2021-06-30-accounts

ce and administra	ce and administra	ce and administra	tive	details ofthe charity	, its Council's members and advisers	, its Council's members and advisers
Council members			on	30June 2021	Janet Barlow (Trustees and Directors)
					Lis Burch
					Chaundra Crouch
					Maria Huff
					Ingrid Greenhow
					Peter Kennedy
					Colin Marsh
					Sanjive Mahandra
					Alastair Reid
					Barbara Windle
Secretary					Janet Barlow
Editor and		Chief Executive Officer			Joseph Jones
Registered		office			Friends House
					173Euston Road
					London NW1 2BJ
Website address					www. thefriend. org
Company	registration			number 00604838	(England and Wales)
Charity registration			number 211649		(Charity Commission	for
					England 8 Wales)
Independent		Examiners			Myrus Smith
					Norman House, 8 Burnell Rd
					Sutton SM1 4BW
Bankers					Co-operative Bank pic
					PO Box250
					Skelmersdale WN8 6WT
					CAF Bank
					25 Kings Hill Avenue
					Kings Hill, West Mailing
					Kent ME194JQ
Solicitors					Bindmans LLP
					236 Gray's Inn Road
					London WC1X 8HB
Investment		Managers			Rathbone Greenbank
					10Queen Square,
					Bristol BS14NT

are immensely thankful to staff ainly working from home, to produce	who have worked in very difficu their usual high-quality outputs.	lt circumsta
Staff:
CEO & Editor ofThe Friend	Joseph Jones
Production and Office Manager	Elinor Smallman
Sub-Editor Journalist	George Osgerby Rebecca Hardy
Advertisement Manager	George Penaluna
Subscriptions Officer	Penny Dunn to 31 March 2021
Administrative Assistant Finance Officer	Imogen Sewell Ridley from Elaine Bright	1 April 2021
Publishing assistant (freelance)	Gabiielle Scott
Friends Quarterly Editors	Gill Sewell, Olivia Sewell Risley
Volunteers:
Arts Correspondent	Rowena Loverance
Environment Correspondent	Lauiie Michaelis

				Unrestricted	Restricted	Total	Total
			Notes	Funds	Funds	2021	2020
					E'	F
Income from:
Donations and legacies Charitable activities Investments				36,659 330,181 5,004		36,659 330,181 5,004	38,848 359,895 5,242
Total				371,844		371,844	403,985
Expenditure on:
Raising funds Charitable activities				2,773 386,371	900	2,773 387,271	2,579 389,028
Total				389,144	900	390,044	391,607
Net income/(expenditure)		before
investment gains				(17,300)	(900)	(18,200)	12,378
Gains on investments			14	52,585		52,585	5,153
Net income/(expenditure)			10	35,285	(900)	34,385	17,531
Transfers between funds
Net movement in funds				35,285	(900)	34,385	17,531
Reconciliation offunds:
Total funds brought	forward			326,735	6,668	333,403	315,872
Total funds carried	forward			F362,020	E5,768	F367,788	F333,403

DONATION	S AND LEGA	CIES
			Unrestricted	Restricted	Total	Total
			Funds	Funds	2021	2020
						F
Donations			4,602		4,602	6,069
Grant from	Religious Society of Friends,
Britain Yearly Meeting			17,842		17,842	15,485
Grants from Government	trusts Job Retention	Scheme	10,250 3,965		10,250 3,965	11,250 6,044
			F36,659	FNil	f36,659	F38,848

		Unrestricted	Restricted	Total	Total
		Funds	Funds	2021	2020
		F
Publishing	—The Friend and Friends
Quarterly Advertising and book sales Online Friend and Digital Archive		215,190 98,732 16,259		215,190 98,732 16,259	222,672 120,688 16,535
		f330,181	FNil	F330,181	F359,895

4.	INVESTMENT INCOME
					Unrestricted	Restricted	Total	Total
					Funds	Funds	2021	2020
	Dividends	and interest from		listed
	investments				f5,004	ENII	F5,004	f5,242
	All ofthe F5,242 recognised			in 2020 related to unrestricted		funds.
5.	COST OF	RAISING FUNDS
						Support	Total	Total
					Direct costs	costs	2021	2020
	Investment	management	fees		f2,773	ENII	f2,773	F2,579
6.	COST OF	CHARITABLE	ACTIVITIES
						Support
					Direct costs	costs	Total	Total
	Production	of printed and	online		(note 7)	(note 8)	2021	2020
	educational	publications			f313,506	F73,765	F387,271	F389,028

7.	ANALYSIS OF DIRECT	C	OSTS
					Total	Total
					2021	2020
					F	F
	Publication costs Editorial costs Printing and advertising	costs			116,182 139,264 58,060	121,418 132,349 53,944
					F313,506	f307,711
8.	ANALYSIS OF SUPPORT		COSTS
					Total	Total
					2021	2020
					F	F
	Website maintenance Office costs Premises costs Marketing Subscription and promotion costs Governance costs (note 9)				5,465 13,738 15,000 3,863 34,199 1,500	9,143 14,610 15,000 1,603 36,008 4,953
					F73,765	881,317
9.	GOVERNANCE COSTS
					Total	Total
					2021	2020
					F
	Examination fees Council and trustee meetings				1,500	1,475 3,478
					E1,500	F4,953
10.	NET INCOME I(EXPENDITURE)				2021	2020
					F	F
	This is stated after charging:
	Depreciation Independent examiners' Operating lease rentals		remuneration		E900 E1,500 F15,000	F1,414 F1,475 F15,000
	Pension costs (defined	contribution		scheme)	F14,045	F13,644

FOR STAFFCOSTS	THE YEAR ENDED 30J	UNE 2021 contd
		2021	2020
Wages and salaries Social security costs Employer pension costs Other related employment Freelance fees	costs	171,609 12,772 14,045 556 9,709	171,436 12,397 13,644 526 9,141
Pension deficit contributions		208,691	207,144
		f208,691	f207,144
Staff costs analysed by function:
Production and editorial		128,535	124,135
Advertising Subscriptions Friends Quarterly		50,633 28,876 647	48,744 31,619 2,646
		f208,691	f207,144

No employee F60,000 per	received total employee benefits (excluding annum during the year (2020 —none).	received total employee benefits (excluding annum during the year (2020 —none).	received total employee benefits (excluding annum during the year (2020 —none).	received total employee benefits (excluding annum during the year (2020 —none).	received total employee benefits (excluding annum during the year (2020 —none).	received total employee benefits (excluding annum during the year (2020 —none).	employer	pension costs) of more than	pension costs) of more than
The average	number	of full and	part-time		staff,	analysed	by function	2021	2020
was:								No.	No.
Production and editorial								4.0	3.8
Advertising								1.0	1.0
Subscriptions								1.0	1.0
Management	and administration								0.2
								6.0	6.0
The average	number	offull-time	equivalent		staff, analysed		by
function was:
Production and editorial								1.4	3.0
Advertising								1.0	1.0
Subscriptions								0.8	1.0
Management	and administration								0.2
								3.2	5.2

or Corporation Tax on income or gains derived from its char various exemptions available to registered charities.	or Corporation Tax on income or gains derived from its char various exemptions available to registered charities.	or Corporation Tax on income or gains derived from its char various exemptions available to registered charities.	itable activiti	es, as it falls	within the
13. TANGIBLE FIXEDASSETS				2021	2020
Furniture and office equipment				F
Cost
At1 July Additions				27,682	27,682
At 30June				27,682	27,682
Depreciation
At 1 July Charge for the year				26,782 900	25,368 1,414
At 30June				27,682	26,782
Net BookValue
30June				&Nil	6900
All tangible fixed assets are		held by the charity for use in meeting	its charitable	objects.
14. INVESTMENTS				2021	2020
					F
Listed investments:
Fair value at 1 July Acquisitions at cost Disposals at opening Unrealised (losses) /	market value gains on revaluation			286,442 52,251 (33,986) 48,680	294,162 76,404 (65,625) (18,499)
Fair value at 30June				F353,387	f286,442
Historic cost at 30June				f252,574	R223,425
				2021	2020
				F
Analysis of investment		gains:
Unrealised (losses) / gains on revaluation Realised gains / (losses) on disposal				48,680 3,905	(18,499) 23,652
				F52,585	E5,153

						%of
						portfolio
						market
At 30June 2021 the porffolio comprised		the	following	investments:		value
Ishares II Pic UK Gilts UCITS ETF					8,060	2.28%
Treasury 1/8% I/L Stock 22/03/2024 Aberdeen Standard Fund Managers	Gbl Index Lkd				11,113	3 14%
Bond S Instl Inc					6,876	1.95%
Deutsche Bahn Finance BV2.75%	MTN 20/06/2022				4,101	1.16%
Kreditanst Fur Wie 0.875% Gtd Snr	15/09/2026				9,204	2.60%
Places for People 4.25% Bonds 15/12/2023					2,073	0.59%
Liontrust Investments LTD - Corporate		Bond	2		9,971	2.82%
Rathbone Unit Trust Mgmt Ethical Bond S Inc (GBP)					16,212	4.59%
Royal London Unit Trust MGRS Ethical		Bond Z inc			10,010	2 83%
Keller Group PLC					2,005	057%
Marshalls Group PLC					5,351	1.51%
Coats Group PLC 5p Ordinary					3,065	087%
Genuit Group PLC/(previous name	Polypipe		Group)
PLC 0.1p Ordinary					4,896	1.39%
Smith (DS) PLC					7,485	2.12%
Halma PLC					7,538	2 13%
Spirax-Sarco Engineering					10,484	2.97%
Experian PLC USD 0.10Ordinary					3,343	095%
Intertek Group PLC 1p Ordinary					5,309	1.50%
Bellway PLC					3,888	1.10%
Smith &Nephew PLC					6,719	1 90%
Dechra Pharmaceuticals PLC					9,177	2.60%
Hikma Pharmaceuticals PLC					2,935	083%
Marks &Spencer Group PLC					820	0.23%
Relx PLC					3,646	1.03%
Vodafone Group PLC					1,699	P 48%
SSEPLC 50p Ordinary					4,502	1.27%
National Grid PLC					3,223	0.91%
Legal &General Group PLC					2,447	0.69%
Prudential PLC					4,601	1 30%
ST Modwen Properties PLC					3,231	0.91%
Civitas Social Housing PLC					2,300	P 65%
Home REIT PLC					3,616	1.02%
LondonMetric Property Ltd					3,471	0 98%
Impax Asset MGMT Group 1p Ordinary					9,632	273%
FDM Group Holdings PLC 1p Ordinary					4,080	1.15%
Sage Group PLC					3,489	0.99%
Brown Advisory Funds US Sustainable		Growth C Inc			37,631	10.65%
LEGG MASON GLOBAL FUNDS					9,287	2.63%
Liontrust Investments LTD SFEuropean		Growth 2			8,350	2 36%
Stewart Investors Asia Sustainability	B	Acc			6,358	1.80%
Baillie Gifford &Co					7,612	2.15%
BMO INV Funds (LUX) Responsible	Gbl EM		R Acc		6,428	1.82%
BMO INV FUNDS (UK) Responsible	Gbl Equit 2 Acc				12,587	3.56%

	Fund Partners LTD IM	Fund Partners LTD IM	WHEB Sustainability	WHEB Sustainability	WHEB Sustainability	WHEB Sustainability	WHEB Sustainability	B	Acc		12,520	3.54'/o
	Impax Environmental Markets PLC Janus Henderson Investments Gbl Sustainable								Equity	I	7,133	2.02'/o
	Inc										13,083	3.70'/o
	Menhaden Capital PLC										5,292	1.50'/o
	Schroder Investmnet	MGMT Global					energy				4,974	1.41'/o
	Digital 9 Infrastructure		PLC								3,762	1.06'/o
	Foresight Solar Fund	Ltd									3,762	1.06'/o
	Octopus Renewables	Infrastructure Trust PLC									4,916	1.39'/o
	Renewables Infrastructure										5,688	1.61'/o
	Mayfair Capital Invest Mgmt Property						Inc Trust		for
	Charity										3,432	0.97'/o
											353,387	100.00'/o
15.	DEBTORS										2021	2020
	Publications debtors										10,011	4,849
	Prepayments										775	807
	VAT recoverable Cash held by investment			manager							3,459 10,303	1,898 27,291
	Other debtors											266
											F24,548	f35,111
16.	CASH AT BANK AND		IN	HAND							2021	2020
												F
	Current accounts										102,168	111,619
	Deposit accounts										66,177	66,162
	Cash										749	749
	Paypal										2,456	1,230
											6171,550	F179,760
17.	CREDITORS - AMOUNTS				FALLING		DUE	WITHIN ONE YEAR			2021	2020
												F
	Trade creditors										24,226	11,976
	Social security costs and			taxation							2,381	4,413
	Deferred income - Subscriptions										113,378	112,445
	- BYM Grant										9,493	7,849
	Accruals										1,500	1,500
	Credit card										719	627
	Bounce back loan										6,000
											f157,697	F138,810

CREDITORS - AMOUNTS	FALLING DUE AFTER MORE THAN ONE YEAR	2021	2020
Bounce back loan		24,000	30,000
		F24,000	f30,000
		2021	2020
		F	F
Amounts falling due within:
1 —2 years 2 —5 years More than 5years		6,000 18,000	6,000 18,000 6,000
		F24,000	230,000

	Balance				Balance
2021	Brought	Income			Carried
	forward	(incl. gains)	Expenditure	Transfers	forward
		F		F	F
Unrestricted Funds
General funds	326,735	424,429	389,144		362,020
Restricted Funds
Website development Subscription system Yearly Meeting	2,150 1,000				2,150 1,000
-Warwick University Office equipment	1,307 2,211		900		1,307 1,311
	6,668		900		5,768
Total Funds	F333,403	2424,429	F390,044	FNi I	2367,788

2020	Balance Brought	Income			Balance Carried
	forward	(incl. gains)	Expenditure	Transfers	forward
				F
Unrestricted Funds
General funds	307,590	408,138	388,993		326,735
Restricted Funds
Website development Subscription system Yearly Meeting	2,934	1,000	784		2,150 1,000
-Warwick University Office equipment	1,307 4,041		1,830		1,307 2,211
	8,282	1,000	2,614		6,668
Total Funds	f315,872	F409,138	f391,607	FNil	F333,403
ANALYSIS OF NET ASSETS	BETWEEN	FUNDS
			Unrestricted	Restricted	Total
			Funds	Funds
			f.	F
Fixed assets Current assets Current liabilities Long term liabilities			353,387 190,330 (157,697) (24,000)	5,768	353,387 196,098 (157,697) (24,000)
As at 30June 2021			E362,020	E5,768	f367,788

	Unrestricted	Restricted	Total
	Funds	Funds	Funds
			P
Fixed assets	286,442	900	287,342
Current assets	209,103	5,768	214,871
Current liabilities	(138,810)		(138,810)
Long term liabilities	(30,000)		(30,000)
As at 30June 2020	f326,735	f6,668	f333,403

	COMMITME	NTS		2021	2020
At 30June cancellable	2021 the total minimum operating leases were	payments as follows:	due under non-
Within one	year			F15,000	F15,000