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2024-12-31-accounts

Charity No. 224571

THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

TRUSTEES’ REPORT & FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 December 2024

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

CONTENTS OF THE TRUSTEES’ REPORT & FINANCIAL STATEMENTS FOR YEAR ENDED 31 December 2024

Page
Reference and administrative details 1
Trustees’ Report 2 - 18
Report of the Independent Auditors 19 - 21
Charity Statement of Financial Activities 22
Consolidated (Group) Statement of Financial Activities 23
Charity Balance Sheet and Consolidated (Group) Balance sheet 24
Group Statement of Cash Flow 25
Notes to the Financial Statements 26 - 40

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

Reference and administrative details

Registered charity name The Central England Area Quaker Meeting Charities
Working charity name Central England Quakers (CEQ)
Charity registration number 224571
Area meeting office 40 Bull Street, Birmingham B4 6AF
The Trustees Christine Bagnall (until January 2025)
Sandra Berry (from March 2024)
Esther Boyd (from April 2025)
Sharon Karima Brooke (from January 2025)
Huw Davies
James Green
John Kimberley (until May 2024)
Robert Morris (until December 2024)
Carole Pannell
Steven Pullan
Gillian Smith (until January 2025)
Lyndon Thomas (from January – September 2024)
Anne Ullathorne
Peter Ullathorne
Auditors BSN Chartered Accountants
3B Swallowfield Courtyard
Wolverhampton Road Oldbury, West Midlands
B69 2JG
Nominee for Land Friends Trusts Limited
173-177 Euston Road, London
NW1 2BJ
Nominee for Investment Rathbone Greenbank Investments
10 Queens Square
Bristol BS1 4NT
Bankers CAF Bank Limited, Kings Hill,
West Malling, Kent ME19 4JQ
Unity Trust Bank, PO Box 7193, Planetary Rd,
Willenhall, WV1 9DG
Solicitors Veale Wasbrough Vizards
3 Brindley Place, Birmingham B1 2JB

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 December 2024

A Introduction

Central England Area Meeting trustees are pleased to report on our work in 2024.

During 2024 trustees recruited and appointed Helen Waters as business support administrator to work alongside Sarah Barker, our principal officer. With these two posts in place trustees are happy to report that all contact with the office in Bull Street is dealt with promptly and professionally.

The main work of trustees this year has been:

B Structure, management and governance

The principal activity of the Area Meeting is the holding of Meetings for Worship which are open to all who wish to attend in its Local Meetings, together with the other Branches and related projects which support the charity’s objects in an area roughly equivalent to the West Midlands boundaries. There is an office in Bull Street Meeting House in the centre of Birmingham. There is a Principal Officer and a Business Support Administrator who work across the charity business. There are other employees who work within specific branches (projects) or local meetings.

The Charity’s Governing Document defines the way it is organised and managed.

This report and the financial statements incorporate the affairs of the LMs (Local Meetings) and Branches. There are currently 14 active Local Meetings (LMs) which make up the Central England Area Meeting. These being:

Local Meetings

There are 5 ‘Branches’, which are projects or committees set up to further specific pieces of work related to Quaker concerns. These are:

Branches

*During the year the Peace Committee and Community Justice Group laid themselves down as formal ‘branches’ of the charity. The Community Justice Group continues its activities much as before but now as a committee of the Area Meeting and without its own bank account. The Peace Committee has joined with the Peace Hub in order to continue to support this area of concern.

Membership

The total number of members at the end of 2024 was 409 (2023 was 417). At the end of 2024 there were also 225 recorded adult attenders (2023 was 203 or 245 including children). 39 children were recorded at the end of 2024 (2023 was 42).

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 December 2024 (continued)

Trustees

Trustees are appointed by Area Meeting, on the basis of nominations proposed by the CEQ Nominations Committee. (This process is a key part of the Quaker Business Method, and the CEQ Nominations Committee is responsible for considering all vacancies for voluntary roles, and for recommending “names” to area meeting. These “names” are then appointed or declined at the next area business meeting). In line with Quaker practice, trustees are appointed for a three-year term, which can be extended for a second “triennium” by mutual agreement between the trustee and Area Meeting. On occasions trustees serve a third term.

New trustees receive an induction “briefing” and are given the opportunity to attend a training course for trustees facilitated by the Woodbrooke Quaker Study Centre, as well as events provided by Quakers in Britain.

Trustees are responsible for monitoring the performance of the charity and managing its activities. In 2024 there were 11 Trustees and they met 4 times (February, May, August and November). Meetings took the form of joint face to face and online meetings (blended). There was also an ‘Away Day’ held in May which offered trustees the space and opportunity to consider what is happening nationally within other AM’s – some of whom are joining together, further explore the recommendations from the Special Working group on ‘What Does Love Require of Us’ and review our governing document.

In the Quaker tradition, decisions about policies, charitable activities and priorities are taken by the members of the Area Meeting at regular business meetings, and not by the charity’s trustees who provide advice and guidance and take responsibility for the statutory and legal duties of the charity. Area business meetings are open to all members of the Area Meeting and with agreement to interested attenders. Local Meetings appoint representatives to ensure effective representation. All Local Meetings receive minutes of the business meetings and can comment freely on the work of CEQ.

In 2024 there were 9 Area Meetings for business, plus 2 Devotional Meetings.

Trading Subsidiary

Priory Rooms (Bull Street) Limited is a wholly owned subsidiary of CEQ. This Quaker owned and managed conference centre is located at Bull Street Friends Meeting House. Directors are appointed by CEQ Area Meeting; there are at least two CEQ trustee Directors and at least four non-trustee Directors. The strategic vision for Priory Rooms is described in a “Purpose and Principles” document, and the relationship between the company and CEQ trustees is set out in a detailed Management Agreement.

C Objectives and Activities

Quaker faith is rooted in the belief of living our lives according to our spiritual experience. This is the basis of Quaker testimonies to peace, truth, simplicity, equality and sustainability, which guide Quaker behaviour, work and witness.

The object of Central England Area Meeting is the furtherance of the general religious and charitable purposes of the Religious Society of Friends (Quakers) in Britain in the area of Central England Area and beyond.

This includes:

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 December 2024 (continued)

All 14 LMs and 3 Branches have contributed to the furtherance of the charity’s objectives through:

Worship

All of the Local Meeting’s hold at least one Meeting for Worship each week on Sunday. Some meetings are blended (offering Friends the opportunity to join online as well as in person), others are in person only. There are also additional mid-week meetings and those which take place only online.

Intervisitation Sunday has been encouraged as a way of worshiping together as well as visiting another local meeting occasionally. We are pleased that 4 of our local meetings have children as part of their meeting.

As well as worshiping in our meeting houses we sometimes take our witness outside and worship in local parks or streets.

The reading of Advices and Queries remains an integral part of Meeting for Worship, and passages are read regularly throughout the year. They remain an important framework within which Friends try to live their lives, and continue to inspire as a form of spiritual witness.

Friends have enjoyed area Devotional Meetings in Stourbridge and Hartshill, providing an opportunity to visit Meeting Houses which might be further away, share spiritual companionship and to socialise with those who are perhaps seen less often.

Special meetings have continued this year, such as a wedding in August, a same sex marriage in September and Christmas Day meetings for worship, some involving readings and carols.

Meetings for Learning have explored topics such as ‘What does it mean to be a Quaker?’ and a bible study group have explored women in the Bible and considered the text of 1 Corinthians.

Worship and discussion groups explored Quaker Faith and Practice (with additional material from The Friend), the Book of Discipline - Marriage proposals and explored topics of Diversity and Accessibility.

Spiritual journey groups have met, including The Soup Group and the Quaker Faith and Practice Group, and some have welcomed new participants.

Some Local Meetings, in close proximity to one another, have joined together on occasion and 2 also held a Kindlers event entitled ‘Living Adventurously’. [Kindlers work to rekindle the power of Quaker worship by renewing and deepening Quaker spiritual practices.] Another Kindlers workshop on vocal ministry was organised in June by one LM, who invited 3 other LM’s to join them. This was a positive experience that helped Friends gain a fresh perspectives on ministry.

A ‘Fox 400 Pilgrimage’ took place across south Birmingham, commemorating 400 years since the birth of George Fox, the founder of the Religious Society of Friends. It has been particularly poignant for Central England Friends as George Fox was born in Drayton-in-the-clay (now Fenny Drayton) which is part of the Central England Area Meeting. Talks, displays, exhibits, guided walks, creative reflection sessions and film showings also marked the occasion. The children’s group of one LM developed an animated film for the anniversary.

New premises for one of the Local Meetings has brought challenges and opportunities.

Kenilworth Worshipping group was laid down in June due to dwindling numbers.

Visits to Friends who were ill and housebound have provided comfort and companionship, as well as opportunities for shared worship. Meetings are pleased to be able to help those who are struggling due to illness or age to continue to be a part of the whole.

During 2024 we have been pleased to welcome new members and attenders, as well as mourning the deaths of several devoted Friends.

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Children’s Meeting

Three Local Meetings have children’s meetings most weeks. Another has a monthly children’s group. Young people from five Local Meetings attend sessions of the Area Meeting youth group. Stourbridge children’s group chooses two of the four charities which the Meeting supports with special collections over the year and produced an animated film celebrating the 400[th] anniversary of George Fox’s birth. Selly Oak children’s meeting enjoyed stories, craft, cooking, gardening and outdoor play and went on a theatre trip. Cotteridge children’s meeting has a large age range - they hope to create within their Meeting an intergenerational community where all feel welcome.

Community

Film showings once a month, including one on the life of George Fox as part of Quaker week have proved a popular way of engaging with Friends and the local community. Activities during Quaker Week also included shared meals with other churches and regular FaceBook posts sharing information.

The Community Café at Warwick is open 5 mornings a week.

Shared lunches, ‘joy Fridays’, picnics, walks and breakfasts, as well as friends sharing their spiritual journey, provides a good way of building a stronger sense of community.

“Desert Island Discs” events have been held by one LM, each followed by a shared lunch. In addition to sharing Friends’ music choices the real value of these events is being able to listen to the life journeys of the ‘castaways’.

Cards are often sent to Friends in need of support and one meeting comes together each month over coffee to write these.

Quaker history exhibitions, talks about art and nature have proved a welcome way of engaging Friends and the community.

One local meeting had an ‘Away Day’ and had a facilitated exploration of the question ‘What does deep hope look like for Quakers in 2024’. Friends found the experience rewarding and challenging and were touched by the generous approach of Friends in another local meeting that hosted them. It was felt to be a warm expression of Quaker community.

Trips and outings, such as Harvington Hall and the Black Country Living Museum, are both rewarding experiences and a good opportunity for nurturing friendships.

A group of Friends visited the ‘Victorian Radicals’ Exhibition at Birmingham Museum during February, and found this an interesting and enjoyable social occasion.

A study group of 11 Friends was formed to explore “Faith and Climate Justice”, using the resources provided by BYM, and held six sessions (each based on one of six booklets) in 2024.

Approximately 10 young people regularly attend the Area Meeting Youth Group and some are also involved in Summer School or Senior Conference which enables them to develop links with the wider Quaker Community.

A monthly meeting of the “Preparing for Change in Old Age” group continues and the group has invited external speakers, for example from the local hospice.

LM’s have participated in Heritage open days, summer festivals and Christmas festivals. Sometimes opening meeting houses for quiet reflection during these busy times.

Some meetings are small in number and find maintaining the energy of the congregation a struggle, whilst others have increased in number and are benefiting from additional members and attenders joining them. Several Meetings have faced challenges in filling roles with one Meeting mentioning that they place significant responsibility on several key individuals and that most Friends had served more than one triennium in their post. Some meetings have explored ways to reduce the number of formal appointments and reduce the required length of service.

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Community (Cont)

For example, one Local Meeting established a ‘Holding Group’. The elders who had agreed to continue after the Covid cohort, finally and for various reasons stepped back. The LM had already noticed that there seemed to be a gap at the heart of the meeting. They had no Elders nominated by the LM and appointed by Area Meeting. They could find no new Friends for Premises Committee. They could not identify a clerk or clerking team. Coordination and cohesion therefore was maintained by a “Holding Group” (HG) of three Friends and one Attender. At its meetings, the HG was joined by a rolling member of the Pastoral Friends’ Group, and by the Convener of Children’s Committee. They had no nomination’s committee other than a process initiated by the HG. The task as they saw it was to simply hold the community and the spiritual life of the meeting as best as they could. Members of the community have said that they did indeed feel held. An enlarged duty eldership also helped to take the pressure off a small number of people.

Ministry has been enhanced in one LM by a box of snippets from Quaker Faith and Practice as Quaker seeds.

On occasions, Friends have met to tend the gardens in our meeting houses which has enhanced the shared fellowship.

We have welcomed Friends from abroad and from other Area Meetings, as well as young people who are studying at nearby universities.

Some pastoral Friends have been challenged but remained faithful to the community needs of the local meetings and to individual needs relating to age, mobility and mental health challenges that individuals have had. We continue to look more closely, through our accessibility audits, at how we might make our study groups and meetings more inclusive.

We are pleased that our buildings are regularly used by members of the local community from a diverse range of backgrounds and organisations. We also use our grounds for community events, outdoor social activities, BBQ’s, bonfires, yoga sessions and wildlife group meetings, amongst other things.

Concerns

Workshops and speakers, on issues such as refugees, which led to the creation of ‘Quakers Welcome Refugees’ posters, have offered opportunities to take forward concerns.

A quiz night and ‘Meeting of Sanctuary’ collections raised money for, direct support or Quaker-led organisations supporting, asylum seekers.

Food Banks and other charities such as Women with Hope, Hope House, Restore, EcoBirmingham, Women’s Cooperative in Seir, Soothern and Craner Education Foundation and Clothing Coventry continue to receive the support of Friends.

An area meeting group: ‘Responding to Racism’, continues its work with Woodbrooke to explore historical issues and seek ways to consider reparations with one meeting reporting they are ‘probably more diverse in relation to Black Brown People of Colour (BBPoC) than at any time in its 98 year history’.

Friends within some Local Meetings have voiced concerns relating to the Testimonies of Peace and Sustainability and have taken this message outward in support of racial justice, the situation in Gaza, climate justice and opposition to the Arms Trade. Some of this action has resulted in arrests and Friends awaiting trial have been supported and held In The Light.

Several Meetings have made improvements to their Meeting Houses to make them more sustainable. Stourbridge Local Meeting gained a silver Eco-church award. Sutton Coldfield Meeting hold a monthly ‘Making a Difference’ group for small actions on sustainability.

Quaker Christmas Parcels

This annual activity, which has been running for 61 years, took place again on 6th & 7th December 2024 at Selly Oak Meeting House and like last year a little over one thousand food parcels were packed.

Seventy percent of the parcels went via Probation to ex-prisoners or the families of prisoners while the remaining thirty percent were distributed to groups working with refuges and asylum seekers or with the homeless.

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Quaker Christmas Parcels (Cont)

Probation played their part as usual, providing help with the unloading of food deliveries on the Thursday and with collecting parcels on the Saturday. Interestingly, one of the ‘unpaid workers’ on the Thursday was someone known to Friends who had taken part in a ‘Just Stop Oil’ protest and was serving part of her sentence helping us with ‘Christmas Parcels’.

One of the joys of this annual event is the goodwill which it generates among all those taking part, not only with the packing but with the receiving groups, which then deliver the parcels to their clients and also with the ‘unpaid workers’. Feedback from the recipients of the ‘parcels’ from prisoners or their families and from refugee groups continues to confirm the need for the work and to be heartwarming. A probation officer wrote on behalf of a recipient, “A man has been released from prison today. He has been a rough sleeper for years and is very underweight. Against the odds Probation have found him accommodation this time. It was a great help to give him a bag of food as he is very vulnerable.” Another recipient wrote, “It is indescribable how much this food parcel is needed and how grateful and thankful I am to receive this parcel, so thank you.” There have also been many letters of thanks from refugee groups and appreciation was warmly expressed by the group, ‘Women with Hope’ at their Christmas party held at Selly Oak Meeting House.

Over 1000 food parcels were distributed in December 2024.

Peacemakers

In 2024, Peacemakers built awareness of peace education among educators through face-to-face encounters at conferences, social media, newsletters, and Networking. They also produced a new edition of the landmark resource Learning for Peace.

626 more young mediators were trained, setting up 22 more Peer Mediation Programmes; and running a Peace Ambassadors Programme in tandem with the Peace Hub, encouraging children in four schools to take action for peace.

260 mediators aged 7-17 who had been in post for 3-6 months were asked some questions about their experience: 98% said they were more confident now in dealing with others’ problems.

81% said they were better listeners and were able to be assertive when needed. 66% said they were now more confident in other parts of their lives. 45% said they were more confident dealing with their own problems.

In November a paper was shared with trustees and Area Meeting proposing that Peacemakers might launch themselves as an independent charity, separate to CEQ. This is being considered by Friends and will develop further in 2025.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 December 2024 (continued)

Peace Hub

At the Area Meeting in September, the Peace Hub Management Committee set out priorities for the project, following a strategic review. These being:

The committee highlighted the intention to lay down the drop-in model (i.e. close ‘the Hub’, shop front, to the public) at the end of the year (December 2024). It was felt this would be freeing and increase opportunities to meet people where they are, and allow the coordinator more flexible use of their work time. This will better help achieve the aim of building an inclusive community, active on matters of peace and justice.

The management committee have been reflecting on current partnership working and drawing out threads of connecting with communities, listening to people’s concerns and ideas for local action, and helping to connect that with the bigger picture of national and global issues. This will inform the work in the coming years – the coordinator will build on these relationships to begin a new model of working in the community and look for where Peace Hub can offer something constructive.

A focus group will help develop the content for Peace Hub work and provide guidance on issues and groups for Peace Hub to work with.

A celebration to mark 10 years of the Peace Hub and the start of the next chapter will be held in early 2025.

Other work which contributes to our objectives

As well as involvement in Central England Area Meeting, some Friends are involved with Yearly Meeting and Friends World Committee for Consultation, the Quaker Committee for Christian and Interfaith Relations as well as ecumenical work such as Churches Together and the Chapel of Unity.

Many local meetings have good links with other religious groups and this year the Warwick Meeting House was a stop on the Warwick Faith Trail, when Friends had the opportunity to share how Quakers worship and an introduce Quaker testimonies.

9 members of a LM visited Oakwood prison in October to take part in their Meeting for Worship, in celebration of World Quaker Day

Friends played a prominent part in the annual Hiroshima Day ceremony in Coventry Cathedral as well as providing representatives on a local initiative called Sacred Spaces and on the multifaith forum.

One LM has provided administrative support for Lynn and Dave Morris who have, as Journeymen Theatre, written and performed powerful and thought-provoking productions on themes reflecting Quaker concerns and testimonies. After over a decade, Lynn and Dave decided to lay the project down in 2023, and they have been working on a “legacy project” to enable their work to be documented for posterity, and to make the material accessible to other performers. Their legacy book was launched in June 2024. The cost of the project was supported by contributions from both Area Meeting (specifically the “Black Country Fund”) and Stourbridge Meeting.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 December 2024 (continued)

Friends and activities from across the Central England Area Quaker Meeting

Food and fellowship at an AM tea

Friends from Central England joined Friends from Staffordshire Area Meeting, in Lichfield, for a George Fox street performance.

CEQ marked 400 years since the birth of George Fox with several commemorative events.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

Friends and activities from across the Central England Area Quaker Meeting (Cont)

CEQ marked 400 years since the birth of George Fox with several commemorative events.

Children made birthday cards for George Fox

Quaker Faith and Play: the story of Margaret Fell, at all age worship

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

Friends and activities from across the Central England Area Quaker Meeting (Cont)

Area Meeting Friends produced posters to be used across our Meeting Houses promoting a welcoming space for refugees.

The creativity continued with Quaker banners.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

Friends and activities from across the Central England Area Quaker Meeting (Cont)

Youth Group created some amazing t-shirts during a session about the environment.

Bonfire night fun at Selly Oak

Peaceful protests at Telford Arms Fair

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Friends and activities from across the Central England Area Quaker Meeting (Cont)

Children’s meeting built their own bus and ‘drove’ themselves to Meeting for Worship

Servicing

The trustees are responsible for the charity's governance and compliance as set out in the governing document. It requires trustees to use the property and income to further the area meeting’s objects through for example: strengthening the life and witness of Quaker meetings; maintaining and developing Quaker meeting houses as places for public worship and from which to carry out our witness to the world; and administering and maintaining the organisation of Central England Area Quaker Meeting.

The Governing Document sets out the responsibilities delegated to trustees and defines their role and that of the Area and Local Meetings. One of the trustees responsibilities is to report annually to Area Meeting in session so that Friends can question and be reassured that property, finance, employment, and records are all being well managed and that risks are identified and reviewed regularly.

Trustees are aided in this work by the Service committees for finance, property, employment, and records advisory, each comprising members of Area Meeting and at least one or two trustees. The work and discernment done by these Service Committees brings greater depth and accountability to the eventual decisions made by trustees.

During the year the service committees each met quarterly, and their minutes were received at each trustees meeting. Matters for discernment were brought to trustees' quarterly meetings and, when necessary, these decisions were taken to Area Meeting in session for further discernment or for information. Such matters are forwarded by minute or are agreed as agenda items with Area Meeting clerks.

The Local Meetings and Branches (working on Quaker concerns) are all part of the Central England Area Quaker Meeting Charity and have a significant degree of autonomy. One of the challenges for trustees is to ensure compliance with the governing document of the charity. This is done informally by the ‘link trustees’ and formally by the Memorandum of Understanding (MoU) that is completed by the separate bodies that make up the charity. The MoU is revisited bi-annually. It was last completed in 2023 and it will be reviewed again in 2025.

D Performance and monitoring

As described above, trustees manage the performance of the charity through service committees which oversee finance, property, employment, safeguarding and records management. Liaison with and support for the LMs and Branches is provided by a ‘Link Trustee’ who reports on key issues via a report to the trustees meeting.

A Scheme of Delegation is in place to help clarify roles and responsibilities between the trustees and Principal Officer. The PO role supports the work of the trustees and their committees and seeks to undertake some of the practical work previously carried out by volunteers, releasing those members to focus on the spiritual elements of the charity or to remain involved in charity work but with less onerous responsibilities. The PO also provides a report or collates relevant papers for each of the service committees’ and trustees’ meetings, highlighting key activities, risks and decisions which need to be considered.

The Risk Register was updated regularly during the year and is a standing agenda item at trustee meetings.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

Safeguarding

The Area Meeting safeguarding team comprises 1 trustee, 1 experienced Area Meeting member (who also serves as a prison Chaplain) and the Principal Officer. The AM team works with the LM Safeguarding Lead’s, providing support and guidance as required.

During 2024 there was one formal safeguarding referral from CEQ made to adult social care. This was an incident that was not directly related to the charity but became known to members, who took appropriate steps to safeguard an adult at risk.

There were also a number of events or incidents where Friends sought support from the Safeguarding Team and one particular case which led to significant liaison with agencies such as the police and probation.

No issues were escalated to the Charity Commission. The full procedure and toolkit was reviewed and updated in 2024 and approved by Trustees at their August meeting. These are available via the CEQ website.

E Financial Review

Grants Policy

The Area Meeting is not a grant-making charity and the items referred to as ‘grants’ mostly consist of the gifts (from central funds and Local Meetings) to the charity’s parent body, Britain Yearly Meeting, contributions to other Quaker work, donations to non-Quaker charities (mainly by Local Meetings acting under concern) and subscriptions to ecumenical bodies of which CEQ is a member. In 2024 the following donations were made from charitable funds to external beneficiaries (£): -

Beneficiaries
Overseas beneficiaries
Non-CEQ Quaker charities
Britain Yearly Meeting
Non-Quaker charities
Non-charities
TOTAL		 £
0
2,840

25,750
19,825
*
1,000
49,415

The funds used for these purposes derive from members’ donations and investment income and not from the general public. All of the donations (as listed above) were approved at a formal business meeting, and recorded by Minute.

Reserves policy and performance

The reserves policy for the Area Meeting’s central funds was first approved by trustees in April 2009. It is regularly reviewed and was further revised in 2022. It will be revised again in 2025. A copy can be found on the CEQ website.

The purpose of the policy is to:

Most LMs and Branches also carry some reserves to cover their day to day needs and guidance has been issued by the finance committee with regards to this.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

Investment Properties

In addition to the Meeting Houses which are used by LMs the charity also has a number of other properties and land which are used for regular lettings or leased on a longer term basis to bring in additional revenue to support the charity’s objectives. These are managed centrally by the trustees and Principal Officer.

Priory Rooms Ltd (trading subsidiary)

Priory Rooms had a positive year in 2024, despite the challenges of increasing costs and were able to make a very welcome gift of £70,000 to the charity, for which trustees were very grateful.

The Service Agreement between the Charity and Priory Rooms, previously started in 2020, continued in 2024 and included the provision of services to support 4 centrally managed Meeting Houses.

Overall financial results for the year

2024 has been a good year for Central England Quakers with the majority of our Meetings enjoying regular worship and witness activities, as described elsewhere in this report. We are pleased that we have increased our expenditure on Quaker activities. Our income and expenditure has remained broadly consistent with previous years though we report a deficit for 2024 of £57,593 before gains on investments . We continue to try to simplify our financial and property arrangements and work towards modernizing and future proofing our systems but there are costs involved as we manage these developments.

Our investment properties were valued in the summer of 2025 and the new values have been reflected in the 2024 accounts giving unrealized gains. The sale of three properties before the year end gave us £204,319 of realised gains.

The year end valuation of our financial investments was lower than hoped following a year of turbulent global and political events but our balance sheet remains strong and the overall financial picture is positive, and, given the support of our members and our inherited portfolio, we feel able to cope with the ongoing challenges of increasing labour costs, higher utility charges and expenditure on building repairs and improvements to our governance. Overall, the charity is in a sound position as we go into 2025.

F Going Concern

The trustees are of the view that the charity is a going concern, the evidence for which is as follows:

The key funds held by the charity are overall above target levels, as defined in the Reserves Policy. Principal sources of income are the rents from investment properties, donations from members and the hire of rooms. The rent income is underpinned by the length and stability of the leases, with no known risk of any significant reduction.

The risks faced by the charity are well understood, with extensive mitigation measures in place. Specific financial risks are incorporated in the reserves policy. With the exception of one of its Branches, the charity is not dependent on external funding or fundraising for its income, and the relatively small scale of the activities limits the risks associated with this Branch. Property (repair and maintenance) risks are mitigated by the regular (quinquennial) building surveys undertaken, and by the comprehensive insurance cover that is in place. Major unforeseen expenditure on property is protected by the (c. £500,000) central Building Fund held in reserve.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

G Public Benefit Statement

The trustees consider they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

The charity makes available and provides the following to further its purposes for the public benefit:

H

Future Plans

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Trustees’ responsibilities in relation to the financial statements

The charity trustees are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each 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, including the income and expenditure, of the charitable group for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the Governing Document. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of information to the auditors

In so far as the trustees are aware at the time of approving our trustees’ annual report:

The trustees’ annual report was approved on 12[th] August 2025 and signed on behalf of the trustees by;

……………………………………………… ……………………………………………… Sandra Berry (Trustee) Anne Ullathorne (Trustee)

The financial statements were submitted to the Charity Commission on 8[th] September 2025 and to the BYM Recording Clerk’s Office on 8[th] September 2025

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

Opinion

We have audited the financial statements of The Central England Area Quaker Meeting Charities and group for the year ended 31 December 2024 which comprise of the charity and group statement of financial activities, the charity and group statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state 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 to 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.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities 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 appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern 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 doubt on the charity's or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not 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 financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material 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 misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES (continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In applying the financial reporting framework, the Trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under Section 151 of the Charities Act 2011 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to 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 audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to 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, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have reviewed financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We have audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We have also made enquiries of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES (continued)

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts 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 state 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 to 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.

Philippa Miller-Hawkes BA CA (Senior Statutory Auditor)

For and on behalf of BSN Associates Limited Chartered Accountants & statutory auditor 3B Swallowfield Courtyard Wolverhampton Road Oldbury West Midlands B69 2JG

12[th] August 2025

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CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 December 2024

Unrestricted Restricted Total Total
Funds Funds 2024 2023
___ ___ _____ _____
£ £ £ £
Income
Donations and legacies 85,063 210,746 295,809 297,214
Charitable activities 222,413 48,395 270,808 261,852
Investment Income 288,213 24,158 312,371 307,192
Gift from Priory Rooms 70,000 - 70,000 60,000
Other Income 48,148 2,011 50,159 49,394
_ _ _ _
Total income 713,837 285,310 999,147 975,652
_ _ _ _
Expenditure
Cost of raising funds (9,844) (7,587) (17,431) (24,425)
Charitable activities (733,604) (305,705) (1,039,309) (967,709)
_ _ _ _
Total expenditure (743,448) (313,292) (1,056,740) (992,134)
_ _ _ _
Net income / (expenditure)
before gains on investments (29,611) (27,982) (57,593) (16,482)
_ _ _ _
Net gains/(losses) on
investments 591,875 2,385 594,260 385,829
______ ____ ______ ______
Net income / (expenditure)
before transfers 562,264 (25,597) 536,667 369,347
Transfers between funds (3,623) 3,623 - -
_ _ _ _
Net movement in funds 558,641 (21,974) 536,667 369,347
Total funds brought forward 7,956,400 1,019,684 8,976,084 8,606,737
__ __ __ __
Total funds carried forward 8,515,041 997,710 9,512,751 8,976,084
__ __ __ __

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

CONSOLIDATED (GROUP) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 December 2024

Unrestricted Restricted Total Total
Funds Funds 2024 2023
___ ___ _____ _____
Note £ £ £ £
Income
Donations and legacies 85,063 210,746 295,809 297,214
Charitable activities 216,413 48,395 264,808 261,852
Other trading activities 700,186 - 700,186 686,710
Investment Income 289,643 24,158 313,801 307,192
Other Income 48,148 2,011 50,159 46,394
_ _ __ __
Total income 4 1,339,453 285,310 1,624,763 1,599,362
_ _ __ __
Expenditure
Cost of raising funds
 5 (629,567) (7,587) (637,154) (610,515)
Charitable activities
 6 (710,376) (305,705) (1,016,081) (934,695)
_ _ __ __
Total expenditure (1,339,943) (313,292) (1,653,325) (1,545,210)
_ _ __ __
Net income / (expenditure)
before gains on investments (490) (27,982) (28,472) 54,152
_ _ _ _
Net gains/(losses) on
investments 9 591,875 2,385 594,260 385,829
_ _____ _ _
Net income/(expenditure)
before transfers 591,385 (25,597) 565,788 439,981
Transfers between funds ……7 7 (3,623) 3,623 - -
_ _ _ _
Net movement in funds 587,762 (21,974) 565,788 439,981
Total funds brought forward 8,232,309 1,019,684 9,251,993 8,812,012
__ __ ___ __
Total funds carried forward 8,820,071 997,710 9,817,781 9,251,993
__ __ ___ __

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

CHARITY AND CONSOLIDATED (GROUP) BALANCE SHEET AS AT 31 December 2024

Note Charity Charity Group Group
2024 2023 2024 2023
£ £ £ £
Fixed assets
Tangible assets 11 1,254,183 1,314,314 1,276,084 1,328,800
Investments 12 6,918,071 6,770,652 6,918,071 6,770,652
___ ___ ___ ___
Total fixed assets 8,172,254 8,084,966 8,194,155 8,099,453
___ ___ ___ ___
Current assets
Debtors 13 101,764 80,003 144,850 103,953
Cash at bank and in 1,303,435 908,038 1,621,963 1,209,838
hand ___ ___ ___ ___
Total current assets 1,405,199 988,041 1,766,813 1,313,791
___ ___ ___ ___
Liabilities
Creditors falling due 14 (64,702) (96,923) (139,556) (159,071)
within 1 year ___ ___ ___ ___
Net current assets 1,340,497 891,118 1,627,257 1,154,720
___ ___ ___ ___
Total assets less 9,512,751 8,976,084 9,821,412 9,254,172
current liabilities
Creditors falling due 14 - - - -
after 1 year
Provisions 16 - - (3,631) (2,179)
___ ___ ___ ___
Net assets 9,512,751 8,976,084 9,767,781 9,251,993
___ ___ ___ ___
Unrestricted 6,858,753 6,376,062 7,163,783 6,651,971
Designated 17 1,656,288 1,580,338 1,656,288 1,580,338
Restricted 18 997,710 1,019,684 997,710 1,019,684
_____ _____ ___ ___
Total funds 9,462,751 8,976,084 9,817,781 9,251,993
__ __ ___ ___

The financial statements were approved by the Trustees on 12[th] August 2025 and signed on their behalf by:

……………………………………………… ……………………………………………… Sandra Berry (Trustee) Anne Ullathorne (Trustee)

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GROUP STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 December 2024

Net movement in funds
Depreciation Charge
Dividends and interest
Losses/(gains) on investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors and provisions
Net cash used in operating activities
Cash flows from investing activities:
Dividends, interest & rents from investments
Purchase of fixed assets
Net sale/(purchase) of investments
Net cash provided by investing activities
Cash flows from financing activities:
Repayment of borrowing
Net cash provided by financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 2024
Total
Funds
£
565,788
81,533
(313,801)
(594,260)
(40,897)
(18,063)
__
(319,700)
_
313,801
(28,817)
446,841
_
731,825
_
-
_
-
_
412,125
1,209,838
______
1,621,963		 2023
Total
Funds
£
439,981
96,529
(307,192)
(385,829)
39,597
62,346
__
(54,568)
_
307,192
(10,528)
83,386
_
380,050
_
-
_
-
_
325,482
884,35
_____
1,209,838

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024

1. General information

The charity is a registered charity in England and Wales and is unincorporated. The address of the area meeting office is: 40 Bull Street, Birmingham B4 6AF.

2.

Statement of compliance

These financial statements have been prepared in compliance with FRS 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the Statement of Recommended Practice applicable to the charities preparing their accounts in accordance with FRS 102 (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation and assessment of going concern

The financial statements incorporate the affairs of Central England Area Quaker Meeting and the Local Meetings and other Branches set out in note 20 to the financial statements. Transfers between the Local Meetings, the Branches and the Area Meeting are eliminated from income and expenditure. The financial statements also exclude those donations received by the Area Meeting and Local Meetings, which are paid over to various charities at the donors’ requests.

The financial statements also incorporate, where applicable and where amounts are described as ‘group’, the affairs of Priory Rooms (Bull Street) Limited, a wholly owned subsidiary.

The subsidiary, which is a limited company and not a charity has been consolidated on a line by line basis. Intergroup balances have been eliminated on consolidation.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Central England Quakers (CEQ) constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The Trustees consider there are no material uncertainties about the charity’s ability to continue as a going concern, as set out in their report.

Fund accounting

In order to differentiate the availability of funds they are categorised according to the following definitions:

Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Voluntary income is recognised as above except where the income is subject to conditions that require a level of performance before the charity is entitled to the funds, when the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable those conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the grant of probate and when the charity has been notified of the amount and settlement date.

Investment income is recognised when receivable and is shown gross to include income tax recovered and recoverable. Other income is accounted for on the basis of amounts receivable for the year.

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024

3. Accounting policies (continued)

Donated services and facilities

Donated professional services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probably and that economic benefit can be measured reliably. The charity benefits greatly from the involvement and enthusiastic support of its many members, in accordance with the Charities SORP (FRS 102), the general volunteer time of members is not recognised.

On receipt, donated professional services or facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on using the accruals basis, inclusive of any value added tax that cannot be recovered.

Taxation

Priory Rooms (Bull Street) Limited is chargeable to corporation tax on its income and capital gains. Otherwise Central England Area Quaker Meeting is a charity and is exempt from taxation on income derived from its charitable activities. Priory Rooms (Bull Street) Limited provides for taxation deferred as a result of timing differences that have originated but not reversed at the balance sheet date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible fixed assets

The charity owns a number of functional properties comprising Meeting Houses and their contents, and other buildings used by CEQ Branches. These buildings are held in perpetuity for Meetings for Worship or other charitable activities, and contribute to the furtherance of the Central England Quaker’s charitable objectives and are considered to be heritage assets under FRS 102. The heritage assets have been grouped together in the following categories:

Meeting Houses, Wardens’ Accommodation and other buildings

There is no cost or accumulated depreciation recognised for these heritage assets, as allowable under Section 18 of FRS 102. Whilst it is believed that the market value, both at the time of acquisition and at the balance sheet date, was significantly in excess of £nil deemed cost and net book value, it is not possible to obtain a reliable estimate of the market value at either date. Conventional valuation techniques are not appropriate for the unique and historical nature of the assets. In addition, the Trustees consider it an inefficient use of the charity’s funds to obtain valuations for all of these properties and not befitting of the objectives of the charity.

Major expenditure on improvements to property at 40 Bull Street incurred during 1999 were capitalised and are being depreciated at 5% per annum on cost from 1 January 2004. Expenditure on the conference centre in Bull Street is being depreciated at 2% per annum on cost from 1 January 2004. A replacement heating system for 40 Bull Street was installed during 2020 and is being depreciated at 10% per annum on cost from 1 November 2020. This has been included within the Refurbishment of Meeting House asset category in note 11.

Any developments or improvements to the building greater than £10,000 are capitalised at cost and depreciated over the improvement’s useful economic life. Maintenance costs are charged to the SOFA in the period they are incurred.

Contents of Meeting Houses

A number of the Meeting Houses contents have also been recognised at £nil cost and £nil accumulated depreciation as it is impracticable and an inefficient use of the charity’s resources to value the specific items in the following categories: organs, pianos, Quaker artwork, library books and other contents.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024

3. Accounting policies (continued)

The Trustees capitalise individual items of equipment costing £10,000 or more where there is a continuing economic value and a reliable measurement of cost or fair value is available. These assets are depreciated annually so as to write off the cost over their economic useful lives. In the subsidiary company equipment is capitalised where the asset has a continuing economic value.

Other fixed assets, which have been capitalised, are being depreciated at the following annual rates on cost:

Furniture and fittings - at varying rates on cost
Computer equipment - 25% on cost
Heating and hot water system - 10 years
Refurbishment of Meeting house - 20 years
Conference Centre etc. - 50 years

Investments

All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange and fair value is equivalent to the market value. Holdings in common investment funds, unit trusts and open-ended investment companies are at bid price. The charity does not acquire put options, derivatives or other complex financial interests.

Investment properties are re-valued periodically or when changes in rental income necessitate revaluation. Fair value is generally open market value.

All gains and losses are taken to the Statement of Financial Activities as they arise.

Short term deposits comprise funds held in savings or deposit (rather than current) accounts which are surplus to immediate cash flow requirements and are classified as cash and cash equivalents.

Pension costs

The charity and its subsidiary contribute to defined contribution schemes for some of their employees. The pension cost represents the total amount payable to the schemes in the \year. The pension cost is directly charged to funds with contributory employees.

Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

4. Income

The comparative amounts for 2023 between consolidated funds are:

Unrestricted Restricted Total
Funds Funds 2023
Note £ £ £
Donations and legacies 122,875 174,339 297,214
Charitable activities 218,705 43,147 261,852
Other trading activities 686,710 - 686,710
Investment Income 292,859 14,333 307,192
Other Income 42,099 4,295 46,394
_ _ __
Total income 1,363,248 236,114 1,599,362
_ _ __

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024

5. Costs of raising funds (Group)

Costs of raising funds (Group)
Unrestricted Restricted 2024 2023
Funds Funds Total Total
___ __ ____ ____
£ £ £ £
Priory Rooms (Bull St) Limited:
Meeting & conference facilities 612,861 - 612,861 569,714
Taxation 6,862 - 6,862 16,376
Commercial lettings:
Letting fees 2,095 - 2,095 2,714
Other 7,749 7,587 15,336 21,711
_ _ _ _
629,567 7,587 637,154 610,515
_ _ _ ______
2023 595,091 15,424 610,515
______ _____ _

6. Expenditure on charitable activities (Group)

Support, governance and other costs are directly incurred by the various funds, there is no apportionment required centrally and there are no central function costs.

Unrestricted Restricted 2024 2023
Funds Funds Total Total
___ ___ ______ _____
£ £ £ £
Payroll costs 111,216 146,942 258,158 238,981
Repairs and maintenance 174,837 14,065 188,902 171,432
Costs of Quaker activities 108,325 71,110 179,435 153,174
Depreciation 81,533 - 81,533 96,529
Other employee costs 73,378 54,981 128,359 110,167
Utilities 60,465 9,557 70,022 88,556
Insurance 27,151 2,005 29,156 32,668
Costs of governance 66,416 - 66,416 25,074
Other costs 7,055 7,045 14,100 18,114
_ _ _ ______
710,376 305,705 1,016,081 934,695
_ _ _ ______
2023 667,012 267,683 934,695
______ _____ _

Included within the expenditure on activities are amounts paid to defined contribution pension plans for employees of £14,153 (2023: £12,439).

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024

6. Expenditure on charitable activities (continued)

Costs of governance includes the auditors’ remuneration of £12,719 (2023: £10,362) for auditing and accounting fees which is incurred by the central funds and is not apportioned to individual Branches. The amount also includes irrecoverable value added tax.

7. Restricted Transfers

The transfers into the restricted fund were grants from the Trustees General fund into the Peacemakers for £30,000 and the Peace Hub £5,000 as well as donations raised from local meetings to support the ongoing work of these branches.

8. Staff details and analysis of staff costs, trustee remuneration and expenses

The Trustees consider the Principal Officer to be key management who undertakes much of the day to day management on their behalf.

The Trustees were not paid or received any other benefits from employment with the charity or its subsidiary in the year (2023: £Nil). No Trustees received reimbursement of travelling expenses in 2024 (2023: £Nil). No trustee received payment for professional or other services supplied to the charity (2023: £Nil).

No employee earned £60,000 per annum or more (2023: £Nil). Pension costs are incurred directly by the cost centre where staff are employed and allocated to the various funds accordingly.

There are 8 statutory directors of the subsidiary (2023: 7) who receive no remuneration or benefits.

The average number of employees during the year analysed by function was:

2024 2023
Conference facilities 13 13
Other Branches and projects 5 5
Wardens, caretakers and gardeners 4 4
Administration 2 2
___ ___
24 24
___ ___
The total staff costs for the year were:
2024 2023
£ £
Wages and salaries – conference facilities 283,199 260,680
Wages and salaries – other 229,010 214,512
National insurance 32,384 28,936
Pension costs 26,892 24,817
_ _
571,485 528,945
_ _

All conference facilities staff are employed by the subsidiary company, Priory Rooms (Bull Street) Limited. These costs are included in costs of raising funds.

9. Net gains/(losses) on investments

Net gains/(losses) on investments
2024 2023
£ £
Unrestricted 556,234 237,286
Designated 35,641 97,285
Restricted 2,385 51,258
_ _
Total net gains / (losses) 594,260 385,829
_ _

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024

10. Related party transactions

Included within donations to the charity is an aggregate amount of £7,552 (2023: £7,445) received from the Trustees.

11. Tangible fixed assets

Group

Group
Refurbishment Conference Furniture Computer
of Meeting House centre etc. & fittings equipment Total
£ £ £ £ £
Cost
At 1 January 2024 854,667 2,015,647 260,902 38,923 3,170,139
Additions - - 26,323 2,494 28,817
Disposals - - (115,190) (14,665) (129,855)
_ __ _ ______ __
At 31 December 2023 854,667 2,015,647 172,035 26,752 3,069,101
_ __ _ ______ __
Depreciation
At 1 January 2024 755,906 800,094 249,912 35,427 1,841,339
Charge for year 34,532 40,313 4,976 1,712 81,533
Disposals - - (115,190) (14,665) (129,855)
_ __ _ ______ ______
At 31 December 2024 790,438 840,407 139,698 22,474 1,793,017
_ __ _ ______ ______
Net book amounts
At 31 December 2024 64,229 1,175,240 32,337 4,278 1,276,084
_ __ _ ______ __
At 31 December 2023 98,761 1,215,553 10,990 3,496 1,328,800
_ _ ______ __ __
Charity
Refurbishment Conference Furniture Computer
of Meeting House centre etc. & fittings equipment Total
£ £ £ £ £
Cost
At 1 January 2024 854,667 2,015,647 10,262 - 2,880,576
Additions - - 14,714 - 14,714
_ __ _ ______ __
At 31 December 2024 854,667 2,015,647 24,976 - 2,895,290
_ __ _ ______ __
Depreciation
At 1 January 2024 755,906 800,094 10,262 - 1,566,262
Charge for year 34,532 40,313 - - 74,845
_ __ _ ______ ______
At 31 December 2024 790,438 840,407 10,262 - 1,641,107
_ __ _ ______ ______
Net book amounts
At 31 December 2024 64,229 1,175,240 14,714 - 1,254,183
_ __ _ ______ __
At 31 December 2023 98,761 1,215,553 - - 1,314,314
_ __ _ ______ __

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024

11. Tangible fixed assets (continued)

All Group tangible assets are classified as unrestricted funds as they are held as part of the Trustees Fund where all assets are used for whatever is deemed appropriate to further the charity’s objectives.

Conference Centre

The centre consists of a conference suite and ground level refreshment area for the use of the charity and other Quaker and charitable bodies together with significant commercial use. The operation of the centre is managed by the charity’s subsidiary company, Priory Rooms (Bull Street) Limited. The conference centre is being depreciated at 2% per annum from 1 January 2004.

Heritage assets

As described in the accounting policies note, there is a cost and accumulated depreciation of £nil for the Meeting Houses owned and used by the charity and group for Worship and charity activities. The buildings are maintained by the charity for their contribution to knowledge and culture of the Quaker faith. It would be impracticable and an inefficient use of the charity’s funds to obtain market valuations for such unique assets and their contents. A description is given of each of the assets below and the year in which the Meeting Houses were constructed. On the basis of the age of the properties, had the original cost been capitalised, the Trustees are of the view that the assets would be fully depreciated at the balance sheet date. No reliable information exists to include original cost and accumulated depreciation amounts. Wardens accommodation was previously included within the heritage assets but as of late 2024 there were no wardens working for CEQ and all previous bungalows and flats became investment properties.

The charity is the beneficial owner of the following heritage asset properties:

Type of property Year Address
Freehold
Meeting House 1969 6 Sandhills Road, Barnt Green, B45 8NR
Meeting House 1964 23 Watford Road, Cotteridge, Birmingham, B30 1JB
Meeting House 1930 Church Road, Northfield, Birmingham, B31 2LB
Meeting House and Conference Centre 1931 40 Bull Street, Birmingham, B4 6AF
CEQ Peace Hub 1931 41 Bull Street, Birmingham B4 6AF
Meeting House 1953 Hill Street, Coventry, CV1 4AN
Meeting House 1892 George Road, Edgbaston, Birmingham, B15 1JP
Meeting House 1927 Hamlet Road, Hall Green, Birmingham, B28 9BG
Meeting House 1972 112 Castle Road, Hartshill, CV10 0SG
Meeting House 1983 17 Colmore Row, Kings Heath, Birmingham, B14 7PE
Meeting House 1695 39 High Street, Warwick, CV34 4AX
Meeting House 1939 Kenelm Road, Sutton Coldfield, B73 6HD
Woodlands Quaker Home 1945 434 Penn Road, Penn, Wolverhampton, WV4 4DH
Long leasehold
Meeting House 1689 Scotts Road, Stourbridge, DY8 1UR
Meeting House 1905 65 Linden Road, Bournville, Birmingham, B30 1JT
Short leasehold
Meeting House 1926 930 Bristol Road, Selly Oak, Birmingham, B29 6NP

The heritage asset contents of the above properties for which there is no recorded cost are classified into the following categories: organs, pianos, Quaker artwork, library books and other contents. The Trustees preserve these assets by keeping a register of assets held at each Branch and insuring the assets appropriately to protect them from damage or loss.

The titles to all of the properties owned by the charity and group are held by Friends Trusts Ltd as Nominee with strict restrictions on disposition of the freehold which requires authorisation by an order of the court.

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024

12. Fixed asset investments

Group investments:

Group investments:
2024 2023
Freehold Listed Freehold
Listed
properties securities properties
securities
£ £ £
£
Market value brought forward 4,682,150 2,088,502 4,465,650
2,002,559
Net additions/(sales) (480,000) 33,159 -
(83,386)
Revaluation 537,850 56,410 216,500
169,329
__ __ __
__
Total Group investments 4,740,000 2,178,071 4,682,150
2,088,502
__ __ __
__
Group fixed asset investments are held between funds as follows:
2024
2023
£
£
Unrestricted 4,986,202
4,919,968
Designated 1,122,594
1,050,198
Restricted 809,275
800,486
__
__
Total Group investments 6,918,071 6,770,652
__
__
Charity investments:
2024
2023
£
£
Market value
Freehold properties 4,740,000
4,682,150
Listed securities 2,178,071
2,088,502
__
__
Total Charity investments 6,918,071 6,770,652
__
__

Freehold Properties

The charity and group own the following freehold investment properties held by Friends Trusts Ltd as Nominee:

Two bungalows adjacent to Barnt Green Meeting House at 6a & 6b Sandhills Road, Barnt Green. The 6a property was valued on an open market basis at £230,000 by KBW, Chartered Surveyors In June 2025. This is an increase from 2020 when it was valued at £180,000. The 6b property, formerly a warden’s bungalow, was converted to private rented accommodation and reclassified as an investment property in May 2021, and both properties are subject to shorthold tenancies. The 6b property was valued on an open market basis at £220,000 by by KWB in June 2025. This is an increase from 2022 when it was valued at £195,000

The property known as Redditch Meeting House, Matchborough, Redditch, B98 0ER was sold in December 2024 for £190,000 Office accommodation at 51 and 53 Church Road was also sold in the autumn for £300,000. The following table shows the net proceeds to the charity of these sales.

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024

12. Fixed asset investments (continued)

Fixed asset investments (continued)
Church Road Redditch Total
£ £ £
Sale proceeds 300,000 190,000 490,000
Less cost of sale (11,366) (10,815) (22,181)
____ ____ ____
Net proceeds 288,634 179,185 467,819
Less book cost (22 valuation) (196,500) (67,000) (263,500)
____ ____ ____
**Profit on sale *** 92,134 112,185 204,319
____ ____ ____

*Note that unrealised gains were recognised in the 2023 audited accounts.

Private flats at 39A and 39B High Street Warwick CV34 4AX. The properties were valued on an open market basis at £150,000 and £155,000 respectively by KWB, Chartered Surveyors in July 2025.

A bungalow adjacent to the Meeting House in Selly Oak was reclassified as an investment property in 2014. The property was valued on an open market basis at £125,000 by KWB, Chartered Surveyors in July 2025. This is an increase following a previous valuation of £27,150 in 2020.

A flat within the Hartshill Meeting House has been converted into private rented accommodation and was reclassified as an investment property for 2019. The flat was valued at £85,000 on an open market basis by KWB in July 2025. This is an increase from the previous valuation of £65,000 in 2020.

An office development on land owned by the Area Meeting at 1 Colmore Square, Birmingham. The land is let on a 250 years lease from 29 September 1999 and was valued on an open market basis at £3,615,000 by KWB, Chartered Surveyors on in July 2025. This is unchanged from the previous valuation.

The types of investment held at 31 December 2024 and their market values were:

2024 2023
£ £
Listed investments (incl. loan stocks) 240,793 232,409
Investment properties 4,740,000 4,682,150
Social investments 5,409 5,409
Other investments (Unit Trusts, Branch & Trustee Reserves) 1.931.869 1,850,684
____ ____
Total Group investments 6,918,071 6,770,652
____ ____

Unlisted investments

The charity owns 100% of the Ordinary share capital of Priory Rooms (Bull Street) Limited (company number: 05129631). There is no investment cost included for the subsidiary in the charity’s balance sheet, with all profit is donated back to the parent entity to support with the charitable objectives of Central England Quakers.

2024 2023
£ £
Aggregate capital and reserves 305,031 275,910
Profit for the year after taxation 99,121 130,634

At the year end, Priory Rooms (Bull Street) Limited made a pledge to £70,000 (2023: £60,000) to the parent charity.

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024

12. Fixed asset investments (continued)

The following is a summary of the profit for the year after taxation in Priory Rooms (Bull Street) Limited.

2024 2023
£ £
Sales of conference facilities 733,084 727,702
Cost of sales (123,579) (127,077)
Administrative expenses (498,952) (450,615)
Other operating income - -
Management charge to parent charity (6,000) (3,000)
______ _
Operating profit/(loss) 104,553 147,010
Other interest receivable 1,430 -
Gain on financial assets at fair value - -
______ _
Profit before taxation 105,983 147,010
Taxation (note 16) (6,862) (16,376)
_ ______
Profit after taxation 99,121 130,634
_ ______

The company declared a dividend of £70,000 to the parent charity during the year (2023: £60,000).

13. Debtors

Debtors
2024 2023
£ £
Group
Trade debtors 93,164 56,917
Other debtors 51,686 47,036
_ ______
144,850 103,953
_ ______
2024 2023
£ £
Charity
Trade Debtors - …….-
Other debtors 31,764 20,003
Amounts owed by trading subsidiary 70,000 60,000
_ ______
101,764 80,003
_ ______

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024

14. Creditors: Amounts falling due within one year

Creditors: Amounts falling due within one year
2024 2023
£ £
Group
Trade creditors 8,366 4,242
Social security and other taxes 43,981 41,207
Corporation tax 5,410 7,404
Accruals 67,792 91,333
Other creditors 14,007 14,885
______ ______
139,556 159,071
______ ______
2024 2023
£ £
Charity
Social security and other taxes 12,181 13,057
Accruals and deferred income 52,521 83,866
______ ______
64,702 96,923
______ ______
Creditors: Amounts falling due after one year
2024 2023
£ £
Group - -
______ ______
- -
______ ______

15. Secured assets

Freehold land and buildings at Penn Road, Wolverhampton, West Midlands, WV4 4DH, have been given as security for loan finance x 2 obtained in the Charity’s name from, Quaker Housing Trust and Orchard Brook Ltd and in turn made available to Woodlands Quaker Home in respect of expenditure on new buildings. The loan’s are not included in these financial statements as the charity does not expect to have to meet any part of the debt. The loans will be repaid in 2025. The last relevant market valuation for the secured property was £1,450,000 in May 2019 (inc. the business).

Friends Trusts Ltd, as nominee for land, is a party to the leases (excluding tenancy agreements) pertaining to CEQ investment properties, which are 1 Colmore Square, and the Woodlands.

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024

16. Provision for liabilities

2024 2023
£ £
Deferred tax
Accelerated capital allowances 3,857 2,381
Unpaid remuneration (226)
(202)
_____ _____
3,631 2,179
_____ _____
Deferred tax
£
Balance at 1 January 2024 2,179
Provided during year 1,452
_____
At 31 December 2024 3,631
_____

The provision for deferred taxation arises in the charity’s subsidiary company. The provision relates to unrestricted funds in 2024 and 2023.

17. Designated funds (Charity and Group)

Opening Income Expenditure Investment Transfers Closing
Balance gains/(losses) Balance
£ £ £ £ £ £
___ _ _____ ______ ____ ____
Local Meetings 1,057,839 414,519 (357,204) 23,561 (10,861) 1,127,854
Building Fund 67,355 112 (74) - 8,838 76,231
Black Country 15,021 - - - (15,021) -
Trustees Reserves 440,123 3,997 - 12,080 (3,997) 452,203
___ _ ___ ___ __ ___
Designated funds 1,580,338 418,628 (357,278) 35,641 (21,041) 1,656,288
___ ______ ___ ___ ___ ___

Local Meetings funds

Local meeting funds are for the purpose of the respective meetings and are raised from their members or from letting their premises to third parties. These funds are used for Quaker activities, repair and maintenance of premises, to meet various administrative costs and to support Quaker work.

The Building Fund

The building fund receives income from Building Fund Investments (see Restricted Funds) and provides loans or grants to assist Local Meetings to maintain their properties if a major repair is beyond their means and to carry out agreed improvements to premises.

The Black Country Fund

The Black Country Fund was established in 2015 to support the development of Quakerism in the Black Country but has now been fully utilized.

Trustee Reserves

Trustee reserves have been designated by trustees following various historic events several decades ago – Trustees plan to review the appropriate allocation to these designated funds as a larger amount of inherited assets might properly be defined as programme-related funds. Central England Quakers use income from these assets to support their organization and their ongoing Quaker work.

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024

18. Restricted funds (Charity and Group)

Opening Income Expenditure Investment Transfers Closing
Balance gains/(losses) Balance
£ £ £ £ £ £
___ _ _____ ______ ___ ____
Local Meetings 168,117 64,563 (69,439) 2,447 (28,549) 137,139
Other Branches 157,363 211,516 (237,456) 873 41,010 173,306
CJG 3,302 531 (2,305) - - 1,528
Building Fund 452,688 8,700 (4,092) (7,471) (8,838) 440,987
Trustees Reserves 238,214 - - 6,536 - 244,750
___ ______ ___ ___ ___ ___
Restricted funds 1,019,684 285,310 (313,292) 2,385 3,623 997,710
___ _ ___ ___ ___ ___

Local Meetings funds

Seven local meetings hold restricted funds for specific projects such as building work, peace work or work with children.

Other Branches

Other branches of the charity include Christmas Parcels, Peacemakers and Peace Hub and all funds raised for these projects are restricted for the purposes for which they were raised.

CJG (Community Justice Group)

Community Justice Group was a branch with its own bank account until the end of 2023, when it closed its account and transferred the balance to the General Fund, but the funds donated by Friends are given specifically for CJG activity and are therefore restricted and reported separately.

Building Fund Investments

The Area Meeting’s Building Fund is restricted for the support (including maintenance, repair and improvement) of the charity’s Quaker Meeting Houses. Loans and grants are provided to assist Local Meetings to maintain and improve their properties.

Trustees' Reserve Funds

Trustees also hold two restricted funds which are the proceeds of the sale of Atherstone Meeting House, with the income applied to Hartshill Local Meeting, and the proceeds of Cotteridge Land Sale with income applied to Cotteridge Local Meeting.

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024 19. Analysis of Group assets between funds

Total
General Designated Restricted 2024
____ _ __ ____
£ £ £ £
Fixed assets 6,262,286 1,122,594 809,275 8,194,155
Current assets 1,032,604 542,057 192,152 1,766,813
Creditors < 1 year (127,476) (8,363) (3,717) (139,556)
Provisions for liabilities (3,631) - - (3,631)
_ _ _ __
7,163,783 1,656,288 997,710 9,817,781
_ _ _ __
Total
General Designated Restricted 2023
____ _ __ ____
£ £ £ £
Fixed assets 6,248,768 1,050,198 800,486 8,099,452
Current assets 494,015 546,515 273,261 1,313,79
Creditors < 1 year (88,633) (16,375) (54,063) (159,071)
Provisions for liabilities (2,179) - - (2,179)
_ _ _ __
6,651,971 1,580,338 1,019,684 9,251,993
_ _ _ __

20.

Capital commitments

There was no future capital expenditure contracted for but not provided in the financial statements at 31 December 2024.

21.

Events after the reporting period

The trustees commissioned a revaluation of their investment properties in 2025. This reflects a number of changes from previous functional properties e.g. wardens accommodation and the addition of a new flat at Warwick Meeting House. The updated values are included in the 2024 accounts.

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THE CENTRAL ENGLAND AREA QUAKER MEETING CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024 22. Consolidated (Group) Statement of Financial Activities for the year ended 31 December 2023

Unrestricted Restricted Total Total
Funds Funds 2023 2022
___ ___ _____ _____
Note £ £ £ £
Income
Donations and legacies 122,875 174,339 297,214 240,565
Charitable activities 218,705 43,147 261,852 224,784
Other trading activities 686,710 - 686,710 515,915
Investment Income 292,859 14,333 307,192 291,806
Other Income 42,099 4,295 46,394 13,406
_ _ __ __
Total income 1,363,248 236,114 1,599,362 1,286,476
_ _ __ __
Expenditure
Cost of raising funds (595,091) (15,424) (610,515) (497,046)
Charitable activities (667,012) (267,683) (934,695) (931,155)
_ _ __ __
Total expenditure (1,262,103) (283,107) (1,545,210) (1,428,201)
_ _ __ __
Net income / (expenditure)
before gains on investments 101,145 (46,993) 54,152 (141,725)
_ _ _ _
Net gains/(losses) on
investments 334,571 51,258 385,829 (310,197)
_ _____ _ _
Net income/(expenditure)
before transfers 435,716 4,265 439,981 (451,922)
Transfers between funds ……7 (43,350) 43,350 - -
_ _ _ _
Net movement in funds 392,366 47,615 439,981 (451,922)
Total funds brought forward 7,839,943 972,069 8,812,012 9,263,934
__ __ ___ __
Total funds carried forward 8,232,309 1,019,684 9,251,993 8,812,012
__ __ ___ __

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