Friends World Committee for Consultation WORLD OFFICE FRIENDS WORLD cOMMfEE FOR CONSULTATION (Quakers) {Reglstered Charlty No.: 2116471 REPORT OF THE TRUSTEES AND AUDrrED FINANcL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 KINGSTON BURROWES AUDIT LTD 308 Ewell Road Surbiton, sUrY KT6 7AL
FRIENDS WORLD COMMIThEE FOR CONSULTATION TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Datslts of the Charity, its Trustees and Advi¥ers Reglstwed Offlc8 173 Euston Road, London NW 12A Phone.. 020-7663-1199 Email.. wor1d@friendsworldoffi.Or9 Website". w¥.1wcC.wor1d Tru¥tse8lMembers of the Central Executive Commlttee for 2024 Michael Eccle5 Jonathan Fletcher Adrian Glamorgan Tim Gee, General Secretary Myron R_ Gu8cha118 Montano lunlil April 20241 Simon C. Lamb, Clerk (until January 20251 Ethel LiVerMe Thuli Nokuthula Mbele Robin Mohr (until Juty 20241 Evan Welkin (from August 20241 Esther Mombo, Assistant Cbrk (until January 20251 Clerk (from January 20251 Peter Ullalhome, Treasurer Bainito Wamalwa Maryorp Angalot Lavonna Loesch {until May 20251 Nelson Ayala Amaya Ifrom May 20251 Wycliff Kibisu (from April 20251 Kerya Casanova-sales The chief executive officer is the Clerk of FWCC, a volunteer poS10n held throughout 2024 by Simon C. L8mb, and trom January 2025 by Esther Mombo in an interirn capacity. The Chief operating officer, a full- lime staff posttion, is the General Secretary,fim 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 Sollcllors: Bato$ Welli, 10 Queen Stre81 Ple, London EC4R 1 BE Auditor= Kingston Burrowe8 Audit Ltd, 308 Ewell Road, Surbiton, Surrey, KT6 7AL Invèstm•nt Managers: Friends Fiduciary, 1700 Market street, Suite 1535, Philadelphia, PA 19103 Rathbone Investment Managetnent Ltd, Port of Liverpool Building, Lnierpool L3 1NW CCLA investment Manag8m8nt Limited. One Angel Lane, Lon(Jon EC4R 3AB
FRIENDS WORLD COMMITTEE FOR CONSULTATION TRUSTEES ANNUAL REPORT FOR THE YE4R ENDED 31 DECEMBER 2024 Icont Structure. gov¢maneo and managemont Goveming Do¢umgnt.. FWCC is an as$o¢iation whos8 gtsveming document 18 a con5ti1ution adopted in 2004 and amended in 2007 and 2016. Trustee5 of FWCC.. The Central Exaeutlve Committee of FWCC Serves as its Trustee bo¢ty with the responsibilitie8 that this rose carries under the applicable laws of EThJland and W81es. Its mEmbers are listed above. Mure than hall the trustees arg not UK nationals. Appointment of trustees.. The Clerk and Executive Secretary of 8ach of FWCC'S four independent geographical 8e¢ts'on5 serve on the Central Executive Committee ex officio. The centr81 officers of FWCC and the Centr81 Executive Committee members-at-large are appointed by the Central Executive Committee, on recomrnendation from an Intemational Nominats"ons Committee made up of repre8entatlV6S from the four Sections. The central execulivo Staff (General Seuetaryl 18 appointed by the Central Exocutive Committee, after an open intemational search proeess. Upors appointment, new trustee5 are inducted by the Gen•ral Secretary who shares detailed inlomation with each ttustee. Organlsatlonal Structurè The R8ligious Society of Friends (Quakers) Ls organised at the local level with places ol worship (called either churches or meeting51 grouping themselves together to lom Year meetsngs IFegionsl or national bodies). B8cau88 there is a great variaty ol modes of worship and beli8f amow Friends, sorne yearly mèttings overlap wilh each other and may have little dir8Ct cont8et with each other. FWCC 8Xl8ts to keep all of thesg y88rly rneetings plus isolated individua15 and group$ in touch wth onè another. It 16 truty a etsmmittee whose membership is made up of yearly rn8eting representatives. Under the Consts"tution of 2016. FWCC holds World Plenary M¢etings of iepresenlatives from all sffiliatsd meetings and groups, 8t intervals not to exceed ten years. The World Plenary Me8ting Sets policy directions. advises the Central Executive Commrttee, and expresses the Vol of FWCC on matter8 of public concern. The most recant mséting of this body was in August 2024. The Central Exocutive Committee (the CECI 18 empowèr6d to Implement and conduct the business of FWCC and to serve as the trustee body. The CEC mèats at least On por year in person, and at other tirnas online. It i% empowered by it8 Constitution to make decisions electronically. Minutes from electr(x)ic meetings. as well as those approved by email. are Tatified at the next meeting. Al decisions are made in the Quaker mode ol 'sense of the meeting, la broad form of consensu51 or unanimously lin the case of electronic decisions). The Genèr81 Secretary. the chief stafl member who also serves As a trustee with the consent of the Charity Commission, has the work of making the day-to-day decisions relaknng to mana9èment and staff in ¢on$ultath)n with thè Treasurer and the Clerk of FWCG. FWCC works in eoniunction with its four geographicsl Sections, none of whith Is a charity in England & Wales, althtsugh each 1$ a separate legal entity properly registered in its localrty. The four are Section of the Ameri¢as la recognised US charitable organisation incorpoTated in Pennsylvania USA), Europe & Middle East Section la registered Seottish Charity), AfrrA Section (registered in Kenyal, and Asia-west Pacific Section (incorporated in Australia). Risk Assessment Trustee¥ continue tts review and upd8te the oiganisation's Risk Re9i$ter. The plannlng and detailed risk assessment for the 2024 Wtsrld Plenary Meeting resulted in a smooth accomplishment of the event. The main risks lo the World Office are financial and mamagerial. Although we hold a good level ol reserve funds to support our work for the foreseeable future, we rely on the ability of our Sections and other Quaker bodies to fund our operations on an ongoing basis. B8cau$e the London staff is so srnall, much rests upon the shoulders of Ihe General Secretary. Standard offic8 procedures Include dual aulhorisation tsf bank payments and storSng data from the cornputer 88rvw in 'cloud.based' Storage. Work is ongoing to updat8
FRIENDS WORLD COMMITTEE FOR CONSULTAMON TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 l¢ont our risk register and our manual ot financial po15cie$ and procettsures. The Offi complles with UK data protection law and safeguarding procedures. We are ¢onscicKts of the voluntary code for fundraising published by the UK'$ Fundraising Authority, and aim to comply with the requiiements of this code. The organisation Carr$ a range of Insuran cover in¢luding Officers and Directors abilty for UK re$ident Trustaes. FWCC has an International Finance Committee which rneet5 by conferenee call 9lAdY to review the currenl state of linan¢es. FWCC is audiied annually by independent re9i8tered auditors. Objectivès an(1 Act5vlties From its Constitub"on'. The object of FWCC ¢s the ailvancement ol relYJion lor the publi¢ benefit, by means of fo$tering the principles and practice of the Religious Society of Friends lQuaker51 worfdwide thrDugh consultation and cooperation. FWCC w&s established by Minute No. 27 of a World conferen of the Religious Society of Friends held at Sw8rthrnore, Pennsylvania, USA, in 1937 and ha5 been CDntinued since that time by the Yearly Meetings affiliated to it as a consultative. non-prolit making organisation. worfd-wide in 8¢0pe. The operations of FWCC are further guided by the following m$ aFKI PutP05es, which are subservient to the objects of FWGC". 1. To en¢ourage and $trength¢n the spiritual life wrihin thè Relyiou$ Society of Friends, and its oulreach in the world, through such rnea5uies a5 worship, InteisitatIOn, stu¢fy, confvrences and a wicle sharing of experiences on the deepest level. 2. To help Friends to gain a better understsnding of the workl wide character of the Relsgious Society of FrEnds and its vocation in the worfd. 3. To prornote collsultation 8mongst Friends of all cultures. countsies, and languages. To brti)g tho different groups of FrndS into intimate to(*ch with one another, seeking their common Quaker heritage, sharing experiences, and corning to some rneasure of agreement in regard to their attitud6 tts world issues. 4. To prornote und8r8tandiryJ b8lw8en Friends 8verywh8r8 and rn8rnbeTY of other branches of th8 Christian Church and also of other religious faiths. and to interpret the $pe¢ific Quaker m8588gg to thos& who seek further religious experience. 5. To keep under review the Quaker contribution in world affairs and to the worfd Christian mission," to facilitate the examinats.on and presentats.on of Quaker thinking and conrn in these fields. and lo encourage Friends to cooperate as far as possible in joint action with other groups having Similar objectives. Publlc Benefft The Ch8rities Act 2011 requires charfties to fit into identified Charitable purpo$es. FWCC frts into of the identified charitable purptsses." the av•ment of religion and the advancement of human rights, nflict resoluOn or Teconcilialion or the promotion of religious or racial harmony or 8qU8lity and diversity. Trustèes have had regard to the Charity Commissitsn guidance in this area. FWCC'S website w.fiNCC.world provides information and links to each grouping of Friends around th8 world, includlng ¢onta¢l information where available. It links to websites maintained by th& four Section offices. This Infomation is available to Friends and non-Friends alike and serves both to connect Friends around the workl and to provide information about Quakers lo interested seekers and the general public. In rec8nt years. web inquiri88 have led to nèw Quaker group$ and members In Eastern Europe, central and westem Africa, and Asia. FWCC also makes regular use of other social media, $u¢h as Facebook, Blue8ky, 1nstagr8rn, and YouTube. to provide information about tho tsrganisation's aetivrties and those of other Quaker groups around the world.
FRIENDS WORLD COMMITTEE FOR CONSULTATION TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Icont Since its founding in 1937, FWCC has PLFt its faith into action by prrAnoting pe8ce through tho support of international organi5ations. In 1947, Quaker peace organisations were awarded the Nobel Peace Prize. Since the founding of Ihe United Nations, FWCC has held general ¢on$ultative st8tus, the highest status NG08 can obtain. Quaker Unt1 Nations Offices IQUNOI in N8w York and Geneva. under joint oversight by FWCC and other Quaker charitable organisations, combine recognised experb$e in k&y areas of intemationa5 policy with experience in fl11t0t10fi and dialogu8 In 8 muttilateral setting. QUNO work Iocu5es )n peace & disarmament, peabullding and prevention of violeJ)t conllicl, human rights & refuge85. food and $u$tainability, human impacts of climate change. and natural restsureeslconflict and cooperation. FWCC Epre5ents Quakers in the world ecumenical eircks. The General Secretary attends the annual meeting of the General Se¢retaries of Christl8n World Communions. FWCC also is represant8d at meetings ofthe World Coun1 of Churches IWCC) and on the Faith and Order Commission of WCC. FWCC a189 serve5 on occasion as a channel of inf0mtion and Support in emergen¢ie6 such a8 natural dis88ter5 and amed conflict. where there is a local Quaker group Seeking as8iStance_ 2024 highlights In J8nu8ry, wè shared a widely read article written by our General Secretary Tirn Gee 8xploring how Quakers maintain their testimony to pea in the context of the ongoing wars In Ukraine, and in Israel and Palestine. In F8bruAry, we publ¢shed querie3 from our Study Guide and flnalised the World Qu8k8r Songbook (wh was subsequently recorded and turned into a YouTube playlist) ahgad olthe World Plenary Meeting. In Mar¢h, QUNO spoke up in the name of FWCC for a Pla¥tics Pollthon Treaty at the 6th United Nation8 Environment ASseMY in Nairobi. In April, we joined 100+ Friends, groups and otganisations in signing the Israel-Palestine'Quaker Vislon for Peace Pledge,. and our Justice and Peace Secretary Hezron Masrt$9 was 8 keynote speaker at the FWCC Europe and Middle East secb.on s online gathering. In May, the World Office 8UPPOrted the presentation of a leaflet about the benefrt8 of restorative Justi at the UN Crime8 ComMissn in Vienna and gathered together with Quaker agency aderS in Brussels on World Consuentious Objection Day lo affirni the TwJht to refuse to ham) others. In June, we op•ned a Climate Emergency Fund to Support Friends suffering from dimale related di$asttrrs Such 88 floods, landslides, drought and other forms of &xtreme weather. In July Ithe official birth month of one of Quakerism'8 ¢0-lounders, George Foxl and throughout the year, events snd 8etwits.es took place marking 400 centur8 of Quakers. In Au9USt. around 500 Quakers from S3 countries and 95 yearly meeting$ gathered in South Africa and online for th& FWCC World Plenary Meeting, culminathng in an epistle, the eaVing. document and a prsyef. In Septembèr. w8 shared news of the six Strategic Directions for FWCC'S future, and also of a new World Execukn"ve Committee of Young Adult Friènds. In O¢tober, for Worfd Quaker Day we invited FTi8nd8 erywhe to watch, enjoy and share a short film about the outcomes of the Workl Plet7ary Meeting, and to join a semi.programmed online meeting for worship hDSted by the Europe and Middle East Section, and an event in Uganda organised tsy the Africa SiDn.
FRIENDS WORLD COMMITTEE FOR CONSULTATION TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 leont In November, Tirn Gee'$ visit to Kenya included preaehing at Friends InternAts"onal Centre, witnessing the welcoming of some ol the SOO new members of Nairobi Yearly Meeting after completiry their Catechism Classes, attending the annval Christian Worfd Communions Meeting, as well as meeth)g wlth FWCC Central Executive cornmee members and leaders of other Quaker groups. In December, around 10,000 copies of Friends World News, annual print bulletin were 8enl to Friends around the world. We endgd Ihg year in deep gratitude for the prayers, donations and sUPPOrt from Frfiends atound the wodd. Volunteers and Staff The General Secretary is currenlly the only fulE-time FWCC employee. The office has part-time ernplDyees respDnsible for administration, communications and database management. Financial Management is handled by a contractor who works as needed, approximatety 1 day per week. Th6 work of FWCC depends on rnernbers of the Society of Friends frorn acT055 the world who serve on its eommittees. In addition to the CEC, these include International Nominations Committee, Inteinational Finance Cornmittee, Staff Advisory Committee, International Membership Applications Committee, International Planning Cornrnrttee, and the oversight eommittees for both Quaker United Nations Offices. The QUNO CoMmtee$, made up of representstives from all four Section$, meet at least once a year in person. typic81ty 8t or c105e to their respective office5 sn New York and Geneva. The remaining committeès, named by the CEC or by appointment by the Sections, are made up of Friends from each of the four Sg¢tions. Tttoy meel by audio or video ¢onfrren¢e c811 as often as needed. They report to and bng recommèndations to the CEC for action. It is not po$sbi le to a¢UMt for the hours of voluntary work. Volunteers are entitled to c18im reimbursement for their out-of-pocket expenses induding travel luptsn submission of appropriate reIpts1. although some choose to bear thwr own costs as an indirect donats'on to FWCC. Flnancial Revlew Overvlew The year wa8 dominated by th8 World Pl8nary Meeting. The inetsmtt from registrstiorn fees and grants related to this, and the Costs of the conferenTr ¢enlre and flights. came close lo budget, but this was the principal reason for Ihe deficit overall. offset by an unexpected legacy. The overall expenditure in th8 World Office operating aceounl was largely balanced by income from the Sections and other Friends and Meetings. Unrestrl¢ted Inwm¢ and Exp8ndlture Unrestricted income was £320k in 2024 compared with £203k in 2023. The principal reason foi this w88 a very generous legacy of £114k. Contributions from Sectitsns and Meetings were level at £193k. The ligure for Sal8ri&5 and Related Cost8 tOtald £140k12023 £1311. Investsment gains of £23k were added to the General Fund. Rè$trict•d lftcome and Expendlturè Restrfcted income from donations. ¢harltable actlvltles, lega¢ie8, and investment income in 2024 totalled £233k 12023 £169kl and is also shown in Ntste 2 and 3 to the Financial Statements. This includes contributions towards the 2024 World Plenary of £61k and funding for the new Justice and Peac8 Secretary role of £27k. The gain in market value of investment5 increased the funds by £7k. Over811, restdcted funds decreased by £21Ok after accounng lor th& funds spent on the World Plenary Meeting and Young Adult Friends gathering.
FRIENDS WORLD COMMITTEE FOR CONSULTATION TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Icont Endowment Fund$ Endowment funds fell by £37k. £11k frorn the Comrnittee Travel Fund was utilssed to meet the ¢o$ts of the CEC meeting held in JohannbUrg, South Africa in August 2024. Th15 fund is now exhausted, and a new de8vJn8ted fund to cover this category of expenditure has been created by the CEC using the IacY ceived in the year. Th8 C.B. Taylor fund was used to SUPPDrt attendance at the World Plenary Meeting by Friends from under-resourced Quakei Yeaily Meetings and Groups. This fund will be utilised over tha next few years to continue to support 8uch Fr19nds in tiavelling. Net Movement in Funds In 2024 the Unrestricted Funds surplus was £117k, the restricted funds had a deficit of £117k and the endowtnent funds a deficit of £28k, resulting in an overall doficit of £28k. Transfers of lund8 hav8 baen ade to reflect the clgarkng of the World Plenary Me8ting costs. The total fvnd5 reduced from £884k to £855k. ReSetV and Investments The policy on General Fund reserves L% to retain on hand an amount equal to 6 month8 oper8tr.ng expenses. Currently we have £325k in the General Fund which is over 6 month8 normal costs. £182k is in de$ynat8d funds for planned experKlitur8, and restricted and endowment funds total £348k. Our investsnent policy is to hDld funds not required for immedbate use in professionally managed invtsstments which do not support war-related, akohol, tobacco, or fossil fuel related businesses. Where possible they are identrfied as ethical irtve$lments that ¢ontributs to peace and e¢o-jUStiC8. Investments are held in I0 holdings.. thè COIF Charities Ethical Investment Fund, managed by CCLA Investment Management antl units in the Friends Fiduciary Quaker Growth & Income Fund Ifoirnerly the Green Fund). In 2024 the market value of the56 investments increased by some £37k and at the year-end amounted to £587k. We retain some £167k in short tem deposiis in the COIF Deposit account, available on demand, but earning interest on cash not required immediately. Future estlmote8 Regu18r incom& continues to be a18 lower level than In the past, and budgeted expenditure remain¥ constrained as a resutt, although a spo¢ial appeal to fund work on peace and justice has enabled us to expand the work done in this area, In 2022 we launched a global fund-Taising campaign to engage Friends worldwide with the oppothnities for expandin9 the work of the Committee in linking Friends and Meetings everywhe[8, and to fund th8 2024 World Plenary Meeting. Funds receivèd from this appeal in 2024 are induded in the current year's income and further sums are promlsed to be received overthe ensuing years. Funds Held as Custodian Trustè• on Bohalf ol Other8 As the accounts show, FWCC collects and pas8e8 along annually funds for Quaker UN work, Sections, and other emergency work. Thes& funds are passed along at least annually and usually more frequenly especially in the ca88 of 8m8rgèncy support. On 31 December 2024 no lunds under thi8 heading *ere being held. Future Plan¥ Dgvelopments in 2025 will include the setting up of regular workl-wide online tneetings for worship hosle¢J each Section. We will b8 working with the World Executive Cornmittee of Young Adult Friends IWECYAFI while they disctsm a way forward on their stru¢ture$ and relationship wth FWCC. WECYAF'S goals are to work loward establishing a sustainable nelwork to connect Young Adult Friends worldwide and to plan a World Gathering of yon9 Fri8nd5. There will be a conUln review of our oifice arrangements and policies, to align with presenl-day methods af woiksng. The Central Exe¢ulive Committee will be rneetin9 in Seoul, Souu) Korea in October 2025 to review fvture plans. The lowJer-term plans include impioving digital fa¢ililigs in those areas that have a need and planning an online World gathering in 2027. A full Plenary Meeting is envisaged ftsr 203012031 with a centenary Plenary in 2037. These will be dependent on seouring adequate funding.
FRIENDS WORLD COMMIThEE FOR CONSULTATION TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Icont statgment of Trust. Responsibilities The tru$lees are responsible for preparing the Trustees, Annual Report and thtr finanelal statements i accordance with spplicable law and United Klngdom A¢counting Standards Iunited Kingdom General Accepied AOUntIng Practice). The law applicable lo charities in England & Wak8$ require$ the tru8t885 lo prepare financial statements for each financial year which give a true and fair view of the State tsf affairs of the charity and of the incoming resou$ and appli¢ation of resou$. of th¢ ¢harity for that period. In preparlng these fi"nanclal Statetnents, the trustees ale required to". SeCt sultable accounting poli¢ie$ and then appty them consi8t8ntty,' obserye the melh¢)ds and princip183 in the Charit*s SORP 2019 IFRS 1021-, make judgement5 and esllmates that are reasonabltr and prudent., state wh8ther applicabl8 accounting stand81ds hav8 beèn folbwed, subject to any material departurès dlselosed and explained in the financial statemenis., prepare the financial stalemenls on the going concern ba¥is unle¥s kt 13 inappropriat& to presume thal the charity will continue IN operation. The tru8tee$ 8r8 responsible for keeping proper accounting recotds that disdose with reasonable aracY at any time the financial position of the charity 8nd enable them to ensure that the financial staternents comply with th8 charit8 Act 2011, thtr Charity IAccounts and Reports) Regulations 2008 and the provisions ol the trust deed. They are also responsible for safeguarding the assets of Ihe charity and hence for taking reasonablg 81eps for the prevention and detection tsf fraud and olhar Irwul8riti•s. Circulated and approved by th8 Truste85, Esther Mombo. Trustee 19th Juty 2025
Independent Auditor's Report to the Trustees of: FRIENDS WORLD COMMIThEE FOR CONSULTATION Opinion We have audited the financi81 staternents of Friends World Committee for Consultation Ith8'charity'l for the year ended 31 December 2024 which comprise the Statement of Financial Actwibes, the Balance Sheet and notes to the financial staternents. including a summary ol Significant accounting poh'cies The financial reporting framework ihat has been applied in their preparation is applicable law and United "ngdoM Ac¢ounting Standards, includtng Financial Reporting Standard 102 The Financial Reporting Standard 8pplic&blg in the UK and R8public of Irel&nd (United Kingdom Generally Accepted Accounting Practico). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 De¢emb8r 2024, and Df ts incoming re50urctrs and application of resources, for the year then ended., hav8 been property prep8r8d in accordance with United Kingdorn Generally Apted Accounting Practicg., and have been prepared in accordance wlth the requirements of the Charities A¢t 2011. Basls for opinion We Conducted our audit In accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our iespollsibilities under thos8 5tandaids are further described in the Auditor'$ responsibilitie3 for the audit of the financial statements section of our report. We are independent of the chaiity in acrdance with the ethi¢al requirernents 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 responsibilit*s in a¢¢ordanc8 Wlth these requiiements. We believe that the audit ev1dern we have tsbtained is sufficient and 8ppropriste to provide a basis lor our opinion. Concluslons rnlatin9 to golng coneom auditing the financial stalemenls, we have conduded that th8 trustees, use of the going concern basis of accounting in th& preparation of the financial $tatem8nts is appropriate. Based on the work we have performed, we have not id6nlified any materkil uncertainties relating to events or conditions that, individually or collectivety, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial $tatement8 are authori$ed for issue. Our respon8ibilrtie5 the responsibilits'e8 of tho trustees with respect to going concein are descrsbed in the relevant sections of this report. othèr inforniatlon The Trustees are responsible for the other inft>irnation. The other inforrnation comprises the information included in the Truslee8' report other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statements does not ¢over the other information and, except to the extent otherwise explicitly Stated in our reporL we do not express any fomi of as$urance conclusion thereon. In connection wÈth our alit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 01 our knowdge obtained in the audit or otherwise appears to be materially misstated. 11 we idèntify such material ineonsistencies or apparent material misstatements, we are required to detemine whether there is 8 material misstatement in the ftrnancial statements or a material mi5s1atement DI the other information. If, based on the work we have performed, we conclude that there is a material misstatement of thls other infomation. we are requId to report that fact. We have nothing to r8port in this regard.
Independent Auditor's Report to the Tru$tses of: FRENDS WORLD COMMIThEE FOR CONSULTATION Mattars on which wè aro raquirod to rèport by •xc•ption We have nothing to report in respect ol the followiNJ matters In relation to which the Charities (Accounts and Reports) Regu18tion5 2008 require us to report to you rf, in our opinion.. the infotrnation given in the finanoal 5taternenls 15 1consIstent in any rnaterial ie8pect with ttte Trustees, report.. or sufficient a¢¢ounting records have not been kept by the eharty," or the financial statements are not in agreement with the accounting records 8nd returns,. or we havtr not received all the lnfoimats.on explanatlon5 we require for our audit. Responsibllitles of Trustees As explained more fulty in the Trustees, respons*bilities statement set oul on page 7. the Trustees are responsible for the preparation of financial statements and lor being satisfied that they glve a true and fair view, and for such internal control as the Trustees deterrnine is necessary to enab the preparation of financial statements that are free from material misstatement, whether due to fraud OT error. In preparing the financial statements, Èhe trustees are responsible for assessing the charity's ability to Continue as a going concern, disclosing, as applicable, matters related to going concem and using the going coneem basis of a¢¢oun¢ing unless the Trustees either intend to liquidate the ¢harity or to cease operations, or have no Tealistic alternative but to do 80. Auditor's responsibilittes for the audit of the financial statements We have been appointed as auditor under section 145 of the Charitses Act 2011 and report in accordance with regulations made under se¢¢ion 154 of that Act. Our objective5 are to obtain reasonable assurance about whether the financial staternent5 a5 a whole are free from material mis8taternent, whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of a55uran¢e, but Is not a guarantee that an audit conducted in accordance with ISAS IVKI will always detect a maierial mi8slatement when it exists. Misstatements Can arise from fraktd or error and are considered material il, individually or in the aggregate, they could ieasollably be expected to influence the economic decisions of users taken on the basis of these financial ststements. Irregularities, including frdud. are instance5 of non-ctsmpliance with laws and regulations. We design procedures in line wrth our re5ponsibilrtie5, Outlined above, to detect tnateiial rni55tatements in respect of irregularities, including fraud. The specific prOureS for this engagement and the extent to which these are capable ol detecting irregularities, inesuding fraud is detailed below.. Enquiry of management and those charged with governance about actual and potential litwatK>n or claims and the id8ntification of non-compliance with laws and regulations. Reviewing minutes tsf meetings ol those charged with governan. Reviewing financial siatement disclosures al iesting to supporting documentation to a88e8$ Compliance with applicable law$ and regulations. Auditing the risk of management override of ¢ontrol$, in¢luding testing journal entrios and other adjustments for appropriateness. Performing analybcal procedures to identfy any unusual or unexpected relationships that May indicate risks of Mateal tni58taternent due to fraud. Professional sceptscism in course of the audit and with audrfL sampling in material audit areas. Because of the inherent limitations of an audit, there 18 a risk that we will not detect all irregularitses. including those leading to a material misstaternent In the financial statornents or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and Iransaetions refflected in the financial statements, as we will be less likety to become aware ol instances of non-wmpliance. The risk is also greater regarding irregularilies occurring due to fraud rather than error. as fraud involves Intentional concealment, foryery. collusion, omission or rni5representation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.fic.o .uklauditoisres onsibilFties. This description forms part of our auditor's report.
Independent Auditor's Report to the Trustees of: FRIENDS WORLD COmMIEE FOR CONSULTATION Use of our report Thi$ report is made solely to the charity's Tru81ees, as a body, In accordance with Part 4 of the Charthes IAecounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might State to the charity's Trus18e5 those matters we are qUired to state to thern in an auditDI'S report and lor no other purpose. To the fullest extent pemiitled by law. we do not accept or assume responsibilty to anyone other than the charity and the ch8rity'8 Truste8s as a body, for our audit work, for thls report, or for the opinions we have ford. 308 Ewell Road Surbiton Surrey KT6 7AL /2•L Kingsl¢n Burrowe$ Audit Ltd statutory Auditors 202S 10
FRIENDS WORLD COMMITTEE FOR CONSULTATION IReglstered Charlty No.: 2116471 STATEMENT OF FINANCIAL ACTWMES FOR THE YEAR ENDED 31 DECEMBER2024 Unrestricted Restricted ETKlowMent Funds Funds Funds Totsl 2024 Totsl 2023 Notès Income and endowments from.. Donations and grants Charitabfe actNities Inve$tments 306,777 87,838 138,440 6,861 394,615 138,440 30,048 349,958 13.714 9,473 24.191 Totsl 320,491 233,139 9,473 563,103 374,149 Expendilure on- Raising funds Charitable activities 6,338 220,209 6,338 621,379 7,851 276,537 364,436 36,734 Total 226.547 364.436 36,734 627,717 284,388 N•t l•xp•ndltur81l Income before Investment galns 93.944 1131,2g71 127,2611 164,6141 89,761 Net gainslllossl on invéstmants 23,038 13,890 18021 36,126 30.860 N•t Incomellexpendlturel 116,982 1117,4071 128,0631 128.4881 120.621 Transfer beiween funds 14 101.209 192,5581 18.e511 Net movement In funds 218.191 1209,9651 136.7141 128,4881 120,621 Rèconcillation of funds- Total funds brought forward 12 288,678 468,536 126,630 883,844 763,223 Total funds earrfèd fovward 12 £506,889 £258,571 £89,916 £855,358 £883,844 The Statement of Financial Activit3 includes all gain¥ and losses tscognlsed In the year. All incom8 and exp8ndlture derives from continuing activities. The note5 form part ofthe5e Finanual Statements.
FRIENDS WORLD COMMrrrEE FOR CONSULTATION (Reglstered ChaAty No.: 2116471 BALANCE SHEET AS AT 31 DECEMBER 2024 Notes 2024 2023 FIXED A8SErs Tangibl& fixed assets Investments 749 586,039 534,431 586.788 534,431 CURRENT ASSETS Debtors Cash at bank and in hand 12,086 275,048 119.588 331,210 287.134 450,798 CREDITORS.. Amounts falling dve within one year 10 18,$66 101,385 NET CURRENT ASSETS 268,568 349,413 TOTAL ASSETS LESS CURRENT LIABILITIES 855,356 883.844 CREDITORS: Amounts fallino due aftèr more than one year 10 NET ASSETS 11 £855.356 £883,844 FUNDS Unrestricted .. G8n8ral Unrestrieted ." Designated 12 12 324,8 181,979 226,110 62,568 506,869 288.678 Restsicted Funds Endowment Funds 12 12 258,571 89,916 468,536 126,630 TOTAL FUNDS 12 £855,356 £883,844 Approved by the Twslee3 on 191h July 2025 sFgned on their behalf by Esther Mombo Trustee The notes form part of these Financial Staternents 12
FRIENDS WORLD COMMIThEE FOR CONSULTATION (Registered Charity No.: 2116471 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flow8 from operating actlvlttes Not movernent in fund$ per Statement of financial activities Adjustments for.. Depreciation charges DivideTKls and inteT8St receivable IGainsl I lo$se$ on revaluation of investments Ilncreasel I decrease in debtois IDe¢reasellincrease in credltors 128,4881 120,621 250 (30,0481 136,5571 107,502 182,8191 811 124,1911 130,8601 1101,3791 74,240 Net cash provldedby/(used In) operatlng acUvltl•s 170.1601 39,242 Cash flows Irom invèsting aetivities Dividends and interest reiVed Purchase of listed investments Proceeds from sale of listed investments Purchase of Iixed asset Cash deducted from investment cash 30,048 117,1521 2,101 19991 24,191 126,9991 201,089 4,030 Net cash provlded by/ (usedln) Investing activttl&s 13,998 202.311 Changa In eash and cash èquivalènts in the year 156,1621 241,553 Cash and eash equwalents brought forward 331.210 89,657 Cash and cash equfvalènts earrfed forward £275,048 £331,210 2024 2023 Anatysls of cash and cash equivalents Cash al bank and in hand £275,048 331.21Q The notes form part of these Financial Statements 13
FRIENDS WORLD cOMMIEE FOR CONSULTATION (Registered Charlty No.- 2118471 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIES sis of Accountin The charrty ¢on$tstutO5 8 puljllc benefit entsty as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by char.@8.. Statemetbt of Recommended Practice applicable to charit3 preparing their ac¢ounts in accordance wrth the Financial Reporting Standard appli¢able in the UK and Republic of Ireland IFRS 1021 issued in O¢tober 2019. th8 Financial Reportir¥J Standard applicable in the United Kingdom ants Republic of Ireland IFRS 1021, the Charities Act 2011 and UK Generally ACpted Accounting Practice. The financial statements a prepared on 8 9olng concern basis under the historical cost convention and rnodilied Its include certain investment item$ at fair value. The Iinanrial statements are pre8ented in sterling which is the functtonal currency of the charity. The $ignrficanl accounb.ng poliries applied in the preparation of these financial statements are set out below. These poJirAes have been consistently applied to all years psented unless otherwise 8t8ted. b. Sc The accounts reflt the activrties of the World Office of the Committee. They exclude the accounts of the four individual FWCC Sections, expt for direct transactions between thern and the Wodd Office. They also exclude the accounts of the QUNO Offices in Geneva and New York which are admini8t8r8d orb beha of FWCC by Quak81 Poace and Social Witness ILondonl and the American Friends Service Committee (Philadelphial Spectiv81y. ¢. Ineomin Rec nition Ineome is recognised when the charity is entiued to thg inctsme, receipt is consKteTed probable and the amounts can be rneasured reliably. Donations are recognised when the charity has bean notified of the amounts and thg $8tt1ement date in writing or, if earlrer, when the donation 18 rec8ivod. ellditure Rec Expenditure is recogni88d there is a legal or constructive obligalion to make payment lo a third party. it 1$ probable that settlement will be required and the amount be measured reliably_ Expenditure on charitable a¢livities comprises the costs of running the various activities and seiC&S for the charity's beneficiaries. non Expenditure include5 those costs of a dired nature Ythich can be allocated to a sp8clfic aetivity. It atso includes indirect co8t$, induding govemance costs that do not relate to a specifle but arg necessary to support them. able Fixed As58ts Assets costing £500 or more are capitalised and depr8Ci8tion is provided al rates estimated tD write off the cost of asset over its expected useful lrfe as follows.. Furniture and Fitting3 Office Equipment 4 years straight line 4 years straight lin8 14
FRIEND8 WORLD COMMITfEE FOR CONSULTATION IRegistered Charity No.- 2116471 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 contd... 1. ACCOUNTING POUCIES Iconlinuedl f. Taxation As FWCC is a registered ¢ha¥ity, the results of its normal activities are not liable io income lax or ¢otporation estme Li8t8d inveslrnent$ are inthalty recogni88d at cost and subsequ8ntty r8Stated 8l mark8t valu8 b88ed on market valuations at the end of each aceounting period. RevaatIon gains aThJ losses are recognised in the Statement of Financi81 Activilies. h. Fund Accountin Unrestricted funds are a¥aitable for use at the discretion of the Trustees in furtheran of the general objectives of the Charity and whKh have not been designated for other purposes. Designated funds are unrestricted funds earmarked by the Trustees for partieular purposes. Restricted funds are to be used for specific purposes ss18id down by the donor or whlch have been raised by the charity for particular purpose5. Enilowment funds are lo be retained permanently by the Charity or in the case of expendable endowments. the Trustees have powers to use the capital if they consider it appropriate. Forei urrenc Forewn currency tr8ns8Ctions are recoTded at the average exchange rate for Ihe particular month. Balance Sheet valuations are made as at 31 Dember each year, using the closing spot rale. Gains and losses on exchange ale recogni5ed in the Statement of Finanaal Activitse$. Pension Costs The chaiity operates a L*efined conthbution pension scheme. Contiibution5 payable for the year are charged in the Statement of Financial Activrties. The assets of the scherne are administered by Trustees in a fund independent from those of the charity. k. Leases Oper8ting le8S8 rent815 are ch8Tged to the Statement of financial activitie8 on 8 straight line basis over the period of lea$e. Debtors and ¢reditor8 Debtors and creditors with no stateil interest rate and re¢eivable or payable within one year are recorded at tr8nsaction PTice. Any 108888 aii8ing from impairrnent are recognised in the statement of financial actwities. 15
FRIENDS WORLD COMMIThEE FOR CONSULTATION (Règistered Charlty No.= 2116471 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 lcontd... I DONATIONS AND GRANTS 2024 2023 Unrestricted Section of thg Amera$.. Operating Fund Friends and Meetlngs 48.633 450 73,11t 658 49,083 73,769 Asia-west Pa¢ific Section World Plenary Gathering Europe and Middle East Section.. Britain Yeady Meebng Friends and Meetings Trust Funds (Great Britain) 12,737 2,738 20,000 ,000 33,373 1,700 60.000 35,854 210 130,073 96,064 Legacie5 Climate EnErgency Fund 113,880 1.004 306.777 192,571 Restrfcted Worfd Plenary- Trust Funds Worfd Plenary Justi and Peace Secretary 55,701 27,137 79,625 77,762 87,838 157,387 TOTAL £394,615 £349,958 Included within donations and legaS are the following grants r1Ved frorn charitable organisations in 2024.. Totsl Funds 2024 Total Funds 2023 General Fund8 Re$trlct8d Funds Britain Yearly M¢eting (main granti Britain Yearly Meeting (World Plenary) Southall Trust William P Bancroft Charltable Trust Wgsiward Trust 95,000 11.000 95.000 11,000 5,000 1,500 200 60,000 5,000 1,500 200 10 200 £107,700 £5,000 £112,700 £60,210 16
FRIENDS WORLD COMMITTEE FOR CONSULTATION IR8glstar8d Charity No.: 2116471 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 lcontd... CHARITABLE AcTIVlEs Unre8tricted ReStrted Funds Funds Endowment Funds Totsl 2024 Total 2023 Worfd Plenary Fees £Nil £138,440 £Nil £138.440 £Nil INVESTMENT INCOME Unrestricted Restricted Endowment Fund8 Funds Funds Total 2024 Totsl 2023 Dividends and interest £13.714 £8,861 £9,473 £30.048 4,191 Of the £24,191 recogni8ed in 2023, £10,332 rdated to unrestricted funds, £11.753 to restr¢led fvnds and £2,106 t) endowment funds. TOTAL RESOURCES EXPENDED Rai8ing Funds Charitable Activit5 Gov8rnance Costs 2024 Total 2023 Totsl Salaries and Related C0518 Offic8 Management Inlotmation T8ehno1Y ar* Communications Trav81 in the Ministry World Plenary Costs Lit8r8tur8 and Publications Quaker United Na¢ion$ Committees Grants to Institutions Central Executive Committee Invtssiment Management Charg85 Auditors, Remuneration- Audit setvices Legal Fe&$ consultan Fees (Justice & Pe Secretary Foreign Exchange (Gainl l Lo&$ Relief Fund Appeals Climate Emergency Relief Fund Travel Costs- Young Adutt Fiiends Gath&ring 6,338 130.244 32,869 3.169 139,751 32,889 130,803 25,099 8,976 3,470 316,444 10.804 7.185 16,824 8,976 3.470 316,444 10,804 7,165 16,624 11,400 8,068 8.525 27.532 11,561 8,962 15,110 21,443 1,968 3,660 11,400 3,969 3,969 1.495 1,495 26.300 26,300 18,655 4,362 620 7,005 1,000 1.005 1,000 46,445 48,445 Total 2024 £6,338 £602,841 £18,538 £627,717 £284,388 Totsl 2023 £7,851 £248,503 £28,034 £284,388 All of tt)e £7.851 ¢ost of raisino funit5 and £28,034 govemanoe costs in 2023 weT6 Gharged to unrestric18d fund8. Of the £248,503 cost of charitabla activities in 2023, £180,324 was charged lo unre¥tn¢ted ftJnd$, £46.738 was charged to re5trithd fund5 and £21,441 wa5 charged to endowmant fund8. 17
FRIENDS WORLD COMMIThEE FOR CONSULTATION IRe9lstered Charity No.: 2116471 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 l¢ontd... STAFF COSTS AND NUMBERS 2024 2023 Salaries and Wage$ Social Security Costs Employer Pension Contributions Pension Deficit Adjustment Fixed Contract Staff IFreelancersl 104,507 5,112 7,608 114,384 3,433 6,597 22.524 8,389 £139,751 £130,803 As permitted by th8 charity's goveming do¢urnent, the General Secretary. Tim Gee, who is also a trustee. received a salary ol E55.369 12023." 251,9401. The totsl employee benefits ol the charity's Key Management personnel arnounted to £65,909 12023. £61,622). Under FRS 102. employe6 benefits include gross salary. employer's National Insurance contiibutB)ns and empk)yer'3 pension GOntnbution$. One employee12023 ..Nill r8cew8d total employee benefits lexeluding employer pension cost81 of more than £60,000. The averag& nurnb8r of employees during the yearwas 412023." 41. The average nurnber of employee8 during the yeai. calculated on the basis of full ts.me equivalents, was 2.512023". 2.61. FIXED ASSETS offi Equipment 2023 Cost At 1 January 2024 Additions in y8* Disposal 3,247 999 13,2471 At December 2024 999 De rec At 1 January 2024 Charge for the year Elimination on Disposal 3,247 250 13,2471 At December 2024 250 et b¢)ok value at 31 Dember 2024 £749 Net book val¢Je at 31 De¢emb8r 2023 £Nil 18
FRIENDS WORLD COMMITTEE FOR CONSULTATION Reglstered Charlty No.: 2116471 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DE¢EMBER 2024 Icontd... INVESTMENTS 2024 2023 Listed Inv nts.. Market value brought for¥waMI Addrtions at ¢osl Disposals at opening market value Foreign ex¢hange gainslllossesl Unrealised Ilossllgains tsn revaluth.on 534,431 17,152 12,018} 7.476 28,998 677,661 26,999 1199,4861 121,6251 50,882 Market value carried foN4ard Cash held for investment 586,039 534,431 Total market value of InStMents £586,039 £534,431 HistOriC81 cost carried forward £535,767 £420,854 Investment loss ains.. Unrealised Ilossllgains on revaluatlon Realised Ilossllgains on disposal Foreign exchange gain 28,998 83 7,045 50,882 1,603 121,6251 £36.126 £30,860 Of the £30,860 recognise(J in 2023, £15,256 related tts unrtsstricted funds, £14,409 to restricted funds and £1,195 to endowrnent funds_ DEBTORS 2024 2023 Amounts fallin due within one Se¢tion accounts other d8btors 88r.' 12,086 33,923 85,865 12,086 119,568 Amounts fallin due after more than one Section ofthe AmeraS ear.. £12.086 £119,588 10. CREDITORS 2024 2023 Amounts fa u8 within Taxation and Social security Other Creditors and accruals Deferrecl income 4,121 14,445 9.584 35,674 58,127 £18,568 £101,385 AruntS fallin due after more than one Pension delicit liability e8f". £Nil £Nil 19
FRIENDS YIORLD COMMIThEE FOR CONSULTAMON IReglstered Charity No.: 211647 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEGEMBER 2024 l¢ontd.. 11. ANALYSIS OF NET ASSETS 8EfwEEN FUNDS Unrestricted Fund5 Restiicted Endowment Funds Fund5 Total Funds Tangible fixed asse15 Fixed assèt investtments Net current assets Non-current liabilities 749 395,290 110,830 749 586,039 268,568 190.725 67,846 24 89,892 Net assets at 31 December 2024 £506,869 £258,571 £89,916 £855,356 Comparative inlormation for the net assets befv4een funds in the previous year is as ftllows'. Unrestricted Funds Restricted Endowment Funds Fund8 Total Funds TaNJlble fixed as8 Fixed asset investments Net curient assets Non-curr8nt liabilities 59.158 229,520 327,202 141,334 148.071 534,431 121,4411 349,413 Net as88ts al 31 December 2023 £288,678 £468,536 £126,630 £883.844 20
FRIENDS WORLD COMMIThEE FOR CONSULTATION IRogSstored Charlty No... 2116471 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Icontd... 12. MOVEMENTIN FUNDS Incot Transfers At 1.1.24 gainllos81 Expenditur8 (Note 131 At 31.12.24 Unrestrlcted Funds General Funds 226,110 232,525 209,166 75,421 324,890 Daslgnatod Funils lunrestrfctedl CEC Travel Fund UN Conferences Attendance Fund Conference and Travel Fund Climate Emergen¢y Fund Young Adult Friends Fund 100,000 11,400 4,981 10,788 99,388 986 3S.122 20,004 26,479 5,967 30.122 5,000 6,004 1,000 15,000 26.479 Totsl Desl9nated Funds 62,568 111,004 17,381 25,788 181,979 Restricted Funds Justi and Pea Secretary Quak8r Untted Nations Work World Plenary Tiavd and Accommodation Quakei OTrline Sustainability Conference Young Adult Friends Development Fund Future WGYF Fund Relief and Peace Making Fund 61,107 27,137 26,300 2.184 61,944 2,184 155,805 199.141 279,710 175.236 5.478 5.478 240,140 5,1)00 1.006 20,751 55,236 119,5061 186,149 5,000 1,006 Total Re$tri¢ted Fund$ 468,536 247,029 364,436 192,5581 258.571 Endowment Funds Expendable Endowments". C.B. Taylor Travel Bursary Committee Tovel 118.033 8,597 6,914 1,757 36,734 1,703 110,3541 89,916 Total Endowment Funds 126,630 8,671 36,734 18,6511 89,916 Total Funds £883,844 £S99,229 £627,717 £NII £855,356 DelaiL8 of the abov8 funds are given in not8 12. 21
FRIENDS WORLD ¢OMMirrEE FOR CONSULTATION IR8gtstsrgd Charity No.: 211647 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Icontd... 12. MOVEMENT IN FUNDS Icontd... Comparative infomiation for mov8rn8nt in funds in Ihe prevsous year 1$ 85 foll¢hvs'. Income At 1.1.23 Ilncl. inv lossl Expenditure Traftsfers (Note 131 At 31.12.23 Unr8Strl¢ted Funds General Funds 244.160 198,159 216,209 226,110 Deslgnated Funds lunrestridedl World Plenary UN Conferences Attendance Fund Conferen¢e and Travel Fund Young Adult Friends Fund 50,000 5,967 30,122 26,479 20,000 170,0001 5,967 30,122 26,479 Totsl Doslgnated Funds 112,568 20,000 170,0001 62,568 Restricted Funds Justice and Peace Secretsry Worfd Plenary Worfd Plenary Travel and AccomrnodatlDn Quaker Online Suslainabilty Conference Young Adukt Friends Developmtrnt und Su5tainabilty 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 2S,162 240,140 5,000 1,626 5,000 1,006 620 Total Rèstrl¢t•d Funds 261,725 183,549 46,738 70,000 468,538 Endowment Funds Expendabk Endowments". C.B. Taylor Travel Bursary Committee Travel 115,402 29,368 2,631 670 118,033 8,597 21,441 Totsl EndowTll8nt Funds 144,770 3.301 21.441 126,630 Totsl Funds £7fj3,223 £405,009 £284,388 £Nil £883,844 22
FRIENDS WORLD COMMITTEE FOR CONSULTATION IRoglstoro(I Charlty No.: 211647 NOTES TO THE FINANCEAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 /coAtd... 13. PURPOSES OF FUNDS IMAJOR FUNDS ONLY) Designated Funds Wo)Id Plena This fund has been established to ring-fence funds ti)wards the costs of future World Plenary meetings. UN Conferences Attendance Fun This is to fund Quaker representstive8 to selected United Nations conference8. Conference and Travel Fund This fund is used to assist in the planning of, and travel to, intemational Conferences ol Friends, particularly to assist in the parcIpatIOn of economically deprived Friends. It 18 a180 US8d for travel in the ministry between Section$. Youn Adult Friends Fund This fund is made of funds from the dissolution of th8 World Gathering of Young FTiends charty, plus authorisation from t11 governing body lo lease $trIcted lunds FWCC was holding on their behalf. Thi$ fund is used as directed by the Central ExecutlV8 Comrnittee ITrustee81, with preference for activih.es wrth and for Young Aduli Friends worldwKIe. I'mate Eme enc Fund This is funded by allatIonS representing the carbon-offset payments for FWCC events. Grants s mada to support projects which are combating the effects of climate change. CEC Travel Fund This fijnd is used to pay for annual rneelings of the Central Executive Committee. Restrlcted Funds Quaker nited Nations Wor Funds received towards the work ofthe Quaker Unrted Nations office in Geneva and in New York. World Pna Fund$ received specifically t¢)ward8 the costs of future Worfd Prnary meetings. Thi5 fund resutted from a grant and other donations towards the costs of holding a ¢onference on the $ubje¢t of sustainability- The Justi and Peace Fund ha8 been established to support the work of the J¥stice and Peace Secretary, who will maintain ¢ontact between Ihe ¢ommitlee and the bfvo Quaker United Nations Offices. Coordinate the Global Quaker Sustainability Network. and establish conversations between Quaker Organi$alions about Historical Justi. Youn Adult Friends Develo ment Fund After an extensive review ol the Quaker Youth Pilgrim8ge programme, the CEC reached a decision to ch8ll9e the progiamme from a biannual tour in Europe or the Americas for about twenty young adults to a granl-making programme to support and empower youth event$ and adivrfci8$ around the worfd. 23
FRIENDS WORLD COMMIThEE FOR CONSULTATION (Registered Charfty No.= 2116471 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 l¢ontd... 13. PURPOSES OF FUNDS IMAJOR FUNDS ONLY) Icontd... Restrfcted Fund$ Icontd... Future Vworfd Gatherin fy Fri&nd5 Fund Seed funds to be used to meet the Costs of a fuiur8 World Galhering of Young Friends. Relief and Peace Makin Fund Money ¢ollected by Friends for transmlsslon by FWCC to support Quaker woik in areas of ¢onrtict or distr8s8. This fund 3150 includes Income which is to be passed direet]y to the intended recipient via FWCC. Endowment Funds endable Endowments.. CBTa lor Endowtnent Fund This provi(ks resources fr>r Friends, travel in the tninistry, primarily in economically deprlved areas of the world. From 2025, this fund will be gradualty reduced in accordance wrth the tems rjf the original grant. Corllrnittee Travel Endowme This fund enables committee mernbers to participate in committee meetings wherever they are Iwaled. Thi5 fund was fulty expended in 2024. 14. TRANSFERS BETWEEN FUNDS120241 Between Desi nated Fu d Funds £15,000 from Workj Pl8nary restricted funds lo Climat8 Emergency designaled funds. B&lween Unr8$tricted F t d Funds £2.184 from Unrestricted funds to Quaker United Nafjons work restri¢ted funds. £60,236 frorn World Pl8nary restricted funds to unrg¥tricted funds. £19,506 frorn Youth Adult FrndS Dgvelopmerrt restricted funds to unrestricted funds. Between Desi nat8d Funds and End nt Fund5 £10,788 from Commiltee Travel Endowmènt fund to CEC Travel deslgnatEd funds. Between Unrestricted Funds and En m8nt fund5 £1,703 from unrestricted funds to C B Taytor endowrnent fund. £433 from unre8trieleiS furKls to Committee Travel endowtnent fund. 24
FRIENC•S WORLD COMMirrEE FOR CONSULTATION IRegistered Charity No.: 2116471 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENQED 31 DECEMBER 2024 Icontd... 15. TRANSFERS BETWEEN FUNDS120231 Belween Desi nated Funds and Restrided Fund5 £70,0(X) from World Plenary designated funds to wcffld Plgnary Travel & Accommodation r8$trted fvnd5. £34,973 from World Plenary restricted fijnds to World Plenary Travel & Accommodation restricted fund8. 16. CONTINGENT LIABILITIES The Pension Trust- Th8 Growth Plan The charity partIpate$ in the above multi-ernployer pension scherne whtch provides benefits to 80rn8 1,300 non- associated participating empbyers. The scheme is a defined benefit scheme in the UK. It is not possible for the charity to obtain sufticient information to enable it tts aecount for the scheme as a define(I benefrt s¢h8me. Therefore, it 8¢counts for the schem8 as a defined contribution 5chern8. The scheme is subject to the fijnding legislatK)n outlined in the Pensions Act 2004 which came into force on 30 De[ber 2005. This, together wrth documents issued by the Pensions Regulator and Technical Actuarial Stsndards issued by the Financial Reporting Council, set out the framework for funding defined benerrt ocevpatitsnsl pension schemes in the U The scheme is classffied as a 'last-man standing arrangement,. Therefore. the charty is potentially liable for other participating employers, obligations if those emplayers ale unable to m&et their shale of the scheme defi'cit following withdrawal from the scheme. Participating employers are legally required to meet their Share of the s¢heme defi¢il on an annuity purchase basis on withdrawal from th8 scheme. A full actuar1 valuation for the srheme was carried out at 30 September 2020. This actuarial valuation 8howed 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 contributions will be paid to the 8cheme as follow8". From 1 April 2022 to 31 January 2025, £3.312m p8r annum Ipayable monthly). The recovery plan contributions 8ie allocaled to each participatlng employer In line with the¢r estimated share of the Series 1 and Series 2 8cheme liabilitie8. The charity's Share of the recovery plan contributions amounts to £5,668 per annum up to 31 January 2025. The full amount of the contributions due under the orpinal recovery plan which commenced in April 2013 ttstalling £110,983, was reeognised as an expense in the year ended 31 Deeember 2012. The reVery plan was subsequentty amended with effect from 1 April 2016 and this resulted in an additional 118bilty of £22,079 wh was recogn15ed as an expense in the year ended 31 Oecember 201 S. Thè 8Stimated débt on withdraw81 from thè scheme is £23,128 leffective date September 20241. As a iesult of cent Changes to the re¢overy plan, effectlve from 1 Aprfl 2022, which has seen the charlty's ¢onlribulion$ decrease. a credit of £3,694 wa8 recognised again81 expendrf(urÈ for the year ended 31 D6eemb8r 2022. 25
FRIENDS WORLD COMMITTEE FOR CONSULTATION IRegisterod Charlty No.: 2116471 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Iconld 17. OPERATING LEASE COMMITMENTS The total nxnimum lea88 P8ym8fits due under non-cancellable operating leaseg are as follows.. 2024 2023 Land and uildings Land and Buildings Other other Due within= One year One to five y83rs 13,628 13,628 Totsj minimum 1oa5e payments £13,628 £Nil £13,628 £Nil Th8 total lease payments recognised as an expense in the StslÈmènt of Flnancial Activities 8mountS to £13,62812023.. £13,628). 18. RELATED PARTY TRANSACTIONS Travel 8nd accorllmodation costs amounting to £18,332 (2023.. £21,441) wer8 r8imburned to andlor paid on behalf of 13 Trustees12023.. 141. The aggregate donations received from related part3 wthout condonS amounted to £Nil 12023 £1.0001
FRIENDS WORLD COMMITTEE FOR CONSULTATION IReg15tered Charlty No.: 2116471 UNRESTRICTED FUNDS FOR THE YEAR ENDED 31 DECEMBER 2024 Tot81 Unrestricted Funds 2024 GerEral Fund8 Designated Funds Income and endowments from: Donat)nS and grants Charrtable aetivities Investments 195.773 111,004 306,777 13,714 13.714 Totsl 209,487 111,004 320,491 Expèndltur• on: Raislng fvjnds Charitable a¢tivities 6,338 202,828 e,338 220,209 17,381 Totsl 209,166 17,381 226,547 N8t Incom9118XP8ndltur81 bofor8 Inv8stffl8nt galns 321 93,623 93,944 Net gains on investrTEnts 23,038 23,038 N8t ineom8118XP8nditur81 b8fora transfars 23,359 93,623 116,982 Transfers between funds 75,421 25,788 101,209 Nat rnovèment in funds 98,780 119,411 218,191 Total funds brought forward 226,110 62,568 288,678 Total funds carried forward £324,890 £181,979 £506,869 This page doe8 not fomi part of the Statutory Finanaal Statements. 27