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2021-12-31-accounts

Charity number: 313816

Woodbrooke Quaker Study Centre

Report and financial statements For the year ended 31 December 2021

Woodbrooke Quaker Study Centre

Contents

For the year ended 2021

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent auditor’s report ....................................................................................................... 12 Statement of financial activities (incorporating an income and expenditure account) ................... 17 Balance sheet ............................................................................................................................... 18 Statement of cash flows ............................................................................................................... 19 Notes to the financial statements ................................................................................................. 20

Woodbrooke Quaker Study Centre

Reference and administrative information

For the year ended 2021

Charity number 313816 Country of registration England & Wales

Registered office and operational address 1046 Bristol Road, Birmingham, B29 6LJ

Trustees Trustees who served during the year and up to the date of this report were as follows:

Ingrid Greenhow Clerk Anne Bennett Assistant Clerk Rosemary Elias Treasurer Peter Allen-Williams Miranda Bird Val Brittin Alex Clayden Joycelin Dawes Sarah Donaldson Kersti Wagstaff (appointed from 01/01/2022) Martina Weitsh (released 31/12/2021)

Key management Sandra Berry Director personnel Martin Ford interim Co-CEO (appointed August 2022) Kevin Smith Head of Finance & Compliance Simon Best Head of Learning & Research Peter Chinn Centre Manager Bankers Lloyds Bank plc 142 Edgbaston Park Road Birmingham B15 2TY Solicitors Anthony Collins Solicitors LLP 134 Edmund Street Birmingham B3 2ES Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor Invicta House 108-114 Golden Lane LONDON EC1Y 0TL

1

Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 2021

Clerk’s statement

This annual report is being published two and a half years after the emergence of the global Covid19 pandemic. These have remained challenging times for Woodbrooke, for Quakers, and for the world.

We give thanks for the service of Martina Weitsch, who completed her term of service as a trustee at the end of 2021. We have welcomed one new trustee, Kersti Wagstaff at the start of 2022. Throughout 2021 trustees have met regularly on-line.

Woodbrooke staff have continued to respond to the needs of Friends across Britain, Europe and the world by providing an increasing range of online courses and opportunities for worship. During 2021 participation in learning grew to over 6,400 and our online worship attendance was over 20,000.

‘Woodbrooke where you are’ learning events are attracting increasing interest, as we seek to make Woodbrooke learning more accessible and more affordable. Our aim is to provide learning around the world through online provision, as well as in-person events at Quaker meetings and venues like our Woodbrooke Centre in Birmingham.

This provision is having a positive effect on Woodbrooke’s reputation as a learning charity and is helping Quakers to distinguish between Woodbrooke the place and Woodbrooke the learning provider.

The future remains very uncertain, however, especially with regard to the hospitality sector. For Woodbrooke, the biggest risk remains running on-site courses for a Quaker clientele that comprises a high number of older, vulnerable people. We are conscious of the fact that many Quakers still do not feel comfortable about meeting in person at residential events, and we are aware of the environmental impact of car use and the unreliability of public transport. The rapid rise in the cost of living is also having an impact on how all of us choose to use our money.

In 2021 trustees established a working group to look at alternative uses for the site and have considered a number of options. As we work through these, we go forth in faith, prepared to take the necessary decisions, supported by the love and upholding of Quakers across the world.

We are very grateful for the all the support and dedication shown to Woodbrooke at this challenging time.

Ingrid Greenhow Clerk to Woodbrooke Trustees

2

Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 2021

The trustees present their report and the audited financial statements for the year ended 2021.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity's trust deed and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

Woodbrooke is a learning and research organisation which supports and informs Quakers, as individuals and as a community, to enable our work in the world and in local communities from a place of understanding and spiritual renewal.

Woodbrooke seeks to inform, support and transform spiritual lives through four pathways:

Our learning and research programmes are delivered in various ways. The major mode of delivery is now Woodbrooke Online for individuals or groups taking courses in company with each other. Woodbrooke Where You Are responds to local and regional Quaker needs taking workshops into communities. Finally, Woodbrooke Places provides residential courses held at suitable locations which includes the Woodbrooke Centre in Birmingham which is run by the charity.

The Woodbrooke Centre is located in Selly Oak, Birmingham and has a range of teaching/conference facilities. It has provision for residential events, is set in 10 acres of organically-managed grounds and was formerly the home of George and Elizabeth Cadbury.

This Quaker Study Centre provides an ideal environment for the delivery of our own learning and it is also the base for many of our employees who develop and deliver learning at other venues across the UK and beyond.

The principal activities of our trading subsidiary, Woodbrooke Quaker Centre Limited, are the provision of residential facilities and conference space for groups and individuals, and of guest residential accommodation. These activities are intended to generate income to help support the maintenance of the centre and primary activities of the charity.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set. The Woodbrooke learning programme is open to anyone,

3

Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 2021

whether they are in formal membership of the Religious Society of Friends or whether they have no previous connection with Quakers at all. Our facilities at the Woodbrooke Centre are made use of by many non-Quaker groups. Courses are offered at less than the full cost of developing and running them, and we subsidise the course offering through charitable fundraising and donations. We offer further help through bursary schemes and offer free accommodation and meals for a Personal Assistant or carer to enable a participant with impairments, disabilities or child care needs to attend a course. In 2021 Woodbrooke hosted the Bournville BookFest (charity number 1185157), at the Woodbrooke Centre.

Achievements and performance

Woodbrooke offers a range of short courses, extended programmes and learning resources across all four pathways. These provide:

Given the uncertainty during 2021, no specifc targets or KPIs were set around participation in learning events. During 2021 the aim was to continue experimenting with different formats for learning and in pricing, which will provide valuable information to feed into future target setting.

Research:

Learning:

I’m a Quaker attender and this year it has been my intention to find out more about the main aspects of Quakerism – this course provided the perfect opportunity and I now feel much better informed.

4

Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 2021

I did just want to say how enlightening that course had been – it filled so many gaps in my understanding and being able to draw upon three deep wells of knowledge and different areas of expertise was such a treat.

Worship:

“It really was the most remarkable Meeting I’ve ever been a part of in 12 years of Quaker worship. It was held together so gently.”

“I find Woodbrooke-EMES online worship deeply spiritually uplifting. It has provided a lifeline to many during the Covid-19 lockdown and I now consider it to be an essential part of my continuing faith commitment.”

“Online worship is my first experience of a Quaker meeting.

I have wanted to attend a Quaker meeting for many years...

Stepping into a new environment from my own home has been easier.”

The Woodbrooke Centre:

Principal risks and uncertainties

The charity continues to grapple with the financial challenges in delivering the core charitable objectives in an environment of financial uncertainty. Trustees are considering all options in seeking a way forward that will provide a sustainable future for the charity and have agreed the following risk management statement:

Proper risk management is essential to the operation and growth of any organisation. We have introduced a new, robust risk management framework this year to assess and manage the risks Woodbrooke faces both daily and strategically.

5

Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 2021

Risk Management Policies and Procedures

The key to any effective risk-based approach is the understanding that an organisation’s risks can never be wholly eliminated. Quakers are no strangers to risk-taking and Advices & Queries 27 calls for us to live adventurously, but responsible management of an organisation calls for these risks to be measured, controlled, and understood properly. Our risk management controls and the policies that feed into them build a robust framework through which risk can be assessed against our appetite.

The Board of Trustees hold ultimate responsibility for the charity and its strategic decisions and risks. The heads of staff departments including (but not limited to) Learning & Research, Facilities, and Finance & Compliance identify and report risks within their area through their chief executive. Each risk is set against the risk rating matrix to determine its inherent and residual impact. The level of residual risk then determines what can be managed locally, what must be reported to the board, and what requires board-level action.

The Risk Register is updated and certified at least annually, with any changes to individual risks presented as needed to the board via the Finance and Compliance committee. External auditors conduct annual reviews of Woodbrooke’s policies, procedures, to provide impartial and independent assurance of the charity’s risks.

Summary of principal risks and risk profile

In line with guidance from the Charities Commission, Woodbrooke has undertaken an assessment of its principal risks, and brought them together in the form of a risk register. We weighted these risks against their impact on our organisation and probability of being realised.

6

Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 2021

Risk Management Framework

Our risk management process is informed by best practice guidance from The UK Charities Commission, The International Organisation for Standardization, and the International Compliance Association. The process is composed of the following steps:

  1. Identification of risks relevant to Woodbrooke

  2. Assessment of those risks against the impact and likelihood risk matrix, to create an inherent risk position

  3. Design of risk controls to mitigate and manage the risks as appropriate

  4. Assessment of those risks against the impact and likelihood risk matrix, to create a residual risk position

  5. Monitoring of risks by appropriate level of seniority, dependent on residual position

  6. Recording of risks within a central register and regular re-assessment and improvement of that register and its associated controls

7

Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 2021

Reserves policy and going concern

In 2021, Woodbrooke Quaker Study Centre did not maintain a standalone reserves policy. Free reserves as at 31 December 2021 were £907,315 (2020: £776,790). With market uncertainty and Trustees considering major strategic decisions, the position taken was that as the charity’s free reserves are supported from a cash flow perspective by those investments not held in permanent endowment, these should only be sold as needed to meet cashflow needs when required.

The Trustees’ have considered the financial position of the group at a Trustees meeting in October 2022 and having taken account of all external financing and future cash flow projections, they are satisfied that it is appropriate to prepare the financial statements on a going concern basis.

Fundraising

Woodbrooke does not employ or engage an external fundraising organisation, nor does it have a dedicated fundraising team. The majority of fundraising activity is focused on grant applications to trusts and is carried out by The Director with assistance from other relevant staff. No formal fundraising initiatives aimed at individuals were launched in 2021. No complaints were received regarding our fundraising activities. Woodbrooke is not currently registered with the Fundraising Regulator.

8

Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 2021

Plans for the future

Trustees are currently engaged in detailed work to consider the future plans for Woodbrooke.

Structure, governance and management

Constitution

Woodbrooke Quaker Study Centre is governed by a trust deed formulated in 1903 and is a registered charity, not limited by guarantee, Charity Registration No 313816. A separate subsidiary trading company was established in 2000 as a limited company to deal with the organisation’s conference and other non-educational activity.

Uniting direction

On 9 April 2009, the Charity Commission issued a Uniting Direction under which the charity called Corder and Gwen Catchpool Bursary Fund (previously registered on the Register of Charities as 702399) was to be treated as forming part of Woodbrooke Quaker Study Centre for the purposes of Part 4 (Registration and Names of Charities) and Part 8 (Charity Accounts, Reports and Returns) of the Charities Act 2011.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 8 to the accounts.

Appointment of trustees

As a Quaker organisation, Woodbrooke’s task is to operate effectively within charity law and to model the best of Quaker practice. The overall responsibility for Woodbrooke ultimately lies with the Trustees who meet at least three times a year. Each Trustee is expected to serve on at least one of the Trustee body’s five committees – a Learning and Research Committee, a Finance and Compliance Committee, a Nominations Committee, a Quaker Values Committee, and the Swarthmore Lecture Committee. These committees meet between two and four times a year. Appointment of new trustees and of trustees to committees is through a Quaker nominations process. The nominations committee includes members who are not trustees.

9

Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 2021

Day to day management of the Centre is delegated to the Director and interim co-CEO and their staff. The Director and interim co-CEO report to the Trustees on a formal basis at each Trustees’ meeting and regularly throughout the year on an ad hoc basis. Every Trustee meeting agenda includes a closed session when Trustees meet without staff to raise whatever matter is deemed appropriate.

Related parties and relationships with other organisations

Woodbrooke Quaker Centre Limited is a wholly owned trading subsidiary of Woodbrooke Quaker Study Centre, and it is overseen by a board of Directors.

Remuneration policy for key management personnel

Pay and renumeration is set out in Woodbrooke’s salary policy which applies equally to all staff, regardless of grade. Salary levels and benefits for the organisation are reviewed annually by trustees. Woodbrooke is registered with the Living Wage Foundation.

Statement of responsibilities of the trustees

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

10

Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 2021

Auditor

Sayer Vincent LLP was newly appointed on 27 April 2022 to carry out the audit of the 2021 financial year.

The trustees’ annual report has been approved by the trustees on 17 October 2022 and signed on their behalf by

Ingrid Greenhow Clerk

11

Independent auditor’s report

To the members of

Woodbrooke Quaker Study Centre

Opinion

We have audited the financial statements of Woodbrooke Quaker Study Centre (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 December 2021 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes 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 FRS 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:

Basis 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 group financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Woodbrooke Quaker Study Centre's ability to continue as a going concern 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.

12

Independent auditor’s report

To the members of

Woodbrooke Quaker Study Centre

Other Information

The other information comprises the information included in the trustees’ annual report, other than the group financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information, and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the group financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

13

Independent auditor’s report

To the members of

Woodbrooke Quaker Study Centre

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give 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 group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

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 to 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 accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

14

Independent auditor’s report

To the members of

Woodbrooke Quaker Study Centre

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 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 financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. 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 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose.

15

Independent auditor’s report

To the members of

Woodbrooke Quaker Study Centre

To the fullest extent 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 report, or for the opinions we have formed.

Fleur Holden (Senior statutory auditor)

25 October 2022

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

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Woodbrooke Quaker Study Centre

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2021

For theyear ended 31 December 2021
2021 2020
Unrestricted Restricted Endowment Total Total
Note £ £ £ £ £
Income from:
Donations and legacies 3 1,077,722 10,000 - 1,087,722 951,602
Charitable activities
Courses and related fees 4 201,682 - - 201,682 324,688
Commercial trading operations 115,975 - - 115,975 139,064
Investments 5 68,698 8,396 - 77,094 76,660
Rental income - - - - 474
Total income 1,464,077 18,396 - 1,482,473 1,492,488
Expenditure on:
Raising funds 6a 5,676 - - 5,676 5,676
Charitable activities
Provision of courses and advancement of
Quaker faith 6a 1,542,346 1,583 - 1,543,929 1,395,996
Commercial trading operations 13 98,251 - - 98,251 173,982
Total expenditure 1,646,273 1,583 - 1,647,856 1,575,654
Net income / (expenditure) before net
gains / (losses) on investments (182,196) 16,813 - (165,383) (83,166)
Net gains / (losses) on investments 170,072 35,409 132,188 337,669 150,506
Net income / (expenditure) for the year 7 (12,124) 52,222 132,188 172,286 67,340
Net income / (expenditure) before other
recognised gains and losses (12,124) 52,222 132,188 172,286 67,340
Gains / (losses) on revaluation of pension
liability 73,041 - - 73,041 (1,648)
Net movement in funds 60,917 52,222 132,188 245,327 65,692
Reconciliation of funds:
Total funds brought forward 4,455,829 489,078 981,696 5,926,603 5,860,911
Total funds carried forward 4,516,746 541,300 1,113,884 6,171,930 5,926,603

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 23a to the financial statements.

17

Woodbrooke Quaker Study Centre

Balance sheets

As at 31 December 2021

As at 31 December 2021 As at 31 December 2021 As at 31 December 2021
2021
2020
Note
£
£
Fixed assets:
12
3,191,549
3,261,157
13
183,800
183,800
14
2,831,339
2,543,670
6,206,688
5,988,627
Current assets:
5,937
8,114
17
171,772
69,603
80,906
106,312
258,615
184,029
Liabilities:
18
(240,606)
(110,245)
18,009
73,784
6,224,697
6,062,411
20
(30,000)
(40,000)
6,194,697
6,022,411
19
(22,767)
(95,808)
6,171,930
5,926,603
23a
1,113,884
981,696
541,300
489,078
234,082
234,082
3,375,349
3,444,957
(56,481)
(74,205)
963,796
850,995
Total unrestricted funds
4,516,746
4,455,829
6,171,930
5,926,603
Endowment funds
Total funds
Investments
Cash at bank and in hand
Tangible assets
The group
Creditors: amounts falling due within one year
Net current assets / (liabilities)
Total net assets
Creditors: amounts falling due after one year
Defined benefit pension scheme (liability)
Restricted income funds
Unrestricted income funds:
Designated funds
Non charitable trading funds
Tangible and heritage fixed assets funds
General funds
Heritage assets
Total assets less current liabilities
Net assets excluding pension (liability)
Stock
Debtors
Funds:		 2021
2020
£
£
3,166,434
3,226,477
183,800
183,800
2,931,339
2,643,670
6,281,573
6,053,947
409
490
134,662
260,966
42,499
95,458
177,570
356,914
(306,987)
(314,397)
(129,417)
42,517
6,152,156
6,096,464
-
-
6,152,156
6,096,464
(22,767)
(95,808)
6,129,389
6,000,656
1,092,718
981,696
527,923
489,078
234,082
242,881
3,419,842
3,410,277
-
-
854,824
876,724
4,508,748
4,529,882
6,129,389
6,000,656
The charity
6,206,688
5,937
171,772
80,906		 5,988,627
8,114
69,603
106,312		 6,281,573
409
134,662
42,499		 6,053,947
490
260,966
95,458
258,615
(240,606)		 184,029
(110,245)		 177,570
(306,987)		 356,914
(314,397)
18,009 73,784 (129,417) 42,517
6,224,697
(30,000)
6,194,697
(22,767)		 6,062,411
(40,000)
6,022,411
(95,808)		 6,152,156
-
6,152,156
(22,767)		 6,096,464
-
6,096,464
(95,808)
6,171,930 5,926,603 6,129,389 6,000,656
1,113,884
541,300
234,082
3,375,349
(56,481)
963,796		 981,696
489,078
234,082
3,444,957
(74,205)
850,995		 1,092,718
527,923
234,082
3,419,842
-
854,824		 981,696
489,078
242,881
3,410,277
-
876,724
4,516,746 4,455,829 4,508,748 4,529,882
6,171,930 5,926,603 6,129,389 6,000,656

Approved by the trustees on 17 October 2022 and signed on their behalf by

Rosemary Elias Treasurer

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Woodbrooke Quaker Study Centre

Consolidated statement of cash flows

For the year ended 31 December 2021

For the year ended 31 December 2021 For the year ended 31 December 2021 For the year ended 31 December 2021
Note
£
£
Net income for the reporting period
245,327
(as per the statement of financial activities)
Depreciation charges
74,788
(Gains)/losses on investments
(337,669)
Dividends and interest from investments
(77,094)
Decrease / (Increase) in stocks
2,177
(Increase) / Decrease in debtors
(102,169)
Increase / (Decrease) in creditors
170,361
Net cash (used in) operating activities
(24,279)
77,094
(5,180)
71,914
(73,041)
(73,041)
(25,406)
106,312
80,906
Analysis of cash and cash equivalents and of net debt
At 1 January
2021
Cash flows
£
£
Cash at bank and in hand
106,312
(25,406)
Total cash and cash equivalents
106,312
(25,406)
Loans falling due within one year
(10,000)
-
Loans falling due after more than one year
(30,000)
10,000
Total
(40,000)
10,000
Cash and cash equivalents at the beginning of the
year
Cash and cash equivalents at the end of the year
Net cash provided by / (used in) financing activities
Change in cash and cash equivalents in the year
2021
Finance costs
Cash flows from operating activities
Cash flows from financing activities:
Net cash provided by investing activities
Cash flows from investing activities:
Dividends and interest from investments
Purchase of fixed assets		 £
£
65,692
87,447
(150,506)
(76,660)
(1,215)
133,807
(104,798)
(46,233)
76,660
(9,787)
66,873
(19,192)
(19,192)
1,448
104,864
106,312
Other non-
cash
changes
At 31
December
2021
£
£
-
80,906
-
80,906
-
(10,000)
-
(20,000)
-
(30,000)
2020
(24,279)
71,914
(73,041)		 (46,233)
66,873
(19,192)
(73,041) (19,192)
At 1 January
2021
£
106,312		 Other non-
cash
changes
£
-
(25,406)
106,312		 1,448
104,864
80,906 106,312
Cash flows
£
(25,406)		 At 31
December
2021
£
80,906
106,312 (25,406) - 80,906
(10,000)
(30,000)		 -
10,000		 -
-		 (10,000)
(20,000)
(40,000) 10,000 - (30,000)

19

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies

a) Statutory information

Woodbrooke Quaker Study Centre (the charity) is a registered unincorporated charity in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are to provide education for members of the Religious Society of Friends and others, particularly in Quaker faith, life and work, and in other areas of spiritual, intellectual and social benefit.

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 (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b) Basis of preparation

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 (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements consolidate the results of the charity and its wholly owned subsidiary Woodbrooke Quaker Centre Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the Trust has taken advantage of the exemption afforded by Accounting and Reporting by Charities: Statement of Recommended Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

20

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The value of our investments is sufficient to cover any cash flow gaps for the next year if we continue to maintain our business as expected

e) Income

All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity’s right to receive payment is established.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

21

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

i) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

1% on (deemed cost) or valuation 5-25% on cost 10-25% on cost 10-25% on cost

j) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment market due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.

Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on the revaluation and disposals throughout the year.

k) Investments in subsidiaries

Investments in subsidiaries are at cost.

l) Heritage assets

Heritage assets comprising rare books and manuscripts are included on the balance sheet at a valuation determined by the Trustees, with professional assistance, in January 2015 and based on market value as at that date. Certain works of art, donated to the charity in past years and which are considered to be of historic importance and part of the Centre’s heritage, are also included in these accounts at a valuation determined by the Trustees, with professional assistance, in December 2019. Such heritage assets are not depreciated. Their value and condition is reviewed annually by the Trustees who are satisfied that their residual value is not less than their book value.

22

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies (continued)

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised in the SOFA. n) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

o) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

p) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

t) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Defined benefit scheme accounted for on a defined contribution basis:

On behalf of one employee, the charity contributed to a defined benefits pension scheme (the Teachers’ Pension Scheme) a scheme providing benefits based on final pensionable pay. The assets of the scheme are held and managed separately from those of the charity. The expected cost of providing pensions, as calculated periodically by the Government Actuary, is charged to the Statement of Financial Activities so as to spread the cost of pensions over employees’ working lives with the charity, in such a way that the pension cost is substantially a level percentage of current and expected future pensionable payroll.

The charity contributes to the Unitised Ethical Plan and the Flexible Retirement Plan offered by The Pensions Trust with one employee in each. These are money purchase schemes designed to provide retirement benefits to employees.

The schemes are multi-employer pension plans where it is not possible to separately identify the assets and liabilities of participating employers. Therefore, the charity’s accounts include pension costs payable in respect to the plan on a defined contribution basis.

Defined benefit scheme:

The charity participates in the Pension Trust’s Growth Plan. The Growth Plan Series 1, 2 and 3 were in most respects money purchase arrangements but with some guarantees. The Growth Plan Series 4, to which the charity currently contributes is a defined contribution scheme, is a multi-employer pension plan where it is not possible to separately identify the assets and liabilities of participating employers. Therefore, the charity’s accounts include pension costs payable in respect to the plan on a defined contribution basis. Additional disclosures in relation to the pension plan are given in note 26.

Defined contribution scheme:

The charity contributes towards the personal pension plans of a number of employees. There were four such employees at the start of the year, reducing to two by the year end. Contributions to such plans are charged to the statement of financial activities when they become payable.

23

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

Detailed comparatives for the statement of financial Detailed comparatives for the statement of financial Detailed comparatives for the statement of financial activities
Unrestricted
£
£
Donations
654,469
-
Bursaries
-
10,000
Legacies
234,232
-
Grants
189,020
-
1,077,721
10,000
Charitable activities
Commercial trading operations
Investments
Rental income
Expenditure on:
Raising funds
Charitable activities
Commercial trading operations
Total expenditure
Net income / (expenditure) before other
recognised gains and losses
Gains / (losses) on revaluation of pension liability
Net movement in funds
Total funds brought forward
Total funds carried forward
Net income / expenditure
Income from:
Donations and legacies
Restricted
Income from donations and legacies
Net income / expenditure before gains / (losses)
Net gains / (losses) on investments
Total income		 Unrestricted
£
776,767
324,688
139,064
68,418
474		 Restricted
£
174,835
-
-
8,242
-		 Endowment
£
-
-
-
-
-		 2020
Total
£
951,602
324,688
139,064
76,660
474
1,309,411 183,077 - 1,492,488
5,676
1,227,999
173,982		 -
167,997
-		 -
-
-		 5,676
1,395,996
173,982
1,407,657 167,997 - 1,575,654
(98,246)
76,861		 15,080
15,559		 -
58,086		 (83,166)
150,506
(21,385) 30,639 58,086 67,340
(21,385)
(1,648)		 30,639
-		 58,086
-		 67,340
(1,648)
(23,033)
4,478,862		 30,639
458,439		 58,086
923,610		 65,692
5,860,911
4,455,829 489,078 981,696 5,926,603
2021
Total
£
654,470
10,000
234,232
189,020		 Unrestricted
£
425,621
-
50,801
300,345		 £
162,285
12,550
-
-
Restricted		 2020
Total
£
587,906
12,550
50,801
300,345
1,077,721 10,000 1,087,722 776,767 174,835 951,602

24

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

Courses and related fees
Unrestricted
£
Student fees
216,762
Other
(1,784)
214,978
Unrestricted
£
68,682
16
68,698
Investment income
Bank interest
Total for courses and
related fees
Income from investments		 Unrestricted
£
216,762
(1,784)		 £
-
-
Restricted		 2021
Total
£
203,466
(1,784)		 Unrestricted
£
271,462
53,226		 £
-
-
Restricted		 2020
Total
£
271,462
53,226
214,978 - 201,682 324,688 - 324,688
£
8,046
350
Restricted		 2021
Total
£
76,728
366		 Unrestricted
£
68,379
39		 £
7,884
358
Restricted		 2020
Total
£
76,263
397
68,698 8,396 77,094 68,418 8,242 76,660

25

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

6a Analysis of expenditure (current year)

Indirect staff costs
Education Costs
Course Accommodation and
related costs
Bursaries
Upkeep of Premises
Administration
Publicity
Finance Cost
Other
Commercial trading costs
Support costs
Governance costs
Total expenditure 2021
Total expenditure 2020		 Raising
funds
£
5,676
-
-
-
-
-
-
-
-
98,251
103,927
-
-
103,927
179,658		 Charitable activities Governance
costs
£
55,900
-
-
-
-
-
-
9,555
619
-
66,074
-
(66,074)
-
-		 Support
costs
£
161,276
-
-
-
-
90,185
70,749
3,540
-
-
325,750
(325,750)
-
-
-		 2021 Total
£
222,852
340,449
495,175
1,583
314,898
90,185
70,749
13,095
619
98,251
1,647,856
-
-
1,647,856		 2020
Total
£
223,816
320,390
493,313
5,712
183,566
86,957
57,065
11,190
19,663
173,982
Provision o~~f~~courses
and the advancement
of the Quaker faith
£
-
340,449
495,175
1,583
314,898
-
-
-
-
-
1,152,105
325,750
66,074		 1,575,654
-
-
1,543,929 1,575,654
1,395,996

26

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

6b Analysis of expenditure (prior year)

Indirect staff costs
Education costs
Course accomodation and
related costs
Bursaries
Upkeep of premises
Administration
Publicity
Finance Cost
Other
Commercial trading costs
Support costs
Governance costs
Total expenditure 2020		 Raising
funds
£
5,676
-
-
-
-
-
-
-
-
173,982
179,658
-
-
179,658		 Charitable activities
Provision o~~f~~courses
and advancement of
Quaker faith
£
-
320,390
493,313
5,712
183,566
-
-
-
18,872
-
1,021,853
317,526
56,617
1,395,996		 Governance
costs
£
45,929
-
-
-
-
-
-
9,897
791
-
56,617
-
(56,617)
-		 Support
costs
£
172,211
-
-
-
-
86,957
57,065
1,293
-
-
317,526
(317,526)
-
-		 2020 Total
£
223,816
320,390
493,313
5,712
183,566
86,957
57,065
11,190
19,663
173,982
1,575,654
-
-
1,575,654

27

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

7 Net income / (expenditure) for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2021 2020
£ £
Depreciation 74,788 87,448
Operating lease rentals:
Property - 1,890
Auditor's remuneration (excluding VAT):
Audit 16,000 15,000

8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Staff costs were as follows:

Staff costs were as follows:
Redundancy and termination costs
Social security costs
Pension costs
Salaries and wages		 2021
£
739,194
17,577
62,804
56,073		 2020
£
964,211
32,162
72,466
54,077
875,648 1,122,916

No employee earned more than £60,000 during the year (2020: nil).

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £191,557 (2020: £177,555).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2020: £nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £ 287 (2020: £794) incurred by 2 (2020: 5) members relating to attendance at meetings of the trustees.

9 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 41 (2020: 53).

Staff are split across the activities of the charity as follows (headcount basis):

Staff are split across the activities of the charity as follows (headcount basis):
Commercial trading operations
Management governance and administration of the charity
Provision of courses and advancement of Quaker faith and related support services		 2021
No.
5.0
32.0
4.0		 2020
No.
8.0
41.0
4.0
41.0 53.0

10 Related party transactions

There are no related party transactions to disclose for 2021 (2020: none).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

28

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

11 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity's trading subsidiary Woodbrooke Quaker Centre Limited distributes under Gift Aid available profits to the parent charity.

12 Tangible fixed assets

The group

The group
At the end of the year
At the start of the year
At the end of the year
At the end of the year
At the start of the year
Charge for the year
At the start of the year
Additions in year
Cost or deemed cost
Depreciation
Net book value		 Freehold
property
£
3,309,000
-		 Property refurb
and
improvement
£
462,320
-		 Household
furniture
and
equipment
£
168,555
-		 Office
equipment
£
105,059
5,180		 Total
£
4,044,934
5,180
3,309,000 462,320 168,555 110,239 4,050,114
165,450
33,090		 355,375
37,538		 161,272
1,237		 101,680
2,923		 783,777
74,788
198,540 392,913 162,509 104,603 858,565
3,110,460 69,407 6,046 5,636 3,191,549
3,143,550 106,945 7,283 3,379 3,261,157

The freehold buildings comprising Woodbrooke Quaker Study Centre are situated on a ten acre site at 1046 Bristol Road, Birmingham, B29 6LJ. The freehold properties were valued by Lawrence and Wightman, Chartered Surveyors, at an estimate of the Market Valuation as at 31 December 2015. The trustees took this valuation as deemed cost and therefore the freehold buildings are not held at valuation.

Title of the freehold buildings is registered with Friends Trusts Limited, who hold the title on Trust for the charity.

The Freehold premises known as Woodbrooke, Selly Oak was conveyed to the Trustees of the institution by an Indenture dated 8th October 1903, by George Cadbury. The trust deed outlines details of what should happen if Trustees decide that the charity no longer serves its original purpose. Woodbrooke maintains a close working relationship with Bournville Village Trust who are named in the original trust deed, and they are notified of major decisions, and Woodbrooke discusses any major strategic decisions with them, regarding any potential impact on the f h

29

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

12 Tangible fixed assets (continued)

At the start of the year
Additions in year
The charity
Cost or deemed cost
Depreciation
At the start of the year
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of the year
At the end of the year		 Freehold
property
£
3,309,000
-		 Property refurb
and
improvement
£
359,922
-		 Household
furniture
and
equipment
£
107,330
-		 Office
equipment
£
105,059
5,180		 Total
£
3,881,311
5,180
3,309,000 359,922 107,330 110,239 3,886,491
165,450
33,090		 286,012
29,206		 101,692
4		 101,680
2,923		 654,834
65,223
198,540 315,218 101,696 104,603 720,057
3,110,460 44,704 5,634 5,636 3,166,434
3,143,550 73,910 5,638 3,379 3,226,477

13 Heritage assets

Valuation at 1 January 2021
Value at the 31 December 2021
Revaluation in year		 Rare books
£
133,300
-		 Works and
Manuscripts
£
50,500
-		 Total
£
183,800
-
133,300 50,500 183,800

The Centre owns various rare books and manuscripts which are acknowledged to be of historic importance and which are retained as part of the Centre’s heritage and under the objects of the charity. The books and manuscripts are deemed, therefore, to be heritage fixed assets and have been included in the accounts at a valuation determined by the Trustees, with professional assistance. Such assets are not depreciated. Their value and condition are reviewed annually by the Trustees who are satisfied that their residual value is not less than their book value. In January 2014, three independent librarians gave their informed opinion that as of December 2012, there had been no material change in the valuation from the last one carried out in 2008.

The Centre owns certain works of art, valued at £50,500, which were donated to the charity in past years and which are considered to be of importance and part of the Centre’s heritage. The collection was valued by Fellows & Sons Limited, Auctioneers and Valuers, Birmingham as at 31 December 2021 on the basis of replacement cost.

The Charity holds a rare visitors’ book donated by Sir Adrian Cadbury which is not recognised in the Balance Sheet as cost information is not readily available and the Trustees believe that the benefit of obtaining a valuation for this item would not justify the cost. The visitors’ book was gifted to the Charity and therefore has no original cost. The Trustees are of the opinion that should a valuation for the book be obtained, that the valuation would not be material in the context of these accounts and is incidental to the main activities of the Charity. Consequently, further disclosures are not deemed necessary.

30

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

14 Listed investments

Listed investments
Ordinary shares in subsidiary company
Net gain / (loss) on change in fair value
Fair value at the end of the year
Investments comprise:
UK Common investment funds
Fair value at the start of the year		 2021
2020
£
£
2,543,670
2,393,163
287,669
150,507
2,831,339
2,543,670
2021
2020
£
£
2,831,339
2,543,670
-
-
2,831,339
2,543,670
The Group
The group		 2021
2020
£
£
2,543,670
2,393,163
287,669
150,507
2,831,339
2,543,670
2021
2020
£
£
2,831,339
2,543,670
100,000
100,000
2,931,339
2,643,670
The charity
The charity
2,831,339 2,543,670 2,931,339 2,643,670

The Managers of the COIF Charities Ethical Investment Fund identify four main risks. Investors are exposed to market price risk, which can be defined as the uncertainty about future price movements of the financial instruments the Fund is invested in. There is a credit risk in that the Fund’s transactions in securities expose it to the risk that the counterparty will not deliver the investment for a purchase or the cash for a sale. There is a liquidity risk if the Fund is unable to meet the payment of any redemption of units that unitholders may wish to make, and there is a currency risk in that the Fund is exposed to fluctuations in foreign currencies as some of its assets and revenue are denominated in currencies other than sterling, the base currency of the Fund.

Woodbrooke Trustees are satisfied that the investment manager has suitable and robust practices to mitigate these risks, and provides appropriate annual reporting to investors.

The charity owns the entire share capital of Woodbrooke Quaker Centre Limited, a company incorporated in England and Wales, whose principal activity is the provision of conference facilities and accommodation.

31

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

15 Subsidiary undertaking

The charity owns the whole of the issued ordinary share capital of Woodbrooke Quaker Centre Limited, a company registered in England. The company number is 4131781. The registered office address is 1046, Bristol Road, Birmingham B29 6LJ.

The subsidiary is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are distributed under Gift Aid to the parent charity. A summary of the results of the subsidiary is shown below:

A summary of the results of the subsidiary is shown below:
Total retained earnings carried forward
Profit / (loss) for the financial year
Retained earnings
Total retained earnings brought forward
Profit / (loss) for the financial year
Distribution under Gift Aid to parent charity
Other operating income
Turnover
Administrative expenses
Profit/(loss) on ordinary activities before interest and taxation		 2021
£
115,975
(98,251)
-		 2020
£
139,064
(274,265)
10,000
17,724 (125,201)
17,724 (125,201)
(74,205)
17,724
-		 50,996
(125,201)
-
(56,481) (74,205)

Amounts owed to/from the parent undertaking are shown in note 18

16 Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

17
18
Bank loans
Gross income
Result for the year
Prepayments and accrued income
Amounts due to group undertakings
Taxation and social security
Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals
Trade debtors
Other debtors
Debtors		 2021
2020
£
£
113,065
29,453
20,845
-
37,862
40,150
171,772
69,603
2021
2020
£
£
13,473
10,000
169,498
43,235
30,761
31,774
-
25,236
-
-
26,874
-
240,606
110,245
The group
The group		 2021
2020
£
£
113,065
29,453
20,845
-
37,862
40,150
171,772
69,603
2021
2020
£
£
13,473
10,000
169,498
43,235
30,761
31,774
-
25,236
-
-
26,874
-
240,606
110,245
The group
The group		 2021
£
1,366,498
319,945		 2020
£
1,353,424
185,424
240,606 110,245 306,987 119,700

32

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

19 Provisions for liabilities

In accordance with Financial Reporting Standard 102, the charity has recognised a provision for the future deficit contribution payments it is required to make under the terms of its membership of The Pensions Trust Growth Plan pension plan. Movements in the provision are recognised in the Statement of Financial Activities. (See note 26 for further detail of the Growth Plan).


further detail of the Growth Plan).
Balance at the beginning of the year
Amount released in the year
Balance at the end of the year
20
Bank loans
Creditors: amounts falling due after one year		 2021
2020
£
£
95,808
115,000
(73,041)
(19,192)
22,767
95,808
2021
2020
£
£
30,000
40,000
30,000
40,000
The group
The group		 2021
2020
£
£
95,808
115,000
(73,041)
(19,192)
22,767
95,808
2021
2020
£
£
-
-
-
-
The charity
The charity
30,000 40,000 - -

Included within bank loans due within and after one year is £50,000 received from Lloyds Bank plc in respect of a Bounce Bank loan. Interest on this loan is charged at 2.5% per annum with the UK government paying interest on the loan for the first 12 months. The term of the loan is 6 years with repayments commencing 13 months from the date of drawdown at a rate of £833.33 per month.

21 Pension schemes

The charity’s employees belong to two principal pension schemes; the Teachers’ Pension Scheme England and Wales (“TPS”) for academic and related staff which is a defined benefit scheme and a defined contribution scheme with The Pensions Trust. In addition Woodbrooke contributes to the personal pension plans of certain employees.

The pension costs are assessed in accordance with the advice of independent qualified actuaries. The latest actuarial valuation of the TPS related to the period ended 31 March 2016.

The pensions charge represents employer contributions (including salary sacrifice) payable to all schemes of £56,037 (2020: £54,077).There were no employee and employer contributions (2020: £8,692) outstanding at the end of the financial year.

The Teachers' Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in academies. All teachers have the option to opt- out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

One member of staff participates in the Teachers’ Pension Scheme. Employer contributions in the year amounted to £8,887 (2020: £8,887).

33

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

21 Pension schemes (continued)

Valuation of the Teachers' Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019.

The key elements of the valuation and subsequent consultation are:

The next valuation result is due to be implemented from 1 April 2023.

A copy of the valuation report and supporting documentation is on the Teachers' Pensions website: (https://www.teacherspensions.co.uk/news/employers/2019/04/teachers-pensions- valuation-report.aspx).

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The academy trust has accounted for its contributions to the scheme as if it were a defined contribution scheme. The academy trust has set out above the information available on the scheme.

The Pensions Trust

The charity participates in the scheme, a multi-employer scheme which provides benefits to some 1,300 nonassociated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the charity to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the charity is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

Deficit contributions

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800m, liabilities of £832m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

From 1 April 2022 to 31 January 2025 £3.31m per annum (payable monthly and increasing by 3% each on 1 April)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the charity has agreed to a deficit funding arrangement the charity recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

34

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

21 Pension schemes (continued)

Present value of the provision Year ended 31 Year ended
December 31
2021 December
2020
£000 £000
Present value of provision 23 96
Reconciliation of opening and closing provisions Year ended 31 Year ended
December 31
2021 December
£000 £000
Provision at start of period 96 115
Unwinding of the discount factor (interest expense) - 1
Deficit contribution paid (23) (22)
Re-measurement - impact of any change in assumptions - 2
Re-measurement - amendments to the contribution schedule (50) -
Provision at end of period 23 96
Year ended 31 Year ended
December 31
Income and expenditure impact 2021 December
£000 £000
Interest expense - 1
Re-measurements - impact of any change in assumptions - 2
Re-measurements - amendments to the contribution schedule (50) (21)
Year ended 31 Year ended
December 31
2021 December
Assumptions % per annum 2020
Rate of discount 1.18 0.27

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

Personal Pensions

One member staff had their own private pensions to which Woodbrooke contributes at the rate of 6%. In 2021 the employer contributions amounted to £2,325 (2020: £4,194 for two staff members).

35

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

For the year ended 31 December 2021 For the year ended 31 December 2021 For the year ended 31 December 2021
22a
General
Unrestricted
Designated
£
£
-
3,191,549
-
183,800
942,073
234,082
18,009
-
(30,000)
-
(22,767)
-
907,315
3,609,431
22b
General
unrestricted
Designated
funds
£
£
-
3,261,157
-
183,800
838,814
234,082
73,784
-
(40,000)
-
(95,808)
-
776,790
3,679,039
Tangible fixed assets
Heritage assets
Investments
Net current assets
Long term liabilities
Pension liability
Net assets at 31 December 2021
Tangible fixed assets
Analysis of group net assets between funds (current year)
Analysis of group net assets between funds (prior year)
Heritage assets
Investments
Net current assets
Long term liabilities
Pension liability
Net assets at 31 December 2020		 £
-
-
541,300
-
-
-
Restricted		 Endowment
£
-
-
1,113,884
-
-
-		 Total funds
£
3,191,549
183,800
2,831,339
18,009
(30,000)
(22,767)
907,315 3,609,431 541,300 1,113,884 6,171,930
Restricted
£
-
-
489,078
-
-
-		 Endowment
£
-
-
981,696
-
-
-		 Total funds
£
3,261,157
183,800
2,543,670
73,784
(40,000)
(95,808)
776,790
3,679,039		 489,078 981,696 5,926,603

36

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

23a Movements in funds (current year)

Movements in funds (current year)
Total restricted funds
Total designated funds
General funds
Non-charitable subsidiary funds
Trustee permanent endowment fund
Hoffman Bursary fund
Feasibility Study Fund
Development fund & Capital fund
Total unrestricted funds
Unrestricted funds:
Designated funds:
Dam Fund
Total funds
Catchpool Fund
Restricted funds:
Capital Accessibility Fund
Endowment funds
Friends Loan permanent endowment
General permanent endowment fund
Helen Dixon permanent endowment
Total endowment funds
General Bursary funds
Tangible and heritage assets		 £
214,195
474,615
241,499
51,387
At 1 January
2021		 £
28,842
63,908
32,518
6,920
Income & gains		 £
-
-
-
-
Expenditure
& losses		 £
-
-
-
-
Transfers		 £
243,037
538,523
274,017
58,307
At 31
December
2021
981,696 132,188 - - 1,113,884
28,958
25,070
15,000
92,500
22,999
304,551		 10,000
-
-
-
-
43,805		 (701)
(417)
-
-
-
(465)		 -
-
-
-
-
-		 38,257
24,653
15,000
92,500
22,999
347,891
489,078 53,805 (1,583) - 541,300
234,082
3,444,957		 -
-		 -
(74,788)		 -
5,180		 234,082
3,375,349
3,679,039 - (74,788) 5,180 3,609,431
850,995 1,518,174 (1,400,193) (5,180) 963,796
4,455,829 1,518,174 (1,474,981) - 4,499,022
(74,205) 115,975 (98,251) - (56,481)
5,926,603 1,704,167 (1,574,815) - 6,171,930

The narrative to explain the purpose of each fund is given at the foot of the note below.

37

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

23b Movements in funds (prior year)

Movements in funds (prior year)
Total restricted funds
Total designated funds
General funds
Non-charitable subsidiary funds
Helen Dixon permanent endowment
Friends Loan permanent endowment
Total endowment funds
General Bursary funds
Tangible and heritage assets
Catchpool Fund
Restricted funds:
Endowment funds
General permanent endowment fund
Joseph Rowntree Charitable Trust
Pension fund
Trustee permanent endowment fund
Hoffman Bursary fund
Feasibility Study Fund
Dam Fund
Capital Accessibility Fund
Pension liability fund
Total unrestricted funds
Total funds
Unrestricted funds:
Designated funds:
Development fund & Capital fund		 £
201,522
446,531
227,210
48,347
At 1 January
2020		 £
12,673
28,084
14,289
3,040
Income & gains		 £
-
-
-
-
Expenditure
& losses		 £
-
-
-
-
Transfers		 £
214,195
474,615
241,499
51,387
At 31
December
2020
923,610 58,086 - - 981,696
22,075
25,070
15,000
92,500
22,999
-
280,795		 12,550
-
-
-
-
162,285
23,801		 (5,667)
-
-
-
-
(162,285)
(45)		 -
-
-
-
-
-
-		 28,958
25,070
15,000
92,500
22,999
-
304,551
458,439 198,636 (167,997) - 489,078
243,868
3,522,618
(115,000)
115,000		 -
-
-
-		 -
(87,447)
(2,685)
-		 (9,787)
9,787
21,877
(19,192)		 234,081
3,444,958
(95,808)
95,808
3,766,486 - (90,132) 2,685 3,679,039
661,380 1,237,208 (1,110,362) 62,769 850,995
4,427,866 1,237,208 (1,200,494) 65,454 4,530,034
50,996 149,064 (208,811) (65,454) (74,205)
5,860,911 1,642,994 (1,577,302) - 5,926,603

Purposes of restricted funds

Restricted Funds - The specific purposes for which the funds are to be applied are as follows:

General Bursary Funds: These funds provide for students or groups wishing to receive financial support to study with Woodbrooke.

Hoffmann Bursary Fund: Derived from a legacy from the estate of Ralf Hoffmann, this is a bursary fund to assist students with longer periods of study.

Feasibility Study Fund: A fund to assist studies into possible future directions for Woodbrooke.

Capital Accessibility Fund: A fund to assist in improving the accessibility to the premises.

World War One Fund: A fund to develop resources about Quaker aspects of World War One. This fund was spent out during the year.

38

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2021

23b Movements in funds (prior year) (continued)

Dam Fund: A fund to pay for the repair of a dam and weir in the grounds.

Catchpole Fund: The fund provides financial assistance to enable people from mainland Europe to take part in courses and events run by Woodbrooke both in the UK and mainland Europe.

Joseph Rowntree Charitable Trust: This fund is to support the educational work of Woodbrooke.

Transfers from restricted funds to unrestricted funds represent the recharging of overheads and other costs to the relevant restricted fund. A transfer from unrestricted funds to a restricted fund ensures the latter fund is not overspent.

Purposes of designated funds

The general permanent endowment fund was established in 1945 and is represented by fixed asset investments.

The Trustee permanent endowment fund was established in 1970 and is represented by fixed asset investments.

The Helen Dixon permanent endowment fund was established in 2007 and is represented by fixed asset investments.

The Friends Loan permanent endowment fund is represented by fixed asset investments.

An analysis between the initial gifts and subsequent increases and decreases is not available. Income from all funds may be used for general purposes.

24 Contingent Liability

The Corder and Gwen Catchpole Bursary Fund received a substantial bequest in 2002 and this subsequently became a restricted fund within the charity under a 2009 Uniting Direction from the Charity Commission. Following clarification of the legal position regarding this bequest under German law, the Trustees have been informed that until the year 2030, and given certain circumstances, there is a potential claim that may be made by specific descendants of the testator against the charity for €250,000 as valued at 31 December 2021 i.e. half of the original legacy. The Corder and Gwen Catchpole Bursary Fund is currently valued at £51,940 in excess of this sum. No provision has been made in these accounts for any amount that may be payable.

25 Post balance sheet events

Since the year end, the value of the investment portfolio has decreased to £2.4m from £2.8m. This decline is due to continued market volatility in the external economic environment.

39