QUAKER HOUSING TRUST {A Company Limited By Guarantee) (Company No.: 924311) (Charity No.- 2547041 REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Kingston Burrowes Audit Ltd 308 Ewell Road, Surbiton Surrey. i(r6 7AL
QUAKER HOUSING TRUST (A Company Limited By Guarantee) (Company No.: 924311) (Charfty No.: 254704) REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS Legal and adminislralNe detalls Report of the Council of Management Independent Audilorfs Report Statemenl of Financial Activities 10 Balance Sheet Notes to the Financial Statements 12-20
QUAKER HOUSING TRUST (A Company Limited By Guarantee) The trustee directors. known as Council of Management. present t*eir annual report and the audited financial statements for the year ended 31 December 2024. Reference and administrative details, its trustees and advisers Charity number.. 254704 Company number: 00924311 Registered office: Friellds House. 173 Eugton Road. London NW12BJ Clerk= Mark Bilel Treasurer= David Hickok (until 22 February 2025) Beverley Goddard (appointed 22 February 2025) Secretary & Grants Manager.. Jennifer Allotl (until November 2023) Grace Burgess (from March 2024) Bankers.. CAF Bank Ltd, 25 Kings Hill Avenue, King5 Hill, Wesl Malling, Kent ME19 4JQ Solicitors.. CMS, 78 Cannon St, London EC4N 6AF Auditors.. Kingston Burrowes ALbdit Ltd, 308 Ewell Road, Surbilon, Surrey. KT6 7AL DireGtors and trustees The directors of the charitable company (the charity) are its trustees for the purKM)ses of charity law and throughout this report are collectively referred lo as the CoLTncil of Management. The trustees who served as member5 of the Council of Management during the year and up lo the dale of this report are as follows= Martin Appleton {released 27104124) Bill Bewley Mark Bitel Karima Brooke lappoinled 27104124) Jennifer Brierley (appointed 22104123} Robin Fishwick (released 27104124) Morayo Fagborun-Bennett Wendy Gerard (released 221041231 Beverley Goddard Mary Hammond (released 22104123) David Hickok {released 22102125) Rici Marshall Cross Hilary Patrick {appointed 221041231 Peter Ranken (released 27104124) Peter Rice Staff The work of Quaker Housing Twst is serviced on a part-lime basis by a member of Britain Yearly Meeting staff based in Quaker Peace & Social Witness, who acts as Charity Secretary & Grants Manager.
QUAKER HOUSING TRUST (A Company Limitod By Guarantee) REPORT OF THE COUNCIL OF MANAGEMENT Structurg. Governance and Management Governing Document Quaker Housing Trust is a charitable company limited by guarantee, governed by Tt5 Memorandum and Articles of Association dated 9 November 1967. It wa5 incorporaled on 7 December 1967 under company number 924311. 11 is registered as a charity with the Charity Comrnission. Its members are co-temiinous with the Council of Management, each of whom agree lo contribute £1 in the evenl of the charity winding p. New Articles of Association were aéopted in December 2012.. these make no change lo the original Objects bul update the Arttcles and formalise the use of the Quaker Business Method by Council of Management. Appolntment of Trustees Council of Management consists of beeen seven and twelve members of the Religiou8 Society of Friends lQuakersl. appointed by Meeting for Sufferings of Yeady Meeting of the Religious Society of Friends lQuakersl In Britain (Religious Society of Friends). They are appointed for terrns of up to three years by Meeting for Sufferings, or its successor. Names are submilled by Its Central Nominations Committee, to form Ihe Council of Management. Appointments ru from the rise of the annual retirement meeting al which terms of membership begin and end. In 2024 this was the Council of Management meeting on Saturday 27 April. Trustee induction and training The induction materia15 for Trustees include, in addition lo Ihe Memorandum and Articles of Association, the cornmittee and decision-making processes. and recent financial performance of the charity, details of the history and purpose, priorities. and organisation of QHT and an ou1ne of the responsibility for trustees of any charity and those specrfically relating to QHT. At least every five years one of our meetings includes a tr8ining se55ion in the basics of charity trusteeship and elements specrfic lo this body. We also have annual inputs from guest speakers al OLJr restdential meeting which may include leader5 from the social housing sector in general or from projects we have funded. Organisation The Council of Management admir)isters the charity. All decisions about loans and grants lo applicant projects and about policy matters are made by the full Council of Management which meets five times a year. The Council of Management appoints a clerk, assistant clerk and trustee 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- ldaY 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 Yearfy Meeting's concern for housing issues in its corporate work. The Councll of Management appoints an independent book-keeper as non-truslee assistant treasurer to keep flnancial records and financial management information. and to prepare the management 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 to which the work of okrr is exposed, in particular, those relaled to the operations and finances of the Trust, have been identified and that systems are in place to mitigate QHT'S exposure to such risks. We continue lo be a conduit through which Friends, money and activity Gan be turned into practical help for social housing projects. These in turn can transform vulnerable peoples, lives by providing them with a safe placo to live_
QUAKER HOUSING TRUST (A Company Limited By Guarantèé) REPORT OF THE COUNCIL OF MANAGEMENT IGonlinued It is part of the ethos of Quaker Housing Trust that lo achieve our objectives we disburse whatever fvnds are currently available to us at our application meetings. Our pattern of expenditure on loans and grants has continued to be in excess of annual income through donations, which reflects the success al putting Quaker money actively lo work. The activity of the Trust has always been thus, and we have in place a strategy to ensure conlinualion of the charity. Council of Management have a risk management strategy which comprises.. an annual review of the risks the charity may face., and the establishment of systems and procedures to mitigate those risks idenlrfied in the plan.. and the implemenlalion of procedures designed to minimise any potential effect upon the charity should those risks materialise. We are awa of possible risks lo our charitable fLJnd5 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 formed in 1967 in response to Friends, concern about the provision of adequate and appropriate housing. Our work is a practical expression of Friends, concern about Ihe needs of badly housed, homeless and vulnerable people in Britain. Independent of the Britain Yeady fvAeeting funds, Quaker Housing Trust is a channel whereby Friends may give money for such provision. The Trust makes grants and interest-free loans to charitable organisalions meeting a real housing need. We require them lo be providing good quality, appropriate accommodation at a rent which low income occupants can genuinely afford. The trLJStees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on Public Benefit when reviewing the Trust's aims and objectives, and in planning future activities and setting grant and loan making policy for the future year. Athievements and Performance In 2022 we reviewed our grant givlng wlicy, seeking lo ensure our limited funds are targeted to projects which flect our housing concern. Followng discernment, we agreed the following paragraph Ou[nIng our priorities for awaré giving. '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 access lo quality housing. We support charities which provide homes for people who have a specrfic housing need or are al points of transition in their lives. Examples of this need might be people seeklng 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 effictent to address the climate crisis and reduce fuel poverty- Until the end of 2024, we are particularly interested in projects from areas geographically underrepresented in our previous grant applications (Wales and the East of England) and minoritised communities. Our aim is to use our funding to create homes. We look lo fund projects which meet a real housing need and where our funding makes a real difference. This will be updated in 2025 for a further &year term. In reviewing our grant giving policy, we also identified a need to support Qu2ker Meetings which have surplus assets and wish to consider tuming these into social housing. We developed a new grant scheme, the Quaker Asset Feasibility Grants which allow Area Meetings to apply for up to £6000 to support work looking al the feasibility of transforming Quaker assets into social housing. We made the first of these grants during 2024,.
QUAKER HOUSING TRUST IA Company Limited By Guarantee> REPORT OF THE COUNCIL OF MANAGEMENT Icontinued In 2024, we paid out grants totalling £98,379 to the following projects.. 1. Arisaig Community Trust- a grant of £15,000 lo contribute towards infraslruthre, and construction costs of six new houses for affordable rent lo local families and individuals in need. 2. Ella's- a further grant of £19,000 to purchase a safe home for women who have been trafficked. 3. Deprford Ragged Trust- a grant of £19,0 lo contribute towards the build of 33 flats in Lewisham for people experiencing homelessness. 4. Vvesl of Scotland Area Meeting- a Quaker asset grant of £6,000 lo conduct a feasibility study to explore the viability of creating affordable, rented residential accommodation, which would priorilise those with particular housing needs, by refvrbishing the meetillg house. 5. East Kent Area Meeting for Canterbury Refugee House- a grant of £19,999 to purchase a property lo provide housing for people with refugee status 6. Consolidated Almshouse Charlty of Swanscombe- a grant of £15,000 from the Audrey Deaco Legacy Fund. 7. North Somersel Area Meeting- a grant of £4,380 to condLtcl a feasibility study into developing the existing Meeting House lo provide affordable flats to fneet local hoLJsing need. Financial Review Reviaw of grants and loans made All decisions about loans and grants are made by the full Council of Management which met fNe times in 2024. Applications are actively encouraged from 5uilable charities. and during the year we agreed lo offer loans and grants lotalling £180,000. We expect the balanc8 of these loans and grants to be paid to applicants during 2025. Finances The main financial transactions during the year consisted of loans and grants. The major sources of income were gifts and donations (rf £92,062 and investment income & bank interest £6.794. Quaker Housing Trust's financial FX)Sition al the balance sheet date is sound. The assets of each of the funds are more than adequate lo cover loans and grants already authorised, and further loans and grants will be paid in the following year within Ihe level of available resources. Investment powers and poliGy The company has powers to invest monies not immediately required for its purposes in such investments, securities or property as may be thought fit. We currently have only the Endowment Fund investments. which continue lo be held in a Fidelity Fund Neiwork account in the name of Quaker Housing Trust. Reserrfes 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 Trustees sel aside only sufficient fur)dg for one year's running costs. Trustees also hold in the cash reserves sufflcienl fijnds for one year's running costs.
QUAKER HOUSING TRUST {A Company Limited By Guarantee) REPORT OF THE COUNCIL OF MANAGEMENT Icontinued Plans for future periods Quaker Housing Trust is 2 practical expression of the long-standing Quaker concern about housing need in Britain. The concern is not just about houses.. it 1$ about people and lives. and having a safe, secure and appropriate place to INe. 11 recognises that housing a home - is a vttal element of an inclusive and compassionate society. Quaker Housing Trust was created in 1967 as Yeady Meeting in Britain's own housing charity. It is a national channel through which Quakers (Friends) can pul money directly into projects creating homes. We turn 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 success at putting Quaker money actively lo 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 can mean that funds available at any meeting for rEew loans and grants are sometimes low. We have previously worked with Triodos Bank aut the use of monies held in its Quaker Social Houslng Saver accounts, bul are no longer involved in how these funds are used to SUPF)(Kt SOCi81 housing projects.
QUAKER HOUSING TRUST {A Company Limited By Guarantee> REPORT OF THE COUNCIL OF MANAGEMENT Iconlinued Trustees. responsibilities statement The trustees (who are also dire¢lors of Quaker Housing Trust for the purposes of company law} are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom A¢¢ounting Stsndards {United Kingdom Generally Accepted Accounting Practice). Company law qUireS the trustees lo prepare financial 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 of the incoffling resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Iruslees are required lo- select suitable accounting policies and then apply them ¢onsi$lenlly-, observe the methods and principles in the Charities SORP 2015 IFRS 102 make judgements and estimates thal are reasonable and prudent- state whether applicable UK Accounting Standards have been followed. subject lo any material departures disclosed 2nd explained in the f5nancial slalemenls,. prepare the financial statements on the going concern basis unless it Is inapproprlate to presume that the charitable company will continue in operation. The Iruslees are resF)onsible for keeping adequate accounting records that disclose with reasonable accuracy al any lime the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Aot 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 irrogularilies. In so far as the trustees are aware.. there is no relevant audit information of which the charilable 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 to establish that the auditor is aware of that infomialion. Approved by the Council of Management on l i l ? 2025 and signed on their behalf by.. Mark 8ilel, 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 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and oles to the financial statements, 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 Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stalements- give a true and fair view of the stale of the charitable company's affairs as al 31 December 2024, and of its incoming resources and application of resources, including ils Income and expenditure, for the year then ended., have been properly prepared in accordan with United Kinglom Generally Accepled Accounting Practice., and have been prepared in accorijance wlth the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing {UK) (ISAS (UK)} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical reqU1ments that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Slandard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons rglating to going concérn In auditing the financial slatemenls, we have concluded that the trustees, use of the going ¢oncem basis of accountiThJ in the preparation of the financial statements is appropriate. Based on the work we have perfomed. we have not identified any material uncertainties relating lo events or conditions Ihal, individually or collectively, may cast significant doubt on the charitable company's abilily to continue as a going concern for a period of at least twelve months from when the financial slatemenls are authorised for issu8. Our responsibilities and the responsibilities of Ile trustees with respect to going cOrM are described in the relevant sections of this report Other Infomiation The trustees are responsible for the other information. The other information ¢omprises the informatiors induded in the trustees, annual report, other than the financial $12temenls and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and. except lo the exlenl otherwise explicitly staled in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statements, our responsiblllty is to read the other information and, in doing so. consider whether the other infom)alion is materially inconsislenl with the finallcial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required lo determine whether there is a material misslatemenl in the financial statements or a material misslatemenl of the other information. If, based on the work we have performed. we conclude that there is a material misslatemenl of this other infomiation, we are required lo report that fact. We have nothing to report in this gard.
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF QUAKER HOUSING TRUST IA Company Limited By Guarantee) Continued.... Opinions on other matters prescribed by the Companles Aet 2006 In our opir)ion, based on the woik undertaken in the course of the audit.. the information given in the Iruslees, report (incorporating the directors, report) for the financial year for which the financial slatemenls are prepared is consistent with the financial slalements., and the directors. report has been prepared in accordan with applicable legal Tequirements. Matters on which we are requlred to report by exception In the light of our knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misslatemenls in the directors, report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us lo 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 agreemellt with the accounting records and returns- or certain disclosures of directors. remuneratiortr specrfied by law are not made- or we have not received all the information and explanations we require for our audit,. or the Iruslees were not enlilled to prepare the financial statements in aGcor(tance with the small companies, regime and lake advantage of the small companies, exemptions in preparing the directors. report and from the requirement lo prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the Iruslees (who are also the directors of the charitsble company for the purpose5 of company lawl are responsible for the preparation of the financial statements and for being satisfied thal they give a true and fair view, and for such internal control as the IrL¢Stees determine is necessary lo enable the preparation of financial statements that are free from material misstalemenl. whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matter5 related to going concern and usir7g the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative bul to do so. Auditor's responsibilities for the audlt of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, 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, bul is not a guarantee that an audit conéu¢ted in accordance with ISAS {UKI will always detect a material misstatement when il exists. Misstalemenls can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregularities, including fraud, are instances of non-compliance wtth laws and regulations. We desig procedure5 in line with our responsibilities. outlined above, to detect material misststements in respect of irregularities, including fraud. The specific procedures for this engagement and the exlerrt to which these a ¢apable of detecting irregularities, including fraud is detailed below..
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUAKER HOUSING TRUST IA Company Limited By Guarantee) Continuedl.... Enquiry of managèment and Ie charged with governance about actual and potential litigatlon or claims and the identrfication of non-compliance with laws and wgulalions. Reviewing minLJles 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 overriée of controls, induding lesling journal entries and other adjustments for appropriateness. Performing analytical procedures lo identrfy any unusual or unexpected relationships that may indicate risks of material misstatement due lo fraud. Professional sceplicism in course of the audit and with audit gampling in material audit areas. Bocause of the inherent limitations of an audit, the is a risk that we wll not éelect all irregularities, including those leading lo a material misslalement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financÈal slatemenls. as we will be less likely lo beeome aware of instances of non-compliance. The risk is also greater regarding irregLJlarilies occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion, omission or misrepresentation. A further description of our restx)nsibililies for the audit of the financial statements is located on the Financial Reporting Council's Website at.. NVWW.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable company s members Ih05e matters we are required lo slate to them In an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audit work. for this report. or for the opirFions we have formed. //fj/,l_ K.C. Fisher (Senior Statulory Auditor) For and on behalf of Kingston Burrowes Audit Ltd statutory Auditor Date: é hwJLAstr 2025 308 Ewell Road Surbiton Surr8y KT6 7AL
QUAKER HOUSING TRUST (A Company Limlted By Guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 UNRESTRICTED FIJNDS General Deslgnat8d Fund Fu$ TOTAL TOTAL R8Stricted Endowment Funds Funds Notes 2024 2023 Income and endowments from: Donations and legacS Charitable activities Investment incom8 3a 3b 92,062 2.750 6.794 92,062 2.750 6.794 43.374 5,375 5,654 Total Income 101.606 101,606 54,403 Expgndlture on: Raising funds Charitablé activitiès 1,698 30.754 1.698 129,213 851 100.690 83,379 15,000 80 Total expenditur• 32.452 83,379 15,000 80 130.911 101.541 Not galns/lloSI on Investments 641 14641 Net incomelexpendlture and t movements in funds 69.154 {83,379} 115,0001 561 128,6641 147.fj021 Transfer btheen funds 13 Net movem•nt in fvnd$ 69.154 {83.379) {15,0001 561 128.6641 147.6021 Reconclllatlon of fund5 Total fvnds brought forward 14,15,16 88,351 533,374 74,5LXJ 21,404 717.629 £765,231 Totsl funds carried foNftrd 14,15,16 £157,505 £449,995 £59,500 £21,965 £688.965 £717,629 Al income and expendilure derives from continuing activities. 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 Financial Stalemenls. 10
QUAKER HOUSING TRUST (A Company Limited By Guarantee) BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixgd Assets Investments 21,965 21,404 Current Assets Debtors Cash at bank and on deposit 10 365,600 307,334 414,700 286,685 672,934 701,385 Credltors.. Amounts falling due within one year 12 5,934 5,160 Net ¢urrent assets 667,000 696,225 N6t assets 17 £688,965 £717,629 Unrostrlcted funds General Des¢gnated 14 14 157,505 449.995 88,351 533,374 607.500 621,725 Restricted funds Audrey Deacon Legacy 16 59,500 74,500 Endowment funds 15 21,965 21,404 TOTAL FUNDS £688,965 £717,629 Approved by the Council on ILII 2025 and signed on ils behalf by: Mark Bitel - Clerk Member of Council of Management The note5 on pages 12 to 20 form part of these Financial Statements
QUAKER HOUSING TRUST (A Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIES al Basis of preparation The charity conslilutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordan with Accounting and Reporting by Charities-. Statement of Recommended Practice applicable lo charities preparing their accoursls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) issued in October 2019, the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland IFRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice. The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity. The signrficant accounting policies applied in the preparation of these financial statements are set out bel¢)w. These policies have been consislentiy applied to all years presented unless oth$Se staled. b} Incoming recognition policies Items of income are recognised and included in the accounts when all of the followiw criteria are met: The charity has entitlement to the funds-, Any performance conditions attached lo the ilem{s) of income have been met or are fully within the control of the charity. There is sufficient certainly that re¢eipt of the income is consldered probable.. and The amount can be measured reliably. c) Expenditure recognition Expenditure is cOgnised once there Is a legal or constructive obligation to make a payment to a third party, it is probably that settlement will be required and the amount of the obligation Gan be measured reliably. Expenditure is classffjied under the following activity headings.. Costs of raising funds comprise the $ts agsocialed with advertising and marketing to further the charity'5 purpose. Expenditure on charitable activities includes the costs undertaken lo further the purF*)ses of the Charity and their associated support costs. d) Allocation of supwrt costs Support costs are Ihose functions that assist the work of the Charity but do not directly undertake charitable activities. Support costs include back Offi costs, finance, personnel 8nd governance costs. These costs have been allocated between cost of raising funds and the expenditLJre on charitable a¢livities. e) Investment assets Investments are initially recognised at their transaction value and subsequently measured at their market value al the Balance Sheet dale using the closing quoted market price. The Slalement of Financial Activities includes the net 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 2024 Icontd... 1. ACCOUNTING POLICIES Iconld... Fund accounting Unrestricted funds are available to spend on activities th21 further the objectives of the charity- Design21ed funds are unreslricled funds set astde by the tnJStees for particular purposes. Restricted funds are those funds which can only be used in accordance with the wishes of the donor or which have been raised for a particular purpose. Endowment funds are those funds for which the charity is required lo hold the capital on permanent b8SIS. g} Debtors and creditors Debtors and ¢dItorS with no staled interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impaimienls are recognised in axpendilure. ConGessionary loans are recognised at the amount received or paid, with the carying amount adjusted lo refiect subsequenl repayments. Interest free loans are not discounted to nel present value. h) Taxation The charitable company is exempl from corporation tax on its charitable adivities. 2. LEGAL STATUS OF THE CHARITY The Charity is a private company {no. 924311) limited by guarantee, has no share capital and is regisleree in England and Wales. The registered office is given in the reference and administrative details on page 1. Members of the charilable company guarantee lo contribute an amount not exceeding £1 to the assets of the charitable company in the event of winding up. 3. INCOME AND ENDOWMENTS General Fund Designated Restricted Funds Fund TOTAL 2024 TOTAL 2023 a) Donations and legacles Donation and gifts Donated Se1 {note 81 Legacies 66,879 23,183 2,000 66,879 23,183 2,000 22,937 20,437 £92,062 £Nil £Nil £92,062 £43,374 All of the £43,374 COgniSed in 2023 rdaled 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 2024 Iconld... 3. INCOME AND ENDOWMENTS Iconld... General Fund Designated Reslricled Funds Fund TOTAL 2024 TOTAL 2023 b) Charitable activitles Administration charge on loans 2,750 2,750 5,375 £2,750 £Nil £Nil £2,750 £5,375 All of the £5,375 recognised in 2023 related to the unrestricted general fund. c) Investment income Dividends Bank inler8sI 927 5,867 927 5,867 771 4.883 £6,794 £Nil £Nil £6,794 £5,654 All of the £5.654 recognrsed in 2023 related to the unrestricted general fund. 4. RAISING FUNDS Activilies undertaken directly Grant funding of activities Support costs TOTAL 2024 TOTAL 2023 Publicity costs £1,698 £Nil £Nil £1,698 £851 All of the £851 recognised in 2023 related lo unrestricted fund. 14
QUAKER HOUSING TRUST (A Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Iconld... ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Activities Grant undertaken funding of directly activities Suppc costs TOTAL 2024 TOTAL 2023 Capitsl grants Feasibility grants Quaker grants BYM support {note 8} Legal fees Bookkeepi Secretarial expenses Subscriptions I fees Council of Management Governance costs (Note 61 Sundry expenses Bad debt Recruitrnenl Insuran 87,999 87,999 64.999 6,000 10,380 10,380 23.183 23,183 20,437 1,908 1,908 1.871 816 655 2,683 2,410 187 1,370 1,370 1,404 2,508 140 1,404 2,508 140 299 333 321 321 Total Gharitable expenditurè £1,404 £98,379 £29,430 £129,213 £100.690 Of the £129,213 {2023.. £100,690) axpendilure in 2024, £30,754 {2023: £29,636) was charged to unrestricted general funds, £83,379 12023.. £70,999} lo designated funds, £15,0(M) (2023.. £ Nil) to restricted funds and £80 {2023.' £551 lo endowment funds. The above expenditLJre was all incurred irn respect of the sole activity of the charity, which is that of assisling the needs of badly housed, homeless and vulnerable people of Britain by way of grants (to inslilutions} or loans. Analysis of Gapital grants Designated Restricted fund fund Support costs TOTAL 2024 TOTAL 2023 Airsaig ComTnunity Trust Ellas Home East Kent Area Quaker Meeting Consolidated Alrnhouse Charity The Deprford Ragged Trust Total 2023 15,000 19.000 19.999 15,000 19.000 19,999 15,000 19.000 15,000 19.000 64,999 £72,999 £15.000 £Nil £87,999 £64.999 Analysis of Quaker grants Designated Restricted fund fund Support costs TOTAL 2024 TOTAL 2023 West Scouand Area Meeting North Somerset Area Meeting 6,000 4,380 6,000 4,380 £10,380 £Nil £Nil £10,380 £Nil 15
QUAKER HOUSING TRUST {A Company Limitad By Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Iconld... 6. GOVERNANCE COSTS 2024 2023 Audit fees £2,508 £2,410 7. TRUSTEES, REMUNERATION AND EXPENSES The payment of emoluments lo members of the Council of Management is not permltted by the Company Articles of Association. Trustees are enlilled lo recover the costs of travel in carrying out the work of the Tnjsl and thege are considered lo be part of the charitable expenditure of the Trust. The costs of the Council of Management includes trustees travel expenses of £1,27912023'. £9631 and the room hire and accommodation lo hold the meetings of £12512023.. £Nil}. The number of trustees whose expenses were reimbursed or paid on their behalf was 912023 .' 9)- 8. DONATED SERVICES The cost of secretarial support provided by Britain Yearly Meeting lo the Quaker Housing Trust has been paid by Britain Yearfy Meeting in the year as a reflection of the Yearly Meeting's COrern for housing iSSLJes in ils corporate work. The suwn of £23,183 12023". £20,437) has been included in the Slalement of Financial Activities as donated services and as support costs. 9. FIXED ASSET INVESTMENTS 2024 2023 Market Value brought fOard Disposa1 in year Iproceeés} Nel unrealised gain l {loss) Nel realised gain l (loss) 21.404 180} 636 21,923 (551 {4631 Market Value carried forward £21,965 £21,404 Investments al market value compri5ed'. UK Unil Trusts £21.965 £21,404 Historical Cost £10.786 £10,827 10. DEBTORS 2024 2023 Due within one year.. Loans lo housing charities (Note 11 } 60,878 52,599 Due after one year= Loarns lo housing charities INote 11) 304,722 362,101 £365,600 £414.700 16
QUAKER HOUSING TRUST {A Company Llmited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Iconld... 11. LOANS TO HOUSING CHARITIES Loans for housing activities in 2024 were to the following charities= Balancè 1Jan 2024 Balan¢e 31 Dec 2024 Advanced In Year Repaid In Year Repayable By Note Desi natèd Funds General Loan Fund AEOB House People Bridgenorth Housing Trust Calder Valley Community Land Trust Canopy Housing ProSe¢t Central England AQM Coatham House East Cleveland Youth Housiro Tnjst Ernrnaus Hastings & Rolhar Gilead Foundations Charity Giroscope Helmsdale & DistrKt Development Trust Hope Intr) Action.. East of England Jericho Foundation L.A.T.C.H. Mull and lona Corntnunity Trust Norman mhOUse8 Charity SAHWR St Hilda's Arnshouses Trust Stop Gap Supported Housing stralhglass and Affric Communlty street Connéct Street Connect 2 YMCA Glenrothes Common Ground against Homelessness Open Door (North East) staffin Community Trust 7,000 8,000 3.200 6,000 9,334 22,300 9,000 6,667 3,000 8,340 10,000 48,000 8,000 29.250 6,300 12,500 7.000 8.000 19,680 20,000 9,000 13,000 6,000 24,829 30,000 25.OCKJ 7,000 6,000 3,000 5,000 7,000 16,050 7,500 6,667 2026 2026 2040 2029 2027 2028 2029 2033 2,000 200 1,000 2,4 6.250 1.500 3,000 1,666 1,000 4,000 2,000 3,25 2,100 2,500 1,000 2,OOf) 6,674 9,000 44,000 6,000 26,000 4,200 10,000 6,000 6,000 19.680 20,000 7,000 12,000 4,500 24,829 27,OOD 23.750 2028 2033 2035 2027 2032 2026 2029 2D31 2027 2032 2037 2029 2031 2027 2032 2032 2.000 1.000 1.500 3.000 1,250 stricted Fund Audrey Deacon Legacy Calder Valley Community Land Trust Glandale Gateway Trust 16.800 38,5LKJ 1,050 3,500 15,750 35,000 2040 2034 Total Loans £414,700 £NII £49,100 £365,600 Loans due to be repald ¥thIn one year Loans due to repaid afterone year 52,599 362,1f11 60.878 304,722 £414,700 £365,600 17
QUAKER HOUSING TRUST IA Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Iconld... 12. CREDITORS - Amounts falling due within one year 2024 2023 Loans from Friends- interest freg Accruals 2,810 3,124 2,810 2,350 £5,934 £5,160 13. TrANSFERS BETWEEN FUNDS The Trustees have reviewed the balances in the General Fund in line with their policy of only holding sufficient fund5 for one year's running costs. Balances above that are transferred to Designated Funds lo make available the maximum funds for the work of the charity. 14. UNRESTRICTED FUNDS Designated Grant and Loan Fund General Fund Total 2024 Balance at 1 January 2024 Net incomellexpendilurel Transfer between funds 88,351 69,154 533.374 183.3791 621.725 114.225} Balance at 31 December 2024 £157,505 £449,995 £607,500 Comparative information for the analysi5 of unrestricted funds in the prevlous year is as follows.. Designated Grant and Loan Fund General Fund Total 2023 Balance at 1 January 2023 Nel incomellexpendilurel Transfer between funds 64,435 23,916 604.373 170.999) 668.808 147.083) Balance al 31 December 2023 £88,351 £533.374 £621.725 Designated funds are funds sel aside for making grants and loans to housing charities. 18
QUAKER HOUSING TRUST (A Company Limited By Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Iconld.. 15. ENDOWMENT FUNDS Total 2024 Revaluation Endowment Baar al 1 January 2024 Disposal Revaluation during the year 10,577 (401 641 10,827 140) 21.404 180) Balance al 31 December 2024 £11,178 £10,787 £21,965 Comparative information for the analysis of endowment funds In the previous year is as follows.. Total 2023 Revaluation Endowinenl Balance at 1 January 2023 Disposal Revaluation during the year 11.069 128) {464) 10,854 1271 21,923 {55) (464} BalanGe at 31 December 2023 £10,577 £10,827 £21,404 The endowment fund represents those assets which must be held permanently by the charity. The revaluation fund represents the amount by which investments exceed their historical cost. 16. RESTRICTED FUNOS Total 2024 Total 2023 Balance al 1 January 2024 Expenditu 74,500 115.0001 74,500 Balan¢e at 31 December 2024 £59.500 74,500 The Audrey Deacors Legacy Fund is restricted to organisations that provide accommodation lo elderly people, partiCLtlarly those who are physically or mentally infirm. 17. ANALYSIS OF NET ASSETS BY FUNDS Other Net Assets 2024 Investments Loans Total Unrestri¢ted Funds.. General Fund Designated Funds 157,505 143,895 157,505 449,g95 306,100 ReslriGted Funds Audrey Deacon Legacy 59,500 59,500 Endowment Funds 21,965 21,965 At 31 December 2024 £21,965 £365,600 £301,400 £688,965 19
QUAKER HOUSING TRUST (A Company Limited By Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Iconld... 17. ANALYSIS OF NET ASSETS BY FUNDS (Continued) Comparative information for Ihe analysis of net assets by funds in the previous year is as follows.. Other Nel Assets 2023 Investments Loalls Total Unrestricted Funds: General Fund Designaled Funds 88.351 173,974 88,351 533,374 359.400 Restricted Funds Audrey Deacor) Legacy 55,300 19,2Th) 74.500 Endowment Funds 21,404 21,404 At 31 December 2023 21,404 414,700 281,525 717,629 18. COMMITMENTS The following loan5 and grants have been aulhorised from the combirsed Grants and Loans Fund by the Council of Management but have not been paid or accrued for in the Financial Statements. Loans Grdnts 2024 2023 Arisaig Community Trust Assist Sheffield Chooselrfe Cymru East Cleveland Housing Bonny Downs Baptist Church Street Connect Glasgow Deptford Ragged Trust Assist Sheffield YMCA Glenrolhes West of Scotland Area Meeting East Kent Area Meeting Pathways Housing Solutions Ella's Raasay Development TrLlSt North Somersel Area Meeting Cirence5ter Housing for Young People Emmaus Coventy ar)d Warwickshire Rooted in Honey Zinlhiya Trust 15,000 29,828 10,000 25,000 25.000 10,000 15,000 10,000 40,000 40,000 17,000 30.000 15,000 15,000 7,000 15,000 25,000 25,000 10,000 19,999 6,000 25,000 6.000 25.000 10.000 10,000 6.000 6.000 10,000 8,000 1,620 6,000 6,000 6.000 6,000 18.000 1.620 6.000 6,000 6,000 6,000 £95,000 £101,620 £196,620 £186,827 20