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|Council members|Council members|Council members|on|30June 2023|Janet Barlow (Trustees and Directors)|Janet Barlow (Trustees and Directors)|Janet Barlow (Trustees and Directors)|Janet Barlow (Trustees and Directors)||
|---|---|---|---|---|---|---|---|---|---|
||||||Lis Burch|||||
||||||Peter Kennedy|||||
||||||Alastair Reid|||||
||||||Barbara Windle|||||
|Secretary|||||Janet Barlow|||||
|Editor and||Chief Executive Officer|||Joseph Jones|||||
|Registered||office|||Friends House|173 Euston Road London|||NW1 2BJ|
|Webs ite address|||||~th
I
d.|||||
|Company|registration|||number|604838 (England||and Wales)|||
|Charity registration|||number||211649(Charity|Commission||for England|8 Wales)|
|Independent||Examiners|||Myrus Smith|||||
||||||Norman
House|||||
||||||8 Bumell Rd|||||
||||||Sutton SM1 4BW|||||
|Bankers|||||Co-operative
Bank pic|||||
||||||PO Box250|||||
||||||Skelmersdale
WKIB 6WT|||||
||||||CAF Bank|||||
||||||25 Kings
Hdl Avenue|||||
||||||Kings
Hill|||||
||||||West Mailing|||||
||||||Kent ME184JQ|||||
|Solicitors|||||Bindmans
LLP|||||
||||||236 Gray's
Inn Road|||||
||||||London WC1X 8HB|||||
|Investment||Managers|||Rathbone
Greenbank|||||
||||||10Queen Square|||||
||||||BiistolBS1 4NT|||||
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|CEO &Editor|of The Friend|Joseph Jones||||
|---|---|---|---|---|---|
|Production
and Office Manager||Elinor Smallman||||
|Sub-Editor||George Osgerby||||
|Journalist||Rebecca Hardy||||
|Relationships|Manager|Sarah Chapman|until 30|November|2022|
|||Vltaly Yerenkov|&Sarah|Chapman|until 13February 2023;|
|||Vitaly Yerenkov|thereaffer|||
|Subscriptions|Officer|Imogen Sewell Ridley||||
|Finance Officer||Elaine Bright||||
|Publishing
assistant (freelance)||Gabrielle Scott||||
|Friends Quarterly
Editors||Gill Sewell, Olivia Sewell||Risley||
|Volunteers:||||||
|Arts Correspondent||Rowena Loverance||||
|Environment|Correspondent|Laurie Michaelis||||
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##
|||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|
||||Notes|Funds
f|Funds
f|2023f|2022
F|
|Income from:||||||||
|Donations
and legacies
Charitable
activities
Investments||||50,540
339,223
8,017||50,540
339,223
8,017|60,929
346,419
5,537|
|Total||||397,780||397,780|412,885|
|Expenditure
on:||||||||
|Raising funds
Charitable
activities||||2,590
435,377|2,512|2,590
437,889|3,108
388,400|
|Total||||437,967|2,512|440,479|391,508|
|Net income/(expenditure)||before||||||
|investment
gains||||(40,187I|(2,512)|(42,699)|21,377|
|(Loss)/gains
on investments|||14|2,299||2,299|(47,203)|
|Net income/(expenditure)|||10|(37,888)|(2,512)|(40,400)|(25,826)|
|Transfers
between|funds|||||||
|Net movement
in|funds|||(37,888)|(2,512)|(40,400)|(25,826)|
|Reconciliation
of|funds:|||||||
|Total funds brought|forward|||337,143|4,819|341,962|367,788|
|Total funds canied forward||||f299,255|f2,307|f301,562|f341,962|
##
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|||AS AT 3|0 JUNE 20|23|||
|---|---|---|---|---|---|---|
|FIXEDASSETS||Notes|f|2023||2022|
|Tangible assets||13|||||
|investments||14||310,501||302,299|
|||||310,501||302,299|
|CURRENT ASSETS|||||||
|Debtors||15|45,624||44,773||
|Cash at bank and in|hand|16|104,373||158,403||
||||149,997||203,176||
|CREDITORS: Amounts|falling due||||||
|within one year||17|146,904||145,747||
|NET CURRENT ASSETS||||3,093||57,429|
|TOTAL ASSETS LESSCURRENT||||313,594||359,728|
|LIABILITIES|||||||
|CREDITORS: Amounts|falling due|18|||||
|after more than one|year|||12,032||'I7,766|
|NET ASSETS||20||6301,562||5341,962|
|REPRESENTED BY:|||||||
|Unrestricted
funds||19||299,255||337,143|
|Restricted funds||19||2,307||4,819|
|||||6301,562||6341,962|
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|DONATIONS
AND LEGACIES|||||
|---|---|---|---|---|
||Unrestricted|Restricted|Total|Total|
||Funds
f|Funds
8|2023|2022
6|
|Donations
Legacies
Grant from Religious Society ofFriends,|10,990||10,990|11,534
9,802|
|Britain Yearly Meeting
Grants from trusts|18,000
21,550||18,000
21,550|17,493
22,100|
||f50,540||650,540|860,929|
##
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||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|
||||Funds|Funds|2023|2022|
||||F|f.|E|F|
|Publishing|—The Friend and Friends||||||
|Quarterly
Advertising
and book sales
Online Friend and Digital Archive|||191,371
134,988
12,864||191,371
134,988
12,864|220,086
110,517
15,816|
||||F339,223||E339,223|E346,419|
|All ofthe f346,419recognised||in 2022 related to unrestricted||funds.|||
|INVESTMENT INCOME|||||||
||||Unrestricted|Restricted|Total|Total|
||||Funds|Funds|2023|2022|
|Dividends|and interest from listed||||||
|investments|||E8,017||E8,017|E5,537|
||All ofthe|5,537recognised
in 2022 related|5,537recognised
in 2022 related|to unrestricted
fu|nds.|||
|---|---|---|---|---|---|---|---|
|5.|COST OF|RAISING FUNDS||||||
||||||Support|Total|Total|
|||||Direct costs|costs|2023|2022|
||Investment|management|fees|E2,590||f2,590|f3,108|
|6.|COST OF|CHARITABLE|ACTIVITIES|||||
||||||Support|||
|||||Direct costs|costs|Total|Total|
||Production
educational|of printed
and
publications|online|(note 7)
f366,936|(note 8)
f70,953|2023
f437,889|2022
E388,400|
||||Total|Total|
|---|---|---|---|---|
||||2023|2022|
||||F|E|
|Publication
costs
Editorial costs
Printing
and advertising
Discounts||costs|154,037
151,270
32,617
29,012|117,357
145,923
59,572|
||||E366,936|E322,852|
##
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##
|8.|ANALYSIS OF SUPPORT|COSTS||||
|---|---|---|---|---|---|
|||||Total|Total|
|||||2023f|2022f|
||Website maintenance
Office costs
Premises costs|||4,385
15,609
15,000|4,077
13,847
15,000|
||Marketing
Subscription
and promotion
Finance cost|costs||4,387
29,162
655|6,349
24,229|
||Governance
costs (note 9)|||1,755|1,500|
|||||f70,953|F65,548|
|9.|GOVERNANCE COSTS|||||
|||||Total|Total|
|||||2023
f|2022
f|
||Examination
fees
Council and trustee meetings|||1,660
95|1,500|
|||||f1,755|F1,500|
|10.|NET INCOME I(EXPENDITURE)|||2023|2022|
||This is stated after charging:|||||
||Depreciation|||||
||Independent
examiners'
remuneration
Operating
lease rentals
Pension costs (defined contribution
scheme)|||F1,660
f14,000
f11,867|f1,500
f15,000
f13,383|
##
##
##
||||||||||
|---|---|---|---|---|---|---|---|---|
|STAFFCOSTS|||||||2023|2022|
|||||||||F.|
|Wages and salaries
Social security costs
Employer
pension costs
Other related employment
Freelance fees|costs||||||156,953
10,454
11,867
1,413
11,419|172,258
12,078
13,383
1,529
9,115|
|Pension
deficit contributions|||||||192,106|208,363|
||||||||f192,106|f208,363|
|Staffcosts analysed
by function:|||||||||
|Production
and editorial
Adverbsing
Subscriptions
Friends Quarterly|||||||138,216
27,883
25,533
474|133,504
54,203
20,029
627|
||||||||F192,106|f208,363|
|No employee
received total employee
benefits
(excluding
f60,000 per annum
during the year (2022 —none).||||||employer|pension costs) ofmore than||
|The average
number
of full|and|pert-time||staff,|analysed|by function|2023|2022|
|was:|||||||No.|No.|
|Production
and editorial|||||||3.8|3.8|
|Advertising|||||||1.0|1.0|
|Subscriptions|||||||1.0|1.0|
|Management
and administration|||||||0.2|0.2|
||||||||6.0|6.0|
|The average
number
offull-time
function was:||equivalent||staff, analysed||by|||
|Production
and editorial|||||||3.0|3.0|
|Advertising|||||||1.0|1.0|
|Subscriptions|||||||1.0|1.0|
|Management
and administration|||||||0.2|0.2|
||||||||5.2|5.2|
##
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##
||or Corporation
Tax on income or gains derived
from
various exemptions
available
to registered
charities.|its charitable
activities, as it falls w|ithin the|
|---|---|---|---|
|13.|TANGIBLE FIXEDASSETS
Furniture
and office equipment|2023f|2022f|
||Cost|||
||At 1 July|27,682|27,682|
||Additions|||
||At 30June|27,682|27,682|
||Depreciation|||
||At 1 July
Charge for the year|27,682|27,682|
||At 30June|27,682|27,682|
||Net Book Value|||
||30June|fNil|fNil|
|All t|angible fixed assets ar|e held by the charity for use in meeti|ng
its charitable objects.||
|---|---|---|---|---|
|14.|INVESTMENTS
tdi
t||2023
f|2022|
||Fair value at 1 July||302,299|353,387|
||Acquisitions
at cost
Disposals at opening
Unrealised
(losses) I|market value
gains on revaluation|59,032
(50,945)
115|40,178
(42,618)
(48,648)|
||Fair value at 30June||F310,501|f302,299|
||Historic cost at 30June||f284,266|f257,381|
||||2023f|2022f|
||Analysis
of investment|gains;|||
||Unrealised
gains I(losses) on revaluation
Realised gains on disposal||115
2,184|(48,648)
1,445|
||||f2,299|f(47,203)|
##
##
##
|14.
INVESTMENTS/contd|||||||
|---|---|---|---|---|---|---|
|||||||%of|
|||||||portfolio|
|||||||market|
|At 30June 2023 the portfolio comprised||the|following|investments:||value|
|Ishares
II Plc UK Gilts UCITS ETF|||||2,701|09%|
|Treasury 7/8% Green Gilt 31/07/2033|||||8,644|2.8%|
|Treasury
1/8% I/L Stock 22/03/2024|||||12,367|4.0%|
|Aberdeen
Standard
Fund Managers
Gbl Index Lkd Bond S Instl inc|||||5,562|1.8%|
|Kreditanst
Fur Wie 0.875% Gtd Snr 15/09/2026|||||7,859|2.5%|
|Places for People 4.25'k Bonds 15/1|2/2023||||1,976|0.6'/o|
|Liontrust
Investments
LTD - Corporate||Bond 2|||7,429|24%|
|Rathbone
Unit Trust Mgmt Ethical Bond S Inc (GBP)|||||7,478|24%|
|Royal London
Unit Trust MGRS Ethical||Bond Z inc|||7,759|2.5'/o|
|Lombard
Odier Funds|||||6,248|2.0%|
|Keller Group PLC|||||1,750|0.6%|
|Marshalls
Group PLC|||||1,877|0.6%|
|Coats Group PLC Sp Ordinary|||||3,132|1 0%|
|Genuit Group PLC/(prvious
name Polypipe|||Group) PLC 0.1p||||
|Ordinary|||||2,348|08%|
|Smith (DS) PLC|||||4,868|1.6%|
|Halma PLC|||||6,376|2.1%|
|Spirax-Sarco Engineering|||||7,981|2.6%|
|Experian PLC USD 0.10Ordinary|||||3,622|1.2%|
|Intertek Group PLC 1p Ordinary|||||4,094|1.3'k|
|Beltway PLC|||||2,386|0.8%|
|Smith & Nephew
PLC|||||5,452|18k|
|Dechra Pharmaceuticals
PLC|||||7,741|2.5%|
|Hikma Pharmaceutlcals
PLC|||||2,269|0.7%|
|Relx PLC|||||4,980|1.6%|
|Vodafone Group PLC|||||1,036|0.3o/o|
|SSEPLC 50p Ordinary|||||5,523|1.8%|
|National
Grid PLC|||||3,642|1 2%|
|Legal &General Group PLC|||||2,159|0.7%|
|Prudential
PLC|||||3,713|1.2%|
|Home REIT PLC|||||1,838|0.6%|
|LondonMetric
Properly
Ltd|||||2,481|0.8%|
|Impax Asset MGMT Group 1p Ordinary|||||2,390|0.8%o|
|FDM Group Holdings
PLC 1p Ordinary|||||2,244|0.7'k|
|Kainos Group Ltd|||||1,971|06%|
|Brown Advisory
Funds US Sustainable||Growth C Inc|||24,887|8.0%|
|LEGG MASON GLOBAL FUNDS|||||13,648|4.4%o|
|ASML Holdings
NV|||||3,983|1 3ok|
|ASSA ABLOY|||||3,772|1.2%|
|Liontrust
Investments
LTD SFEuropean||Growth 2|||6,559|2.1%|
|Stewart Investors Asia Sustainability|BAcc||||1,540|0.5'/o|
##
##
|14.
INVESTMENTS/contd||||||||o%%d of
porffolio|
|---|---|---|---|---|---|---|---|---|
|||||||||market|
|||||||||value|
|Baillie Gifford & Co|||||||6,314|2.0'/o|
|BMO INV Funds (LUX) Responsible|||Gbl EM|R|Acc||5,360|1.7o/o|
|Fund Partners
LTD IM WHEB|Sustainability|||B|Acc||7,520|2 4o%%d|
|lmpax Environmental
Markets|PLC||||||6,150|2.0o%%d|
|Janus Henderson
Inveslments|Gbl|Sustainable|||Equity|I Inc|9,180|3.0'%%d|
|Schroder Investmnet
MGMT Global||energy|||||4,776|1.FYo|
|Digital 9 Infrastructure
PLC|||||||2,020|0.7%|
|Foresight Sustainable
Forestry|||||||1,400|0.5'%%d|
|Greencoat
UK Wind PLC|||||||2,944|0.9'Yo|
|Harmony
Energy Income TST|PLC||||||2,940|0.9'/o|
|Octopus Renewables
Infrastructure||Trust PLC|||||1,943|0.6'%%d|
|Renewables
Infrastructure|||||||3,265|1
1o%%d|
|Mayfair Capital Invest Mgmt Property|||inc Trust||for||||
|Charity|||||||3,163|1
Oo%%d|
|Mirova Global Green Bond|||||||6,133|2.0'/o|
|Brown Advisory
US Sustainable|||||||15,194|4.9'%%d|
|Ishares USD TIPS0.5|||||||4,421|1.4'%%d|
|European
Investment
Bank
Jo Hambro
Regional
Gbl Eqty|||||||5,485
5,330|1.8'/o
1.73'o|
|Treasury
'/o Gilt 2031|||||||8,678|2
8o%%d|
||||||||i 3)o,oos|o1oooo|
|15. DEBTORS|||||||2023f|2022
F|
|Publications
debtors
Prepayments
VAT recoverable
Cash held by investment|manager||||||37,986
969
(367)
2,896|28,178
2,347
3,046
11,202|
||||||||f41,484|f44,773|
|16. CASH AT BANK AND IN|HAND||||||2023|2022|
||||||||F|F|
|Current accounts
Deposit accounts
Cash|||||||61,338
38,008
749|87,923
66,299
749|
|Paypal/Stripe|||||||4,278|3,432|
||||||||f104,373|F158,403|
##
##
|17.|CREDITORS - AMOUNTS|CREDITORS - AMOUNTS|CREDITORS - AMOUNTS|FALLING DUE WITHIN ONE YEAR|2023f|2022
F|
|---|---|---|---|---|---|---|
||Trade creditors
Social security costs and taxation
Deferred income
-Subscriptions||||20,504
3,153
94,626|17,930
2,817
99,374|
||Accruals
Credit card|- BYM|Grant||10,000
12,160
71|8,000
10,500
736|
||Bounce back loan||||6,390|6,390|
||||||F146,904|f145,747|
|18.|CREDITORS - AMOUNTS||FALLING DUE AFTER MORE THAN ONE YEAR||2023
F|2022f|
||Bounce back loan||||12,032|17,766|
||||||F12,032|F17,766|
||||||2023f|2022
F.|
||Amounts
falling due within:||||||
||1 —2years
2 —5years
More than 5years||||6,390
5,642|6,390
11,376|
||||||F12,032|F17,766|
##
##
||FOR T|HE YEAR END|ED 30JUNE|2023 contd|||
|---|---|---|---|---|---|---|
|19.|MOVEMENT
IN FUNDS|Balance||||Balance|
|||Brought|Income|||Carried|
|2023||forward
f|(inc gains)
f|Expenditure
f|Transfers
f.|forward|
||Unrestricted
Funds||||||
||General funds|337,143|400,079|437,967||299,255|
||Restricted
Funds||||||
||Website development|2,150||2,150|||
||Subscription
system|1,000||||1,000|
||Yearly Meeting||||||
||-Warwick
University|1,307||||1,307|
||Oflice equipment|362||362|||
|||4,819||2,512||2,307|
||Total Funds|f341,962|F400,079|f440,479|FNil|F301,562|
|2022||Balance|||||Balance|
|---|---|---|---|---|---|---|---|
|||Brought|Income||||Carried|
|||forward|(inc losses)
f||Expenditure|Transfers
F|forward
f|
||Unrestricted
Funds|362,020|365,682||390,559||337,143|
||General funds|||||||
||Restricted
Funds|||||||
||Website development|2,150|||||2,150|
||Subscription
system|1,000|||||1,000|
||Yearly Meeting|||||||
||-Warwick
University
Office equipment|1,307
1,311|||949||1,307
362|
|||5,768|||949||4,819|
|||f367,788|f365,682||f391,508|FNil|f341 962|
||Total Funds|||||||
##
##
##
##
##
##
|ANALYSIS OF NET ASSETS BETWE|EN FUNDS|||
|---|---|---|---|
||Unrestricted|Restricted|Total|
||Funds|Funds||
|||F||
|Fixed assets
Current assets
Current
liabilities
Long term liabilities|310,501
147,690
(146,904)
(12,032)|2,307|310,501
149,997
(146,904)
(12,032)|
|As at 30June 2023|f299,255|f2,307|f301,562|
|||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|
|||||Fundsf|Fundsf|Funds
F|
||Fixed assets
Current assets
Current
liabilities
Long term liabilities|||302,299
198,357
(145,747)
(17,766)|4,819|302,299
203,176
(145,747)
(17,766)|
||As at 30June 2022|||f337,143|f4,819|F341,962|
|21.|OPERATING LEASE COMMITMENTS||||2023|2022|
||At 30June 2023the total minimum||payments|due under non-|||
||cancellable
operating|leases were|as follows:||||
||Vllithin one year||||F15,000|f15,000|