (£4,530) £52,681
Mid Thames Quakers Annual Report and Accounts 2024 Page | 30
Surplus/(deficit) for the year £26,948 (£84,757) (£2,929) (£56,223) £4,156 (£41,037) (£2,884) £5,316 (£7,704) (£111) (£19,360) (£178,585) (£21,305)
----- End of picture text -----

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 2024 2023 2022
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		 £46,599 £38,843
£23,865
£26,102
£54,286
£1,000
£0		 £35,582
£34,922
£8,265
£25,300
£8,394
£62,877
£17,323
£24,582
£10,227
£0
£0
Total **£98,731 ** **£144,095 ** £175,341
Charitable spending 2024 2023 2022
Maintaining MH for Quaker use
Running MH for Quaker use
Cost Quakerly activities
Practical and governance costs
Armstrong grants
Othergrants and donations		 £146,643 £91,713
£66,927
£9,398
£8,014
£0
£42,029		 £33,803
£18,770
£15,096
£12,668
£2,500
£43,096
£52,847
£9,041
£14,157
£0
£50,098
Total **£272,787 ** **£218,081 ** £125,933

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Mid Thames Quakers Annual Report and Accounts 2024

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

The table below shows all grants exceeding £250 made to non-Quaker organisations in 2024, totalling £16,712.

In addition, we supported an individual on an educational course in accordance with Quaker values. The support given (payment of fees for a doctorate in nursing) was £4,300 from the Caleb Toovey fund. We also supported a Friend in financial difficulties with energy payments: the amount was £670 during the first quarter of 2024.

Organisation Amount Purpose Discernment Fund
Foodshare £255 Support for Maidenhead Foodbank Accords with Quaker testimonies Maidenhead LM
MedicalAidforPalestinians £273 General support Accords withQuaker testimonies Grenville Green
Medecins sans Frontieres £273 General support Accords withQuaker testimonies Grenville Green
Coalition for Work with Psychotraum a
£4,000		 General support Accords withQuakerpeace testimony Yew Tree
ReadingElderlyBefriendingScheme £270 Support for coffee mornings Accords withQuaker testimonies ReadingLM
ReadingElderlyBefriendingScheme £900 Support for Readingelderly Accords withQuaker testimonies Yew Tree
Moreno Keskus £3,730 Donation to Estonian Peace Group Accords withpeace testimony Yew Tree
Prison Phoenix Trust £1,500 General support Accords withQuaker charitable work withprisons Yew Tree
Pilipu £3,690 Support for single women in India Accords withQuaker testimonies Yew Tree
Humanistlik £1,821 Quaker outreach in Estonia Accords withQuaker testimonies Yew Tree
Total £16,712

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.

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Mid Thames Quakers Annual Report and Accounts 2024

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 2024 balance sheet for all the funds of Mid Thames Area Meeting.

Restricted
Unrestricted
Endowment		 Restricted
Unrestricted
Endowment		 Restricted
Unrestricted
Endowment		 Restricted
Unrestricted
Endowment		 Restricted
Unrestricted
Endowment		 Restricted
Unrestricted
Endowment		 Restricted
Unrestricted
Endowment		 Restricted
Unrestricted
Endowment		 Restricted
Unrestricted
Endowment		 Restricted
Unrestricted
Endowment		 Restricted
Unrestricted
Endowment
Fund General Property Schedule LMs Green Gloucester
Road		 Newbury
Develop		 Wallingford
Develop
Rdg MH
Toovey		 Yew Tree P Friends He+Ma+
Wa MH
Total 2024
Total 2023
Fixed assets Functional property
Investment and mixed properties
Investment portfolio
Social investments		 £178,804
£1,639,958
£393,073		 £34,346 £84,732 £44,732 £936,596
£585,000
£167,988
£3,804		 £149,005
£540,000
£34,732
£3,804		 £32,618 £750,953
£2,015,358
£2,015,358
£2,764,958
£2,764,958
£792,221
£835,064
£7,607
£8,034
Current assets Accrued income
Bank accounts
Held by letting agent
Interest free loans
Prepayments		 £7,100
£78,008
£200
£5,000
£0		 £3,575
£208		 £2,328 £251
£163,753
£234		 £194,420 £200,785 £18,064 £0
£56,688
£66,403
£0		 £18,673 £451 £10,927
£1,637
£799,780
£871,823
£200
£200
£5,000
£5,000
£234
£75
Liabilities Accrued expenses (£1,560) £0 (£18,339) (£1,030) £0
£0		 (£20,929)
(£4,896)
Wallingford Dev - cash deposits (£56,688) (£56,688)
Net assets/(liabilities) £88,748 £2,215,618 **£2,328 ** £180,246 £279,152 £244,487 £18,064 £0
£936,596
£823,194
£746,213
**£33,069 **		 £750,953
£6,318,668
£6,497,253
Reserves Surplus/(deficit) for the year
Retained surplus brought forward
Prior year adjustment
Retained surplus carried forward		 £26,948
£61,800
£88,748		 (£84,757)
£2,300,375
£2,215,618		 (£2,929)
£5,258
**£2,328 **		 (£56,223)
£236,469
£180,246		 £4,156
£274,995
£279,152		 (£19,360)
£263,846
£244,487		 (£41,037)
£59,101
£18,064		 (£2,884)
£5,316
(£7,704)
(£111)
£2,884
£936,596
£817,878
£753,917
£33,181
£0
£936,596
£823,194
£746,213
**£33,069 **		 (£178,585)
(£21,305)
£750,953
£6,497,253
£6,518,558
£0
£0
£750,953
£6,318,668
£6,497,253

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Mid Thames Quakers Annual Report and Accounts 2024

Note 6:2: Asset details

The table below lists all the tangible assets held by Mid Thames Area Meeting at the end of 2024, 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.)

----- Start of picture text -----
2024 2023
Tangible assets (property)
Name Type Held in fund
East Garston Meeting House Yew tree £149,005 £149,005
Henley Meeting House Henley MH&BG £447,013 £447,013
Maidenhead Meeting House Maidenhead MH £193,252 £193,252
Reading Meeting House Reading MH&BG £936,596 £936,596
6 Church Street Warden's house Property £178,804 £178,804
Wallingford Meeting House Wallingford MH £110,688 £110,688
Total functional property £2,015,358 £2,015,358
Newbury Meeting House + let Property £669,958 £669,958
Wokingham Meeting House + 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 + mixed property £2,764,958 £2,764,958
Total tangible assets £4,780,316 £4,780,316
Investments
Investment portfolio
UK equities £170,875 £192,516
Overseas equities £375,487 £365,837
Fixed interest £78,382 £77,775
Alternatives £26,829 £34,290
Liquidity (cash in 2022) £180,649 £164,646
Social investments
Shares and bonds £7,607 £8,034
Total investments £839,829 £843,098
Current assets
Debtors £16,361 £6,912
Bank accounts and cash £759,780 £871,823
Total current assets £776,141 £878,735
Creditors (£77,617) (£4,896)
Net assets £6,318,669 £6,497,253
----- End of picture text -----

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

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Mid Thames Quakers Annual Report and Accounts 2024

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 2024. There was no disposal of property or revaluation of property during the year.

Property 2024 2023
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 2024 2023
Balance at beginningofyear £843,098 £785,475
Net disposal
Net additions
Revaluations (£3,269) £57,623
Balance at end ofyear £839,829 £843,098

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 2024. 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 2024 is not materially different in total to the market value as at 31 December 2020.

The revaluation of our investment portfolio in 2024 was dominated by the unrealised loss in the Rathbones portfolio. The figure also takes account of the effects of investment management charges and dividends.

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Mid Thames Quakers Annual Report and Accounts 2024

Note 7: Reserves calculations

In our 2021 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-2024 target reserves and surplus/(deficit) for end-2024 and end-2025 are calculated below. Details of individual Local Meeting reserves are in Note 2.6 above.

Target reserves General &
property		 General &
property		 Local Meetings Local Meetings Overall
Post-2024 specialprojects £53,901
 £9,192
Majorpropertyrepair £412,157
Reduction in voluntaryincome £5,917 £60,094
Cash flow fluctuation £28,643
Total target reserve £500,618 **£69,286 ** £569,904
Surplus/(deficit) compared to target General &property General &property Local Meetings Local Meetings Overall
End-2024 reserves £485,605 £180,246 £665,851
End-2024 surplus/(deficit) compared to target (£15,014) £110,960 £95,947
Budget surplus/(deficit)2025 (£18,100) (£22,955)
Budget transfers to MH developmentprojects in 2025 (£22,500)
Budget LM transfers in 2025 £13,331 (£13,331)
Anticipated end-2025 reserves £458,336 £143,960 £602,296
Anticipated end-2025 surplus/(deficit) compared to target (£42,283) £74,674 £32,392

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Mid Thames Quakers Annual Report and Accounts 2024

Note 8: Related party transactions

During the course of the year £1,695 (2023: £1,295) was paid to a close relation of a Trustee of MTAM, in respect of garden maintenance which was an arm’s length transaction. There were no other disclosable related party transactions in the year.

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:

2024 2023
£ £
Independent examiners’ Fees £1,560
£1,440
_ _
Note 11: Employees
Employee Numbers
The average number of employeesduring the year was 2024 2023
Number Number
Employees 3 3
_ _
Analysis of staff costs 2024 2023
£ £
Wages and salaries (excluding pension costs)
16,608		 13,713
Accommodation offset 3,575 3,176
Social security costs 0 0
Other pension costs 633 492
20,816 17,381
_ _

There were no employees with emoluments above £60,000 during the year (2023: 0).

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Mid Thames Quakers Annual Report and Accounts 2024