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2023-12-31-accounts

Charity number: 313816

Woodbrooke Quaker Study Centre

Trustees’ Annual Report For the year ended 31 December 2023

Woodbrooke Quaker Study Centre

Reference and administrative information

For the year ended 31 December 2023

Reference and administrative information 1
Trustees’ annual report 2
Independent auditor’s report 20
Statement of financial activities (incorporating an income and expenditure account) 25
Balance sheet 26
Statement of cash flows 27
Notes to the financial statements 28

Woodbrooke Quaker Study Centre

Reference and administrative information

For the year ended 31 December 2023

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 Sarah Donaldson Assistant Clerk Rosemary Elias Treasurer Peter Allen-Williams Miranda Bird Val Brittin Alex Clayden Joycelin Dawes Kersti Wagstaff Catrin Davies Key management Sandra Berry Director personnel Mandy Cooper Chief Executive officer (December 2023) Martin Ford Interim Co-CEO (appointed August 2022) Kevin Smith Head of Finance & Compliance Simon Best Head of Programmes & Partnerships Jon Martin Head of Communications Peter Chinn Centre Manager Bankers Lloyds Bank plc PO Box 1000 BX1 1LT Solicitors Anthony Collins Solicitors LLP 134 Edmund Street Birmingham B3 2ES Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane LONDON EC1Y 0TG

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

Clerk’s statement

The 2023 statement includes one of the most significant events in the charity’s history.

The Woodbrooke Centre, which operated as the administrative and learning base for the charity for over 120 years, closed in October 2023, and the building was ceded to the Bournville Village Trust, as outlined by the original deed, in December 2023.

The full year was therefore one of great change. Measures had been taken in 2022 to build on prior work to progress to online learning delivery – a move dictated by pandemic circumstances; but permanent plans were now required for online growth. Additionally, with the easing of lockdown restrictions, more learning opportunities were planned for delivery at local Quaker meetings and at venues throughout the country.

Having consulted the Charity Commission, trustees took the decision in February 2023 to hand back the Woodbrooke Centre to the Bournville Village Trust by the end of the year.

Acknowledging the heritage, legacy and impact to a community that had relied on the Woodbrooke centre for its learning, it was important both to celebrate this history and to reassure the community of the continuance of Woodbrooke as a learning charity. A number of events were held throughout 2023, at the Woodbrooke Centre, to allow people an opportunity to gather, reflect, process, and engage with an appropriate ending of one phase of the charity’s history and to learn about some of its plans.

Whilst upholding the necessary changes, it is vital to acknowledge the work of the directors, management, team, and trustees through this period of extraordinary change, including supporting centre staff through a redundancy process. Most secured alternative employment quickly.

The sale, distribution, and other appropriate disposal of contents of the building was also a mammoth task, and was managed through the preservation of some items of historical significance within the wider organisation of the Religious Society of Friends, by loan to Birmingham University, and (where appropriate) by sale or auction to the public.

Throughout this period, the continuation of charitable objectives was also paramount. Woodbrooke continued to offer in-person, and an increasing number of online, courses and sessions (responding to the needs of Friends and others across Britain, Europe and worldwide), as well as the provision of online worship, the popularity of which grew significantly during the pandemic and has maintained its value to the community.

Throughout 2023 trustees met regularly on-line and in person, at Woodbrooke or, after the closure of the Centre, at Westminster Friends’ Meeting House.

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

In total, 244 workshops, courses and sessions were run in 2023, with eleven workshops held for Quakers around the world. 90% of respondents stated they would recommend Woodbrooke courses.

In addition, from 2020 to the end of 2023 over 75,000 worshippers attended Woodbrooke’s online worship, with up to twelve opportunities for Meeting for Worship every week, including spaces for families, young adults, and teachers.

We are very grateful to our donors for their continuing support for our learning activities. In 2023 we were awarded a five-year grant from Britain Yearly Meeting, and we additionally received a five-year grant from the Joseph Rowntree Charitable Trust. These grants put Woodbrooke in a stronger position to continue to develop our learning provision, and reflect the importance of learning for the Quaker community.

We believe that the decision to close the Woodbrooke Centre was not only the right decision, but was in the spirit of the charity’s aims and happened at the right time. The world has become a different place and the pandemic accelerated the adoption of online and hybrid working and engagement, including within learning and education. We enter 2024 in a position to build on this opportunity and these resources without the hospitality arm, and to reimagine Woodbrooke’s engagement, maintaining popular and wellestablished access, alongside developing new models to meet more diverse needs and environments.

The vision of our charity is to be a learning 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.

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

Ingrid Greenhow Clerk to Woodbrooke Trustees

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

The trustees present their report and the audited financial statements for the year ended 31 December 2023.

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 make a difference in the following areas:

Our learning and research programmes are delivered in various ways:

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

Until this year we had an active trading subsidiary, Woodbrooke Quaker Centre Limited, the principal activities of which were the provision of residential facilities and conference space for groups and individuals at the Woodbrooke Centre. These activities were intended to generate income to help support the maintenance of the Centre and the primary activities of the charity. At the end of October 2023 the Woodbrooke Centre was closed. The company ceased trading and will be wound up in 2024.

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, whether or not they are in formal membership of the Religious Society of Friends, or whether they have no previous connection with Quakers at all. Courses are offered at less than the full cost of developing and running them, we subsidise the course offering through charitable fundraising, and we offer further help through bursary schemes and offer a range of adjustments to support accessibility needs, for example providing a live captioner for hearing-impaired participants, or free accommodation and meals for a personal assistant or carer for a participant attending residential courses.

Achievements and performance

During 2023, the Woodbrooke Learning and Research Team continued to deliver a wide range of learning both online and in-person at the Woodbrooke Centre and at Quaker meeting houses around the country. The Centre for Research in Quaker Studies staff supervised and supported students undertaking research PhDs with awards from the University of Birmingham. Eva Koch Scholarship students presented their work and the Woodbrooke Centre Library was used both by Friends undertaking their own research and those following formal study. The Woodbrooke Centre Library Resources were preserved during the closure of the centre. The collection was first offered to Friends House Library in London, which accepted works to complete its collection. The Friends House Library now contains the most complete collection available and is accessible to all. The remainder of the collection is on permanent loan to the University of Birmingham Cadbury Research Library; it is utilised largely by students but is accessible to all.

Woodbrooke has continued to benefit from the service of volunteer Associate Tutors who deliver our learning alongside our paid staff and freelance tutors.

Learning

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

Participant feedback has included:

‘This was an opportunity to have the kind of in-depth discussion of privilege that is hard to find. Thank you’

What Do We Actually Mean By Privilege?

‘It was lovely – a deep space to share and treasure’

Living in Turbulent Times: resilience and renewal

‘Essential for learning the role required to be an effective trustee’

Being a New Quaker Trustee

‘It was a useful opportunity to touch on aspects of worship that feel ‘tricky’. The methodology and the tutors hold a diversity of thoughts very well and create a safe space for perceptions to be broadened’

Enquiring into … Worship

‘Excellent course. All the lectures and background material had been carefully prepared. The videos were informative and stimulating.’

The Mother of Quakerism: the life, and writings of Margaret Fell

‘Very professional teacher, who clearly knows what she is doing and is able to hold space in a very competent way. Highly recommendable’

A Foundation in Nonviolent Communication

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

Worship

Research

Principal risks and uncertainties

The charity continues to grapple with the financial challenges of delivering its core charitable objectives in an environment of financial uncertainty. Trustees continue to seek 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 continued to operate a robust risk management framework this year to assess and manage the risks Woodbrooke faces both daily and strategically.

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

Summary of principal risks

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

  1. Sufficient market interest in online courses. Mitigation: Review of marketing style and channels and building more direct partnerships and relationships with connected organisations. Implementation plans for on-demand courses (online) that will mitigate barriers to entry related to time/date of live courses held online. Implementation of virtual cafe space to support on-line, on-demand courses to maintain community connection while accessing online materials independently. Development of new training options for online meetings.

  2. Sufficient market interest in in-person training. Mitigation: Review of marketing style and channels and building more direct partnerships and relationships with connected organisations. Review of locations, accessibility and prior interest. Plans to hold an annual large event, in conjunction with BYM, following the popularity and surplus position of the conference held in October 2024.

  3. Sufficient market interest in different forms of digital delivery and engagement (such as the use of virtual environments). Mitigation: Review of marketing style and channels and building more direct partnerships and relationships with connected organisations. Review ease of accessibility. Include historical sites and artefacts in the digitisation project that represent a novel method of access. Promote each new opportunity individually through relevant channels and monitor access and engagement levels.

  4. Technological capability of online participants and the methodology of some courses being offered as online self-guided options. Mitigation: Appoint Moodle partner to review systems and to overcome any interactivity issues, simplify, reduce steps, and review user experience. Provide simple instructions and opportunities for technical assistance.

  5. Opportunities to connect with a younger demographic, given that the average age of the Quaker community is 66.

  6. Mitigation: Liaise with YFGM (Young Friends General Meeting) regarding areas of interest to their participant group. Survey young people within the community to learn about their needs and barriers to accessing courses. It is hoped that the ondemand courses will also appeal to a younger demographic as this supports instant accessibility. Woodbrooke already offers heavily discounted (50% off) any paid courses - if cost is the consistent issue, we will discuss with funding partners who share our goal to increase the engagement with young people.

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

  1. Capacity to create materials relevant to a younger demographic and to appropriately engage this population, particularly with both online and in-person courses. Mitigation: Once surveys have been undertaken, consider the appointment of appropriate team member to review delivery for children and young people if such is indicated. Review type of materials most of interest and seek external partners with specialist capacity to deliver - for example, graphic design, animation, and gamification of educational courses.

  2. Interest in post-graduate qualifications by research and whether sufficient interest in MA and PhD qualifications will continue to sustain Woodbrooke’s centre for research in Quaker studies.

  3. Mitigation: Implementation of post-graduate taught courses offering access from Post-Graduate Certificate level - providing a clear route to post-graduate research studies - in conjunction with Queen's Theological College and accredited by Newman's University. This also offers capacity to access a wider demographic of students and considers areas that overlap with other (non-Quaker) subject areas that are of interest to students in other academic areas of study - including Justice.

  4. Interest in social and climate justice and the capacity for those interested in such to pay fees to access such courses. Mitigation: Climate Justice grant expires in August 2025. Review attendance and learning with respect to continuation or merge with Justice Programme. Consider opportunities for Justice and Climate courses to be reframed for an interfaith or secular learning audience (for example, churches or companies with a social justice goal).

  5. The value of any future large grants awarded by our major funders, the largest of which expires at end of 2027. Mitigation: Continue to update major funders on progress, demonstrate reimagining of Woodbrooke in its new and largely online form, demonstrate ingenuity and creativity, demonstrate plans and goals and show clear progress towards engagement and sustainability. This provides confidence to funders and also supports their own goals in engaging the community and increases likelihood of continuing support.

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

Risk management policies and procedures

The key to any effective risk-based approach is the understanding that an organisation’s risks can never be eliminated. For Woodbrooke, 2023 saw a shifting and uncertain landscape as trustees, staff, and stakeholders worked together to discern a future for the charity. Balancing our ability to mitigate risk with the knowledge that only ambition and clear decision-making would lead to success, we have worked to move ‘as way opens’. To ensure this is done responsibly, our risk management controls and the policies that feed into them build a robust framework through which risk can be assessed against our appetite.

In 2022, we welcomed an Interim Co-CEO whose leadership would help to design a sustainable growth strategy for Woodbrooke over the next five years, and his arrival meant some changes to our governance model. The Board of Trustees continues to 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 identified and reported risks within their area through our Interim Co-CEO. Our Director remained in her post, to oversee all the operations within the Woodbrooke Centre, including its staff, and reported to the board on the same. These risks were (and are) collated into Woodbrooke’s risk register and assessed to determine what action must be taken to work safely.

During the second half of 2023, a recruitment process was commenced to appoint a new CEO. This new role would allow us to conclude the support of the Co-CEO (whose tenure ended by November 2023). The new CEO commenced on 18 December 2023; the Director remained in place for a handover period, to take place in January 2024.

Risk register

In line with guidance from the Charity Commission, Woodbrooke undertakes an assessment of its principal risks, and brings them together in the form of a risk register. We weight these risks against their impact on our organisation and probability of being realised. This register is reviewed and certified annually by the Board. External auditors conduct annual reviews of Woodbrooke’s policies and procedures to provide impartial and independent assurance of the charity’s risks.

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

Risk management framework

Our risk management process is informed by best practice guidance from the UK Charities Commission, the International Organization 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.

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

Financial review

During the year total incoming resources amounted to £1,552,078 (2022 £1,349,014).

Woodbrooke benefits from unearned income, namely general donations, bursary donations and legacies to help fund its educational expenditure, and significant thanks are due to all those who have given so generously.

Individuals and meetings continue to make regular donations.

Investment income and interest receivable in the year was £70,154 (2022 £74,537). Resources expended amounted to £1,793,869 (2022 £1,577,009). Of this £1,501,026 (2022 £1,200,217) related to the costs, including support costs, of providing courses and advancing the Quaker faith.

Costs of generating funds, including commercial trading operations, amounted to £292,843 (2022 £376,792).

The resultant net outgoing resources, after the exceptional loss on disposal of the study centre site and related fixtures and fittings of £3,111,373, for the year amounted to £3,353,164 (2022 £227,995). Losses on revaluation of assets and pension movements resulted in an overall deficit of £3,145,692 (2022 £560,981). The balance sheet also shows a loss on the transfer of property and fittings of £3,111,373.

Whist the overall deficit for 2023 was £3,145,692 this included the value of the

Woodbrooke Centre property and fittings of £3,111,373 which is an exception transfer item for this year only. Without this the overall deficit was £34,319 as compared to £560,981 in 2022. In 2023 there was an increase rather than a reduction in investment values and because we were transferring the property we spent a bare minimum on repairs, however, going forward we aim to avoid overall deficits like 2022.

With these and former losses in mind the trustees agreed to close the hospitality enterprise (trading subsidiary) and transfer the Woodbrooke premises to Bournville Village Trust to save on premises upkeep costs. New long-term Grants agreed with Britain Yearly Meeting and the Joseph Rowntree Charitable Trust in 2023 along with an increase in donations should keep the charity on a break-even position going forward, and there are still substantial reserves to fall back on as at October 2024.

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

Financial position

The group balance sheet shows total funds of £2,465,257 (2022 £5,610,949). These funds include permanent endowment funds of £1,071,317 (2022 £975,504). Whilst the income from these funds may be utilised by the charity, the endowment funds balances themselves are ‘capital’ and must be invested and held indefinitely by the charity.

Also included in total funds is an amount of £382,690 (2022 £379,093) which is restricted.

Funds totalling £187,307 (2022 £3,302,502) represent tangible and heritage fixed assets. The retained heritage fixed assets have been relocated elsewhere.

General funds including non-charitable trading funds of the group as at 31 December 2023 total £794,136 (2022 £979,972).

The free reserves are in line with the parameters set out in the reserves policy described below. The trustees consider the reserves to be adequate but not excessive given the charity’s reliance on voluntary income.

The Woodbrooke Centre at 1046 Bristol Road, Birmingham B29 6LJ was gifted to this Charity in 1904 by George Cadbury to be used for the support of educational purposes, with the proviso that should it cease to be required for these purposes then it should be transferred to Bournville Village Trust.

In 2020, due to the Covid 19 pandemic we transferred all of our courses to on line and the bulk of them continue to be run thus. Also, the site required repairs and updating costing far more than the charity had funds for. For these and other reasons the Trustees

consulted the Charity Commission and agreed to the transfer of the premises and fixtures, valued at £3,111,373, as a free transfer and not a sale, in accordance with our founding documents. This means that our fixed asset value on the Balance Sheet has been reduced by this amount.

The Library collection and certain other legacy assets, valued at £187,307 were retained by the Charity. The bulk of these assets are on long term loan to The University of Birmingham, although a few heritage assets are still in storage and awaiting new homes.

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

Reserves policy and going concern

Woodbrooke maintains a reserves policy which in summary states that Woodbrooke operates as a registered charity and receives its primary income from donations and legacies granted to it. It uses these funds to fulfil its charitable objectives and offers training and educational programmes to enrich the Religious Society of Friends. While it does generate income from the operation of its activities, its ability to offer both physical and online learning at reasonable and subsidised rates is a result of the donations that it receives.

Whilst the transfer of the property and fittings affected the fixed assets on the Balance sheet it had no impact on the free reserves. The only property-related restricted fund as at 31/12/2022 was £20,200 in the Dam Fund, and this had all been spent before the property was transferred in October 2023.

Where possible, Woodbrooke aims to balance any operational costs against the income these activities generate and to meet any shortfall with donated funds. Woodbrooke maintains a Reserves Policy that requires six months of costs as a minimum for operational coverage, in addition to other considerations. These operational funds are considered separate from reserves held to cover costs of redundancy or pensions, etc. Woodbrooke’s current Schedule of Reserves allocates £900,000 to cover its running costs over a sixmonth period including all operational costs associated with the Woodbrooke Centre. In 2024, this reserve position will be reduced to £500,000 because of the cessation of liability arising from maintaining the Centre. This figure considers a projection of cost as well as inflation and provides a buffer for unexpected costs arising.

The charity holds £2,465,257 in total funds at the end of the reporting period. Of these £1,354,597 are restricted and thus not available for general purposes of the charity, but there were no designated funds. Of the remaining funds the tangible and heritage fixed assets, which amount to £187,307 and are mostly books and manuscripts on loan to The University of Birmingham. The amount of this fund could only be realised by the sale or disposal of these assets. Some effort has been made and continues to sell some of these assets.

The charity holds £1,004,250 in unrestricted funds as at the end of the accounting period, which is in line with £900,000 Trustees Reserve policy, and well above the £500,000 new Trustees Reserve policy currently being brought in, due to the reduction in staff and property liabilities.

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

The accounting policies section within Note 1 to the financial statements includes commentary on the overall going-concern position of the organisation, including the impact in the financial year to December 2023 of the closure of the Centre.

The trading subsidiary, Woodbrooke Quaker Centre Limited, will not be a going concern as operations ceased at the end of October 2023, and it will be closed in 2024.

The Trustees considered the financial position of the group at a Trustees meeting in October 2024 and, having taken account of all external financing and future cash flow projections, 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. Most of the fundraising activity is focused on grant applications to trusts and in 2023 this was carried out by the Director and co-CEO. Since the last annual report from trustees, Woodbrooke successfully secured two significant funding agreements:

  1. A five year grant totalling £800,000 from Britain Yearly Meeting commencing February 2023

  2. A five year grant from the Joseph Rowntree Charitable Trust of £134,000 per year commencing July 2023.

No formal fundraising initiatives aimed at individuals were launched in 2023. No complaints were received regarding our fundraising activities. Woodbrooke is not currently registered with the Fundraising Regulator.

Protecting Vulnerable People

During 2023, safeguarding was managed internally by key staff, with external support for safeguarding from company ThirtyOne Eight who are a large, recognised faith based safeguarding provider. A review of safeguarding procedure was carried out and for 2024, an extended contract with ThirtyOne Eight has been implemented, which provides Woodbrooke with an identical, full-service safeguarding support structure to that of Britain Yearly Meeting. This means that immediate (and out of hours) access to a safeguarding advisor is available to all staff and volunteers. This includes an information sharing agreement and creates an audit and feedback process – ensuring that the information is held both by ThirtyOne Eight, and notified to the Woodbrooke safeguarding lead. It is considered that Woodbrooke now has in place what would be considered the gold standard in safeguarding support for its team, volunteers and associate tutors.

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

Investments

Our outside investments are managed by CCLA (Churches, Charities and Local Authorities) Investment Management. All of our investments are held in their COIF Charities Ethical Investment Fund, which was set up with a Quaker approach to Ethical Investments, which is very important to our Trustees. See note 14 as regards risk management. Our objectives are to see a reasonable growth in the value of the investments as well as a steady interest income stream. In 2023 we started the year with investments valued at £2,287,799 and despite taking some drawings we saw our Investments gain by £201,753 in value and receive £70,154 in interest (2022 £74,537). After the previous few years which saw losses mainly attributable, we believe, to world events these results were welcome.

The charity also loaned £100,000 to its wholly owned Limited Company subsidiary as funding.

Plans for the future

The trading subsidiary ceased operations in October 2023 and will be closed, after following accounting and administrative procedures, in 2024.

We informed our trading subsidiary of this plan and Sandra Berry and Kevin Smith sought appropriate advice and worked with the Directors to facilitate its achievement.

We wish to thank all of those who have been involved in this long, complex, varied and emotionally challenging process, in particular our Director, Sandra Berry and our Head of Finance, Kevin Smith. We also recognise and thank all team members, volunteers, trustees, supporters, donors, and participants for every contribution to the contemporary Woodbrooke, upon which foundation our future will continue. We look forward to the continued support of all those who value Woodbrooke – and to engaging with new people who have yet to be introduced to the benefits that Woodbrooke can offer.

For 2024, our new CEO commences with no prior involvement with the Centre, but with a background of operating in leadership roles facing change and challenge, as well as varied experience in many sectors, including a particular interest in technology and the possibilities offered by the online environment.

Plans include:

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

Alongside the above, Woodbrooke will continue to offer in-person and residential sessions at varying venues, tutor-led single online sessions and online courses, and Online Worship.

We believe that the decision to close the Woodbrooke Centre will best enable Woodbrooke learning and research to continue to thrive. The vision of our charity is to be a ‘learning 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.’ We are grateful for funding from Britain Yearly Meeting, the Joseph Rowntree Charitable Trust and other funders who support our growing learning and research activities. We are also thankful for the many Friends who support Woodbrooke financially, as well as by giving their time and prayerful support to our work.

We are confident that we can continue to meet the core aims of Woodbrooke and its founders through our programme of online learning, as well as Woodbrooke Where You Are and Woodbrooke Places.

Since this decision was made, the following points should be noted:

  1. The transfer has been completed of the Quaker collection and the Bevan-Naish collection of the Library to the University of Birmingham on permanent loan as a Special Collection.

  2. Further disbursements of library material were arranged with the University of Birmingham main library, Fircroft College of Adult Education, and Friends House Library.

  3. Arrangements for returning, donating, selling, loaning or archiving artefacts and artwork have concluded.

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

  1. A small amount of office space is being leased from Fircroft College of Adult Education, 1018 Bristol Road, Birmingham, B29 6LH, which is now registered as the main office of the charity.

  2. After consultation with the Charity Commission on the reversionary clause and in agreement with the trustees of Bournville Village Trust (BVT), the transfer of the Woodbrooke physical estate to BVT has completed. We note that since transfer, BVT have issued a press statement regarding their proposed use of the facility and commend their initial plans for the provision of housing to key workers, as well as other community activities.

  3. The wholly owned trading subsidiary Woodbrooke Quaker Centre Limited ceased trading at the end of October 2023.

Structure, governance and management

Constitution

Woodbrooke Quaker Study Centre is governed by a trust deed formulated in 1903 and is a registered charity, 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 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 committees – in 2023 these were a Learning and Research Committee, a Finance and Compliance Committee, a Nominations 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 and the Swarthmore Lecture Committee includes members who are not trustees.

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

In 2023, day to day management of the charity was delegated to the Director and interim co-CEO and their staff. The Director and interim co-CEO reported 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 remuneration 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.

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Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

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.

Auditor

Sayer Vincent LLP was appointed as the charity's auditor for 2023.

The trustees’ annual report has been approved by the trustees on 29 October 2024 and signed on their behalf by

Ingrid Greenhow

Clerk

20

Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

Opinion

We have audited the financial statements of Woodbrooke Quaker Study Centre (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including 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).

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 financial statements section of our report. We are independent of the charity 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.

21

Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

Other Information

The other information comprises the information included in the trustees’ annual report, other than the 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 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 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 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.

Matters on which we are required to report by exception

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

22

Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144/145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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:

23

Woodbrooke Quaker Study Centre

Trustees’ annual report

For the year ended 31 December 2023

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 charity's trustees as a body, in accordance with 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 charity's trustees those matters we are required to state 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 to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

30 October 2024

Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

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

24

Woodbrooke Quaker Study Centre

Consolidated statement of financial activities

For the year ended 31 December 2023

For theyear ended31 December 2023
2023 2022
Unrestricted Restricted Endowment Total Total
Note £ £ £ £ £
Income from:
Donations and legacies 3 469,187 334,234 - 803,421 483,918
Charitable activities
Courses and related fees 4 342,407 - - 342,407 389,084
Commercial trading operations 4a 336,096 - - 336,096 401,475
Investments 5 61,411 8,743 - 70,154 74,537
Total income 1,209,101 342,977 - 1,552,078 1,349,014
Expenditure on:
Raising funds 6a 5,676 - - 5,676 5,676
Charitable activities
Provision of courses and advancement of
Quaker faith 6a 1,135,981 365,045 - 1,501,026 1,200,217
Commercial trading operations 4a 287,167 - - 287,167 371,116
Sub-total for operating expenditure 1,428,824 365,045 - 1,793,869 1,577,009
Exceptional loss on disposal of study centre
site and related fixtures and fittings		 12 3,111,373 - - 3,111,373
Total expenditure 4,540,197 365,045 - 4,905,242 3,154,018
Net (expenditure)/income before net
gains/ (losses) on investments (3,331,096) (22,068) - (3,353,164) (227,995)
Net gains/ (losses) on investments 80,275 25,665 95,813 201,753 (343,540)
Net (expenditure)/income for the year 7 (3,250,821) 3,597 95,813 (3,151,411) (571,535)
Net (expenditure)/income before other
recognised gains and losses (3,250,821) 3,597 95,813 (3,151,411) (571,535)
Gains / (losses) on revaluation of pension
liability 5,719 - - 5,719 10,554
Net movement in funds (3,245,102) 3,597 95,813 (3,145,692) (560,981)
Reconciliation of funds:
Total funds brought forward 4,256,352 379,093 975,504 5,610,949 6,171,930
Total funds carried forward 1,011,250 382,690 1,071,317 2,465,257 5,610,949

There are no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 23a to the financial statements. In February 2023 a decision in principle was made to cease the Commercial Trading Operations on 31st October 2023 . This was formally confirmed in May 2023, and carried out. The Woodbrooke Centre was transferred to Bournville Village Trust on 31st October 2023. All other activities are continuing.

25

Woodbrooke Quaker Study Centre

Balance sheets

As at 31 December 2023

As at 31 December 2023
The group The group The charity
2023 2022 2023 2022
Note £ £ £ £
Fixed assets:
Tangible assets 12 10,507 3,118,702 10,507 3,116,502
Heritage assets 13 176,800 183,800 176,800 183,800
Investments 14 2,134,552 2,287,799 2,134,552 2,387,799
2,321,859 5,590,301 2,321,859 5,688,101
Current assets:
Stock - 7,598 - 1,783
Debtors 17 281,735 75,371 174,821 62,889
Cash at bank and in hand 15,571 107,851 15,571 88,983
297,306 190,820 190,392 153,655
Liabilities:
Creditors: amounts falling due within one year 18 (147,414) (137,959) (246,730) (291,791)
Net current assets / (liabilities) 149,892 52,861 (56,338) (138,136)
Total assets less current liabilities 2,471,751 5,643,162 2,265,521 5,549,965
Creditors: amounts falling due after one year 20 - (20,000) - -
Net assets excluding pension (liability) 2,471,751 5,623,162 2,265,521 5,549,965
Defined benefit pension scheme (liability) 19 (6,494) (12,213) (12,213) (12,213)
Total net assets 2,465,257 5,610,949 2,253,308 5,537,752
Funds: 23a
Endowment funds 1,071,317 975,504 1,071,317 975,504
Restricted income funds 382,690 379,093 373,947 379,093
Unrestricted income funds:
Designated funds 194,307 3,302,502 187,307 3,300,302
Tangible and heritage fixed assets funds 22,807 (26,122) - -
Non charitable trading funds 794,136 979,972 620,737 882,943
General funds
Total unrestricted funds 1,011,250 4,256,352 808,044 4,183,245
Total funds 2,465,257 5,610,949 2,253,308 5,537,842

Approved by the trustees on 29 October 2024 and signed on their behalf by:

Alex Clayden

Trustee - Clerk of the Finance and Compliance Committee

26

Woodbrooke Quaker Study Centre

Consolidated statement of cash flows

For the year ended 31 December 2023

For the year ended 31 December 2023 For the year ended 31 December 2023
Note
£
£
Net expenditure for the reporting period
(3,145,692)
(as per the statement of financial activities)
Depreciation charges
-
Loss on disposal of fixed and heritage assets
3,111,373
(Gains )/losses on investments
(201,753)
Dividends and interest from investments
(70,154)
Decease/(increase) in stocks
7,598
(Increase)/Decrease in debtors
(199,364)
(Decrease)/ Increase in creditors
(10,545)
Net cash (used in) operating activities
(508,537)
70,154
(3,178)
355,000
421,976
(5,719)
(5,719)
(92,280)
107,851
15,571
Analysis of cash and cash equivalents and of net debt
At 1 January
2023
Cash flows
£
£
Cash at bank and in hand
107,851
(92,280)
Total cash and cash equivalents
107,851
(92,280)
Loans falling due within one year
(10,000)
10,000
Loans falling due after more than one year
(20,000)
20,000
Total
77,851
(62,280)
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
2023
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
Proceeds from disposal of assets and sale of heritage a		 £
£
(560,981)
75,906
-
343,540
(74,537)
(1,661)
96,401
(112,647)
(33,979)
74,537
(3,057)
71,480
(10,556)
(10,556)
26,945
80,906
107,851
Other non-
cash
changes
At 31
December 2023
£
£
-
15,571
-
15,571
-
-
-
-
-
15,571
2022
(33,979)
71,480
(10,556)
(10,556)
Other non-
cash
changes
£
-
-
26,945
80,906
107,851
At 31
December 2023
£
15,571
15,571
(10,000)
10,000
(20,000)
20,000		 -
-		 -
-
77,851
(62,280)		 - 15,571

27

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

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. However, there will be a material reduction in the balance sheet as the majority of the fixed assets are disposed of, including the freehold property, for nil consideration as explained in the post balance sheet event note.

c) Public benefit entity

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

28

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

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 as we continue to maintain our business as expected. The Woodbrooke Quaker Study Centre closed on 31 October 2024, but the main learning activities of the charity continue.

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.

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

The endowment funds are held permanently for future income generating purposes.

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.

29

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

h) Expenditure and irrecoverable VAT

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

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.

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:

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 less impairment

30

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

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.

Stocks m)

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.

Creditors and provisions p)

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.

Financial instruments t)

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.

31

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

u) Pensions

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 plan for one employee.

32

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

3
Unrestricted
£
£
Donations
193,491
-
Bursaries
-
10,000
Legacies
175,435
-
Grants
100,261
324,234
469,187
334,234
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
Income from donations and legacies
Restricted
Net income / expenditure before gains / (losses) on
investments
Net gains / (losses) on investments
Total income
Income from:
Donations and legacies
Expenditure on:
Raising funds
Charitable activities
Commercial trading operations
Investments - returns and sales
Charitable activities
Commercial trading operations
Total expenditure
Net income / expenditure		 3
Unrestricted
£
£
Donations
193,491
-
Bursaries
-
10,000
Legacies
175,435
-
Grants
100,261
324,234
469,187
334,234
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
Income from donations and legacies
Restricted
Net income / expenditure before gains / (losses) on
investments
Net gains / (losses) on investments
Total income
Income from:
Donations and legacies
Expenditure on:
Raising funds
Charitable activities
Commercial trading operations
Investments - returns and sales
Charitable activities
Commercial trading operations
Total expenditure
Net income / expenditure		 3
Unrestricted
£
£
Donations
193,491
-
Bursaries
-
10,000
Legacies
175,435
-
Grants
100,261
324,234
469,187
334,234
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
Income from donations and legacies
Restricted
Net income / expenditure before gains / (losses) on
investments
Net gains / (losses) on investments
Total income
Income from:
Donations and legacies
Expenditure on:
Raising funds
Charitable activities
Commercial trading operations
Investments - returns and sales
Charitable activities
Commercial trading operations
Total expenditure
Net income / expenditure		 Unrestricted
£
247,098
389,084
401,475
65,978		 Restricted
£
236,820
-
-
8,559		 Endowment
£
-
-
-
-		 2022
Total
£
483,918
389,084
401,475
74,537
1,103,635 245,379 - 1,349,014
5,676
858,672
371,116		 -
341,545
-		 -
-
-		 5,676
1,200,217
371,116
1,235,464 341,545 - 1,577,009
(131,829)
(139,119)		 (96,166)
(66,041)		 -
(138,380)		 (227,995)
(343,540)
(270,948) (162,207) (138,380) (571,535)
(270,948)
10,554		 (162,207)
-		 (138,380)
-		 (571,535)
10,554
(260,394)
4,516,746		 (162,207)
541,300		 (138,380)
1,113,884		 (560,981)
6,171,930
4,256,352 379,093 975,504 5,610,949
2023
Total
£
193,491
10,000
175,435
424,495		 Unrestricted
£
117,046
-
38,502
91,550		 £
-
10,020
-
226,800
Restricted		 2022
Total
£
117,046
10,020
38,502
318,350
469,187 334,234 803,421 247,098 236,820 483,918

33

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

4 Courses and related fees

For the year ended 31 December 2023
4
Courses and related fees		 mber 2023
Unrestricted
£
Student fees
303,398
Other
39,009
342,407
5
Unrestricted
£
61,245
166
61,411
Total for courses and
related fees
Income from investments
Investment income
Bank interest		 Unrestricted
£
303,398
39,009		 £
-
-
Restricted		 2023
Total
£
303,398
39,009		 Unrestricted
£
345,137
43,947		 £
-
-
Restricted		 2022
Total
£
345,137
43,947
342,407 - 342,407 389,084 - 389,084
£
8,393
350
Restricted		 2023
Total
£
69,638
516		 Unrestricted
£
65,940
38		 £
8,209
350
Restricted		 2022
Total
£
74,149
388
61,411 8,743 70,154 65,978 8,559 74,537

34

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

Analysis of expenditure (current year)
the year ended 31 December 2023
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 2023
Total expenditure 2022		 Raising funds
£
5,676
-
-
-
-
-
-
-
-
287,167		 Charitable
activities		 Governance
costs
£
101,560
-
-
-
-
-
-
19,600
-
-		 Support costs
£
111,414
-
-
-
-
78,142
124,223
-
-
-		 2023 Total
£
218,650
469,042
180,215
-
24,055
392,775
78,142
124,223
19,600
-
287,167		 2022 Total
£
191,828
343,786
190,855
-
1,710
301,523
77,027
77,038
19,200
(628)
374,670
Provision of
courses and
the
advancement
of the Quaker
£
-
469,042
180,215
-
24,055
392,775
-
-
-
-
-
292,843
-
-		 1,066,087
313,779
121,160		 121,160
-
(121,160)		 313,779
(313,779)
-		 1,793,869
-
-		 1,577,009
-
-
292,843 1,501,026 - - 1,793,869 1,577,009
380,346 1,196,663 - - 1,577,009

Direct staff costs in Notes 6a and 6b are allocated directly to the activity to which they relate and are not shown separately. Total staff costs are shown in Note 8.

35

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

6b Analysis of expenditure (prior year)

Analysis of expenditure (prior 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 2022		 Raising funds
£
5,676
-
-
-
-
-
-
-
-
374,670
380,346
-
-
380,346		 Charitable
activities		 Governance
costs
£
74,278
-
-
-
-
-
-
19,200
-
-
93,478
-
(93,478)
-		 Support costs
2022 Total
£
£
111,874
191,828
-
343,786
-
190,855
-
1,710
-
301,523
77,027
77,027
77,038
77,038
-
19,200
(628)
(628)
-
374,670
265,311
1,577,009
(265,311)
-
-
-
-
1,577,009
Provision of
courses and the
advancement of
the Quaker
faith
£
-
343,786
190,855
1,710
301,523
-
-
-
-
-
837,874
265,311
93,478
1,196,663

36

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

7 Net (expenditure)/income for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
Auditor's remuneration (excluding VAT):
Depreciation
Audit
Analysis of staff costs, trustee remuneration and expenses, and the cost of key management
Redundancy and termination costs
Loss or profit on disposal of fixed assets
Social security costs
Pension costs
Salaries and wages		 2023
£
-
3,118,373
19,600
2023
£
personnel		 2022
£
75,906
-
18,400
2022
£
815,987
-
70,743
53,802
884,317
82,078
77,109
71,435
1,114,939 940,532

8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

No employee earned more than £60,000 during the year (2022: nil).

The total employee benefits (including pension contributions, employer's national insurance and redundancy payments) of the key management personnel were £235,542 (2022: £244,386).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £2,547 (2022: £1,686) incurred by 6 (2022: 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 36 (2022: 37).

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):
Provision of courses and advancement of Quaker faith and related support services
Commercial trading operations
Management governance and administration of the charity		 2023
No.		 2022
No.
4.0
28.0
5.0
4.0
27.0
5.0
36.0 37.0

10 Related party transactions

There are no related party transactions to disclose for 2023 (2022: none).

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

11 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

37

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

12 Tangible fixed assets

The group

The group
Disposals in year
At the end of the year
At the start of the year
At the start of the year
Disposals in 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
At the end of the year
Cost or deemed cost
Depreciation
At the start of the year
Charge for the year
Eliminated on disposal
At the end of the year
Eliminated on disposal
The charity
Additions in year
Depreciation
Net book value
Net book value
At the end of the year
At the start of the year
At the end of the year
Cost or deemed cost		 Freehold
property
£
3,309,000
-
(3,309,000)		 Property refurb
and
improvement
£
308,544
-
(308,544)		 Household
furniture and
equipment
£
280,555
-
(280,555)		 Office
equipment
£
114,979
3,178
(80,457)		 Total
£
4,013,078
3,178
(3,978,556)
- - - 37,700 37,700
228,630
-
(228,630)		 277,541
-
(277,541)		 280,555
-
(280,555)		 107,650
-
(80,457)		 894,376
-
(867,183)
- - - 27,193 27,193
- - - 10,507 10,507
3,080,370 31,003 - 7,329 3,118,702
Freehold
property
£
3,309,000
-
(3,309,000)		 Property refurb
and
improvement
£
248,900
-
(248,900)		 Household
furniture and
equipment
£
211,237
-
(211,237)		 Office
equipment
£
82,775
5,378
(48,253)		 Total
£
3,851,912
5,378
(3,817,390)
- - - 39,900 39,900
228,630
-
(228,630)		 217,897
-
(217,897)		 211,237
-
(211,237)		 77,646
-
(48,253)		 735,410
-
(706,017)
- - - 29,393 29,393
- - - 10,507 10,507
3,080,370 31,003 - 5,129 3,116,502

38

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

13 Heritage assets

Sold in The Year
Valuation at 1 January 2023
Value at the 31 December 2023
Revaluation in year		 Rare books
£
133,300
-		 Works and
Manuscripts
£
50,500
-
(7,000)		 Total
£
183,800
-
(7,000)
133,300 43,500 176,800

The Charity owns various rare books and manuscripts which are acknowledged to be of historic importance and which are retained as part of the Charities’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. During 2023 these books and manuscripts were loaned to The University of Birmingham for 25 years and are now housed in the Library at the University of Birmingham.

The Charity owns certain works of art, valued at £43,500 as at 31/12/2023 (2022:£50,005), 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. as at 31/12/2023 these works of art were in storage and during 2024 these assets are being sold or donated to various Museums, Quaker Institutions or Charities.

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.

39

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

14 Listed investments

e year ended 31 December 2023
Listed investments
Disposals
Investments comprise:
Additions at cost
Ordinary shares in subsidiary company
Impairment of investment in subsidiary
Net gain / (loss) on change in fair value and sales
Fair value at the end of the year
Fair value at the start of the year
UK Common investment funds		 2023
2022
£
£
2,287,799
2,831,339
-
-
-
-
(355,000)
(200,000)
1,932,799
2,631,339
201,753
(343,540)
2,134,552
2,287,799
2023
2022
£
£
2,134,552
2,287,799
-
-
2,134,552
2,287,799
The group
The Group		 2023
2022
£
£
2,387,799
2,931,339
-
-
(100,000)
-
(355,000)
(200,000)
1,932,799
2,731,339
201,753
(343,540)
2,134,552
2,387,799
2023
2022
£
£
2,134,552
2,287,799
-
100,000
2,134,552
2,387,799
The charity
The charity
2,134,552 2,287,799 2,134,552 2,387,799

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 owned 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. The Limited Company was created only to run hospitality services at 1046 Bristol Road and when this property was transferred to another Charity, Bournville Village Trust, on 31/10/2024 the business ceased. The actual Limited Company still exists as a non-trading company at Companies House but we are making steps to have it struck off.

40

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

15 Subsidiary undertaking

The charity owned 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 changed in the year from 1046, Bristol Road, Birmingham B29 6LJ to 1018 Bristol Road, Birmingham B29 6LH.

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. There were no available profits in 2022, and profits made up to 31/10/2023, when the subsiary stopped trading, have been distributed under Gift aid to the parent charity.

The activities of the trading subsidiary have ceased during the year and the company has been mothballed. There is no intention to reinstate the trade of the company and as such the investment holding in the charity standalone accounts has been fully impaired.

A summary of the results of the subsidiary is shown below:

A summary of the results of the subsidiary is shown below:
Reserves
Profit / (loss) for the financial year
Total retained earnings brought forward
Assets
Liabilities
Total retained earnings carried forward
Other operating income
Turnover
Retained earnings
Profit / (loss) for the financial year
Distribution under Gift Aid to parent charity
Administrative expenses
Profit/(loss) on ordinary activities before interest and taxation
The aggregate of the assets, liabilities and reserves was:		 2023
£
336,096
(287,167)
-		 2022
£
401,475
(371,799)
-
48,929 29,676
48,929 29,676
(26,122)
48,929
(22,807)		 (56,481)
29,676
-
- (26,805)
100,000
(684)		 146,133
(72,938)
99,316 73,195

When the company is formally wound up the balance due from the charity will be extinguished and the assets removed from the balance sheet. The charity will not be in receipt of any cash when the liquidation occurs.

16 Parent charity

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

2023 2022
£ £
Gross income 1,629,598 947,539
Result for the year before transfer of property and fittings (173,161) (590,657)

41

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

For the year ended 31 December 2023
17
Other debtors
Prepayments and accrued income
Debtors
Trade debtors		 2023
2022
£
£
46,045
44,669
217,410
12,422
18,280
18,280
281,735
75,371
The group		 2023
2022
£
£
46,045
32,187
110,496
12,422
18,280
18,280
174,821
62,889
The charity
281,735 75,371 174,821 62,889

18 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Bank loans
Trade creditors
Accruals
Amounts due to group undertakings
Taxation and social security and pensions		 2023
2022
£
£
-
14,166
65,773
67,752
37,309
36,801
-
-
44,332
19,240
147,414
137,959
The group		 2023
2022
£
£
-
-
65,773
161,475
32,594
20,920
100,000
91,156
48,363
18,240
246,730
291,791
The charity
147,414 137,959 246,730 291,791

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).

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		 2023
2022
£
£
12,213
22,767
(5,719)
(10,554)
6,494
12,213
2023
2022
£
£
-
20,000
-
20,000
The group
The group		 2023
2022
£
£
12,213
22,767
(5,719)
(10,554)
6,494
12,213
2023
2022
£
£
-
20,000
-
20,000
The group
The group		 2023
2022
£
£
12,213
22,767
-
(10,554)
12,213
12,213
2023
2022
£
£
-
-
-
-
The charity
The charity		 2023
2022
£
£
12,213
22,767
-
(10,554)
12,213
12,213
2023
2022
£
£
-
-
-
-
The charity
The charity
- 20,000 - -

Included within bank loans due within and after one year is £nil (2022 - £20,000) 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. The loan is unsecured. In September 2023 the loan was repaid in full.

42

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

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 pensions charge represents employer contributions (including salary sacrifice) payable to all schemes of £71,435 (2022: £53,802).

The Teachers' Pension Scheme

The Teachers' Pension Scheme (TPS or scheme) is a statutory, unfunded, defined benefit occupational scheme, governed by the Teachers' Pensions Regulations 2010 (as amended), and the Teachers’ Pension Scheme Regulations 2014 (as amended). These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership.

Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS.

THE TEACHERS' PENSION BUDGETING AND VALUATION ACCOUNT

Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act (1972) and Public Service Pensions Act (2013) and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members contribute on a ’pay as you go ‘basis – contributions from members, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Acts.

The Teachers' Pensions Regulations 2010 require an annual account, the Teachers' Pension Budgeting and Valuation Account, to be kept of receipts and expenditure (including the cost of pension increases). From 1 April 2001, the Account has been credited with a real rate of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return.

VALUATION OF THE TEACHERS' PENSION SCHEME

As a result of the latest scheme valuation employer contributions were increased in September 2019 from a rate of 16.4% to 23.6%. Employers also pay a charge equivalent to 0.08% of pensionable salary costs to cover administration expenses. The next valuation is expected to take effect in 2023.

A copy of the latest valuation report can be found by following this link to the Teachers’ Pension Scheme website: https://www.teacherspensions.co.uk/news/employers/2019/04/teachers-pensions-valuation-report.aspx

SCHEME CHANGES

In December 2018, the Court of Appeal held that transitional protection provisions contained in the reformed judicial and firefighter pension schemes, introduced as part of public service pension reforms in 2015, gave rise to direct age discrimination and were therefore unlawful. The Supreme Court, in a decision made in June 2019, rejected the Government’s application for permission to appeal the Court of Appeal’s ruling and subsequently referred the case to an Employment Tribunal to determine a remedy which will need to be offered to those members of the two schemes who were subject of the age discrimination.

Since then, claims have also been lodged against the main public service schemes including the TPS. The Department has conceded those in line with the rest of the government. In July 2020 HM Treasury launched a 12-week public consultation which will provide evidence to support the delivery of an appropriate remedy for the affected schemes, including TPS.

A final remedy will be determined once the results of the consultation are established.

In December 2019, a further legal challenge was made against the TPS relating to an identified equalities issue whereby male survivors of opposite-sex marriages and civil partnerships are treated less favourably than survivors in same-sex marriages and civil partnerships. The Secretary of State for Education agreed not to defend the case. In June 2020, the Employment Tribunal recorded its findings in respect of the claimant. DfE is currently working to establish what changes are necessary to address this discrimination.

Any impact of these events will be taken into account when the next scheme valuation is implemented. This is scheduled to be implemented in April 2023, based on April 2020 data.

43

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

21 Pension schemes (continued)

The Pensions Trust

The company participates in the scheme, a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company 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 company 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.

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m 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: £3,312,000 per annum (payable monthly)

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows:

From 1 April 2019 to 30 September 2025: £11,243,000 per annum (payable monthly and increasing by 3% each on 1st 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 company has agreed to a deficit funding arrangement the company 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.

At 31 December At 1 January
Present value of the provision 2023 2023
£000 £000
Present value of provision 6 12
At 31 December
2023 At 1 January
Reconciliation of opening and closing provisions 2023
£000 £000
Provision at start of period 12 23
Unwinding of the discount factor (interest expense) - -
Deficit contribution paid (6) (10)
Re-measurement - impact of any change in assumptions - -
Re-measurement - amendments to the contribution schedule - -
Provision at end of period 6 13
At 31 December
2023 At 1 January
Income and expenditure impact 2023
£000 £000
Interest expense - -
Re-measurements - impact of any change in assumptions - -
Re-measurements - amendments to the contribution schedule - -

44

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

The Pensions Trust

The Pensions Trust
At 31 December
2023 At 1 January
2023
% per annum % per annum
Assumptions
Rate of discount 5.31 4.96

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.

22a Analysis of group net assets between funds (current year)

Tangible fixed assets
Heritage assets
Net assets at 31 December 2023
Pension liability
Investments
Net current assets
Long term liabilities		 General
Unrestricted
£
-
-
680,545
149,892
-
(6,494)		 Designated
£
10,507
176,800
-
-
-
-		 £
-
-
382,690
-
-
-
Restricted		 Endowment
£
-
-
1,071,317
-
-
-		 Total funds
£
10,507
176,800
2,134,552
149,892
-
(6,494)
823,943 187,307 382,690 1,071,317 2,465,257

22b Analysis of group net assets between funds (prior year)

Heritage assets
Investments
Net current assets
Long term liabilities
Net assets at 31 December 2022
Tangible fixed assets
Pension liability		 General
unrestricted
Designated
funds
£
£
-
3,118,702
-
183,800
933,202
-
52,861
-
(20,000)
-
(12,213)
-		 Restricted
£
-
-
379,093
-
-
-		 Endowment
£
-
-
975,504
-
-
-		 Total funds
£
3,118,702
183,800
2,287,799
52,861
(20,000)
(12,213)
953,850
3,302,502		 379,093 975,504 5,610,949

45

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

23a Movements in funds (current year)

e year ended 31 December 2023
Movements in funds (current year)
Restricted Grants
JRCT
BYM
Total restricted funds
Total designated funds
General funds
Non-charitable subsidiary funds
Unrestricted funds:
Designated funds:
Dam Fund
Catchpool Fund
Hoffman Bursary fund
Development fund & Capital fund
Total unrestricted charity funds
Total funds
Tangible and heritage assets
Endowment funds
Friends Loan permanent endowment fund
General permanent endowment fund
Helen Dixon permanent endowment fund
Total endowment funds
General Bursary funds
Trustee permanent endowment fund
Restricted funds:		 £
212,842
471,616
239,976
51,070
At 1 January
2023		 £
20,907
46,326
23,569
5,011
Income & gains		 £
-
-
-
-
Expenditure &
losses		 £
-
-
-
-
Transfers		 £
233,749
517,942
263,545
56,081
At 31 December
2023
975,504 95,813 - - 1,071,317
32,815
21,327
20,200
-
-
304,751		 2,398
1,836
-
10,000
120,000
200,000
34,408		 (4,976)
-
(20,200)
(10,000)
(120,000)
(200,000)
(9,869)		 -
-
-
-
-
-		 30,237
23,163
-
-
-
329,290
379,093 368,642 (365,045) - 382,690
-
3,302,502		 -
-		 -
(3,111,373)		 -
(3,822)		 -
187,307
3,302,502 - (3,111,373) (3,822) 187,307
979,972 958,999 (1,141,657) 3,822 801,136
4,282,474 958,999 (4,253,030) - 988,443
(26,122) 336,096 (287,167) - 22,807
5,610,949 1,759,550 (4,905,242) - 2,465,257

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

46

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

23b Movements in funds (prior year)

e year ended 31 December 2023
Movements in funds (prior year)
Total restricted funds
Total designated funds
General funds
Non-charitable subsidiary funds
Feasibility Study Fund
Helen Dixon permanent endowment fund
Trustee permanent endowment fund
Hoffman Bursary fund
Dam Fund
Tangible and heritage assets
Catchpool Fund
Restricted funds:
Endowment funds
General permanent endowment fund
Friends Loan permanent endowment fund
Total endowment funds
General Bursary funds
Restricted grants
JRCT
Capital Accessibility Fund
Total unrestricted funds
Development fund & Capital fund
Total funds
Unrestricted funds:
Designated funds:		 £
243,037
538,523
274,017
58,307
At 1 January
2022		 £
-
-
-
-
Income & gains		 £
(30,195)
(66,907)
(34,041)
(7,237)
Expenditure &
losses		 £
-
-
-
-
Transfers		 £
212,842
471,616
239,976
51,070
At 31 December
2022
1,113,884 - (138,380) - 975,504
38,257
24,653
15,000
92,500
22,999
-
-
347,891		 10,000
-
-
-
-
121,820
105,000
8,559		 (15,442)
(3,326)
(15,000)
(92,500)
(2,799)
(121,820)
(105,000)
(51,699)		 -
-
-
-
-
-
-
-		 32,815
21,327
-
-
20,200
-
-
304,751
541,300 245,379 (407,586) - 379,093
234,082
3,375,349		 -
-		 -
(75,906)		 (234,082)
3,059		 -
3,302,502
3,609,431 - (75,906) (231,023) 3,302,502
963,796 712,714 (927,561) 231,023 979,972
4,573,227 712,714 (1,003,467) - 4,282,474
(56,481) 401,475 (371,116) - (26,122)
6,171,930 1,359,568 (1,920,549) - 5,610,949

Purposes of restricted funds

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 was closed in 2022

Dam Fund: A fund to pay for the repair of a dam and weir in the grounds. This was fully spent during 2023.

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

JRCT Fund: This represents amounts receivable relating to all learning activities, but not to property.

BYM Fund: This represents amounts receivable relating to all learning activities, but not to property.

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.

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.

47

Woodbrooke Quaker Study Centre

Notes to the financial statements

For the year ended 31 December 2023

23 Movement in funds (continued)

Purposes of endowment 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 2023 i.e. half of the original legacy. The Corder and Gwen Catchpole Bursary Fund is currently valued at £112,633 (2022: £11,303) in excess of this sum. No provision has been made in these accounts for any amount that may be payable.

48