Friends World Commirree
for Consultation
WORLI) OFFICE
FRIENDS WORLD COMMirrEE FOR CONSULTATION (Quakers)
(Registered Charty No.: 2116471
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MYRUS SMITH
hartered Accountants
Norman House
8 Burnell Road
Sutton, Surrey
SM14BW

FRIENDS WORLD COMMITTEE FOR CONSULTATION
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Details of tho Charity. its Tru8tee8 and Advisers
Reglstered Offlce
173 Euston Road, London NW 12AX
Phone: 020-7663-1199
Email.. world@friendswortdoffice.org
Website.. www.fivcc.world
Trustee$lMembers of the Central Executivo Commlttee for 2023
Michael Eccles
Jonathan Fletcher
Adrian Glamorgan
Tim Gee
Myion R. Gua¢halla Montano (until April 20241
Simon C. Lamb. Clerk of FWCC
Ethel Livemiore
Thuli Nokuthula Mbete
Robin Mohr
Esther Mombo, Assistant Clerk of FV4CC
David Shiner (until 30 April 20231
Peter Ullalhome, Treasurer of FWCC
Bainito Wamalwa
Maryorie Angalot (from 8 May 2023)
Lavonna LOe￿h (from 1 May 20231
Peler Shilemi (from 1 January 2023 until December 20231
Kenya Casanova-sales
The chief executive officer is the Clerk of FWCC, a volunteer position held throughout 2023 by Simon C.
Lamb. The thief operating officer. a full-time staff positson, is the General Secretary, Tim Gee.
Bankers:
The Co-operative Bank plc, P.0. Box 101, 1 Balloon Street, Manchester M60 4EP
US Bank, P.0. Box 1800, Saint Paul, Minnesota, 55101-0800
Solicitors:
Bates Wells, 10 QLTreen Street Plac8, London EC4R 1 BE
Auditor:
Myrus Smith, Norman House, 8 Bumell Road, Sutton. Surrey SM14BW
Investment Managers:
Friends Fiduciary, 1700 Market Street, Suf(e 1535, Philadelphia, PA 19103
Rathbone Investment Management Ltd, Port of Liverpool Building, Liverpool L3 1 NW
CCLA investment Management Limited, One Angel Lane, London EC4R 3AB

FRIENDS WORLD cOMMI￿EE FOR CONSULTATION
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
lcont
Structure, govemance and management
Governing Document.. FWCC is an a550ciation whose governing document is a constitution adopted in
2004 and amended in 2007 and 2016.
Trustees of FWCC: The Central Executive Committee of FWCC serves as its Trustee body with the
responsibilities that this role carries under the applicable laws of England and Wales. Its members are
listed above. More than half the trustees are not UK national5.
Appointment of trustees.. The Clerk and Executive Secretary of each of FWCC'S four independent
geographical sections selve on the Central Executive Committee ex officio. The central officers of FWCC
and the Central Executive Committee members-at-large are appointed by the Central Executive
Committee, on recommendation from an International Nominations Committee made up of representatnies
from the four Sections, The central executive staff IGeneral Secretsryl is appointed by the Central
Executive Committee, after an open international search process.
Upon appointment, new trustees are inducted by the General Secretary who shares detailed infomialion
with each new trustee.
Organisational Stru¢ture
The Religious Soclety of Friends (Quakers) is organised at the local level with places of worship (called
either churches or meetings} grouping themselveg together to form yearly meetings (regional or national
bodies). Because there is a great variety of mode$ of worship and belief among Fllends, some yearly
meetings overlap with each other and may have little direct contact with each other_ FWCC exists lo keep
all of these yearly meetings plus isolated individuals and groups in touch with one another. It is truly a
committee whose membership is made up of yeaHy meeting representatives. Under the Constitution of
2016, FWCC holds World Plenary Meelings of representatives from all afFiliated meetings and groups, at
intervals nol to exceed ten years. The World Plenary Meeting sets policy directions, advises the Central
Executive Committee, and expresses the voice of FWCC on matters of public concern. The Central
Executive Committee Ithe CECI is eTnpowered to implement and conduct the business of FWCC and to
gérve as the trustee body.
The CEC meets al least once per year in person, and at other times online. It is empowered by its
Constitution to make decisions electronically. Minutes trom electronic meetings, as well as those approved
by email, are ratified at the next meeting. All decisions are made in the Quaker mode of 'sense of the
meeting, la broad fomi of consensus) or unanimously lin the case of electronic decisions). The General
Secretary, the chief staff member who also serves as a trustee with the consent of the Charity
Commission, has the work of making the day-to4ay decisions relating to management and staff in
consuKalion with the Treasurer and the Clerk of FWCC.
FWCC works in conjunction wrth ils four geographical Sections, none of which is a charity In England &
Wales. although each is a separate Segal entity properly registered in its locality. The four are Section of the
Americas {a reugnized US charitable organisation incorporated in Pennsylvania USA), Europe & Middle
East Section la registered Scottish charity), Africa Section (registered in Kenya), and Asia-west Pacific
Section (incorporated in ALtstralia).
Risk Ass¢$$ment
During the year the Trustees have Gontinued to review and update the org8nisation's Risk Register. In
particular, the planning for the 2024 World Plenary Meeting has been subject to detailed risk assessment.
The main risks to the World Office identified to date are financial and managerial. Because the London staff
Is so small, much rests upon the shoulders of the General Secretary. The organisation carries a range of
insurance cover including Officers and Directors Liability. FWCC has an Intem8tional Finance Committee
which meets by conference call regularly to review the current stale of finances. FWCC is audited
annually. Standard office procedures include dual authorisation of bank payments and storing dats from

FRIENDS WORLD cOMMI￿EE FOR CONSULTATION
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Icont
the computer Se￿er in 'cloud-based' storage. The office complies with UK data protection law and
safeguarding procedures.
Objgctives and Actlvities
From its Constitution..
'The object of FWCC is the advancement of religion for the public benefit, by means of fostering the
principles and practice of the Religious Society of Friends (Quakers) worldwide through consultation and
cooperation.
"FWCC was established by Minute No. 27 of a Wodd Conference of the Religious Society of Friends held
at Swarthmore, Pennsylvania, USA, in 1937 and has been continued since that time by the Yearly
Meetings affiliated to it as a consultstive, non-profit making organisalion, world-wide in scope. The
operations of FWCC are further guided by the following Aims and Purposes, which are subservient to the
objects of FWCC..
1. To encourage and strengthen the spiritual life within the Religious Society of Friends, and its outreach in
the world, through such measures as worship, inlervisitation. study, conferences and a wide sharing of
experiences on the deepest level.
2. To help Friends to gain a better understanding of the wodd wide character of the Religious Society of
Friends and its vocation in Ihe wortd.
3. To promote consultation amongst Friends of all cultures, countries, and languages. To bring the
different groups of Frienijs into intimate touch with one another, seeking th￿r common Quaker heritage,
sharing experiences, and coming to some measure of agreement in regard to their attitude tr) wodd issues.
.4. To promote understanding betsveen Friend5 everywhere and members of other branches of the
Christian Church and also of other religious faiths, and to interpret the specific Quaker message to those
who seek further religious experien￿.
.5. To keep under review the Quaker contribub'on in world affairs and to the world Christian mission- lo
facilitate the examinats'on ancl presentab'on of Quaker thinking and concern in these fields,. and lo
encourage Fllends to cooperate as far as possible in joint action with other groups having similar
objectives..
Publi¢ Beneflt
The Charities Act 2011 requires charities to fit into identified charitable purFK)ses. FWCC fits into of the
identified charitable purposes.. the advancement of religion and the advancement of human rights, conflict
resolution or reconciliation or the promotion of religious or racial harmony or equality and diversity.
Trustees have had regard to the Charity Commission guidants In this area.
FWCC'S website
www.fvJcc.worldl provides information and links to each grouping of Friends around the
world, including contact infom)ation where available. It links to websites maintained by the four Section
offices. This informatitsn is available to Friends and non-Friends alike, and serves both to ￿nnect Friends
around the worfd and to provide information about Quakers to interested seekers and the general public.
In recent years, web inquiries have led lo new Quaker groups and members in Eastern Europe, *nlral and
western Africa, and Asia. FVVCC also makes regular use of other social media, such as Facebook, X
(Twitter), Instagram, and YouTube, to provide information about the organisation's activities and those of
other Quaker groups around th8 wodd.
Since its founding in 1937. FWCC has put its faith into action by promotsng peace through the support of
international organisations. In 1947, Quaker peace organisations were awarded the Nobel Peace Prize.
Since the founding of the United Nations, FWCC has held general consultative status, the highest status

FRIENDS WORLD cOMMI￿EE FOR CONSULTATION
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Icont
NGOS can obtain. Quaker United Nations Offi￿S IQUNO} in New York and Geneva, under joint oversight
by FWCC and other auaker charitable organisations, combine wognyzed expertise in key areas of
intemational policy with experien￿ in facilrtalion and dialogue in a multilateral setting. QUNO work focuses
on peace & disarmament, peacebuilding and prevention of violent conflict, human rights & refugees, focxj
and sustainability, human impacts of Climate change, and natural resourceslconflict and cooperation.
During 2023 FWCC raised funds for employing a Peace & Justi￿ Secretary to lake these aims forward
over the next years.
FWCC represents Quakers in the world ecumenical circles. The General Secrelèry attends the annual
meeting of the General Secretaries of Christian Wodd Communions FWCC also is represented at
meetings of the World Council of Churches IWCCI and on Ihe Faith and Order Commission of WCC.
FWCC also serves on occasion as a channel of information and support in emergencies such as natural
disasters and armed conflict, Whe￿ there is a local Quaker group seeking assistance.
2023 hlghlights
January began with Southern Africa Yeady Meeting, exploring the word ubuntu
word ￿ferring to
interrelatedness to form part of the theme of 2024's World Plenary Meeting. A short film made at the
gathering, commissioned by FWCC, has been viewed by Friends around the W0￿d. Young Adult Friends
from East Africa then gathered to consider the same theme, including Friends supported by FWCC lo lake
Part in SAYM
In February we began the global phase of our fvndraising campaign. to enable inclusive and equitable
participation in the Vvorld Plenary Meeting.
A highlight of March was lo be able lo join Friends from across the diverse traditions represented in the
Americas in their first ever Section meeting in hybrid form. The Quaker United Nations Office also spoke
up In our name 24 times at the UN IPCC climate talks, ftcussing on the need for urgent, transformative,
rights-based and ethical climate policies.
In April FWCC was granted official accreditation with the UN Environment Programme, allowing QUNO to
take part in encouraging progress towards a plastics pollution treaty. We also fomied part of a keynote
panel at the American Friends Service Committee's annual meeb"ng, alongside leaders of other
intemational Quaker agencies.
In May we joined Friends from aeross Europe and the Middle East in Birmingham, England, for one of the
last major intemalional events at the Woodbrooke Quaker Study Centre. Oijr international worship working
group also started putting together the next World Quaker SongboDk.
In June the Quaker United Nations Office celebrated ils 75th year, which we added to with articles for
publications and tslks for events. We were also glad to cofacililate the 'World Quaker Voices, course,
hosted by the Woodbrooke Quaker learning charity, exploring the diversity of Quakerism worldwide.
In July we published a resource pack supporting Friends lo organise events to mark Gaorg& Fox's 400th
birthday in 2024, which was downloaded more than 1000 limes. Our planning committees also met in
South Africa lo preview and test our venue and Systems for next year's World Plenary Meeting.
In August we published a consultation paper on FWCC'S future directions, proposing six priorities including
Young Adult Friends, addressing the digital divide and nurturing online worship. Two committee members
including the clerk also visited Burundi to engage in a thoughttul international dialogue with Young Adult
Friends there.
In September we spent a good deal of time answering the many enquiries about the World Plenary
Meeting, following the opening of bookings.

FRIENDS WORLD COMMITTEE FOR CONSULTATION
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Icont
Al the start of October Friends from many ￿untrieS and traditions discussed, discerned, studied and
contemplated the word ubuntu, as part of Wodd Quaker Day. Friends from across Asia and the West
Pacrfic came together for their first meetng for a number of years as did the Quaker Peace Ne￿Ork for
Africa both of which we were glad to join.
In November we joined the Quaker agen¢ie$ in a statement urging a bilateral ceasefire and retum of
hostages in Israel-Palestine.
In December we announced the glob81 programme of activities marking 400 years since the birth of
George Fox. including more than 50 events, an exhibition and a children's drawing cornpelition.
Volunteers and Stsff
The General Secretary is QU￿entlY the only full-time FWCC employee. The office has part-time employees
responsible for administralive assistance and database management. Financial Management is handled by
a contractor who works in the office as needed, approximately 1 day per wee
The work of FWCC depends on volunteers who serve on its committees. In addition lo the CEC, these
include International Nominations Committee, Intemalional Finance Committee, Staff Advisory Committee,
Intemational Membership Applications Committee, International Planning Committee, Future Directions
Working Group, Geneffil Secretary Support Committee, and the oversight committees for both Quaker
United Nations Offices. The QUNO committees, made up of representatives from all four Sections, meet at
least On￿ a year in person, typically at or close lo their respective offices in New York and Geneva. The
remaining committees, named by the CEC or by appointment by the Sections, are made up of Friends trom
each of the four Sections. They meet by audio or video conference call as often as needed. They report to
and bling recommendations to the CEC for action. It is not possible to account for the hours of volunteer
work. Volunteers are entitl￿ lo claim ffimbursement for their out-of-pocket expenses inoluding travel
{upon submission of appropriate recelptsl, although some choose lo bear their own costs as an indirect
donation lo FWCC.
Financial Revi8w
Ovepilew
2023 has been a period of consolidation and planning. The financial environment has been mre stable.
and much effort has been pul into successfvlly raising funds to support the 2024 World Plenary Meeting.
£100k of new funding has been received for this, adding to the £85k brought forward from 2022. A special
nd has been established for a new post of Justice & Peace Secretary., £78k has been received in the
year. Further sums are expected to be raised through the Global Fundraising Campaign to support new
initiatives over the next few years. The income and expenditure on running the existing programme of
Wortd offi.ce work was largely on budget. Cash and deposits have been built up during the year to enable
the expenditure on the World Plenary to be covered as needed. Inveslments recovered some of the losses
incurred in 2022 and are remaining stable at the time of writing.
Unrestrlcted Income and Expendlture
Unrestricted income was £203k in 2023 ¢ompared with £190k in 2022. Contributions from Sections and
Meetings rose from £183k to £193k.
The figure for Salaries and ReL4ted Costs tolalled £131 k.
Restricted Income and Expenditure
Restricted income from donations, legacies, and investment incorne in 2023 totalled £169k {2022 £32k)
and is also shown in Note 2 to the Financial Ststemenls. This includes contributions towards the 2024
World Plenary of £80k and funding for the new Justi￿ and Peace Secretary role 01 £78k. The costs of the
first few months of this work amounted to £17k. The gain in market value of investments increased the
funds by £14k 12022 £35k lossl. Restricted funds rose by £207k after transferring £70k of designated
funds to support the 2024 Wodd Plenary Meeting.

FRIENDS WORLD COMMITfEE FOR CONSULTATION
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
l¢ont
Endowment funds fell by £18k after gains on the underlying investments12022 £56k decreasel., £21 k from
the Committee Travel Fund was utilised to meet the costs of the CEC meeting held in Johannesburg,
South Africa in July 2023.
Net Movement in Funds
In 2023 the Unrestricted Funds deficit was £68k, the restricted funds had a surplus of £207k and the
endowment funds a de[￿lt of £18k, resulting in an overall surplus of £121k. The lotal funds rose from
£763k to £884k.
Reserves and Investments
The policy on General Fund reserves is to relain on hand an amunt equal to 6 months operating
expenses. Currenlty we have £226k in the General Fund which is over 6 months normal costs. £63k is in
designated funds for planned expenditure, and restricted and endowment funds total £595k. A large
proportion of the latter funds are planned to be used to meet the costs of the first World Plenary meeting for
eight years. In particular, the committee responsible for the Young Adult Friends Deve5opment Fund has
approved substantial grants lo support Young Friends attending the forthcoming meeting in South Africa.
Our investment policy is to hold funds not required for immediate use in professionally managed
investments which do not support war-related, alcohol, iobacco, or fossil fuel related businesses. Vvhere
possible they are identified as ethical investments that contribute to peace and eco-juslice.
Investments are held in two holdings.., the COIF Charities Ethical Investment Fund, managed by CCLA
Investment Management and units in the Friends Fiduciary Quaker Growth & Income Fund Iformerly the
Green Fund). The portfolio of stocks managed by Rathbone Greenbank was sold during 2023 and
reinvested in the COIF fund and deposit account. In 2023 the market value of these investments increased
by some £52k and at the year-end amounted to £534k. The investment porfolio was reduced in March
2023 by £100k teing transferred to the COIF Deposit account to fund the upcoming World Plenary
Meeting.
Future estlmates
Regular income continues to be at a lower level than in the past, and budgeted expenditure remains
constrained as a result, although a special appeal lo fund work on peace and Justi￿ has enabled us to
expand the work done in this area. In 2022 we launched a global fund-raising campaign to engage Friends
worldwide with the opportunities for expanding the work of the Committee in linking Friends and Meetings
everywhere, and to ftjnd the World Plenary Meeting being held in Soulhem Africa in 2024. Funds received
from this appeal in 2023 a￿ included in the current yearfs income and substantial fvrther sum$ a
expected to be receNed in 2024.
Funds Hold as Custodlan Trustee on Behalf of Others
As the accounts show, FWCC collects and passes along annually funds for Quaker UN work, the SeC￿Ons,
and other emergency work. These funds are passed along at least annually and usually more frequenlty
especially in the case of emergency support.

FRIENDS WORLD COMMITTEE FOR CONSULTATION
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Icont
ststement of Trustses, Responsibllllles
The trustees are responsible for preparing the Trustees. Annual Report and the financial statements in
accordance with applicable law and Uniled Kingdom Accounting Standards {Uniled Kingdom Generally
Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for
each financial year which give a true and fair view of the state of affairs of the charity and of the incoming
resources and application of resources of the charity for that period.
In preparing these financial ststements, the trustees are required to..
select suitsble accounting policies and then apply them consistently,.
observe the methods and prln¢iples in the Charities SORP 2019 IFRS 1021.,
rnake judgements and estimates that are reasonable and prudent.,
state whether applicable accounting stsndards have been followed, subject to any material
departures disclosed and explained in the financial ststements.,
prepare the financial statements on the going concem basis unless it is inappropriate to presume
that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose wf(h 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, the Charity (Accounts and Reports) Regulations 2008 and the
provisions of the trust deed. 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.
Circulated and approved by the Trustees,
Simon C. Lamb, Trustee
6 July 2024

Independent Auditorfs Report to the Trustees of:
FRIENDS WORLD COMMITTEE FOR CONSULTATION
Opinion
Vve have audited the financial statements of Friends World Committee for Consultation (the 'charity'l for the year
ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes lo
the financial statement5, including a summary of significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounts'ng
Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK
and Republic of Ireland (United Kingdom Generalty Accepted Accounting Practice}.
In our opinion the financial statements-
give a true and fair view of the slate of the charity's affairs as at 31 December 2023, and of ils incoming
resources and application of resources, for the year then ended",
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.,
and
have been prepared in accordance with the requirements of the Charthes Act 2011.
Basls for opinion
We conducted our audst in accordance with International Stsndards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Auditorfs ￿ sponsibilities for the audit
of the financial statements section of our report. We are independent of the charity in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We
believe that the audit evidence we have obtained is sufficient and appropriale to provide a basis for our opinion.
Conclusions relatlng to going concern
In audrting the financial statements, we have concluded that th6 trustees, use of the going con￿rn basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubl on the charity's ability to corllinue as 8 going
concern for a period of at least iwelve nwjnlhs from when the financial statements are authorised for issue.
Our responsibilities and the ￿spOnSibl11tieS of the trustees with respect to going concern are described in the
relevant sections of this report.
other Information
The Trustees are responsible for the other information. The other information comprises the information included
in the Trustees, report other than the financial statements and our auditor's report thereon. Our opinion on the
financial slaterrents does not cover the olheT information and, ex￿pt to the extent otherwise explicitly ststed in
our report, we do nol express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the ftnancial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such materi81
inconsistencies or apparent material misstatements, we are required to determine whether there is a material
misstatement in the financial statements or a material misstatement of the other information. If, based on the work
we have performed, we conclude that there is a material misslatemenl of this other information, we are required
to report that fact
We have nothing to report in this regard.

Independent Auditor's Report to the Trustees of:
FRIENDS WORLD COMMIThEE FOR CONSULTATION
Matters on which we are requlred to report by excoption
We have nothing to report in respect of the following matters in relation to which the Charitiès (Accounts and
Reports) Regulations 2008 require us to report to you if, in our opinion.,
the information given in the financial statements is inconsistent in any material respect with the Trustees,
report., or
sufficient accounting records have not been kept by the charity- or
the financial statements are not in agreement with the geeounling records and returns,. or
we have not received all the information and explanations we require for our audit.
Re$pon$lbllltles of Trustees
As explained more fully in the Trustees, resF)onsibilities ststement sel out on page 7. the Trustees are responsible
for the preparation of financial stslements and for being satisfied that they give a trLJe and fair view, and for such
internal control as the Trustees determine is ne￿SSary lo enable the preparation of financial statements that are
free from material misstatemen( whether due to fraud or error.
In preparing the financial slalemenls, the trustees are responsible for assessing the charity's ability to continue as
a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Trustees erther intend to liquidate the charity or to cease operations, or have no ￿811811C
alternative but to do so.
Audltor's responsibilities for the audit of the financial ststoments
We have been appointed as audltor under section 145 of the Charities Act 2011 and report in accordance with
regulations made under section 154 of that Act.
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free
frorn material misstatement, whether due lo fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an aLJdit conducted in
accordance with ISAS IUKI W￿1[ always detect a material misstatement when il exists. Mi551aternents can arise
from fmud or error and are considered material if, individually or in the aggregate, they coijld reasonably be
expected tr) influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities. ouuined above, to detect material misstatements in respect of irregularities,
including fraud. The specific procedures for this engagement and the extent to which these are capable of
detecting irregularities, including fraud is detailed below..
Enquiry of management and those charged with governance about actual and potential litigation or claims
and the identification of non-compliance with laws and regulations.
Reviewing minutes of meetings of those charged with governan￿.
Reviewing financial statement disclosures and testing lo supporting documentation to 88ges$ compltance
with applicable laws and regulations.
Auditing the risk of management override of controls, including testing journal entries and other
adjustments for appropriateness.
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate
risks of material misstatement due to fraud.
Professional scepticism in course of the audit and with audit sampling in material audit areas.
Because of the inherent limitations of an audit, there is 8 risk that we will not detect all irregularities, including
those leading lo a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the fi'nancial slalemenls, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional ¢oncealmenl, forgery, collusion, omission or misrepresentation. A further description of our
resFX)nsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.o
.uklauditorsres
onsibilities. This description forms part of our auditorfs report.

Independent Auditorfs Report to the Trustees of:
FRIENDS WORLD COMMITTEE FOR CONSULTATION
Use of our report
This report is made solely lo the charity's Trustees, as a body, in ac￿rdanCe with Part 4 of the Charities
IA¢¢ounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the
charity's Trustees those matters we are required to slate to them in an auditor's report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity
and the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Norman House
8 Burnell Road
Sutton, Surrey
SM14BW
MYRUS SMITH
Chartered Accountants and
stalutory Auditors
11th July 2024
Myrus Smith is eligible to act as an audltor in terms of Section 1212 of the Companies Act 2006.
10

FRIENDS WORLD COMMirrEE FOR CONSULTATION
{Registered Charty No.: 2116471
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
Unrestricted Restricted Endowment
Funds
Funds
Funds
Tol81
2023
Tot31
2022
Notes
Income and endowments from:
Donations and grants
Charitab5e activities
Investments
192,571
157,387
349,958
202,164
10,332
11,753
2,106
24,191
22,769
Total
202,903
169,140
2,106
374,149
224.933
Expenditure on:
Raising funds
Charitable activities
7,851
208,358
7,851
276,537
8,694
219,337
46,738
21.441
Totsl
216,209
46,738
21,441
284,388
228,031
Net lexpenditurell Income
before investment galns
{13,306) 122,402
119,3351
89.761
13.0981
Net gainsl{lossl on investments
15,256
14,409
1,195
30,860 1110,0461
Net In￿Me1(eXpendlture}
1,950
136,811
118,1401
120,621 {113,1441
Transfer bebNeen fvnds
13
{70,0001
70,000
Net movement In funds
{68,0501 2(K,811
118,1401
120,621 1113,1441
Reconclllatk)n of funds:
Total funds brought forward
11
356,728 261,725
144.770
763,223
876,367
Total funfls carried fonvard
11
£288,678 £468,536 £126,630 £883,844 £763,223
The Statement of Financial Aclivitses includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
The notes fom part of these Financial Statements.
11

FRIENDS WORLD COMMIThEE FOR CONSULTATION
(Registered Charity No.: 2116471
BALANCE SHEET
AS AT 31 DECEMBER 2023
Notes
2023
2022
FIXED ASSETS
Tangible fixed assets
Investments
811
681,691
534,431
534,431
682,502
CURRENT ASSETS
Debtors
Cash at barsk and in hand
119,588
331,210
18,209
89,657
450,798
107,866
CREDITORS.. Amounts falling due
within one year
101,385
21,004
NET CURRENT ASSETS
349,413
86,862
TOTAL ASSETS LESS CURRENT
LIABILITIES
883,844
769,364
CREDITORS: Amounts falling due after
more than one year
6,141
NET ASSETS
10
£883,844
£763,223
FUNDS
Unrestricted .' General
Unrestricted .' Designated
11
11
226,110
62,568
244,160
112,568
288,678
356.728
Restricted Funds
Endowment Funds
11
11
468,536
126,630
261,726
144,770
TOTAL FUNDS
11
£883,844
£763,223
Approved by the Trustees on 6 July 2024 signed on their behalf by
Simon C. Lamb
The notes form part of these Financial Slaten)ents
12

FRIENDS WORLD COMMITfEE FOR CONSULTATION
(Registered Charity No.: 211647)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
a. Basis of Accountin
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been
prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice
applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable
in the UK and Republic of Ireland IFRS 102) issued in October 2019, the Financial Reporting Standard
applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and UK Generally
A￿pIed A¢counting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention and
modified to include certain investment items at fair value. The financial statements are presented in sterling
which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out betow.
These policies have been consistently applied to all years presented unless otherwise slated.
The accounts refl8Ct the activities of the World Offi¢e of the Committee. They exclude the accounts of the four
individual FWCC Sections, except for direct transactions between them and the World Office. They also
exclude the accounts of the QUNO Offi￿S in Geneva and New York which are administered on behalf of
FWCC by Quaker Peace and Social W51ness (Londonl and the American Friends Service Committee
(Philadelphial r8spectively.
c. Incomin
Reco
nition
Income is recognised when the charity is entitled to the income, receipt is considered probable and the
amounts can be measured reliably.
Donations are recognised when the charity has been notified of the amounts and the settlement date in wriling
or, if earlier, when the donation is received.
The charity received government support through the Coronavirus Job Retention Scheme which Is accounted
for on the accrual model.
d. Ex
enditure Reco
nilion
Expenditure is recognised once there is a 5egal or constructive obligation lo make payment lo a third party, it is
piobable that settlement will be required and the amount can be measured reliably. Expenditure on charitable
activities comprises Ihe costs of running the various actrvities and services for th8 charity's beneficiaries.
Expenditure includes those costs of a direct nature which can be allocated to a specific activity. It also includes
indirect costs, including governance costs that do not relate to a specific activity but are necessary to support
them.
e. Tan
ible Fixed
Assets costing £500 or more ar8 capitali5ed and depreciation is provided al rates estimated to write off the
cost of each assel over ils ex￿cled useful life as follows..
sets
Furniture and Fittings
Office Equipment
4 years straight line
4 years straight line
13

FRIENDS WORLD COMMITTEE FOR CONSULTATION
{R¢gistered Charlty No.: 2116471
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
contd,..
1. ACCOUNTING POLICIES Icontlnuedl
f. Taxation
As FWCC is a registered charity, the results of its normal activities are not liable to income tax or corporation
tax.
g. Investments
Listed investments are initially recognised at ¢ost and subsequently restated at rnarket value based on
published stock exchange valuations al the end of each accounting period. Revalualion gains and losses are
recognised in the Ststement of Financial Activities.
h. Fund Accountin
Unrestrscted funds are available for use at the discretion of the Trustees in furtherance of the general
objective5 of the charity and which have nol ken designated for other purposes.
Designated funds are unrestricted funds earmarked by the Trustees for parti¢ul8r purposes.
Restricted funds are to be used for specific purposes as laid down by the donor or which havé béen raised by
the charity for particular purposes.
Endowment funds are to be retained permanently by the charity or in Ihe case of expendable endowmerits, the
TrL¢Stees have powers lo use the capital if they Gonsider it appropriate.
Forei
n Currenc
Foreign currency transactions are recorded at the average exchange rate for the particular month. Balance
Sheet valuations a￿ made as al 31 December each year, using the closing spot rate. Gains and losses on
exchange are recognised in the Statement of Financial Activities.
Pension Costs
The charity operates a defined contribution pension scheme. Contributions payable for the year are charged
in the Statement of Financial Activities. The assets of the scheme are administered by Trustees in a fund
independent from those of the charity.
k. Leases
Operating lease rentals are charyed lo the statement of financial activities on a straight line basis over the period of
the lease.
Debtors and creditors
Debtors and ¢￿dItorS with no slated inleresl rate and receivable or payable within one year are recorded at
transaction price. Any losses arising from impairment are recognised in the statement of financial 8Ctivities.
14

FRIENDS WORLD cOMMI￿EE FOR CONSULTATION
IReg18tered Charity No.: 211647)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Iconld,.
2. DONATIONS AND GRANTS
2023
2022
Unrestricted
Section of the Ameri¢as-.
Operatsng Fund
Friends and Meetings
73,111
658
73,976
5,608
73.769
79.584
Asia-west Pacific Section
World Plenary Gathering
Europe and Middle East SeGtion-
Britain Yearly Meeting
Friends and Meetings
Trust Fltnds (Great Britsin)
2,738
20.000
12,176
60,000
35,854
210
63,701
25,205
2,040
96,064
90,948
192,571
182,706
Restricted
Sustainability Officer IBYM gift in kindl
Worfd Plenary
Relief Fund Appeals
Justice and Peace Secretary
7,906
9,587
1.965
79,625
77,762
157,387
19,458
TOTAL
£349,958
£202,164
Included within donation5 and legacies are the following grants received from charitable organisations in 2023..
Total
Funds
2023
Total
Funds
2022
General
Funds
Restrictod
Funds
Britain Yearly Meeting (main grant)
Iliam P Bancroft Charitable Trust
Westward Trust
60,000
10
200
60,000
10
200
63,701
2,040
£60,210
£Nil
£60,210
£65,741
15

RIENDS WORLD COMmI￿EE FOR CONSULTATION
{R8gistered Charlty No.: 211647>
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Icontd...
INVESTMENT INCOME
Unrestri¢led Restricted Endowment
Funds
Funds
Funds
Total
2023
Total
2022
Dividends and interest
£10,332
£11,753
£2,106
£24,191
£22,769
Of the £22,769 recognised in 2022. £7.492 related to unreslrided funds, £12,502 to restricted fijnds and £2,775 10
endowment funds.
TOTAL RESOURCES EXPENDED
Raising
Funds
Charitable Goveman¢e
Activities
Costs
2023
Total
2022
Total
Salaries and Related Costs
Office Managernenl
Information Technology and
Communications
Travel in the Ministry
WPM Preparatory Cost
International Membership Committee
Literature and Publications
Quaker United Nations Committees
Grants lo Institutions
Central Executive Committee
Investment Management Charges
Auditors, Remuneration- Audit services
Non-audit
5,863
122,009
25,099
2,931
130,803
25,099
116,475
22,042
8,068
8,525
27,532
8,068
8,525
27,532
6,390
11,010
2,126
12,190
2,328
16,772
32,938
3,260
3,660
11,561
8,962
15,110
11,561
8,962
15,110
21,443
1,988
3,660
21,443
1,988
3,660
Legal Fees
Consultancy Fee5
Foreign Exchange (Gain) l Loss
Relief Fund Appeals
16,655
4,362
620
16,655
4,362
620
(3,146)
1,986
Total 2023
£7,851
£248,503
£28,034
£284,388 £228,031
Total 2022
£8,694
£180,022
£39,315
£228,031
All of the £8,694 cost of raising funds and £39,315 g0Veman￿ costs in 2022 were charged lo unreslricled funds. Of
the £180,022 cost Df charitsble activities in 2022, £134,108 was charged to unrestricted fijnds. £18,352 wa8 Charged to
restricted fjjnds and £27,562 was charged lo endowment funds.
STAFF COSTS AND NUMBERS
2023
2022
Salaries and Wages
Social Security Costs
Employer Pension Contributions
Pension Deficit Adjustment
Fixed Contract Staff (Freelancers)
114,384
3,433
6,597
92,720
4,111
7,070
13,694)
10,488
6,389
£130,803
£110,695
16

FRIENDS WORLD COMMITTEE FOR CONSULTATION
(Registered Charity No.: 211647)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 310ECEMBER 2023
Icontd...
As permitted by the charity's governing document, the General Secretary, Tim Gee. who is also a trustee,
re￿iVed a salary of £51,940 12022.. £47,733). The total employee benefits of the charity's Key Management
personnel amounted to £61,622 12022.. £56,958}. Under FRS 102, employee benefits include gross salary,
employerfs National Insurance contribution5 and employer's pension contributions.
No employee received total employee benefits (excluding employer pension wstsl of more than £60,000_
The average number of employees during the year was 412022.. 4}.
The 8vetage number of employees during the year, calculated on the basis of full time equivalents,
was 2.612022. 2.61.
FIXED ASSETS
Equipment
2023
Cost
At 1 January 2023
Additions in year
3,247
At December 2023
3,247
De
recialion
At 1 January 2023
Charge fi)r the year
2,438
811
At December 2023
3,247
Net book value al 31 December2023
£Nil
Net book value al 31 December 2022
£811
17

FRIENDS WORLD COMMIThEE FOR CONSULTATION
(Registered Charty No.: 211647)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Icontd...
INVESTMENTS
2023
2022
Listed Investments..
Market value brought forward
Additions al cost
Disposals at opening market value
Foreign exchange gainslllossesl
Unrealised Ilossllgains on revaluation
677,661
26,999
(199,4861
121,6251
50,882
791.171
151.967
{168,3821
53,100
{150,1951
Market value carried fO￿ard
Cash held for investment
534,431
677,661
4,030
Total market value of investments
£534,431
£681,691
Historical cost carried forward
£420,854
£683,624
Investment
loss
ins:
Unrealised Ilossllgains on revaluation
Realised {lossllgains on disposal
Foreign exchange gain
50,882
1,603
121,6251
{150,1951
113,5571
53,706
£30,860
£{110,046}
Of the £{110,046) recognised in 2022, £142,988) related to unrestricted funds, £135,826) to restricted
funds and £131,232) to endowment funds.
DEBTORS
2023
2022
Amounts fallin
due within one
Section accounts
Other debtors
ear..
33,923
85,665
17,608
601
119,588
18,209
Amounts fallin
due after more than one
Section of the Americas
£119,588
£18.209
CREDITORS
2023
2022
Amounts fallin
due within one
Taxation and social security
Other creditors and accruals
Def8rred income
ear..
9,584
35,674
56,127
9,402
11,602
£101,385
£21,004
Amunts fallin
due after more than one
Pension deficit liability
eaf..
£Nil
£6,141
18

FRIENDS WORLD COMMITfEE FOR CONSULTATION
(Registered Charlty No.: 2116471
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Iconld...
10. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Fund5
Restricted Endowment
Funds
Funds
Total
Funds
Tangible fixed assets
Fixed asset investments
Net current assets
Non4urrent liabilities
59,158
229,520
327,202
141,334
148,071
{21,4411
534,431
349,413
Net assets at 31 December 2023
£288,678
£468,536
£126,630 £883,844
Comparatwe information for the net assets be￿een funds in the previous year is as follows-.
Unrestricted
Funds
Restrided Endowrnent
Fund5
Funds
Totsl
Funds
Tangible fixed assets
Fixed asset investments
Net current assets
Non-current Ilabilities
811
237.317
124,741
16,141)
811
681,691
86,862
(6,141)
299,604
(37,879)
144,770
Net assets at 31 December 2022
£356,728
£261,725
£144,770 £763.223
19

FRIENDS WORLD COMMITTEE FOR CONSULTATION
(Registgred Charty No.: 211647)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Icontd...
11. MOVEMENT IN FUNDS
Income
Transfers
At 1.1.23 Ilncl. inv Expenditure (Note 131 At 31.12.23
lossl
Unrestrict9d Funds
General Funds
244.160
198,159
216,209
226,110
Deslgnated Funds {unrestricted)
WorSd Pbenary
UN Conferences Attendance Fund
Conference and T￿Ve1 Fund
Young Adult Friends Fund
50.000
5,967
30,122
26,479
20.000
170,0001
5,967
30,122
26,479
Totsl Designated Funds
112,568
20,000
170,0001
62,568
Restricted Funds
Justice and Peace Secretary
World Plenary
World Plenary Travel and
Accommodation
Quaker Online Sustainability
Conferen
Young Adult Friends Development
Fund
Sustainability Officer
Future WGYF Fund
Relief and Peace Making Fund
77,762
16,655
61,107
34.973
134,9731
670
79,625
29.463
104,973
155,805
5,478
5,478
213,978
26.162
240,140
5,000
1,626
5,000
1,006
620
Totsl Restricted Fund$
261.725
183.549
46,738
70.000
468,536
Endovmient Funds
Expendable Endowments".
C.B. Taylor Travel Bursary
Committee Travel
115,402
29,368
2,631
670
118,033
8.597
21,441
Total Endowment Funds
144,770
3,301
21,441
126.630
Total Funds
£763,223 £405,009 £284,388
£Nil £883.844
Details of the above funds are given in note 12.
20

FRIENDS WORLD COMMITTEE FOR CONSULTATION
(Registered Charlty No.: 211647)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Icontd...
11. MOVEMENT IN FUNDS Icontd...
Comparatsve information ft)r the movement in fvjnds in the previous year is as follows=
Income
Transfers
Al 1.1.22 {Incl. gains) Expenditure (Note 141 At 31.12.22
Unrestricted Funds
General Funds
280,579
147,210
182.117
{1,5121 244,160
Designated Funds lunrestrictedl
World Plenary
UN Conferences Attendance Fund
Conference and Travel Fund
Young Adult Friends Fund
50,000
5,967
30,122
26,479
50,000
5,967
30,122
26,479
Total Deslgnated Funds
112,568
112,568
Restrlcted Funds
Quaker United Nations Work-
Geneva
World Plenary
Travel and Accommodation
Quaker Online Sustainability
Conference
Young Adult Friends Development
Fund
Sustainability Officer
Future WGYF Fund
Relief and Peace Making Fund
1,512
1,512
28,745
670
8.376
2,148
34,973
670
5,478
5,478
240,891
122,1131
7,906
4,800
7,906
213,978
5,(K)O
1,647
5,000
1,626
1,965
1,986
Total Restricted Funds
282.431
13,866)
18,352
1,512
261,725
Endowment Funds
Expendable Endowments..
C.B. TaylorTravel Bursary
Committee Travel
134,458
66,331
119,0561
19,4011
115.402
29,368
27,562
Totsl Endowment Fund5
200,789
128,457}
27,562
144.770
Tolal Funds
£876,367 £114,887
£228,031
£Nil £763,223
21

FRIENDS WORLD COMMIThEE FOR CONSULTATION
(Registered Charity No.: 211647)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEM8ER 2023
Icontd...
12. PURPOSES OF FUNDS (MAJOR FUNDS ONLY)
Deslgnated Funds
Wortd Plena
This fvnd has been established to ring-fence funds towards the costs of future World Plenary meeting$.
Intemalional Re
resenlatives Meetin
Fund
These meeting5 for representatives from Friends around the World occur normally at three to five yearly inlervals
and this fund is lo even out the financial impact of organising the same. This fund ¢ontains any surplus lor
deh'cill from International Representatives Meetings. It is used to meet expenses for the following Intemational
Representslves Meeting (previously known as Triennialsl.
UN Conferences Attend8nce Fund
This is to fund Quaker representatives to selected United Nations ¢onferen¢es.
confe￿nce and Travel Fund
This fund is used to assist in the planning of, and travel to, international Conferences of Friends, particularly to
assist in the participation of economically deprived Friends. It is also used for travel in the ministry betsveen
Sections.
Youn
Adult Friends Fund
This fund is made of funds from the dissolution of the World Gathering of Young Friends charity, plus
aulhorisalion from their governing body to release restricted funds FWCC was holding on their behalf. This fund
is used as directed by the Central Executive Committee (Trusleesl, with preference for activities wrth and for
Young Adult Friends worldwide.
Restricted Funds
Quaker United Nations Work
Funds received towards the work of ihe Quaker United Nations Offi￿ in Geneva and in New York.
World Plena
Funds received specifically towards the costs of future World Plenary meetings.
Quaker Online Sustainabili
Conference
This fund resulted from a grant and other donations towards the costs of holding a conference on the subject of
sustainability-
Justice and Peace Secreta
The Justice and Peace Fund has been established to support the work of the Justice and Peace Secretary, who
will maintain contact belween the committee and the tsvo Quaker United Nations Offices, coordinate the Global
Quaker Sustainability Network, and establish conversations between Quaker Organisations about Historical
Justice.

FRIENDS WORLD COMMITTEE FOR CONSULTATION
(Reglstered Charity No.: 211647)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Icontd...
12. PURPOSES OF FUNDS (MAJOR FUNDS ONLY> IGontd...
R•$trlct8d Funds Icontd...
Youn
Adult Friends Develo
ment Fund
After an extensive review of the Quaker Youth Pilgrimage program, the CEC reached a decision to change the
program from a biannual tour in Europe or the Americas for about ￿enty young adults to a grant-making program
to support and empower youth events and activities around the world
Sustsinabili
OffI￿r
BYM pays for half of the employment Cost of a Sustainability Officer who works fijll time for FWCC. In substance,
this is a gift in kind and a reslricled grant towards salary costs.
Future World Gatherin
ofyoun
Frtends Fund
Seed funds lo be used lo meet the costs of a fvture Worfd Gathellng of Young Friends.
Relief and Peace Makin
Fund
Money collected by Friends for transmission by FWCC to support Quaker work in aress of con)lict or distress.
This fund also includes income which is to be passed direcuy to the intended recipient via FWCC.
Endowment Funds
ndable Endowments..
CB Ta
lor Endowment Fund
This provides resources lor Friends, travel in the ministry, primarily in economically deprived areas of the world
with a focus on Africa and Asia.
Committee Travel Endowment Fulld
This fund enables committee members to participate in committee meetings wherever they are located.
13. TRANSFERS BETWEEN FUNDS12023)
Be￿een Desi
naled Funds and Restricted Funds
£70,000 from World Plenary designated funds to world Plenary Travel & Accommodation restricted fvnds.
£34,973 from World Plenary restricted funds to World Plenary Travel & Accommodation restri¢ted funds.
14. TRANSFERS BETWEEN FUNDS12022)
Be￿een General and Restricted Funds
£1,512 to Quaker United National office to cover the expenses.
23

FRIENDS WORLD COMMITTEE FOR CONSULTATION
{Registered Charity No.: 211647}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Icontd...
15. CONTINGENT LIABILITIES
The Pension Trust- The Growth Plan
The charity participates in the above multi-employer pension scheme which provides benefits to some 1,300 non-
associated participating employers. The scheme is a defined benefit scheme in the UK.
11 is not possible for the Charity to obtain Suff￿lent information to enable it to account for the scheme as a defined
benefit scheme. Therefore, il accour¢ls for the ￿heme as a defined contribution scheme.
The scheme is SLJbject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30
December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial
standards issued by the Financial Reporb"ng Council, set out the framework for funding defined benefit
occupational pension schemes in the UK.
The scheme is classiffed as a 'last-man standing arrangement,. Therefore, the charity is potentially liable for
other participating employers. obligations if those employers are unable to meet their share of the scheme defi¢it
following wilhdffiwal from the scheme. Participating employers are legally required to meet their Sha￿ of the
scheme deficit on an annuity purchase basis on withdrawal from the scheme.
A full actuarial valuation for the scheme was carried out at 30 September 2020. This actuarial valuation showed
assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustees
and the participating employers agreed that additional conth"bubons will be paid to the scheme as follows..
From 1 April 2022 10 31 January 2025. £3.312m per annum (payable monthly). The recovery plan contributions
are allocated lo each partlcipaling employer in line with their estimated share of the Series 1 and Series 2
scheme liabilities.
The charity's share of Ihe recovery plan contributions amounts lo £5,668 per annum up to 31 January 2025.
The full amount of the contributions due under the original recovery plan which coMMen￿d in April 2013 totalling
£110,983, was recognised as an expense in the year ended 31 December 2012. The recovery plan was
subsequently amended with effect from 1 April 2016 and this resulted in an additional liability of £22,079 which
was recognised as an expense in the year ended 31 Decefnber 2015.
The eslimaled debt on withdrawal from the scheme is £33.590 leffective dale September 2022}.
As a result of recent changes lo the reGovery plan, effective from 1 April 2022, which has seen the charity's
contributions decrease, a credit of £3,694 was recognised against expenditure for the year ended 31 December
2022.
24

FRIENDS WORLD COMMIThEE FOR CONSULTATION
(Reglstered Charity No.: 211647)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Iconld..
16. OPERATING LEASE COMMITMENTS
The total minimu¥n lease payments due under non-cancellable operating leases are as lollows..
2023
2022
Land and
Buildings
Land and
Buildings
Other
Other
Due within..
One year
One lo five years
13,628
13,628
Total minimum lease payments
£13,628
£Nil
£13,628
£Nil
The total lease payments recognised as an expense in the Statement of Financial Activities amounts to £13,628
12022.. £15,285).
17. RELATED PARTY TRANSACTIONS
Travel and a¢¢ommodab'on costs amounting to £21,441 12022.. £29.4191 were reimbursed to andlor paid on
behalf of 14 Truslees12022.' 121.
The aggregate donations received from related parties without conditions amounted to £1,000 {2022.. £2,062).
25

FRIENDS WORLD cOMMI￿EE FOR CONSULTATION
(Registered Charity No.: 211647)
UNRESTRICTED FUNDS
FOR THE YEAR ENDED 31 DECEMBER 2023
Total
Unrestricted
Funds
General
FurKI$
Designated
Funds
2023
Income and endowments from:
Donattons and grants
Charitable activities
Investments
172,571
20,000
192,571
10,332
10,332
Total
182,903
20,000
202,903
Expenditure on:
Raising funds
Charitable activitses
7,851
208,358
7,851
208,358
Totsl
216,209
216,209
Not Incomellexpenditure) before Investment gains
133,3061
20,000
{13,3061
Net gains on investments
15,256
15,256
Net Incomellexpfrnditure) before transfers
118,0501
20,000
1.950
Transfers be￿een funds
170,000}
{70.000)
Net movement in funds
118.0501
{50,000)
{68.0501
Total funds brought fo￿ard
£244.160
£112,568
£356,728
Total funds ¢arrled forward
£226,110
£62.568
£288,678
This page does not form part of the statutory Financial Statements.
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