QUAKER HOUSING TRUST {A Company Llmitod By Guarantee) {Company No.: 9243111 {Chartty No.: 254704) REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 MYRUS SMITH Chartered Accountants Norman House, 8 Burnell Road, Sutton, Surrey. SM14BW
QUAKER HOUSING TRUST (A Company Limlted By Guarantee) (Company No.: 924311) (Charity No.: 2547041 REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS Legal and admlnlstrauve details Report of the Council of Management Independent Auditor's Report statement of Financial Activities 10 Balance Sheet 11 Notes to the Financial Statements 12-20
QUAKER HOUSING TRUST (A Company Limited By Guarantee) The tnjstee directors. known as Council of Management, present their annual report and the audited financial statements for the year ended 31 Decefflber 2023. Referen and administrative details, its trustees and advisers Charity number.. 254704 Company number.. 00924311 Registered Offi.. Friends House, 173 Euston Road, London NW1 2BJ Clerk.. Mark Bitel Treasurer.. David Hickok Secretary & Grants Manager.. Jennifer Allott {until November 20231 Grace Burgess IfM March 2024) Bankers.. CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill. West Malling, Kent ME19 4JQ Solicitors: CMS, 78 Cannon St, London EC4N 6AF Auditors.. Myrus Smith, Nomian House. 8 Burnell Road, Sutton, Surrey SM14B Dlrectors and trustees The directors of the charitable company (the charity) are its trustees for the purposes of charity law and throughout this report are collectively referred lo as Ihe Council of Managernent. The trustees who seNed as members of the Council of Management during the year and up lo the date of this report are as follows.. Martin Appleton Bill Bewley Mark Bilel Karima Brooke {appoinled 27104120241 Jennifer Brierley (appointed 22104123} Robin Fishwick Morayo Fagborun-Bennett Wendy Gerard (released 221041231 Beverley Goddard Mary Hammond Ireleased 22104123) David Hickok Rici Marshall Cross Hilary Pa*rick (appointed 221041231 Peter Ranken Peter Rice Staff The work of Quaker Housing Trust is setviced on a part-time basis by a member of Britain Yearly Meeting staff based in Quaker Peace & Social Witness, who acts as Charrty Secretary & Grants Manager.
QUAKER HOUSING TRUST (A Cornpany Limited By Guarantee) REPORT OF THE COUNCIL OF MANAGEMENT Structure, Governance and Management Coverning Document Quaker Housing Trust is a charitable company limited by guarantee, governed by its Memorandum and Articles of Association dated 9 November 1967. It was incorporated on 7 December 1967 under company number 924311. It is registered as a charity with the Charity Commission. Its members are co-terminus with the Council of Management, each of whom agree to contribute £1 in the event of the charity winding up. New Articles of Association were adopted in December 2012.. these make no change to the original Objects but upd2ts the Arti¢les and formalise the use of the Quaker Business Method by Council of Management. Appointment ot Trustees Council of Management consists of beeen seven and Iwelve members of the Religious Society of Friends lQuakersl, appointed by Meeting for Sufferings of Yearly Meeting of the Religious Society of Friends (Quakers) in Britain (Religious Society of Friends). They are appointed for terms of up to three years by Meeting for Sufferings. Names are submitted by its Central Nominations Committee, to form the Council of Management. Appointments run from the rise of the annual retirement meeting al which terms of membership begin and end. In 2023 this was the Council of Management meeting on Saturday 22 April. Trustee induction and training The induction matertals for Trustees include, in addition lo the Memorandum and Articles of Association, the committee and decision-making processes, and recent financial performance of the charity, details of the history and purpose, priorities. and organisalion of QHT and an outline of the responsibility for trustees of any charity and those specifi'cally relating to QHT. At least every three years one of our rneetings includes a training session in the basics of charity trusteeship and elements specific lo this body. Organi5ation The Council of Management administers the charity. Al decisions about loans and grants to applicant projects, and about policy matters are made by the full Council of Management which meets five limes a year. The Council of Management appoints a clerk, assistant clerk and truslee treasurer from amongst their number, using the Quaker method of nominations. The Charity Secretary & Grants Manager, who is an employee of Britain Yearly Meeting, manages the day- to-day operations of the charity. The cost of this secretarial support has been paid by Britain Yearly Meeting in the year as a reflection of the Yearly Meeting's concern for housing issues in its corporate work. The Council of Management appoints a freelance consultant as non-trustee assistant treasurer to keep financial records and financial management information, and to prepare the draft annual accounts. Risk management Risk assessment is a continual process which we bear in mind throughout the year, as well as reviewing the risks and controls annually. We are satisfied that the major risks lo which the work of QHT is expos. in particular, those related to the operations and finances of the Trus[ have been identified and that systems are in place to mitigate QHT'S exposure to such risks. We continue to be a conduit through which Friends, money and activity can be turned into practical help for social housing projects. These in turn can transform vulnerable peoples, lives by providing them with a safe place to Ilve. It is part of the ethos of Quaker Housing Trust that to achieve our objectives we disburse whatever funds are currently available to us at our application meetings. Our pallern of expenditure on loans and grants has continued lo be in excess of annual income through donations, which reflects the su¢¢ess at putting Quaker money actively to work.
QUAKER HOUSING TRUST IA Company Llmited By Guarantee) REPORT OF THE COUNCIL OF MANAGEMENT Icontinued The activity of the Trust has always been thus, and we have in place a strategy to ensure continuation of the charity. Council of Management have a risk management stratY which comprises.. an annual review of the risks the charity may fa., and the establishment of systems and procedures to fniligate those risks identified in the plan., and the implementation of pr(edureS designed to minimise any potential effect upon the charity should those risks materialise. We are aware of possible risks to our charitable funds at a time when the projects we help are still facing increasing difficulties in obtaining revenue and capital funds. Objectives and Activlties Quaker Housing Trust was fomied In 1967 in response lo Friends, concern about the provision of adequate and appropriate housing. Our work is a practical expression of Friends, concem about the needs of badly housed, homeless and vulnerable people in Britain, Independent of the Britain Yearly Meetsng funds, Quaker HoLtsing Trust is a channel whereby Friends may give {and in the past also lend) money for such provision. The Trust makes grants and interest free loans to charitable organisalions meeting a real housing ne. We require them to be providing good quality, appropriate accommodation at a rent which low income occupants can genuinely afford_ The trustees confirm that they have referred lo the guidance contained in the Charity Commission's general gLJidance on Public Benefit when reviewing the Trusys aims and objectives, and in planning future activities and setting grant and loan making policy for the future year. Achievements and Perfomiance In 2022 we reviewed our grant giving policy, seeking to ensure our limited funds are targeted to projects which reflect our houslng concern. Following discemmenl, we agreed the following paragraph outlining our priorities for award glving. Quakers have long supported housing justice. Finding a safe, comfortable. and affordable home challenges many people in Britain. Our Quaker testimony of equality means we believe everyone should have aCsS to qLJality housing. We support charities which provide homes for people who have a specific housing need or are at points of transition in their lives. Examples of this need might be people seeking asylum. recovering from addiction. leaving prison, or moving from domestic abuse. Aligning with our Quaker testimony of sustainability, we expect housing projects which we support to be highly energy efficient to address the climate crisis and redu fuel poverty. Until the end of 2024, we a particulady interested in projects from areas geographically underrepresented in our previous grant applicats'ons (Wales and the East of England) and minoritised communities. Our aim is to use our funding to create homes. We look to fund projects which meet a real housing need and where our funding makes a real diffeTence. In reviewing our grant giving policy, we also iolentifted a need to support Quaker Meeting which have surplus assets and wish to consider turning these into social housing. We developed a new grant scheme, the Quaker Asset Feasibility Grants which allow Area Meets'ng to apply for up lo £6000 to support work looking al the feasibility of transforming Quaker assets into social housing. During the year, we consulted with Quaker meetings on the design of this grant programme. The projects offered loans andlor grants in 2023 totalling £147,999. The applicants were.. Ella's which provides housing to who have survived trafficking and sexual exploitation, was awarded a grant of £25.000 to purchase a safe home for women who have been traffi'cked.
QUAKER HOUSING TRUST (A Company Limlted By Guarantee) REPORT OF THE COUNCIL OF MANAGEMENT Icontinued Deptford Ragged Trust - a charity which provides a community space to people in Lewisham, was a awarded a grant of £25,000 to contribute towards the build of 33 flats for people in the area experiencing homelessness. Assist Sheffield -SUPPOrts people who have been refused asylum and have no recourse to public funds and refugees. Assist Sheffield was awarded a grant of £10,000 and a loan of £25,000 lo contribute towards the purchase and renovation of a property which will house families with refugee status and people seeking asylum. YMCA Glenrothes - a charity with a community centre, sports clubs and housing was awarded a grant of £9,999 and a loan of £10,000 to contribute towards the purchase of a former council house. This property provides homes for people who have experienced homelessness. West of Scotland Area Meetlng IWSAMI- This Quaker Meeting was awarded a Best Practice grant of £6,ODO. The grant enabled WASM to conduct a feasibility study to explore the viability of creating affordable, rented residential accommodation, which will priorilise those with particular housing needs, by refurbishing the meeting house. East Kent Area Meeting - Canterbury Refugee House - East Kent Area Meeting. a Quaker Meeting. was awarded a grant of £25,000 lo purchase a property to provide housing for people with r6fugee status. Financial Review Revlew of grants and loans made All decisions about loans and grants are made by the full Council of Management which met five times in 2023. Applications are actively encouraged from suitable charities, and during the year we paid grants lotalling £70,999 to social housing projects. Finances The main financial transactions during the year consisted of loans and grant5. The major sources of income were gifts and donations of £43,374 and investment income & bank interest £5,654. Quaker Housing Trusvs financial position at the balance sheet date is sound. The assets of each of the funds are more than adequate lo cover loans and grants already aulhorised, and further loans and grants will be paid in the following year within the level of available resources.
QUAKER HOUSING TRUST (A Company Limited By Guarantee) REPORT OF THE COUNCIL OF MANAGEMENT Icontinued Investment powers and policy The company has powers to invest monies not immediatety required for its purposes In such investments, securities or propety as may be thought fit. We currently have only the Endowment Fund investsnents, which contsnue to be held in a Fidelity Fund Nelwork account in the narne of Quaker Housing Trust. Reserves Policy The spirit and ethos of the founding purposes of Quaker Housing Trust is to make available the maximum funds for the work of the charity. To that end Twslees Set aside only sufficient funds for one yeaffs running costs. Trustees also hold in the cash serveS sufficient funds for one year's running costs. Plans for future perlods Quaker Houslng Tmst is a practical expression of the long-standing Quaker Canrn about housing need in Britain. The concem is not just about houses.. il is about people and lives, and having a safe, secure and appropriate pla to live. It recognises that housing a home - is a vital element of an inclusive and compassionate society. Quaker Housing Trust was created in 1967 as Yearly Meeting in Britaln's own housing charity. It is a national channel through which Quakers (Friends) can put money directly into projects creating homes. We tum this Quaker vision, energy and money into help for charitable social housing projects which can transform the lives of people who would otherwise be badly housed or homeless. Our susS at putting Quaker money actively to work means that income from the annual repayment of loans and the donations from Friends cannot always keep pace with the applications we receive. This Gan mean that funds available at any meeting for new loans and gnIS are sometimes low. We continue to work with Triodos Bank about ways in which the monies held in its Quaker Social Housing Saver accounts could be used more effectively to help social housing projects.
QUAKER HOUSING TRUST {A Company Limited By Guarantee) REPORT OF THE COUNCIL OF MANAGEMENT Icontinued Trustees. responslblllties statement The Iruslees (who are also directors of Quaker Housing Trust for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi1. Company law requires the trustees to prepare flnancial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and ol the incoming resources and applicatio of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2015 IFRS 102 make judgements and estimates that are reasonable and prudenl., stale whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial stalements on the going concem basis unless il is inappropriate to presume that the charilable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditor is unaware., and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and lo establish that the auditor is aware of that information. Approved by the Council of Management onlVI 2024 and signed on Iheir behalf by.. Mark Bitel, clerk Friends House 173 Euston Road London NW12BJ
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUAKER HOUSING TRUST (A Company Limited By Guarantee) Opinion We have audited the financial statements of Quaker Housing Trust (the 'charitable company'l for the year ended 31 Deoember 2023 which comprise the Statement of Financial Activities. the Balance Sheet and notes lo the financial slatemenls, 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a Irue and fair view of the stale of the char¢table company's affairs as at 31 Drnber 2023, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practsce., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS {UKII 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 charitable company in accordance with the ethical requirements that are relevant to our audil of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethica responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concom In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of aCunting in the preparation of the fi.nancial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going conrn 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 trustees are responsible for the other information. The other infomiation comprises the information included in the trustees, annual report, other than the financial statements and our auditor's report Ihereon. Our opinion on Ihe fi'nancial statements does not cover the other information and, except to the extenl otherwise explicitly stated in our report, we do not express any form of assuran conclusion thereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so, consider whether the other infom)alion is materially inconsistent wth the financial statements or our knowledge obtained in the audit or otheise 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 misstalement of the other information. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required to report that fact. We have nothing to report in this regard.
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF QUAKER HOUSING TRUST (A Company Limited By Guarantee) Continued. Opinions on other matters prescribgd by Ihg Companies Act 2006 In our opinion, based on the work undertaken in the ¢ourse of the audit". the infomiation given in the trustees, report lincorporaling the directors, report) for the financial year for which thè financial stateménts are prepared is consislenl with the financial statements., and the directors, pOrt has been prepared in ac¢ordan¢e with applicable legal requiremenls. Mattets on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors. report. We have nothing to rewrt in respect of the following matters in relation tr) which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of directors, remuneration specified by law are not made., or we have not received all the inft)miation and explanations we require for our audit,. or the trLJstees wère not entitled to pfftpare the financial statements in accordance wth the small companies, regime and lake advantage of the small companies. exemptions in preparing the directors, report and from the requirement to prepare a strategi¢ report. Responsibilities of trustees As explained more fully in the trustees. responsibilits'es statement, the trustees (who are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of the financial statements and for being satisfied that they gTve 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 preparing the financial statements, the trustees are responsible for assessing the charitable company's ability lo continue as a going cOnrn, disclosing, as applicable. matters related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so. Audltoffs responslbllltles for the audlt of the flnanclal statements 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 lo 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 accordan with ISAS (UK) will always detect a material misstalement when it exists. Misstatements can arise from fraud or error and are consider& material if, individually or in the aggregate, they could reasonably be expected to inffuence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are InStanS of non-compliance with laws and regulations. We design procedures in line with our re5ponsibililies, outlined above, to detect material misstalemenls in respect of irwularities, including fraud. The specific procedures for this engagement and the exlenl to which these are capable of detectlng irregularities, including fraud is detailed below..
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF QUAKER HOUSING TRUST {A Cornpany Limited By Guarantee) Continuedl.... Enquiry of management and those Gharged with governance about actual and potential litigation or claims and the identification of non-compliance with laws and regulations. Reviewing minutes of meetings of those charged with governance. Reviewing financial statement disclosures and testing lo supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, including testing journal entries and other sdjuslments for appropriateness. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misslaternenl due to fraud. Professional sceplicism in course of the audit and with audit sampling in material audit areas. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial slateTllents or non-compliance with regulation. This risk increases the more Ihat Complian with a law or regulation is removed from the events and transactions reflected in the financial slatemenls, as we will be less likely to become aware of InStanS of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation_ A further descTiPtion of our responsibilities for the audit of the financial ststements is located on the Financial Reporting Council's website at.. www.fr¢.org.uklaudilorsresponsibililies. This description forms part of our auditolg reKx)rt. Use of our report This report 15 made solely lo the charitsble Company's members, as a body, In accotdance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the charitable company's membefs those mallers we are required to slate lo them in an auditor's report and ft)r no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit work, for this pOrt, or for the opinions we have formed. K.C. Fishèr (Senior Statutory Auditor) For and on bohalf of Myms Smith ststulory Audttor Norrnan House 8 Bumell Road Sutton, Surrey SM14BW Date.. 17 September 2024
QUAKER HOUSING TRUST IA Company Limited By Guarantee} STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 UNRESTRICTED FUNDS Gera1 DeSnated Fund Funds TOTAL TOTAL ReStred End(ywment Funds Funds Notes 2023 2022 Incame and èndowmènts from: Donations and legacies Charitable activities Investment incom8 38 3b 43,374 5,375 5.654 43,374 5,375 5,654 62,083 3,475 2,0 Total income 54,403 54,403 67,654 Expenditure on: Raising funds Charitable activities 851 29,636 851 100,6 2,591 82,840 70.999 55 Total expenditure 30,487 70,999 55 101,541 85,431 Net gainsll1088esl on Investments 14641 {4641 16221 Net incorne19xpgnditur8 and net movemènts in funds 23,916 170,9991 1519) 147.6021 118,3991 Transfer belween funds 13 Nèt movamant in funds 23,916 170,9991 1519) 147,6021 118,3991 Re¢on¢lllatlon of lund$ Total funds brought fotward 14,1S,18 £64,435 £604,373 £74,500 £21,923 £765.231 783,630 Total funds carrd fOard 14,15,16 £88,351 £533,374 £74.500 £21,404 £717,629 £765,231 All InMe and expenditure derives from continuing actNities. The Statement of Financial activities include all gains and losses recognised during the year. The notes on pages 12 to 20 form part of these Finan¢lal Statements. 10
QUAKER HOUSING TRUST IA Company Limited By Guarantee) BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Flxed Assets Investments 21,404 21,923 Current Assets Debtors Cash at bank and on deposit 10 414,700 286,685 434.374 316,496 701,385 750.870 Credltors.. Amounts falling due within one year 12 5.160 7,562 Not current a88ets £696,225 743,308 Net assets 17 £717,629 £765,231 Unrestrlctsd funds General Destgnated 14 14 88,351 533,374 64,435 604,373 621,725 668,808 Rgstricted funds Audrey Deacon Legacy 16 74,500 74,500 Endowment funds 15 21,4(14 21,923 TOTAL FUNDS £717,629 £765,231 Approved by the Council on ig I q l L* 2024 and signed on ils behalf by.. Mark Bitel - Clerk Member of Council of Management The notes on page5 12 to 20 form part of these Financial Statements 11
QUAKER HOLISING TRUST IA Company Llmited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1. ACCOUNTING POLICIES a) Basis of preparation The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 IFRS 1021 issued i October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generalty Accepted Practice. The financial statements are prepared on a going concem basis under the historical cost Conventlon. The financial statements are presented in sterling which is the functional currency of the charity- The signiftcant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied lo all years presented unless otherwise slated. bl Incoming recognition policies Items of income are recognised and included in the accounts when all of the following Griteria are Tnet.. The chartty has entitlement to the funds., Any performance conditions attached to the itemls) of income have been met or are fully within the control of the charity- There is sufficient certainty that receipt of the income is considered probable- and The amount ¢an be measured reliably. c) Expenditure recognition Expendire is recognised once there is a legal or constructive obligation to make a payment to third party, it is probably that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Costs of raising funds Comprise the Costs associated with advertising and marketing lo further the charity's purpose. Expenditure on charitsble activities includes the costs undertaken to further the purposes of the Charity and their asSlated support costs. d} Allocation of support costs Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel and governance costs. These costs have been allo¢ated between cost of raising funds and the expenditure on Charitable a¢livthes. e) Investment assets Investments are initially recognised at their transaction value and subseqLJenly MeasUd at their market value al the Balance Sheet date using the closlng qLJoled market price. The Statement of Financial Activities Includes the nel gains and losses on revaluations and disposals throughout the year. 12
QUAKER HOUSING TRUST (A Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontd... 1. ACCOUNTING POLICIES Iconld... Fund accounting Unrestricted funds are available to spend on activities that further the objectives of the charity. Designated funds are unrestricted funds set aside by the trustees tor particular purposes. Restricted funds are those funds which can only be used in accordance with the wishes of the donor or which have been ralsed for a particular purpose. Endowment funds are those funds for which the charity is required to hold the capital on a permanent basis. g) Debtors and creditors Debtor5 and creditors with no stated interest rale and receivable or payable within one year are recorded at transaction price. Any losses arising from impairments are recognised in expenditure. Concessionary loans are recognised 81 the amount received or paid, with the carrying amount adjusted to reflect subsequent repayments. Interest free loans are not discounted to net present value. h) Taxation The charitable wrnpany is exempt from corporation tax on its charitable activities. 2. LEGAL STATUS OF THE CHARITY The Charity is a private company {no. 9243111 limited by guarantee, has no share capital and is registered in England and Wales. The registered office is given in the reference and administrative details on page 1. Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the chanlable company in the event of winding up. 3. INCOME AND ENDOWMENTS General Fund Designated Restricted Funds Fund TOTAL 2023 TOTAL 2022 al Donations and legacles Donation and gifts Donated services (note 8) 22,937 20,437 22.937 20.437 39,393 22,690 £43,374 £Nil £Nil £43,374 £62,083 All of the £62,083 recognised in 2022 related to the unrestricted general fund. 13
QUAKER HOUSING TRUST {A Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontd... 3. INCOME AND ENDOWMENTS Icontd... General Designated Restricted Fund Funds Fund TOTAL 2023 TOTAL 2022 bl Charitable activities Administration charge on loans 5,375 5,375 3,475 £5,375 £Nil £Nil £5,375 £3,475 All of the £3,475 recognised in 2022 related to the unrestricted general fund. cl Investment income Dividends Bank interest 771 4,883 771 4,883 790 1,306 £5.654 £Nil £Nil £5,654 £2,096 All of the £2,096 reC[nised in 2022 related to the unrestricted general fund. 4. RAISING FUNDS Activities undertaken directly Grant funding of activities Support costs TOTAL 2023 TOTAL 2022 Publicity cosls £851 £Nil £Nil £851 £2,591 All of the £2,591 recniSed In 2022 related to unrestricted fund. 14
QUAKER HOUSING TRUST (A Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontd... 5. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Activities Grant undertaken funding of directly activities Support costs TOTAL 2023 TOTAL 2022 Capital grants Feasibility grants BYM support {note 8) Legal fees Bookkeeping Secretarial expenses Subscriplions I fees Council of Management Governance costs (Note 61 Sundry expenses Bad debt Recruitment Insurance 64,999 6,000 64,999 6,000 20,437 39,047 5,100 22,690 955 2,289 1,030 407 2,752 2,250 153 6,167 20.437 1,871 816 655 1,871 816 655 2,683 2.410 187 2,683 2,410 187 299 333 299 333 Total charitsble expendlture £1,720 £70,999 £27,971 £100.690 £82,840 Of the £100,690 12022.. £82.840) expenditure in 2023 £29,636 12022.. £38,640) was charged to nreslricted general funds. £70,999 12022.. £29,147} to designated funds, £Nil 12022.. £15,000) to restricted funds and £ 5512022.. £53} to endowment funds. The above expenditure was all incurred in respect of the sole activity of the charity, which is that of assisting the needs of badly housed, homeless and vulnerable people of Britain by way of grants (to institutions) or loans. Analysis of capital grants Designated Restricted fund fund Support TOTAL 2023 TOTAL 2022 Common Ground against Homelessness Waltham Forest Night Shelter Open Door (North East) Total 2022 25,000 19,999 20,000 25.000 19,999 20.000 39.047 £64,999 £Nil £Nil £64,999 £39,047 Analysi5 of feaslbility grants Designated R6slri¢ied fund fund Support costs TOTAL 2023 TOTAL 2022 st Anne's Hostel Berkswell Charities 5,100 6,000 6,000 £6,000 £Nil £NII £6,ODO £5,100 15
QUAKER HOUSING TRUST IA Company Limtted By Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Iconld... 6. GOVERNANCE COSTS 2023 2022 Audit fees £2,410 £2,250 7. TRUSTEES, REMUNERATION AND EXPENSES The payment of emolurnents to members of the Council of Management is not permitted by the Company Articles of Association. Trustee5 are entitled to recover the costs of travel in carrying out the WOTk of the Trust and these are considered to be part of the charitable expenditure of the Trust. The cosls of the CounGil of Management includes Iruslees travel expenses of £963 (2022". £9501 and the room hire and accommodation lo hold the meetings of £Nil 12022.. £Nill. The number of trustees whose expenses were reimbursed or paKI on their behalf was 9 (2022 .' 9}- 8. DONATED SERVICES The cost of secretarial support provided by Britain Yeady Meeting to the Quakei Housing Trust has been paid by Britain Yearly Meeting in the year as a reflection of the Yeady Meeting's concern for housing issues in its corporate work. The sum of £20,43712022'. £22.6901 has been included in the Statement of Financial Activities as donated servKes and as support costs. 9. FIXED ASSET INVESTMENTS 2023 2022 Market Value brought forward Disposal in year Iproceedsl Nel unrealised gain I Ilossl Net realised gain I Ilossl 21,923 1551 14631 22,598 1531 {6211 Market Value carried forward £21,404 £21.923 Investments at market value comprised-. UK Unil Trusts £21,404 £21,923 Historical Cost £10,827 £10,854 10. DEBTORS 2023 2022 Due within one year. Loans to housing charities (Note 111 52,599 58,199 Due after one year.. Loans to housing charities (Note 111 362,101 376,175 £414,700 £434,374 16
QUAKER HOUSING TRUST IA Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontd... 11. LOANS TO HOUSING CHARITIES Loans for housing activities in 2023 were lo the following charities.. Balance 1Jan 2023 Balan 31 Dec 2023 Advanced In Yeai Repaid Inyear Repayable By Ncte Desi nated Fund3 General Loan Fund AEOB House People Big Help Project Bridgenorth Housing Trust Calder Valley Cornmunity L8nd TNst Canopy Housing Project Central England AQM Coalham House East Cleveland Youth Hou$lng Trust Emmaus Hastin98 & Rother Gilead Foundations Charity Giroscope Handcrafted Projects Helmsdale & District Development Trust Hope Into Action". East of England Jericho Foundation L.A.T.C.H. Mull and lona Community Trust Nofman Almhouses Charity SAHWR St Hilda's Altn8hou5e5 Trust Slop Gap Supported Housing Strathglass and Affric Communiiy Street Conneol Street Gonnect 2 Whilby Area Development Trust YMCA Glenrothes Common Ground a9alnst Homelessn8ss Open DOOT (North East) Staffin Community TTUSI 8,000 25,000 8.000 3,400 7,000 11.667 27.300 10,500 8,001 3,000 10.006 26,750 11,000 52,000 10,000 32.500 8,400 15.000 8,000 10,000 21.000 20,000 12,000 13,000 3.000 7.500 1,000 25,000 7,0 2026 8,000 3,200 6,000 9,334 22,300 9.000 6.667 3,ODO 8,340 2026 2040 2029 2027 2032 2029 2033 2023 2028 200 1,000 2,333 5,000 1,500 1,334 1,666 26,750 1,000 4.000 2,000 3,250 2.10Q 2,500 1,000 2,000 1,320 10.OtK) 48,000 8,000 29,250 6,300 12.500 7,000 8,000 19.680 20,000 9,(X)O 13,000 2033 2035 2027 2032 2026 2029 2031 2027 2032 2037 2029 2031 3,000 3,000 1,500 6,000 24,829 30,000 25,000 2027 2032 2032 2040 24,829 30,QOO 25.000 Restricted Fund Audrey Deacon Lggacy Caldei Valley Community L8nd Trust Glendale Gateway Trust Powell and Welch AITnshouse Charity 17,850 42,000 2.500 1,050 3,SOQ 2,500 18,800 38,500 2040 2034 Total Loan3 £434,374 £79,829 £99,503 £414,700 Loans due to be repaKI wthin one year Loans due to repaid after one year 58,199 376.175 52,599 362,101 11 £434,374 £414,7 17
QUAKER HOUSING TRUST (A Company Llmlted By Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontd... 11. LOANS TO HOUSING CHARITIES (Continued) Notes: 1. The Triodos Bank runs the Quaker Social Housing Saver Ifomierly Quaker Social A¢¢ounl) in partnership with QHT. Partnership loans were a form of joint loan arrangement beiween QHT and Triodos during the early years of the account created to maximise the benefit to projects of funds from both sources. The QHT loan is independently secured against assets held by the project and repaid directly by the project lo QHT. 12. CREDITORS- Amounts falling due within one year 2023 2022 Loans from Friends- interest free Acwals 2,810 2,350 2,810 4,752 £5,160 £7.562 13. TRANSFERS BETWEEN FUNDS The Trustees have reviewed the balances in the General Fund in line wth their policy of only holding sufficient funds for one yearfs running costs. Balances above that are transferred to Designated Funds to make available the maximum funds for the work of the charity. 14. UNRESTRICTED FUNDS Designated Grant and Loan Fund General Fund Total 2023 Balance at 1 January 2023 Net incomellexpenditurel Transfer between funds 64.435 23,916 604,373 170,9991 668,808 {47,083} Balan at 31 December 2023 £88.351 £533,374 £621,725 Comparative information for the analysis of unrestricted funds in the pVIouS year is as follows.. Designated Grant and Loan Fund General Fund Total 2022 Balance at 1 January 2022 Net incomellexpenditurel Transfer between funds 38,012 26,423 633,520 129,1471 671,532 12,7241 Balan at 31 December 2022 £64,435 £604,373 £668,808 Designated fijnds are funds sel aside for rnaking grants and loans to housing charities. 18
QUAKER HOUSING TRUST {A Company Llmtted By Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Iconld... 15. ENDOWMENT FUNDS Total 2023 Revaluation Endowment Balance at 1 January 2023 Disposal Revaluation during the year 11,069 1281 {4641 10,854 127) 21,923 {55) 1464) Balance at 31 December 2023 £10,577 £10,827 £21,404 Comparative information for the analysis of endowment funds in the previous year is as follows. Total 2022 Revaluation Endowment Balan al 1 January 2022 Disposal Revaluation during the ye2r 11,719 1281 {622} 10,879 {25) 22,598 1531 1622) Balance al 31 Decemkr 2022 11,069 10,854 21,923 The endowment fund represents those assets which must be held permanently by the charity. The revaluation fund represents the amount by whloh investments exceed their historical cost. 16. RESTRICTED FUNDS Total 2023 Total 2022 Balance at 1 January 2023 Expenditure 74,500 89,500 (15,000) Balance at 31 December 2023 74,500 74,500 The Audrey Deacon Legacy Fund is restricted to organisations thal provide accommodation to elderly people. particularly those who are physically or mentally infirm. 17. ANALYSIS OF NET ASSETS BY FUNDS other Net Assets 2023 Investments Loans Total Unresthcted Funds.. General Fund Designated Funds 88,351 173,974 88,351 533,374 369,400 Reslricled Funds Audrey Deacon Legacy 55,300 19,200 74,500 Endowment Funds 21,404 21,404 At 31 December 2023 21,404 414,700 281,525 717,629 19
QUAKER HOUSING TRUST IA Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontd... 17. ANALYSIS OF NET ASSETS BY FUNDS (Continued) Comparative infomiation for the analysis of net assets by funds in the previous year is as follows.. Other Net Assets 2022 Investments Loans Total Unrestricted Funds.. General Fund Designated Funds 64,435 232,349 64,435 604,373 372,024 Restricted Funds Audrey Deacon Legacy 62,350 12,150 74,500 Endowment Funds 21,923 21,923 At 31 December 2022 £21,923 £434.374 £308,934 £765,231 18. COMMITMENTS The folkiwing loans and grants have been authorised from the combined Grants and Loans Fund by the Council of Management but have not been paid or accrued for in the Financial Statements. Loans Grants 2023 2022 Arisaig Community Trust Assist Sheffield Common Ground Against Homelessness Waltham Forest Night Shelter Open Door {North Eastl street Connect Glasgow Deptford Ragged Trust Assist Sheffield YMCA Glenrothes West of Scotland Area Meeting East Kent Area Meeting Pathways Housing Solutions Ella's 15.000 4.828 15,000 29,828 20,000 4,828 25,000 25,000 20,000 10,000 25,000 15.000 10,000 25.000 10,000 9,999 6,000 25.000 6.000 25.000 25.000 25.000 10,000 19,999 6.000 25,000 6,000 25,000 10,000 £50,000 £136,827 £186,827 £104,828 20