2022-12-31-accounts - Old Burial Ground Estate

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Charity Registration No. 237243

KINGSTON FRIENDS TRUSTS

OLD BURIAL GROUND ESTATE

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Fred Ashmore (re-appointed October 2020 to September 2026)
	Kate Cargin (appointed July 2020 to June 2026)
	Hugh Corner (appointed March 2020 to September 2025)
	Nick Davis (re-appointed October 2020 to September 2023)
	Oli Griffiths (appointed May 2019 to September 2025)
Charity number	237243
Principal address	Kingston Quaker Centre
	Fairfield East
	Kingston upon Thames
	Surrey
	KT1 2PT
Independent examiner	David Howard
	1 Park Road
	Hampton Wick
	Kingston Upon Thames
	KT1 4AS
Investment Manager	Rathbone Greenbank Investments
	10 Queen Square
	Bristol
	BS1 4NT

KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE CONTENTS

	Page
Trustees' report	1 - 2
Independent examiner's report	3
Statement of financial activities	4
Balance sheet	5
Notes to the financial statements	6 - 11

KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their report and accounts for the year ended 31 December 2022. The trustees who served during the year and up to the date of this report are set out under the legal and administrative information section of the report.

Objectives and activities

The object of the charity is to advance religion in the area of benefit according to the principles and practices of the Religious Society of Friends; in particular to provide, equip, maintain, repair, improve, extend and rebuild the places of worship, and support the running costs, of Kingston upon Thames Local Quaker Meeting and other Local Meetings of the Religious Society of Friends in the area of benefit.

The area of benefit of the charity is the area of the Kingston & Wandsworth Area Quaker Meeting and the area of the South London Area Quaker Meeting (formerly the Purley & Sutton Area Quaker Meeting) of the Religious Society of Friends.

Public benefit

The trustees have regard to the Charity Commission's guidance on public benefit and its specific guidance on charities for the advancement of religion. The Old Burial Ground Estate (OBGE) provides grants to support the maintenance of Kingston Quaker Centre and the other Meeting Houses in South and South West London belonging to the Religious Society of Friends which between them have around 500 members and attenders at present. Meetings for Worship are held every Sunday and attract regular worshippers and those who are newly interested in exploring the Quaker faith. At other times of the week the Meeting Houses accommodate many community groups who take advantage of the space they offer for meetings and events.

Achievements and performance

The OBGE granted £5,256.71 to three Local Meetings in the area of benefit (Esher, Kingston and Sutton). These grants supported the provision of a laptop and speaker at Sutton; the laying of the garden hedge at Kingston; and replacement of glass door panels and provision of poster frames at Esher. The governance and charity arrangements of all the Quaker Area Meetings in London and of the London Quakers Property Trust (LQPT) are being examined with a view to major restructuring: for property the aim is to move to an estate of 'fewer but better' Meeting houses. Trustees are in discussion with LQPT to ensure that projects proposed to us for financial support are consistent with this general strategy for Meeting houses in London.

Financial review

As previously reported, the trustees appointed in September 2015 Rathbone Greenbank Investments as the charity’s investment manager to manage their investments more actively.

The value of the total funds of the charity decreased by 17.80% in 2022; the value of the endowment funds decreased by 19.39%.

Reserves policy

A balance in the working fund is maintained broadly at the level of £10,000 so as to be able to respond to urgent calls on the funds.

Risks policy

The major risks to which the charity is exposed, as identified by the trustees, have been reviewed by the trustees and systems have been established to manage and mitigate those risks. In particular the investments, which are managed by Rathbones Greenbank Investments are periodically reviewed, to monitor performance.

Plans for Future Periods

Whilst we recognise that market conditions in 2022 have been exceptionally difficult, we have found the performance of our investments disappointing. We intend in 2023 to consider possible alternative management arrangements, and to review the ethical basis of the investment choices made on our behalf.

KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Structure, govemance and management Status The charity is a Quaker charity, registered with the Charity Commission under number 237243 and regulated by a Scheme of the Charity Commissioners dated 8 September 1988, amended by a Scheme dated 7 May 2004. Organisational Structurp The charity has operated in 2022 with just five trustees and has requested that Kingston upon Thames Local Quaker Meeting nominates and appoints the 6th trustee. Trustees are appointed for periods of six years - five Trustees by Kingston upon Thames Local Quaker Meeting and one by Esher Local Quaker Meeting. The trustees control the charity and authorise grants through regular meetings, and are assisted in the day to day running of the charity by a secretary. Related Parties Kingston Friends Trusts (Old Burial Ground Estate) is treated by the Charity Commission as a parent of Kingston Friends Trusts (Poors Estate). They share a bank account but prepare separate reports and financial statements. Statement of Trustees. responsibilities The trustees are responsible for preparing the annual financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees are required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which 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. They are also responsible for safeguarding the assets of the charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees, Report was approved by the Board of Trustees on . £9 Eol) Name:

KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF KINGSTON FRIENDS TRUSTS

I report to the trustees on my examination of the financial statements of Kingston Friends Trusts (the charity) for the year ended 31 December 2022. which are set out on pages 04 to 11.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts as per the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2 the financial statements do not accord with those records; or
3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Siobhan Glenister Bsc ACA

David Howard

1 Park Road Hampton Wick Kingston Upon Thames KT1 4AS

30/03/2023 Dated: .........................

KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted Endowment funds funds 2022 2022 Notes £ £ Income from: Investments 2 60,975 - Expenditure on: Raising funds 3 - 25,880 Charitable activities 4 8,808 - Total expenditure 8,808 25,880 Net gains/(losses) on investments 9 - (755,009) Gross transfers between funds - - Net movement in funds 52,167 (780,889) Fund balances at 1 January 2022 65,546 4,027,947 Fund balances at 31 December 2022 117,713 3,247,058	Total Unrestricted Endowment funds funds 2022 2021 2021 £ £ £ 60,975 45,123 - 25,880 - 27,856 8,808 180,506 - 34,688 180,506 27,856 (755,009) - 419,004 - 87,791 (87,791) (728,722) (47,592) 303,357 4,093,493 113,138 3,724,590 3,364,771 65,546 4,027,947	Total 2021 £ 45,123
		27,856
		180,506
		208,362
		419,004
		- 255,765 3,837,728
		4,093,493

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE BALANCE SHEET AS A T 31 DECEMBER 2022 2022 2021 Notes Fixed assets Investments Currentassets Debtors Cash at bank and in hand 10 3,293,624 4,067,815 11 12 2,633 71,662 511 28,231 74,295 28,742 Creditors: amounts falling due within one year 13 (3,148) (3,064) Net current assets 71,147 25,678 Total assets less current liabilities 3,364,771 4,093,493 Capital funds Endowment funds - eneral General endowment funds 15 3,247,058 4,027,947 3,247,058 4,027,947 . Income funds Unrestricted funds 16 117,713 65,546 3,364,771 4,093,493 The financial statements were approved by the Trustees on Trustee

KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

Kingston Friends Trusts is a Quaker charity, registered with the Charity Commission under number 237243 and regulated by a scheme of the Charity Commissioners dates 8th September 1988, amended by a scheme dated 7th May 2004.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

Monetary amounts are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention where applicable. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measure reliably, and it is probable that income will be received.

Income from investments is included in the year in which it is receivable.

1.5 Expenditure

Expenditure is recognised in the year in which the liability is incurred and is reported as part of the expenditure to which it relates.

Charitable activities' direct costs and support costs are those costs incurred directly in support of expenditure on the objects of the charity.

KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

2 Investments

Investments
Income from listed investments Interest receivable (from Rathbone Greenbank Investment funds) Interest receivable (from other cash deposits)	2022 £ 42,414 18,332 229 60,975	2021 £ 30,212 14,909 2
		45,123

3 Raising funds

Rathbones Greenbank Investment management fees Charitable activities Grant funding of activities (see note 5) Share of support costs (Administrative costs) Share of governance costs (see note 6)		2022 £ 25,880 25,880 2022 £ 5,257 503 3,048 8,808	2021 £ 27,856 27,856 2021 £ 176,967 599 2,940	2021 £ 27,856
				27,856
			180,506

4 Charitable activities

KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

5 Grants payable Grants to support the Kingston Quaker Meeting Grants to other Local Meetings of the Religious Society of Friends	2022 £ 4,272 985 5,257	2021 £ 135,162 41,805
		176,967

6 Independent Examiner’s remuneration

Review of the financial statements Accountancy and other advisory services	2022 £ 1,524 1,524 3,048	2021 £ 1,470 1,470
		2,940

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

There were no employees during the year.

9 Net gains/(losses) on investments

2022 £ Revaluation of investments (860,140) Gain/(loss) on sale of investments 105,131 (755,009)	2021 £ 357,468 61,536
	419,004

KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

10 Fixed asset investments

Listed investments Cash in portfolio Total £ £ £ Cost or valuation At 31 December 2021 3,898,447 169,368 4,067,815 Additions 556,407 - 556,407 Valuation changes (755,009) - (755,009) Disposals (598,708) - (598,708) Net movement on cash in fund - 23,119 23,119 At 31 December 2022 3,101,137 192,487 3,293,624 Carrying amount At 31 December 2022 3,101,137 192,487 3,293,624 At 31 December 2021 3,898,447 169,368 4,067,815 Funds held in listed investments Funds held as cash Total Funds at 31st December 2022	*Permanent* *Endowment* *fund* *Freehold Land* *and Property* *fund* *Expendable* *Endowment fund* £ £ £ 435,427 3,073,022 559,366 58,151 398,361 99,895 (79,613) (570,697) (104,699) (66,460) (463,589) (68,659) 5,531 45,739 (28,151)
	353,036 2,482,836 457,752
	353,036 2,482,836 457,752
	435,427 3,073,022 559,366
	332,754 2,344,104 424,279 20,282 138,732 33,473
	353,036 2,482,836 457,752

All fixed asset investments are measured at market value less impairment .

KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

11	Debtors
						2022	2021
	Amounts falling due within one year:					£	£
	Other debtors					2,633	511
12	Cash in bank and in hand
		Unrestricted	Permanent	Freehold	Expendable	2022	2021
		fund	Endowment	Land and	Endowment
			fund	Property	fund
				fund
		£	£	£	£	£	£
	CafCash current account	55,044	-	-	-	55,044	11,803
	The Affirmative Deposit
	Fund for Charities	-	-	-	16,618	16,618	16,428
		55,044	-	-	16,618	71,662	28,231

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
	2022	2021
	£	£
Accruals and deferred income	3,148	3,064

14 Analysis of net assets between funds

Unrestricted Funds Endowment Funds 2022 2022 £ £ Fund balances at 31 December 2022 are represented by: Investments 62,648 3,230,976 Current assets/(liabilities) 55,065 16,082 117,713 3,247,058	Total 2022 £ 3,293,624 71,147 3,364,771	Total 2021 £ 4,067,815 25,678
		4,093,493

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KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

15 Endowment funds

Permanent Endowment Fund Freehold Land and Property Fund Expendable Endowment Fund	Movement in funds Balance at 1 January 2022 Incoming resources Resources expended Net Gains and Losses £ £ £ £ 435,427 - (2,778) (79,613) 3,073,020 - (19,564) (570,697) 519,500 - (3,538) (104,699) 4,027,947 - (28,880) (755,009)	Transfers between funds Balance at 31 December 2022 £ £ - 353,036 - 2,482,759 - 411,263 - 3,247,058	Transfers between funds Balance at 31 December 2022 £ £ - 353,036 - 2,482,759 - 411,263 - 3,247,058
			3,247,058

The Charity's funds originally arose in 1677 from the assignment of the freehold of a plot of land.

There are three funds. In the case of the Permanent Endowment Fund and the Freehold Land and Property Fund, only income may be applied to expenditure. In the case of the Expendable Endowment Fund, both capital and income are applicable, and may be applied, at the Trustees discretion, for the objects of the charity. A working fund is derived from these funds and is maintained as a pool of liquidity, the level being at the Trustees' discretion.

The Permanent Endowment Fund is a restricted fund which provides income for the general purpose of the charity. The fund is the combination of the compensation paid when a road was widened, and another fund set up as part of a redevelopment agreement with a third party.
The Freehold Land and Property Fund is a restricted fund which contains the proceeds of the sale of part of the land referred to above, in 2003. The fund is now required to be invested to produce income to be applied for the objects of the charity.
The Expendable Endowment Fund is the combination of two former funds which were set aside to cover extraordinary repairs for rebuilding Meeting Houses.

16 Unrestricted fund

Unrestricted fund
		Movement in funds
	Balance at 1	Incoming	Resources	Net Gains	Transfers	Balance at
	January 2022	resources	expended	and Losses	between	31
					funds	December
						2022
	£	£	£	£	£	£
Working fund	65,546	60,975	(8,808)	-	-	117,713

17 Related party transactions

There were no disclosable related party transactions during the year (2021- none).

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