**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. - 1 - KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR EhlDED 310ECEia8ER 2023 The L**W v4 4 thaffty, rogigrw•d thé 237243 fegu*tsd by 8 chanty Is adM0￿$t0￿j by sx tru51•9S #FfLw*ed krf p•rkwJs of •x y•wty.fve trustees by KIn￿kn ur gr¥n¢s ihrtyjgh rr•. and thy to day r￿Inry of the by b settetsry. K*iWon FrieThts TnAis (Okl Burlal Grc4ThJ Eslato) ffj tMt•J ty tho Chanty a por¢rt of KinWCWI Company ènd tharity IAW rèqL¥es Twsta88 to wep•fe IM tpJslèè8' roWKt And the *aterwts in •c¢Ord￿ with FRS102 and lh• charty SORP IFRS IQ2). The TnA*•s •pwove finarriol st8terr Lmless tw are sa11sf￿ that L¥ve a In* l¥ VV4V of aff•Ys the al tho 8rn101 th• financ￿1 Y￿ of lis sL1ry￿￿¥ ry d4firJ* tr•1 •panng th• fiftaw'al gynpty wilh Chanties ALI 2011. Tney we also res[>￿1￿¢ for saf•wartty thg thS￿ts c4 1￿Ch￿ fry lth **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: - 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. ## **David Howard Chartered Accountants** 1 Park Road Hampton Wick Kingston Upon Thames KT1 4AS Dated: ......................... 07-04-2024 - 3 - ## **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. - 4 - 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 G9fieralendryWr￿1 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. - 6 - **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| - 7 - ## **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. - 8 - ## **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. - 9 - ## **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. - 10 - ## **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| |---|---| - 11 - **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. - 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. ## **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). - 12 -