Annual Report of the trustees of Mid Thames Area Quaker Meeting, for the year ended 31 December 2025
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 2025 and (except where noted) were also serving as trustees on the date that this report was approved:
Isabel Brimelow (to 12 October 2025) Rajiv Chelani Jenny Gordon (from 15 November 2025) Paul High Andrew Hughes Nind Naomi Iliff Mark Laskin Martin Lloyd (to 11 April 2026) Jean Scott-Barr (to 12 October 2025) Mark Tod (clerk)
Address
c/o Reading Quaker Meeting house, 2 Church Street, Reading RG1 2SB
Officers of Mid Thames Area Meeting in 2025
Clerks: Amanda Griffin, Angela Mason (to 9 March 2025) 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
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Mid Thames Quakers Annual Report and Accounts 2025
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 2025, 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; there were no further changes in 2025.
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:
- 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.
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Mid Thames Quakers Annual Report and Accounts 2025
- Safeguarding
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 2025 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 2025 and will be reviewed again in November 2026 . 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. 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 and the training will be run again in 2027 at the start of the new triennium. Naomi and Jean have attended the Trustee training sessions at thirtyone:eight. Naomi also does annually the government training Keeping Children Safe in Education through her role as Governor for Leighton Park School.
Lewis Colwill is the DBS checker and is taking over from Naomi Iliff. There are 15 current DBSs in the Area Meeting and 7 further DBS holders from their jobs or other charities 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 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 2026.
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Mid Thames Quakers Annual Report and Accounts 2025
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 to ten years, and this took place in 2020. Trustees review values annually. Based on the 2025 review, Trustees consider that the current carrying value remains appropriate as of the reporting date of this report and accounts. Details are given in Note 1 on page 13.
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 9.
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 in light of our policy 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 2024, 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 2025 are in Note 10.
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 and unchanged in 2025. 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.
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Mid Thames Quakers Annual Report and Accounts 2025
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 2025.
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 2025 Mid Thames Area Meeting had 134 members (December 2024: 136), and 122 attenders (December 2024: 122). No meetings were laid down.
Worship and witness
In 2025 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 2025
Financial review
(2024 figures are shown in brackets throughout)
The accounts of Mid Thames Area Meeting for the year ended 31 December 2025 are attached from page 11 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 13. The terms on which trust funds are held is according to a Charity Commission Scheme issued on 16 January 2015.
Notes 2 contains detail on income and expenditure. Notes 3 and 4 give further information on debtors and creditors respectively. Notes 5 to 7 provide breakdowns for endowment, restricted and unrestricted funds. Note 8 gives detail on our property and investment portfolio. Note 9 lists grants to non-Quaker organisations. Note 10 calculates our target reserves, and compares with actual values. Notes 11 to 14 provide detail on, respectively, related party transactions, taxation, independent examiner fees, and employees.
Net income
The total income of all funds in 2025 was £249,416 (£233,937). This income came from donations, hiring rooms at Meeting houses, investments, and property rental.
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 £64,938 (£133,541) in total: the reduction compared with 2024 is mainly due to spending much less money on our let properties (in 2024, we incurred a large one-off refurbishment expense of our let property in Reading). The net income to MTAM, after subtracting the cost of raising it, was therefore £184,478 (£98,731). Collections via MTAM for Britain Yearly Meeting (BYM) were zero in 2025 (£1,665 in 2024); we stopped collecting for BYM midway through 2024.
Expenditure on charitable activities
Our total expenditure in 2025 was £285,862 (£407,992). Taking off the costs of raising income including hirings costs, we spent the remaining £220,924 (£272,787) on our charitable activities.
We made grants totalling £54,638 (£16,287) to non-Quaker causes. All grants and donations are agreed and recorded at Meetings for Worship for Business, and details of all those over £250 made to non-Quaker causes are given in Note 9.
Net income, and spending on charitable activities, are shown in chart 1 below, for 2025, 2024, 2023 and 2022. The income spike in 2022 was associated with the one-off Covid insurance claim. In 2025, net income from property rental was significantly higher as we did not need to spend as much money maintaining the properties. The graph shows that while the costs of maintaining our buildings (both Meeting Houses and let property were lower than in 2024, they still comprise around half of our expenditure. Donations, including those to Quaker as well as non-Quaker organisations, were significantly higher in 2025 than in previous years.
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Mid Thames Quakers Annual Report and Accounts 2025
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 2025
Investments
The value of our investment portfolio grew in 2025: there was an unrealised gain of £39,287 compared with an unrealised loss of £4,530 in 2024. Trustees are satisfied overall with the performance of our Rathbones Greenbank investment portfolio.
We continue to hold investments in two local renewable energy enterprises; following a small return of capital, the total invested is now £7,357. 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 £36,446 (£174,056).
Combined with the unrealised gain in our Rathbones portfolio, we had an overall surplus of £2,841 (deficit of £178,585). Total year-end funds were £6,321,509 (£6,318,668).
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-2025 reserves were £717,820 (£665,851) against a target level of £590,436.
Our budget for 2026, agreed in December 2025, includes a transfer of £31,000 to the Wallingford development fund. Combined with a small budget deficit, we anticipate year-end reserves in 2026 of £681,992. This would still represent a surplus of £91,556 above target. This projected surplus in reserves does not include any estimates for gains or losses in investments during 2026 because these are so uncertain.
Our reserves – target, outturn and forecast – are summarized in Chart 2.
----- Start of picture text -----
£800,000
£700,000
£600,000
£500,000
£400,000
£300,000
£200,000
£100,000
£0
General & property Local Meetings Overall
Target End-2025 Anticipated end-2026
----- End of picture text -----
Chart 2: Mid Thames Quakers reserves
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Mid Thames Quakers Annual Report and Accounts 2025
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 2025 which are set out on pages 11 to 20.
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
Dated: 13/06/2026
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Mid Thames Quakers Annual Report and Accounts 2025
Annual accounts of Mid Thames Area Quaker Meeting, for the year ended 31 December 2025
Statement of Financial Activities (SOFA) 2025
| Unrestricted funds |
Restricted funds |
Endowment funds |
Total 2025 | Total 2024 | |
|---|---|---|---|---|---|
| Income and endowments from | |||||
| Donations and legacies | £38,211 | £0 | £0 | £38,211 | £47,602 |
| Charitable activities | £166 | £0 | £0 | £166 | £317 |
| Other tradingactivities | £76,383 | £0 | £0 | £76,383 | £62,121 |
| Investments | £89,624 | £0 | £45,107 | £134,731 | £123,552 |
| Uncategorised income | -£75 | £0 | £0 | -£75 | £344 |
| Total | £204,308 | £0 | £45,107 | £249,416 | £233,937 |
| Expenditure on | |||||
| Raisingfunds | £51,877 | £0 | £13,061 | £64,938 | £133,541 |
| Charitable activities | £198,179 | £0 | £22,745 | £220,924 | £274,451 |
| Total | £250,057 | £0 | £35,806 | £285,862 | £407,992 |
| Netgain/(loss)on asset revaluation | £0 | £0 | £0 | £0 | £0 |
| Netgain/(loss)asset sale | £0 | £0 | £0 | £0 | £0 |
| Netgains/(losses)on investments | £28,177 | £0 | £11,110 | £39,287 | (£4,530) |
| Net income/(expenditure) | (£17,571) | £0 | £20,411 | £2,841 | (£178,585) |
| Transfers between funds | £0 | £0 | £0 | £0 | £0 |
| Net movement in funds | (£17,571) | £0 | £20,411 | £2,841 | (£178,585) |
| Reconciliation of funds | |||||
| Total brought forward frompreviousyear | £3,028,643 | £936,596 | £2,353,429 | £6,318,668 | £6,497,253 |
| Total funds carried forward | £3,011,072 | £936,596 | £2,373,841 | £6,321,509 | £6,318,668 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Note 2 provides detail for each income category and each expenditure category.
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Mid Thames Quakers Annual Report and Accounts 2025
| ffialanee$heetat31utffieee | mber ?0 | 25 | ||||
|---|---|---|---|---|---|---|
| $J0te | Unrestrietect | $qestrieted | Indar,vr*ent | TCIral2025 | T*tai2$24 | |
| Fixed assets | ||||||
| Tangibleassets | f1,818,762 | f$36,59S | f?,0?4,958 | f4,78S,316 | f4,780,316 | |
| lnvestments | fr629,2?2 | flCI | [?55,446 | f884,668 | €839,828 | |
| Totalfixedassets | 82,44?,994 | €9SS,59S | s3,3EU,404 | €5,654,984 | f5,52S,3.44. | |
| Currentassets | ||||||
| Debtors | 3 | foaa€ | ,1U | f9,896 | f16,361 | |
| Cashatbank and in hand | f623,414 | r93,437 | f716,851 | f759,780 | ||
| Total currentassets | €633,31S | fil | f93,437 | f726,747 | f776,141 | |
| Liabilities | ||||||
| Creditors: falling duewithinone year | 4. | lE7O,222l | {0 | €CI | lf7o,222l | lE77,6L7l |
| Net current assets/(liabilities) | f563,088 | f93,4.37 | f656,525 | f698,524 | ||
| Totalassetslesscurrentliabilities | f3,011,072 | 993S, $S6 | f?,373,94X | f6,321,509 | f6,31&568 | |
| Tqtal netas$estsor liahilitles | f*,s31,s?2 | f,93S,596 | (2,3?3,941 | f5,3?L,50s | fti,ii";5"EUi, | |
| Thefunds of the charity | ||||||
| Endowment funds | 5 | f,2,373,841 | f2,373,847 | f2,353,429 | ||
| Restricted income funds | 6 | f936,596 | f936,596 | f936,596 | ||
| Unrestricted funds | 7 | f3,011,072 | f3,Qr7,072 | f,3,028,643 | ||
| Total cltarity funds | f3,$11,S?2 | f93S,5${; | €2,$7S,&41 | f6,3?L,5Sg | €6,31S,S68 |
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 2025. 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 to ten years, and have values reviewed annually in intervening years. In 2020 this revaluation was done independently by Haslams Chartered Surveyors, and resulted in a net increase of £464,958 in the value of our properties. Furniture and equipment are written off at purchase and so omitted from consideration.
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Mid Thames Quakers Annual Report and Accounts 2025
(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.
Note 2: Detailed breakdown of financial activities
The table overleaf provides a detailed breakdown of 2025 income and expenditure by category for Mid Thames Area Meeting; and the equivalent figures for 2024. As in previous years, the Donations and Legacies entry is shown after adjustment for Acting as Agent income and expenditure. In 2025, Agent expenditure exceeded Agent income by £75.
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 2025
| Income: SOFA category | Income: SOFA category | Income:grouped headings | Income:grouped headings | Income: detailed headings | 2025 total | 2024 total |
|---|---|---|---|---|---|---|
| Donations and legacies | £38,136 | Donations and legacies | £38,136 | Schedule, GiftAid, other donations Legacies |
£33,136 £5,000 |
£47,947 £0 |
| Charitable activities | £166 | Fees and grants received | £166 | Fees paid to attend events Grants received |
£166 £0 |
£317 £0 |
| Other trading activities | £76,383 | Meeting house hirings + sales |
£76,383 | Meeting house hirings Receipts from sales |
£76,139 £245 |
£62,056 £65 |
| Investments | £134,731 | Invested money Investment property |
£34,522 £100,209 |
Dividends Interest Let property rent Feed-in tariff |
£17,054 £17,468 £97,624 £2,585 |
£15,030 £23,749 £82,210 £2,563 |
| Total income | **£249,416 ** | Total income | **£249,416 ** | Total income | £249,416 | £233,937 |
| Expenditure: SOFA category | Expenditure: grouped | Expenditure: detailed headings | 2025 total | 2024 total | ||
| Cost of vol income | £0 | Cost of voluntaryincome | £0 | £0 | ||
| f h | £30,034 | Cost of running MH for hirings | £30,034 | £44,798 | ||
| Cost o irings | Other costs | £0 | £0 | |||
| Raising funds | £64,938 | Invest management Looking after let property |
£11,251 £23,653 |
Investment management fees Let property management |
£11,251 £7,606 |
£14,198 £4,368 |
| Let property mainten&improve Let property insurance |
£12,874 £3,088 |
£67,535 £2,254 |
||||
| Letpropertylegal &professional | £85 | £389 | ||||
| £117,264 | Meeting House maintenance | £24,696 | £34,008 | |||
| Looking after Meeting Houses |
Meeting House improvement Meeting House insurance Meeting House legal & professional Cost of runningMH forQuaker use |
£56,841 £7,019 £0 £28,707 |
£105,823 £6,813 £0 £52,847 |
|||
| £85,363 | Contributions to BYM | £3,000 | £16,165 | |||
| Making contributions and grants |
Grants to Quaker bodies Grants to non-Quaker bodies Pastoralgrants |
£22,350 £54,638 £5,375 |
£13,841 £16,287 £5,470 |
|||
| £8,868 | Training & courses | £1,924 | £601 | |||
| Charitable activities | £220,924 | Quakerly activities | Worship and pastoral Outreach Library OtherQuaker activities |
£2,880 £1,331 £1,062 £1,670 |
£1,341 £3,213 £1,118 £2,768 |
|
| £7,398 | Office holders' & Friends expenses | £2,652 | £2,202 | |||
| Practical costs | Newsletter Handbooks Website and conferencing Legal and professional costs Other charitable activities costs |
£0 £0 £965 £3,781 £0 |
£0 £0 £3,755 £6,446 £0 |
|||
| Governance costs | £2,032 | Accounts preparation Bank charges |
£1,680 | £1,560 | ||
| £195 | £195 | |||||
| Trustees expenses | £157 | £0 | ||||
| Total expenditure | **£285,862 ** | Total expenditure | **£285,862 ** | Total expenditure | £285,862 | £407,992 |
| Income less expenditure Transfers between funds Gains/(losses) on asset revaluation Net gain/(loss) asset sale |
(£36,446) £0 £0 £0 |
(£174,056) (£0) £0 £0 |
||||
| Note 2: Income and expenditure overview | Gains/(losses) on investments Surplus/(deficit)for theyear |
£39,287 | (£4,530) | |||
| £2,841 | (£178,585) |
Page | 15
Mid Thames Quakers Annual Report and Accounts 2025
Note 3: Debtors
The table below provides a breakdown of debtors by category.
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Accrued income | 4,696.10 | 10,926.74 |
| Held bylettingagent | 200.00 | 200.00 |
| Interest free loans | 5,000.00 | 5,000.00 |
| Prepayments | - | 234.00 |
| 9,896.10 | 16,360.74 |
Note 4: Creditors
The table below provides a breakdown of creditors by category.
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Accrued expenses | 8,586.12 | 20,928.63 |
| Wallingford Dev Project - cash deposits | 61,636.13 | 56,688.35 |
| 70,222.25 | 77,616.98 |
Creditors falling due within one year includes £61,636 held as cash on deposit for the Wallingford Development Project, in Lloyds bank accounts dedicated to the purpose. This is a project for building an extension to the Wallingford Meeting House. Given the age of the Meeting House and its listed status, planning permission is required from South Oxfordshire District Council before the work can proceed. As of 31 December 2025, planning permission had not been received. If the planning application is unsuccessful, then this cash on deposit, which comprises total donations received from individuals and organisations for the building work since fund-raising began in 2023, and the interest on this money, will be fully refunded. This has been formally agreed with all those individuals and organisations who have donated to the project.
Note 5: Endowment funds
The table below shows the total figure for endowment funds at the start of 2025 and the fund activity during the year. Together, these figures combine to give the total figure at the end of 2025. The table also shows the situation in the prior year, 2024.
| At 1 January 2025 | Incoming resources | Resources expended | **Netgains/(losses) on investments ** | At 31 December 2025 | |
|---|---|---|---|---|---|
| Endowment funds | 2,353,429.00 | 45,107.00 | 35,806.00 - |
11,110.00 | 2,373,840.00 |
| Total funds | 2,353,429.00 | 45,107.00 | 35,806.00 - |
11,110.00 | 2,373,840.00 |
| Prioryear | |||||
| At 1 January2024 | Incomingresources | Resources expended | Netgains/(losses)on investments | At 31 December 2024 | |
| Endowment funds | 2,355,929.05 | 40,277.00 | 41,496.00 - |
1,280.91 - |
2,353,429.14 |
| Total funds | 2,355,929.05 | 40,277.00 | 41,496.00 - |
1,280.91 - |
2,353,429.14 |
Note 6: Restricted funds
Page | 16
Mid Thames Quakers Annual Report and Accounts 2025
The only restricted fund in our accounts is for the Reading Meeting House and Burial Ground. Under the Charity Commission Scheme, Reading Meeting House and Burial Ground were collectively identified as a Restricted fund.
The Balance sheet is unchanged from 2024: 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.
| At 1 January 2025 | Incoming resources | Resources expended | **Netgains/(losses) on investments ** | At 31 December 2025 | |
|---|---|---|---|---|---|
| Restricted funds | 936,596.00 | - | - | - | 936,596.00 |
| Total funds | 936,596.00 | - | - | - | 936,596.00 |
| At 1 January 2024 | Incoming resources | Resources expended | **Netgains/(losses) on investments ** | At 31 December 2024 | |
| Restricted funds | 936,596.00 | - | - | - | 936,596.00 |
| Total funds | 936,596.00 | - | - | - | 936,596.00 |
Note 7: Unrestricted funds
The table below shows the total figure for unrestricted funds at the start of 2025 and the fund activity during the year. Together, these figures combine to give the total figure at the end of 2025. The table also shows the situation in the prior year, 2024.
| At 1 January 2025 | Incoming resources | Resources expended | **Netgains/(losses) on investments ** | At 31 December 2025 | |
|---|---|---|---|---|---|
| Unrestricted funds | 3,028,643.00 | 204,308.00 | 250,057.00 - |
28,177.00 | 3,011,071.00 |
| Total funds | 3,028,643.00 | 204,308.00 | 250,057.00 - |
28,177.00 | 3,011,071.00 |
| Prioryear | |||||
| At 1 January2024 | Incomingresources | Resources expended | Netgains/(losses)on investments | At 31 December 2024 | |
| Unrestricted funds | 3,204,728.00 | 193,659.00 | 366,496.00 - |
3,249.00 - |
3,028,642.00 |
| Total funds | 3,204,728.00 | 193,659.00 | 366,496.00 - |
3,249.00 - |
3,028,642.00 |
Note 8: Fixed asset investments
The table below shows all of the fixed asset investments held by Mid Thames Area Meeting at the end of 2025. There was no disposal of property or revaluation of property during 2025. During the year, the value of our Greenbank investment portfolio rose by £45,088 while the value of our social investment portfolio fell by £250 (repayment of capital). There was therefore an overall increase in our investment value of £44,838.
Page | 17
Mid Thames Quakers Annual Report and Accounts 2025
| Property | 2025 | 2024 |
|---|---|---|
| Balance at beginningofyear | £4,780,316 | £4,780,316 |
| Disposals(see below) | ||
| Revaluations(see below) | ||
| Balance at end ofyear | £4,780,316 | £4,780,316 |
| Investment | 2025 | 2024 |
| Balance at beginningofyear | £839,829 | £843,098 |
| Net disposal | ||
| Net additions | ||
| Revaluations | £44,838 | (£3,269) |
| Balance at end ofyear | £884,667 | £839,829 |
Note 9: Grants exceeding £250 to non-Quaker organisations
The table below shows all grants exceeding £250 made to non-Quaker organisations in 2025, totalling £54,513.
In addition, we supported an individual on an educational course (doctorate in nursing) in accordance with Quaker values. The support given was £4,475 from the Caleb Toovey fund. We also supported another individual over winter fuel bills during Q1 2025, with total support amounting to £900.
| Organisation | Amount | Purpose | Fund |
|---|---|---|---|
| Benson CommunityGarden | £1,000 | Local charitable cause | Gloucester Road |
| Hurst Water Meadow Trust | £2,200 | Local charitable cause | Gloucester Road |
| Oxford Hospitals Charity | £4,801 | Local charitable cause | Gloucester Road |
| Brightwell Refugee Support | £500 | Local charitable cause | Gloucester Road |
| Greener Henley | £6,051 | Local charitable cause | Gloucester Road |
| Home-Start Reading | £5,000 | Local charitable cause | Gloucester Road |
| ReadingGreen WellbeingNetwork | £3,250 | Local charitable cause | Gloucester Road |
| ParentingSpecial Children - BigGive | £5,000 | Local charitable cause | Gloucester Road |
| LivingPaintings(Kingsclere) | £5,000 | Local charitable cause | Gloucester Road |
| BabyMatters Appeal | £4,000 | Local charitable cause | Gloucester Road |
| Eight Bells | £3,500 | Local charitable cause | Gloucester Road |
| Project Salama | £5,000 | Local charitable cause | Gloucester Road |
| Initiatives of Change International | £5,000 | Peace & reconciliationproject | Yew Tree |
| Prison Phoenix Trust | £1,500 | Mental health/wellbeing | Yew Tree |
| ReadingElderlyBefriendingGroup | £2,711 | Local charitable cause | ReadingLocal Meeting |
| Total | £54,513 |
Page | 18
Mid Thames Quakers Annual Report and Accounts 2025
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.
Note 10: 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-2025 target reserves and surplus/(deficit) for end-2025 and end-2026 are calculated below.
| Target reserves | General/property | General/property | Local Meetings | Local Meetings | Overall |
|---|---|---|---|---|---|
| Post-2025 specialprojects | £43,500 | £9,192 | |||
| Majorpropertyrepair | £436,887 | ||||
| Reduction in voluntaryincome | £6,154 | £64,230 | |||
| Cash flow fluctuation | £30,473 | ||||
| Total target reserve | £517,014 | **£73,422 ** | £590,436 |
| Surplus/(deficit) compared to target | General &property | General &property | Local Meetings | Local Meetings | Overall |
|---|---|---|---|---|---|
| End-2025 reserves | £535,321 | £182,499 | £717,820 | ||
| End-2025 surplus/(deficit) compared to target | £18,307 | £109,077 | £127,384 | ||
| Budget surplus/(deficit)2026 | £6,800 | (£11,628) | |||
| Budget transfers to MH developmentprojects in 2026 | (£31,000) | ||||
| Budget LM transfers in 2026 | £14,355 | (£14,355) | |||
| Anticipated end-2026 reserves | £525,476 | £156,516 | £681,992 | ||
| Anticipated end-2026 surplus/(deficit) compared to target | £8,462 | £83,094 | £91,556 |
Page | 19
Mid Thames Quakers Annual Report and Accounts 2025
Note 11: Related party transactions
During the course of the year £1,771 (2024: £1,695) was paid to a close relation of a Trustee of MTAM, in respect of garden maintenance at Reading Meeting House which was an arm’s length transaction.
Note 12: 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 13: Net income/ (expenditure) for the year
This is stated after charging:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Independent examiners’ Fees | £1,680 | £1,560 |
| _ | _ | |
| Note 14: Employees | ||
| Employee Numbers | ||
| The average number of employeesduring the year was | 2025 | 2024 |
| Number | Number | |
| Employees | 3 | 3 |
| _ | _ | |
| Analysis of staff costs | 2025 | 2024 |
| £ | £ | |
| Wages and salaries (excluding pension costs) | 17,040 |
16,608 |
| Accommodation offset | 3,663 | 3,575 |
| Social security costs | 0 | 0 |
| Other pension costs | 649 | 633 |
| 21,352 | 20,816 | |
| _ | _ |
There were no employees with emoluments above £60,000 during the year.
Page | 20
Mid Thames Quakers Annual Report and Accounts 2025