Charity Registration No. 237243
KINGSTON FRIENDS TRUSTS
OLD BURIAL GROUND ESTATE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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 2023 to September 2026) 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 - 12 |
KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their report and accounts for the year ended 31 December 2023. 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
Kingston Quaker Meeting returned the sum of £2,559.47 which was unspent from the £20,000 grant we awarded in 2021.
The OBGE granted:
£23,173.16 to Richmond Meeting to support the refurbishment of its Meeting House; £53,000 to LQPT to support the repair to the Burial Ground Wall at Wandsworth Meeting; £2,963 to Kingston Meeting to repair an internal fire wall at Kingston Quaker Centre.
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 increased by 5.09% in 2023; the value of the endowment funds increased by 5.63%.
Trustees have decided to retain the services of a second investment management firm and plan to place a proportion of the funds of the charity under their management in early 2024. We look forward to examining the performance of both our investment managers over a reasonable period before considering further changes.
Reserves Policy
In March 2018, the charity reviewed its reserves policy and confirmed it serves its purpose. The charity has no running costs or liabilities for which funds need to be set aside. Applications for grants are made as and when required and grants are modest in size, not normally exceeding £500 to any one case. The charity’s policy is to keep a minimum of approximately £500 in reserve in case of urgent applications arising. In 2023 the charity ended the year with £8,526.76 available for disbursement.
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
Future plans
Quakers in London are moving forward with plans to form a single Area Meeting for London. We do not consider it necessary at present to review our governing document or to consult the Charity Commissioners at present.
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KINGSTON FRIENDS TRUSTS
OLD BURIAL GROUND ESTATE
TRUSTEES. REPORT (CONTINUED)
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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 2023. which are set out on pages 04 to 12.
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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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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.
David Howard Chartered Accountants
1 Park Road Hampton Wick Kingston Upon Thames KT1 4AS
Dated: ......................... 07-04-2024
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KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted funds Endowment funds Total 2023 2023 2023 Notes £ £ £ Income from: Investments 2 68,887 - 68,887 Expenditure on: Raising funds 3 - 23,624 23,624 Charitable activities 4 80,460 - 80,460 Total expenditure 80,460 23,624 104,084 Net gains/(losses) on investments 9 - 206,365 206,365 Net movement in funds (11,573) 182,741 171,168 Fund balances at 1 January 2023 117,713 3,247,058 3,364,771 Fund balances at 31 December 2023 106,140 3,429,799 3,535,939 |
Total 2022 £ 60,975 25,880 8,808 34,688 (755,009) (728,722) 4,093,493 3,364,771 |
|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE BALANCE SHEEr ASAT31 DECEMBER 2023 Flx•d a8MIs InYestrn8nls 11 3A60A 3.293.624 12 Cash at bpnk in 74.Y)4 71.8a2 78.810 74295 13.376) 13,148) 75.434 71.147 3.535939 3.364.771 Capllal fundj G9fieralendryWr1 3.429. 247.058 15 3,429,799 3247.058 ID¢om•fur•d• 1W140 117,713 3.$35.4 ).,T11
KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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 2016). 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.
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KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
Charitable activities' direct costs and support costs are those costs incurred directly in support of expenditure on the objects of the charity.
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
| Income from listed investments Interest receivable (from Rathbone Greenbank Investment funds) Interest receivable (from other cash deposits) |
2023 £ 41,911 26,159 817 68,887 |
2022 £ 42,414 18,332 229 |
|---|---|---|
| 60,975 |
3 Raising funds
| Rathbones Greenbank Investment management fees | 2023 £ 23,624 23,624 |
2022 £ 25,880 |
|---|---|---|
| 25,880 |
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KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
4 Charitable activities
| Grant funding of activities (see note 5) Share of support costs (Administrative costs) Share of governance costs (see note 6) |
2023 £ 76,577 565 3,318 80,460 |
2022 £ 5,257 503 3,048 8,808 |
|---|---|---|
5 Grants payable
| 2023 £ Grants to support the Kingston Quaker Meeting - Grants to other Local Meetings of the Religious Society of Friends 76,577 76,577 |
2022 £ 4,272 985 |
|---|---|
| 5,257 |
6 Support costs
| Support Governance costs £ costs £ Legal and professional 505 - Bank charges 60 - Review of the financial statements - 1,659 Accountancy and other advisory services - 1,659 565 3,318 Analysed between Charitable activities 565 3,318 |
2023 £ 505 60 1,659 1,659 3,883 3,883 |
2022 £ 422 81 1,524 1,524 |
|---|---|---|
| 3,551 | ||
| 3,551 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
8 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | |
|---|---|
| Total There were no employees whose annual remuneration was more than £60,000. |
2023 2022 Number Number - - |
9 Net gains/(losses) on investments
| Revaluation of investments Gain/(loss) on sale of investments |
2023 2022 £ £ 239,128 (860,140) (32,763) 105,131 206,365 (755,009) |
|---|---|
10 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
11 Fixed asset investments
| Listed vestments Cash in portfolio Total in £ £ £ Cost or valuation At 31 December 2022 3,101,137 192,487 3,293,624 Additions 235,722 - 235,722 Valuation changes 206,365 - 206,365 Disposals (146,898) - (146,898) Net movement on cash in fund - (128,308) (128,308) At 31 December 2023 3,396,326 64,179 3,460,505 Carrying amount At 31 December 2023 3,396,326 64,179 3,460,505 At 31 December 2022 3,101,137 192,487 3,293,624 Funds held in listed investments Funds held as cash Total Funds at 31st December 2023 |
Permanent Endowment fund Freehold Land and Property fund Expendable Endowment fund £ £ £ 353,036 2,482,836 457,752 26,932 183,260 25,530 18,969 167,305 20,091 (13,121) (88,791) (44,986) (16,361) (112,261) 314 |
|---|---|
| 369,455 2,632,349 458,701 |
|
| 369,455 2,632,349 458,701 |
|
| 353,036 2,482,836 457,752 |
|
| 365,535 2,605,878 424,913 3,920 26,471 33,788 |
|
| 369,455 2,632,349 458,701 |
All fixed asset investments are measured at market value less impairment.
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GSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
12 Debtors
| Debtors | ||
|---|---|---|
| 2023 | 2022 | |
| Amounts falling due within one year: | £ | £ |
| Other debtors | 4,306 | 2,633 |
13 Cash in bank and in hand
| Unrestricted | Permanent | Freehold | Expendable | 2023 | 2022 | |
|---|---|---|---|---|---|---|
| fund | Endowment | Land and | Endowment | |||
| fund | Property | fund | ||||
| fund | ||||||
| £ | £ | £ | £ | £ | £ | |
| CafCash current account | 57,147 | - | - | - | 57,147 | 55,044 |
| The Affirmative Deposit | ||||||
| Fund for Charities | - | - | - | 17,357 | 17,357 | 16,618 |
| 57,147 | - | - | 17,357 | 74,504 | 71,662 |
14 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Accruals and deferred income | 3,376 | 3,148 |
15 Analysis of net assets between funds
| Unrestricted Funds Endowment Funds 2023 2023 £ £ Fund balances at 31 December 2023 are represented by: Investments 46,787 3,413,717 Current assets/(liabilities) 59,353 16,082 106,140 3,429,799 |
Total Total 2023 2022 £ £ 3,460,504 3,293,624 75,435 71,147 3,535,939 3,364,771 |
|---|---|
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INGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
16 Endowment funds
| Permanent Endowment Fund Freehold Land and Property Fund Expendable Endowment Fund |
Movement in funds Balance at 1 January 2023 Incoming resources Resources expended Net Gains and Losses Transfers between funds Balance at 31 December 2023 £ £ £ £ £ £ 353,036 - (2,550) 18,969 - 369,455 2,482,759 - (17,894) 167,305 - 2,632,170 411,263 - (3,180) 20,091 - 428,174 3,247,058 - (23,624) 206,365 - 3,429,799 |
|---|---|
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.
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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.
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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.
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The Expendable Endowment Fund is the combination of two former funds which were set aside to cover extraordinary repairs for rebuilding Meeting Houses.
17 Unrestricted fund
| Movement in funds | Movement in funds | Movement in funds | ||||
|---|---|---|---|---|---|---|
| Balance at 1 | Incoming | Resources | Net Gains | Transfers | Balance at | |
| January 2023 | resources | expended | and Losses | between | 31 | |
| funds | December | |||||
| 2023 | ||||||
| £ | £ | £ | £ |
£ | £ | |
| Working fund | 117,713 | 68,886 | (80,459) | - |
- | 106,140 |
18 Related party transactions
There were no disclosable related party transactions during the year (2022- none).
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