Charity number: 313816 Woodbrooke Quaker Study Centre Trustees'Annual Report Forthe year ended 31 December 2024
Woodbrooke Quaker Study Centre Reference and administration information For the year ended 31 December 2024 Reference and adminlstrative information Trustees, annual report Independent auditor's report Statement of financial activities (incorporating an income and expenditure account) Balance sheet Statement of cash flows Notes to the financial statements 17 22 23 24 25
Woodbrooke Quaker Study Centre Reference and administration information For the year ended 31 December 2024 Charity number 313816 Country of registration England & Wales Registered office and operational address. The Woodbrooke Office, Fircroft College of Adult Education, 1018 Bristol Road, Birmingham. B29 6LH Trustees serving durlngthe year8nd up to date of this report: Ingrid Greenhow Heather Rowlands Sarah Donaldson Valerie Brittin Alex Clayden Owen Claxton-lngham Miranda Bird Kersti Wagstaff Catrin Davies David Robson JillThomas Jaana Erkkila-Hill Beth Albright-Peakall JenniferAmery Clerk (until 31" December 2024) Clerk (Trustee from 16th September 2024} st Assistant Clerk (until 31 December 2024) Assistant Clerk Treasurer (until 31" December 2024) Treasurer (Trustee from 9 March 2024) from 1810912024 from 0110112025 Key management personnel Amanda Cooper Sandra Berry Kevin Smith Simon Best Jon Martin Rachael Swancott Chief Executive Officer {from 18 December 2023) th Director (to 29 February 2024) Head of Finance & Compli8nce Head of Programmes & Partnerships Head of Communications {to 3" May 2024) Head of Communities & Engagement (from 3rd April 2024) Banker5 Lloyds Bank PLC PO Box l 000 BXI ILT Solicitors Anthony Collins Solicitors LLP 134 Edmund Street Birmlngham B3 2ES Audltor Harrlson Beale and Owen Chartered Accountants and Statutory Auditors Seven Stars House I Wheler Road, Coventry CV3 4LB
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 aerk's statement The 2024 statement is one of great anti=ipation for our future. Our 2023 statement focussed much on the ceding of our historic building, which comprised our central operational and academic base, to the Bournville Village Trust - a difficult and emotional transition following a 120 year history of offering a 'gathering place, to the Quaker community, and others. However, trustees had determined that Woodbrooke's legacy and future remained about what wa5 importani all along - its capaaty to bring people together to learn, research, worship and grow spiritually, academically, and practically in service 10 the community and to one another. 2024 became the year of exploration of opportunity. A chance to reflect on what had sustained Woodbrooke for over a century, and to reframe our work beyond the structure of the building, and reimagine the 'gathenng place, a5 anywhere we chose. Residential gatherings and in-person d¥iy retreats and sessions were held in Quaker Meeting Houses, Guest Houses, Hotels and Con-erence Centres across the UK. Quaker Local Meeting5 could choose to engage with "Woodbrooke Where You Are, the opportunity to bring the Woodbrooke team to their QLaker Local Meeting. With our newly appointed CEO in post, we began the year by sharing vision for expanded engagement opportunities - including asynchronous/on-demand learning, and leveraging digital technologies to create grow 'gaihering places, online. This included the continuation of online worship, and a future vision f?r developing online opportunities for learners and participants engaging asynchronously. Additionally, and timely given the first year without the building. an opportunity presented to consider a deep dive into the key metrics that will be indicative of organisational growth. A limited pilot study in February 2024 tested the hypothesis that Woodbrooke was serving a small, dedicated participant group of less than 500 people. Using the variables of 'engaged' participants defined as people registEred with Woodbrooke prior to 2023 and having attended at least 2 sessions or coursec during 2023 - minus any extraordinary sessions related to the building closure we de-ermined this number to be 435. While this affirmed the hypothesis, it also determined the wide scope of opportunity to engage the community. Barriers to enoagement were considered including preventative scheduling, which would be countered by on-demand opportunities, the gap between courses and post-graduate research, M'hich would be countered by expanding more taught academic opportunities commencing ct PGCert level, and plans to reinstate the long form, and prevlously popular, Equipping for Ministry course by early 2026. In total, 248 workshops, courses and sesslons were run in 2024, wlth eleven workshops held for Quakers around the world. 8)% of respondents stated they would recommend Woodbrooke courses. In addition, from 2020 to the end of 2024 over 90,000 attendances were recorded at Woodbrooke's online worship, wlth up to fourteen opportunlties for Meeting for Worship every week, including spaces for families, young adults, and teachers.
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 We are beyond grateful to our donors for their continuing support for Woodbrooke's activities. We partlcularly note our gratltude for the substantial flve-year grants awarded In 2023 by Quakers in Britain and the Joseph Rowntree Charltable Trust. These grants secured Woodbrooke's immediate future, creating space for it to relmagine itself followlng Its significant repositioning,. enabling continuity during a challenging transltory period, ensuring the continuance of our learning, research, and worship provision. The support of all of our donors and participants has continued to encourage us that the community shares our commitment to the importance of learning, research, and gathering together to explore and grow, within the Quaker communiiy. During 2024, we updated our 'touchstone' to demonstrate succinctly our purpose. 'Let us teach other. and those who wish to join us, what it is to be Quaker,. The touchstone was taken from the transcript of Woodbrooke's 2014 Swarthmore Lecture delivered by Ben Pink Dandelion and a decade on from this inspiring lecture, Woodbrooke remains true to this purpose. We enter 2025 with plans for exploring asynchronous/on-demand learning, reimagining Woodbrooke's potential to engage with more regular participants, maintaining popular and well-established streams, working on reiniroduction plans for prior popular programmes that were necessarily postponed during the pandemic, exploring partnerships, and 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. That vision extends to others - 'those who wish to join us, and we have many ways of developing these routes, particularly in matters of social jusiice. We are very grateful for all the support and dedication shown to Woodbrooke at this challenging, but exciting, time. Heather Rowlands Clerk to Woodbrooke Trustees
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 The trustees present their report and the audited financlal statements for the year ended 31 December 2024. Reference and adminlstrative information set out on page I forms part of this report. The rinancial 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 communitie5 from a place of understanding and spiritual renewal. Woodbrooke seeks to make a difference in the following areas: strengthen Quaker communities Deepen Quaker faith Enrich Quaker spirituality Broaden Quaker witness in the world Widen the diversity of Quakerism Our learning and research programmes are delivered in various ways: Woodbrooke Places brings an in-person Woodbrooke experience to Quakers around Britain through day events and residential courses. These are open to all. Woodbrooke Where You Are (WWYA) is an opportunity for Quaker Meetings to benefit from Woodbrooke courses at their own Meeting house - whether in person or online. Woodbrooke Working with Meeting5 IS 51milar to WWYA, except with the opportunity to tallor bespoke programme of courses and learning activities to the need5 of the local or area meeting, online and in-person. Online Learnlng takes various formats, from single sessions to short courses spread over full days or several weeks. Research through Woodbrooke's Centre for Research in Quaker Studies (CRQS) offers teaching. research support and supervision in all areas of Quakerism, leadSng to a PhD or MA by research through the Universlty of Birmingham. Woodbrooke malntains a Learning Resource Centre, which is an onllne collection of useful material including podcasts, videos, academic theses, and Quaker publications.
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 Online Worship Is offered up to fourteen tlmes a week with Woodbrooke working in partnershlp wlth Frlends World Committee for Consultation, Europe and Middle East Section (FWCC-EMES) The charity also had an active trading subsidiary, Woodbrooke Quaker Centre Llmlted, the principal activities of which were the provision of residential facil ities 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. The activities of thi5 company ceased along with the centre closure at end of October 2023 and the process to di5501ve the company was commenced. Woodbrooke Quaker Centre Limited was dissolved by Companies House on 8th July 2025 The trustees have referred to the guidance contained in the Charity Comrnission'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. Equity and Accessibility We offer further financial help through bursary schemes on request, 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. During November 2024, Woodbrooke was awarded 'Disability Confident Committed, employer Status - a government scheme that assesses practical measures to support current and future staff members, by providing a fair and positive application process, promoting our encouragement of applications from disabled people, and supporting those with long term disabilities or health conditions to remain in work. Achievements and performance During 2024, Woodbrooke continued to deliver a wide range of learning both online and in-person at Quaker meetlng houses around the country and other venues. 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.
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 Woodbrooke has continued to benefit from the service of volunteer Associate Tutors who deliver our learnlng alongside our paid staff and freelance tutors. Learning Woodbrooke's learning programmes seek to support, Inform, and transform Quakers and others as individuals and communities. Through our learning we hope to nourish spiritual development, strengthen the Quaker community, and enable and encourage work for a peaceful and just world. During 2024 we ran 180 online sessions and courses, 17 in-person events and 51 workshops for Quaker communities. We had 4,560 participant bookings, with 2,403 unique bookings. 1 ,517 of these participants experienced Woodbrooke Learning for the first time in 2024. Our reach continued to extend in 2024. with an increase of 15% in unique bookings and 24% growth of first-time bookers. Participants came from 45 countries around the world. Participant feedback has included- °The space was beautifully and sensitively held by the co-facilitators. Their attention to detail in the preparation made it a very rewarding and safe space where we could explore our inner voices. Holding the fhread in Turbulent Times 'For me thls was a brilliant course! I really appreciated the use of small groups and the opportunities to learn experientially. I think out of all the online courses with Woodbrooke I've taken part in, this felt most like we had started to build a community. I'm really grateful to the course tutors for creating and holding what for me wa5 such a powerful space.. Openlng to Quaker Conciliation "I could only attend one of the live online sessions but felt that the reading materlal and videos online covered the material very well and didn't feel I was missing out by not attendlng the live se55ions. It was good to have the discipline of havlng a timescales to complete the work in though - just in case I could have attended!. Start of the Quaker Way
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 .1 had some unexpected things to take away from this wonderful 3 week course and they are making a positlve difference to my lived experience as a Quaker already. Thank you so much! Great course and great delivery '.)" What Happens When We Worship Online? Worship Our online worship provides opportunities for connection and spiritual experience to Quakers around the world and has attracted weekly enquirers, making it a source of Quaker outreach that has enriched our online courses with participants from many different walks of life and Quaker knowledge. Attendance in 2024 Saw over 15,000 worship attendances (note this includes weekly repeat attenders) through 14 Meetings per week. On average, thi5 is 288 people per week being served by these vital online worshipping communities. Research Woodbrooke is a world leader in Quaker knowledge and research. We provide postgraduate programmes, conduct our own projects, and support independent researchers. During the academic year 202312024 nine students completed a PhD, and one completed an MA by Research awarded by the University of Birmingham. There were 25 ongoing research students (19 at PhD and 6 at MA). In 2024, Woodbrooke partnered with Queens Theological College to develop two modules as part of Queens, Newman University accredited taught PGCert, PGDip and MA. The taught courses were open for registration in 2025 with Queen5 and we hope to serve Queens, students during 2026. Principal risks and uncertainties The charity continues to grapple with the financial challenges of delivering it5 core charitable objectives in an environment of financial uncertainty. Trustee5 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 organlsation. We have continued to operate a robust risk management framework this year to assess and manage the risks Woodbrooke faces both daily and strategically.
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 Risk management policies and procedures The key to any effective risk-based approach is the understanding that an organisation's risks can never be ellminated. For Woodbrooke, 2023 saw a shlftlng and uncertain landscape as trustees, Staff, and stakeholders worked together to discern a future for the charlty. Balancing our ability to mitigate risk wlth 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 rlsk management controls and the policies that feed into them build a robust framework through which risk can be assessed against our appetite. During 2023 our interim CO-CEO finished his tenure, our new permanent CEO commenced in December 2023 and our prior permanent director remained until end of February 2024 to support with handover. Our permanent CEO remains in position and is introducing significant opportunities and leveraging technology to both streamline our offer, mitigate barriers to engagement, and inspire ever more participants to join with us. This process will take some time and will be data informed. A wide ranging data project is in process and the results of such will enable the trustees to make strategic decisions based on data - something that Woodbrooke has never had at such scale previously. Woodbrooke trustees remain cognisant of their objectives and chartable value5 - however future decisions will be anchored in greater categorisation of risk - and where values, based operations are not income generating, such will be framed in the context of how such 5UPPOrt is garnered for each. A balanced approach is envisioned where surplu5 generating, break-even and deficit generating courses balance one another to create values, based opportunities while protecting the longevity of the charity. The data project is not just about the past - but is constructed to feed data into operations on an ongoing basis for the future. 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 audltors conduct annual revlews of Woodbrooke's pollcles and procedures to provlde impartial and independent assurance of the charity'5 risks. io
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 Risk management framework Our risk management process is informed by best practice guidance from the UK Charities Commission, the International Organization for Standardizatlon, and the International Compliance Association. The process is composed of the following steps: Identification of risks relevant to Woodbrooke Assessment of those risks against the Impact and likelihood risk matrix, to create an inherent risk posltlon 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 Monitoring of risks by appropriate level of seniority, dependent on residual position Recording of risks within a central register and regular re-assessment and improvement of that register and its associated control5. Risk M'anagement Proeès5 and R¢portinl Summary. The diagrèms shown hEre give a visual ' summary tsfthe rlsk management ¢y¢l& and gDvernanc? reporting framework that . allow'thè Board to ac¢urately and. effectlvely man6ge and mitigate risk IMTER14AL REPORTING EXTERNAL REPORTING Y4 of,,YTLlSleS,è External Auditors Ccnducts EtYiOVi of ¢¢aVDIS E¥•¢rJliv•,Lea'dqrAbip_:' OP&titF4npli5e5 BObtdStr&to è¢r055 Oepa[iiiienjs. ¢r¢HIo&.bU51nE$5 d¢veltypwitplan ' - 1lopoFIF5o..FoèMon4iskAndF¥oFmln¢e Identify Rlsk {Tr2 Inherent Assessment @ Design Control -.i4.. Residual Assessment.. . S Monitor Risk ..<6', Record and lrriprove. 5vpp.0115 th>rh¥.!hwtiuEtycustorrtt¥JlDwactipns':. Financial review During the year total incoming resources amounted to £992,820 (2023 £1 ,552,078). 11
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 Woodbrooke benefits from unearned income, namely general donations, bursary donations and legacles to help fund Its educational expenditure, and slgnificant 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 £57,272 {2023 £70,154). Resources expended amounted to £1 ,025,170 (2023 £1,793,869). Of this £1,019,494 (2023 £1,501,0296) related to the costs, including support costs, of providing courses and advancing the Quaker faith. Costs of generaring funds, including commercial trading operations, amounted to £5,676 (2023 £292,843). The resultant net outgoing resources for the year amounted to £ 32.350 (2023 £241 ,791 plus the Ios5 on the transfer of property). We had Losses on disposal of assets and pension movements, but, after taking into account the increase in the value of our investments, the final result for the year was a gain of £23,674 (2023 was a deficit of £34,319 plus a loss on the transfer of property and fittings of £3,111,373. Long-term Grant5 agreed with Britain Yearly Meeting and the Joseph Rowntree Charitable Trust starting in 2023 provide a strong financial base which should keep the charity on a break-even position going forward, and there are still substantial reserves to fall back on as at September 2025. Financial position The group balance sheet shows total funds of £2,283,983 {2023 £2,260,309). These fund5 include permanent endowment funds of £1,100,716 (2023 £1,071.317. 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 £392,151 (2023 £382,690) which Is restricted. Funds totalling £157,687 (2023 £187,307) represent tangible and heritage fixed assets. The retained heritage fixed assets are on display in our new offices or long- term loan. General funds including non-charitable trading funds of the group as at 31 December 2024 total £791,116 (2023 £806,302). The free reserves are in line with the parameters set out in the reserves policy described below. The trustees consider the reserves zo be adequate but not excesslve given the charlty's reliance on voluntary income. 12
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 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 trainlng and educational programmes to enrlch the Rellgious Society of Friends. While It does generate Income from the operation of its activities, its ablllty to offer both physical and online learning at reasonable and subsidised rates is a result of the donations that it receives. Where possible, Woodbrooke aims to balance any operational costs against the income these activities generate and to meet any shortfall with donated funds. Woodbrooke holds its reserves for the following purposes: Deficits in cash flow, including three-month operating cost coverage. Redundancies, notice pay, holiday pay, and other costs associated with voluntary staff arrangements, if required. Overall liabilities associated with the c105ure of Woodbrooke excluding staff redundancy, including pension liability and contract termination with third-party suppliers- Fulfilment of its financial obligation5 related to conditions held over restricted funds. The Trustee5 considered the financial p051tion 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. The Trustees still believe that this is the case in September 2025. Fundraising Woodbrooke does not employ or engage an exrernal fundraising organisation, nor does It have a dedicated fundraising team. Most of the fundraising activity is focused on grant application5 to trusts and via continuing relationships with major fundraisers, and in 2024 this was carried out by the CEO. In 2023 Woodbrooke successfully secured two significant funding agreements which endure throughout this reporting period: A five year grant totalling £800,000 from Britain Yearly Meetlng commenclng February 2023 A five year grant from the Joseph Rowntree Charltable Trust of £134,000 per year commenclng July 2023. Additional ad hoc grants, donations and legacies were also received. No formal fundraising initiatives aimed at individuals were launched in 2024. We are reviewing 13
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 Inltiatives in conjunctlon with our review of new learnlng and engagement methods, including opportunities to develop a subscriptlon model to access asynchronous learning. No complaints were received regarding our fundraising activities. Woodbrooke is not currently registered with the Fundraising Regulator. Future Plans These have been variously and contextually discussed throughout this report, but include: External data analysis project with ongoing measurement structure to monitor engagement, performance. and cost effectiveness of all activities. 2. The development of asynchronous/on-demand learning activities to mitigate barriers to accessibility relared to time managementlopportunity. 3. The development of knowledge-base, interest and curiosity elements including digitised documents, arEefact5 and historic site iours, to attract people Eo Woodbrooke's online presence. 4. The support on Online Worship communities as they develop. 5. The expansion of taught academic opportunities commencing at PGCert level. 6. The reintroduction of our popular long-form Equipping for Ministry course. 7. The review with a view to updating and reproducing of the similarly popular 'Becoming Friends, resources that are no longer available in print or digital format. 8. The review of emerging and existing technologies. their place in Woodbrooke's future, the restruciure of our website as our permanent structural presence, and simpler acce55 for parricipants in respect of our learning material5. Protecting Vulnerable People Durlng 2023, safeguarding wa5 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 Thlrtyone Eight has been Implemented, which provides Woodbrooke with an identical, full-service safeguarding support structure to that of Britain Yearly Meetlng. This means that immedlate (and oui of hours) access to a safeguarding advi50r 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 consldered the gold standard in safeguarding support for its team, volunteers and 14
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 associate tutors. The nomlnated safeguarding staff member is Senior Manager Rachael Swancott, and the safeguarding trustee is Davld Robson. Structure, governance and management Constitution Woodbrooke Quaker Study Centrels governed by a trust deed formulated in 1903 and is a registered charlty, Charity Reglstration No 313816. 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, Report5 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 15 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 2024 these included a Finance and Compliance Committee, a Nominations Committee. the Swarthmore Lecture Committee, an Online Worship Committee, an Associate Tutor Committee, an Ethics and EDI committee. Some committees are permanent, some are formed for limited specific purpose, and laid aside once such are complete. This allows the trustees to be involved strategically alongside operational development. These committee5 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 Commlttee includes members who are not trustees. In 2024, day to day management of the charity was delegated to the CEO and their staff. The CEO reported to the Trustees on a formal basss at each Trustees, meetlng and regularly throughout the year on an ad hoc basis. The CEO is line managed by the Clerk and the Assistant Clerk. Every Trustee meeting agenda includes a closed session when Trustee5 meet without staff to raise any matter deemed appropriate. 15
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 Related parties and relationships with other organisations During 2024, the Woodbrooke Quaker Centre Limited was dormant but remained a wholly owned trading subsidiary of Woodbrooke Quaker Study Centre and was overseen by a board of Directors. Woodbrooke Quaker Centre Limited was dissolved on 8th July 2025. There are no other parties or relaElonships to report. 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. During 2025, an external organisation has been appointed to review pay, benefits and pay banding in line with market conditions. Statement of responsibilities of the trustees Law applicable to charities in England and Wales requires the trustees to prepare financial 5tatement5 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: Select suitable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disc105ed and explained in the financial statements Prepare the financial statements on the going-concern basis unle55 it is inappropriate to presume that the charity will continue in operation The trustee5 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 wlth the Charitie5 Act 2011 . They are also responsible for safeguardlng the a55ets of the charity and group and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularltles. The trustees are responsible for the maintenance and Integrlty of the corporate and financial information included on the charity's webslte. LegSslatlon In the United Kingdom governing the preparation and dissemlnatlon of financial 5tatement5 may differ from leg islatlon In other Ju rlsdictions. 16
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 Auditor Harrison Beale and Owen were appointed as the charity's auditor for 2024. The trustees, annual report has been approved by the trustees on 27th September 2025 and signed on their behalf by Heather Rowlands Clerk 17
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 Opinion We have audited the financial statements of Woodbrooke Quaker Study Centre (the 'charitable company,) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applled In Ehelr preparation is applicable law and Unlted Klngdom Accountlng Standards, including Financial Reportlng Standard 102 The Financlal Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 December 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. 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 Ihe Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant 10 our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other eEhical 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 trustee5' 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 the charitable company's ability to continue a5 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. 18
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 Other information The other information comprises the information included in the board's annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the board's annual report. Our opinion on the flnancial statements does not cover the other informatlon 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 materlally Inconslstent with the rinanclal 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 statement5 themselves. If, based on the work we have performed, we conclude Ihat there is a material misstatement of this other Information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the board's annual report (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements-, and the board's annual report (incorporating the director5, report) has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the board's annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of directors, remuneration Specified by law are not made. or we have not received all the information and explanations we require for our audit. or the trustees were not entitled to prepare the financial statements in accordance with the small companie5, regime and take advantage of the small companies, exemptions in preparing the director5, report and from the requirement to prepare a strategic report. 19
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 Responsibilities of trustees As explained more fully in the board's responsibllities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair vlew, and for such internal control as the trustees determine is necessary to enable the preparation of financlal statements that are free from material misstatement, whether due to fraud or error. In preparing the flnancial statements. the trustees are responsible for assesslng the charltable company's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the golng concern basls of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements 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 mi5Statement 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 instance5 of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularitie5, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed 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: Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness,, Reviewing minutes of meetings of those charged wlth governance,. and Enqulry of management to identify any instances of non-compliance with laws and regulations Because of the inherent limitatlons of an audlt, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the fi nancial 20
Woodbrooke Quaker Study Centre Trustees, annual report For the year ended 31 December 2024 statements or non-compliance with regulation. Thls rlsk Increases the more that compliance with a law or regulatlon is removed from the events and transactions reflected In the flnanclal statements, as we will be less likely to become aware of instances of non- compliance. The rlsk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omlssion or misrepresentation. A further description of our responsibllitles Is available on the Flnanclal Reporting Council's website at: www.frc.or auditorsres onsibilities. This description forms part of our auditor's report. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinion5 we have formed. Gregg Olner MPhil BA{Hons) FCA (Senior Statutory Auditor) for and on behalf of HB&O Ltd Chartered Accountants and Statutory Auditor Seven Stars House I Wheler Road Coventry CV3 4LB Date: 21
Wotsdbrooke Quaker Study Centre Consolldated statement of ftnanclal actlvltles For the ear ended 31 December 2024 2023 As restated Total 2024 Total Unrestricted Resrrlcted Endowment Note Income from: Donatlons and legacles Charltable acilvltles Courses and related fees Commercial tradin9 operations Investments 578,557 4,870 583.427 803,421 352,121 352,121 342.407 336,096 70,154 31.774 8,371 17,127 57,272 Total Income 962.452 13.241 17.127 992,820 1.552.078 Expendsture on.. Raising fund5 Charitable activities Provision of courses and advancement of Quaker faith Commerclal tradlng operatlons Other 6a 5.676 5,676 5,676 6a 989,126 13,241 17,127 1,019.494 1,501,026 287.167 Sub-total for opentlng expendlture 994,802 13,241 17.127 1.025,170 .793.869 Exceptional loss on disposal of study centre 51te and relaied fixtures and fiirlngs Total expendlture 3.111.373 994.802 13.241 17.127 1.025.170 4.905,242 Net lexpendlture)Ilncome before net galnsl {1055e5) on Investments 132.350} 132.3501 13,353,164) Net gains111055e51 on investtnents 18.889 9.461 29.399 57,749 201,753 Net (expendlturelllncome for the year 113,4611 9,461 29,399 25.399 13.151.411) Transfers between funds Net lexpendlturelllncome before other recognlsed galns and losses 113.4611 9.461 29.399 25,399 13,151,4111 Gains I Ilossesl on revalLsatlon of penslon liability 11,7251 (1.725) 5.719 Net movement In funds 115,1661 9.461 29.399 23.674 13.145.692) ReconclllatJon of funds: Total funds brought forward 806,302 382.690 1.071.317 2,260.309 5,406.001 Total funds carrled foEward 791,116 392,151 1,100,716 2.283.983 2.260.309 There are no other recognlsed galns or losses other than those stated above. All attivitles are contlnulng. 22
Woodbrooke Quaker Study Centre Balance sheets As at 31 December 2024 The group The charlty 2023 As restated 2024 2024 2023 Note Flxed assets: Tangible assets Heritage assets Investments 10,387 147,300 2.063,302 10,507 176.800 2,134,552 10,387 147,300 2.063,302 10.507 176,800 2.134.552 2,220.989 2,321,859 2,220,989 2.321,859 Current assets: Debtors Cash at bank and in hand 125,404 20,318 76.787 15,571 125,404 20.318 174.821 IS,571 145,722 92.358 145,722 190.392 Liabilities: Creditors- amounts falling due wlthin one year (68,790) {147,414) (68,790) (246,7301 Net current assets l (Ilabllltles) 76.932 155.056) 76,932 (56.338) Net assets excluding penslon (liability) 2,297,921 2,266.803 2.297.921 2.265.521 Defined benefit pension scheme (liability) (13.938) 16,494) (13.938) (12,213) Total net assets 2.283,983 2,260.309 2.283,983 2.253,308 Funds: Endowment funds Restricted income funds 22a 1,100.716 392.151 1.071,317 382.690 1,100.716 392.151 1.071.317 373.947 Unrestricted income funds.. Tangible and heritage fixed assets funds Non charitable trading funds General funds 156.802 187.307 22.807 596.188 156,802 187.307 634,314 634.314 620.737 Total unrestricted funds 791,116 806,302 791,116 808.044 Total fund5 2,283.983 2.260,309 2,283.983 2.253.308 Approved by the trustees on 21 st September 2025 and signed on their behalf by- Owen Claxton-lnqham Trustee
Woodbrooke Quaker Study Centre Consolldated statement of cash flows For the ar ended 31 December 2024 Note 2024 2023 Cash flows from operating attivltles Net Income I lexpenditurel for the reporting perlod (as per the statement of financial acrlvltlesl Depreciation charges Lossllprofit) on disposal of assets Exceptlonal loss on disposal Unrealisedlgains Illosses on Investments Movement on defined beneflt s¢heme liability Dividenfls and interest from investments Decreasellincrea5el irs stocks IlncreasellDecrease in debtors (Decreasell Increase in creditors 23.674 1.005 29,500 (3,145,692} 3,111,373 1201,7S31 (57,749) 7,443 (57,272) 170,1541 7,598 1199,3641 110.5451 (48.617) {78.6241 Net cash (used In) operatlng a¢tMtles (180,640) (508,537) Cash flows from Investlng actlvltle5: Dlvidends and interest from investments Proceed5 from the sale of Investments Purchase of fixed assets 57,272 129.000 (885) 70.154 355,000 (3.178} Net cash provided by Investing actlvltles 185,387 421,976 Cash flows from financing actlvltles: Finance cost5 15.7191 Net cash provlded by l {used Inl financlng actlvltles Change in cash and cash equivalents in the year 15.7191 4,747 (92,280) Cash and cash equivalent5 at the beginning of the year 15.571 107,851 Cash and equlvalent5 at the end of the year Analysis of cash and cash equivalents and of net debt 20.318 15.571 At31 December 2024 At l January 2024 Other non-cash changes Cash flows Cash at bank and in hand 15.571 4,747 20,318 24
Woodbrth)kei)JakerStth Centre Notes totheffinattdal statements ActmI1Th polltlÈ$ al Statutory Informatlon Woodbrooke Quaker Swdy Cemre (the charlty) Is a reg15tered unlncorporated chthty in the Unlied Klnydom. The address of the regl$tered offvce Is glven in the charhylnformatEon o page l of thest financial starements. The nature of tht eharity'5 operatlons and prlndpal aciivliies are to provide education for membtr5 of the Religlous Society of Frltnd5 and othors. parriculady In Quaker faith, lrfe and WDrk, and in otherareas of spiFitual. Intellectual and Social benefli. The charlry Constiwtss a publlc b•nefit ekiiry as defined by FRS 102. The flnanclal starement5 ha been prepared In acwrdano wh Accountlng and Reportlng byChatIO$'. Staietnent of RecDmrnended Practlce èppllcable to charftlqs preparing thèir accounts in accordanct ¥wth rhe Firtanclal Reporting Srandard applicable in the UK and Republlc of Ireland IFRS 1021. the Tran£la Reportlno Standard applkable In the Unlted Klngdom and Republic of Ireland IFRS 1021, Ihe Charities Act 201 l and UK CenerallyAccepred Prnttice a5 It applie5 fvom I January 2019. Tbe finanoal stalemenrs are prepared on a golng concem basi5 underthe hlstorlcal cost conventlon. rnodlfted to Include cerraln Item5 at falrvalue. The fikanci& srnternents art prepared In 5terllnp vthlch Ss the functional currencyofthe £harlty- The sign5fThnr accounong pollclÈs appllèd in rhe preparaiion ofthe5e Irkanclal statements are set out below. These polkles have been conslst¢ntW applled to all year$ presented othertvlse srated. b) Basls of yepam The Pihan¢lal statements have been prepared in Èttordaftce Wilh Attountin9 and Reporting by Charities.. Statement of Recommended Praaice applicable to charities preparing their ¢CQunts In aCCOrd&nce With the FiTrènCial aepoTling Standard applicable In tht UK Republic of Ireland (FRS 1021- ICh&rmes SOftP fRS 1021, The Flnanclal Reporting Standard applicable ITh the UKAnd Republlc of Ireknd IFRS 1021 and the Chariileg ki 2011. The financiat staiement5 con501Idate the results ofthe charity and its whollyowned SubsidlaryWoodbr¢oke Quakercentre Llmlted on a Ilrje-by-line basis. A sèparate Statement of Flnanclal Actfvifies and Incorne and Exp2ndlture Account forthe charty has not èeen pr¢sefttrd beuuse thtTrust has taken advaktage of the ex¢mption afforded bykcountlng and Repothng by Charftle5-. 5taremeni of Recommended Pratsice. The financial statemertt have been prepared to 9ive a'true and @W alld have departed from the Charirie5 artd Reportsl Regulation5 20Q8 only th the exient fequired to provlde a ruE and lalrvlew.. Thls departuR has InVold follon9 AttouNling and REparTlng byCh&rkneS preparing their accounts in acc&rdaRte th th Flnalldal ReportlDg standard appllcabk In the UK and Republii of Ireland IFRS 1021 rather than the Accounting and Reporting by Charltles.. Statementof Recommended Pracrice etfectfve from l April 2005 which ha5 since been withdrawn. Assets and liabllltle5 are Initially recognised ai hi510rical t051 or iransaction ¥ue unless othemse stated In the relewdnt accounting poliry or note. ThÈ trustees do hot conslderthat there are anysources of estitttation uniErtalntyal th r¢pDrtlny datE thai have & 51gnificant risk of Causlng a tnatEridl adjustmemt rothe carryln amoun15 of a55et5 and Ilabllltk5 thIn the repDrting perfod. However, Ihere Will be a materlal reduction in the balance 5he as the maiorfty ofthe fixed assè are d15PQ5ed of, 1Ndvdir the fveehald prDPErty. for nll tOnSldeAtion a5 explained in the p05t balante sheet event nore. Publ1¢ bene1 wtfty The charity meets the deftnlNon of a publEc benelt enutyunderFPS IOZ. 25
Woodbr¢oke QuakrStudyCnt¥e Notes to th hala1 5MgmEnrs d31 mber 20 l A11Th9 pollde5 It1nuedj Golng t¢O£gm The ir¥stee5 consider that there a no marerial UnrtaInlIt5 about the charlVs abilltyto conrlDUÈ 3$ a golrng concern. The valu¢ of our invesunents Is sufficieni to any cash flow gap5 for Ihe ne year as we comi)u• to matniar) our bu51ness as expec. The Woodbrooke QuakwStudyCeMre cio$ed on 31 0ctobÈr 2024. but the main leamlng acrivities of the charitywnunue. Incom All Sncomin9 re50urce5 at1 Included in thè Staternenr of Fina1 AcEfvirits (SOFA) ¥Yhen ih¢ charity Is legtyÈnIIt1ed rtsihe Incomtrofterany performance condltlon5 bav been rnet. rhe amount can be measured reliably and Ir is probèble thatthe irtiome w511 bt rèceived. For donatlons to be COgnISed the charity wlll have been nwiflèd of the amotsnis and the 5eÉrlement date ID wrltlng. If there ère Condirn9 attached to donatlon and this qUITe5 a lovel of performance before intltlernentcan be obtalned then Income Is deferred untll Ihost condlllons are ful met orthe fulfilmÈnE of ¢hgse condirions Is Withln the contwl of the apd it is probable ihattheywill be f¥lfilled. For iegaties. entltlemeDr is the earller of the chalY beihg hotlfved of an impendlng distnbution orthe le9ary belng received. Ai ihis polnt IncDrne is rt¢ognlsed. Oh OCC4$1on 9aCleS ¥11 be noDfiod to the thariry however 11 Is not possible ro measure the arnouni expecred EO be d15trfbuied. Qn these occaslorns. legary 15 treated as antIgent asseE and diSt105ed. InvesrmEnr Income is earned through holding assets for investmenr purposes such a5 shares and proytrt¥. It Includes dlvldends and Interest. Where it is not pracritable to ident Inve51mpnt managerntm costs Incurred withln a 5thetne With rea50nable accuracy the Investment incDtne IS reported net of rhe5e cfrsts. Ir IS 5ncluded when the arnounE can be measured relSably. InEere5t Incomo is recogn158d using the Interest merhad and dIdend incorne Is rerogniSed a5 iho Ihaiiry's rlghi LO ie(eive paymeHt is siablished. lttitrest recefvabt¢ Interest on funds held on deposlt Is in¢luded ¥hen retrab]e and the amountcan be measured relIab bytkne tharity.. thls Is normalty upon noUfEcaDOk ofthe Interest paid ot payable by ihe bank. o) Fund acctyjntl The endowment fund% ère held permanently forfuiuFÈ incotne 9enernting purpose5. Restrkted funds are to be ustd for spegfii PUrw5e5 as lald down byihe donar. Expenditurewhlch meers rhese criteria Is charged to ihe fund. Unre5tritted fund5 are donadoTr5 and other incomino resour£es Ye1¥ed or generaipd ftsr the charit3ble purp05e5. DÈ51ynated tunds atE unrestriaed fund5 eamarked by the tru5fre5 for partlcu5ar purposes. 26
WoodbthkÈi)kerStutyCeMtre NDtes to th? ftnanctsl ststetnet r Z024 Attoundng pDllc16 Iconthw h) EKpendltiiie4nd Irrtcovevable VAT Expehdituve is reCnISed •nct th¢r¢ Is a Itgal or construafve obllgation to make a payment to a third paty, it Is probable thar 5eitlement wlll be requlred and the amount ofihe obligation can be measurèd reliabty. Expendlture Is classifiÉd under the followin9 auiwty heattin9S'. The c05rof generatlng fund5 inciudes fundr$19 ¢osr5 whlch comprlse 5alarle5, dlrect expeDdlture and overhe4d c05t5 olthe yaff who promote fvndr8551ngt In(ludlng evenrs. cost of commercial trading operarion$ and rht fte$ ld to i#V¢Sitneni manayets connecOn wirh rhe mana9ttntnr of Th¢ Charity's Investment portf?lio. Th¢ cost of charitable activltles comprlses dlrect costs on the PFOVislon of courses and the advancement cf the Quakerfalth and Include5 dlrect staff c05t5 attrlbutable to the aulvity and an allocatlon oFgeneral management anil overhead c0515. They Include 5UPPQrt C05t5 whSch repre5eni c05ts intyrred ih SuppDrtin9 Lhe prOw$iOn of ¢our5¢5 whi¢h t5 the maln char¢ab1ework ofwotrdbwoke. Support costs in¢lude maR•gement. polity. and Course adtninistraiion ¢ost$. Itrtcovertble VAT Is chèryed as acost a9alnst the actiwty for whl¢h the expendlture was incurred. Tanglbtefixed assets em5 of equlprneni are tapiralised the purchase prace exteeds £SQO. Depreciation tosis are allecaied w acIltieS on the basls Df the use of the related assets In ihtsst auMtie5. Assets are revttV4ed for impairmtnt If ¢lrtym$taAC¢S Indicar* Ihèlrcar9 mayexcèed Iheir net tiallsablt value and val4e Sn use. DepreclatioTr is provided at rares ¢tlated tOl¥fits d(swn the COSLof ¢a¢h ass to 11$ estsmattd residue o¥er its expected useful life. The depreciatlDn rntes in use arè as follows.. FreehDld proptrty Properry refuth15hmenr and improvements HousehDld fumiture and equipmènt 1¢¢ 4uipment IX on (deemed cosii 5-25% on cosi 10-25% an tost 10-25% on Cost Ustod Investments Investfflents are aform of basicfinaneial instFumeDt and are initially rewgnised ai their tyansatuon value and sybsequefit measured attheir faifvalue as aiihÈ baThte sheeLd&¢ uslng the closing quoted tnarket pri¢e. The SratÈmeni of AanCIal ActItieS includes the net gains artd IDsses arlsin9 on revaluatlon and d15P05als throughoutthe year. TheTruSt does not acqulre put option5. or other cornplex financi insLrurnenis. The maln form oifinandal risk faced bythe Iharty 15 Ehar ofvDlatllity In equlty rnarkets and InvesiTnenr tnarket due to er economlc condltions, the attitude OF inv¢styrs to Investment r15k. and Ih3naÈS in sentitnÈnt can(EmIo eauifiE5 and thin Darttcular 5ErtorS or Sub settors. Rea115ed galn5and Iu55e5 All gain5 3nd1055e5 are taken to the Siaternent DF Financ AEtiwiie5 a5 Ehey arise. keali5Ed and losse5 Qn in¥e5tments are calculated as the difference bet4¥een sales proceeds and their openln9 [artng Value QFihelr purchase vut kf acqulred subsequent to the flt day of the flnandal year. ) knvQSnts In subsldlarfes Investmems in sub5idiarie5 are ar0{ le55 Impairment. 27
WoodbrookeiNakÈrStutyCeire NDt•s io th finan¢l41 %M¢men 24 T JD1nq potsrles Iwniinued) Herfrage 355ets Herltage asset5 comprlslng rare books and rnanuscrlpts are IKluded on the balance shee¢a¢avaluatloh dettmiind by th¢Trustees, ¥Ath prof¢s$lonal asslslance. iHJanuary 201 S and based on market value as at that date. Certaln works ofart, donaied to the charity in past yws and which are consldèrÈd io be of hlsioric ImpDrtance and part of the Cenrre, hertta9e. are also Included these accounis ala valuation ¢etermlned by the Trusttes, with professional assisiarKe, lfj Pecember 3021. Such heritage asstis art llot depretiared. Thelr valut and ¢ondlNon Is T¢¢wed anTrufv bv the Trustees who sètlsfted that thelr residual value is Dot lèss than thelr book lUe. m) Debt• Trnde and other debtors are recognlsed at the settlement amounr dtse after any irade discount offered. P*paymÈnts are vdued atthe amouni prewid net of any tyade discounts due. I Cash a¢ bank alld In hand Cash ai bank and cash In hand includes cash and short term hl9hly liquld InvÈsimÈnrs wlth k short matuylty of rhree months or less fvom the dat& tsf acqulsluw or opertlng of the o) Crodrtor5 and prtyAslons Cr¢dlior5 and provislons are reco9nised where the charity has a pre$enr obliyarion resyltiny from a past eveni ihaEvAII probably result In the Transferof funds to aihird party and the amDunt due to settle the obligatiorl can be mea5ureé or estlmafrd reliably. Crtdirors and provisions are normally reco9nlsed ai thÈir se¢tkmeni amount afterallowng forany trade dlscDUnts due. pl F¢NncW Instrymonts The chaTlty only hks financial assets and financial lyabilitles of a klnd that quèllfy a5 basic finafidal InsirumenES. Ba51< fiftBncial ill5trumen are Inltsklly recognlsed at l¥atlSattionvalue and sub5equenMy measured at their selllemtntvalutwÈh the exieptlon of bank loans ¥thich are 5ub5equentty measured araOrrISed t05t using Ehe effe£tive interest methad. 28
woodbro0ktlaketslW1CÈMlrÈ Notss io the fimarrtlal stattmÈMS l Accthmtlng polldes Icontlnuedl ol Pen$lon$ Qn behf ofone employee, the charlty contribui¢d 10 a defined benefirs pension scheme ltheTeacher5' Pen$lon Scheme) a 5chemo provldSng benefits based on final pen5Ionable pav. The a55eis ol the scherne are held and manh9ed separately fFom those of the charity. The expecied cosiofprovldlng penslon5, as calculatsd periodically bythe Coyernrnent Actuary. is chaT9ed to the StstÈment of Flnancial ActIvS $0 as to Spread the cost of penslons ovtr employees, wrklhg lives With the ¢harfty. in such a waythat the pea51on cost Is subsièntlly a level percenta¢e cf curient and expected futur pons1ble pavroll. The Ch11¥¢0n1nbutts tothe UDillsed Ethical Plan and thé Flexible Retlrernent Man offered byThe PenslonsTrusi wSth One employee In tach. Thèse arè rnoney wrchase schemes deslgned to provide ret1ment benefi to employees. Tht schetne$ art multl-¢mploytr pithsion pfans where li Is noi posslbie to Separa[e Idenrlfy the a$$ets and Ilabilttl¢s Of partl¢lpatln9 employers.Therefore, the charfty's acwunt$ InclLhle penslon costs payable In respeci to the plan on adefined contribution ba51S. Denned bEneffit 5chErne'. The charlty Partlclpare5 In the PeAStonTrust's Gro¥th Plan. The Gro¥¥th Plan SÈrie$ 1, 2 and 3 were In rnosi respects rnoneypvrcha5e arranoements bUtth some guartteÈ5.The Crowth Plan Ser5 4. to whlch the charitycurrentWcontribuiQS Is adefintd coniriburlon scheThe, Is a multS-employerpenslon plaTrthere It 15 nct PC*SSiblÈ w separaiely identlfy rhe asst15 and liabiliTr¢5 of participating employer5.Therefore. the charirfs attounts ihtludÈ pe$10 c0$15 payable in respeu to rhe plan on a defined coniribution basis. Additional dlsclosures in relaiKJn ttsihe DeAslon art In the ¥oiès below. Defined con1rf¥iOTr sche.. The charity<oniributes iowards the person penslon plan torone employee. 29
Woodbrook£ Quak4r51wCentye Nttreslgth¢fln¢IaI swemeThts Forth convarat£ foribo star¢meThtof attlthes 2023 As rtsiared Total Unrestrlcted Resiriued Endowment Incomtfrom: Donations ard It9acies Charftsble actItIeS Comrnerclal rradlng operatlcns Investment5- returrss and salÈs Rental income 469,187 342,407 336,096 334.234 803,421 342,407 336,096 70,154 8,743 Total Income EKpendlturt•n'. Raising fund5 Charftable actItieS Commeitial irading oplrafjons Excewional Ios5 on dlsposl of study téntrÈ sits Tor41 1,209,101 342.977 1.5S2.078 5.876 5.676 1,501.026 287,167 36S.045 287,167 4,540,197 365,045 4,905,242 N•t Iorne I txpendliure befo¥egaln5 1 Oo55esl on In¥thineikts (22.0681 13.353,1641 Net galns I Ibsses) on Investments 80,27S 25,665 9S.813 201.753 Net Incorne l expendlE 3,597 95.813 Nei Incomo l (WWndra) b•f•re rc09n1std gn losses 3.S97 95.813 ains l Oosstsl on fevaluaTron of pension Itability mDvement In fund5 5.719 5.719 13.245.102) 3.S97 95.813 13,145.692) Tot4lfunds bFDuyhtfon¥ard 4.051.404 379,093 975.504 5,406.OQI Total funds carrfed forward 806.30Z 382.690 2.260,309 Incornefrom th)n5 ind leyads 2024 2023 Total Unre5£riCted Restricted Endowrnent Unrestricted Restrftted Donations r5&rte5 171.167 193.491 193.491 io.000 175.435 424,495 io.000 75.790 331.600 75.790 336.47Q 175.435 100.261 Grahts 4.870 324.234 S78.557 4.870 583.427 469.187 334.234 8D3.421 Courses •hd lated Itts 2024 Z023 YoEal Vnre5Erftted Endowment UntÈSErftted RE51rfcted Studenifee5 Other 332,246 19,875 33Z.246 19.875 303.398 39,009 303,398 39,009 Total for course5 related fee5 352.121 342,40Y 342,407 from Investhients 2024 20Z3 Total Unrestric Restrittod EndowmEnt Unrestricted Restrlcted InsEMent Sank intere5r 31,249 5Z5 8.371 17.127 56.747 525 61,Z45 166 8,393 350 69.638 31.774 8.371 57.272 8.743 70,154 30
loo c¢ci r Mi00- 4>)C+m o I I I w i o I I
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Woodbrooke Quaktr Study Centr* Notes to the financlal statements 24 Net (expendlturelllncome forthe year Thls Is stated after char9lng I IcredStlngl'. 2024 2023 Depreciation Loss or profit on disposal of fixed assets Exceptional loss on disposal of ftxed assets Audltor's remuneration (excluding VAT).. Fees for audlt of the flnanclal statements 1.005 29,500 7,000 3,111,373 20,005 19.600 Anatysls of staff costs, trustee remuneratlon and txpenses, and the ¢ost of key management personnel Staff costs were as follow5.. 2024 2023 Salaries and wages Redundancy and terminatioR tosts Social Security Costs Pension costs 546.992 4.257 49,659 38.249 884,317 82.078 77.109 71,435 639.157 1.114,939 One employee eamed more than £60.000 during the year 12023.. nill. Arnanda Cooper, CEO, earned £68, 710 plus ernployers national insurance and employers pension contribuiion. The total employee beTrefEts (including pension contribuEions. employer's natlonal Insurance and redundanry paymenEsI of the key management personnel were £258.730 12023.. £235.5421. The charity rru5tees were neither paid nor received any other benefits from employment with the charity in the year12023.. £niEI. One charity tTU5tee received paymenr for professional services supplled to the charity amountinq to £577 12023." £nill. Trustees. expense5 represents the payment or reimLiursement of travel and 5ub515tence costs totallill9 £1.70012023= £2.5471 incurred by l 0 12023.. 61 members relatinq to attendance at meetinqs of the trustees. Staff number5 The average number of employees Ihead count based on number of staff employed) during the year was 1712023= 361. Staff are split across the activitie5 of the charty as follows {headcount basis).. 2024 No. 2023 No. Commercial trading operation5 Provision of courses and advancetnent of Quaker faiih and related 5UPPOrt services Management governance and admlnlstratlon of the charity 13.0 27.0 17.0 36.0 10 Related paktytransactlons There are no related party tran5actsons to disc105e for 2024 12023.. none). There are no donations from related partles which are outside the norma] course of buslne5s and no restricted donatlons frgm related parties. 33
Woodbrooke Quaker Study Centre Notes to the financlal statements For the r ended 31 December 2024 I l TtIon The charity is exempt frorn corporatlgn tax as all IES Income Is charitable artd is applied for charitablo purposes. 2024 2023 VK corporauon tax at 25% 12 Tangible fixed assets Office equipment Totsl Cost or deemed cost At the start of the year Additions in year Disposals in year Reclasslflcation 37,700 885 37.700 885 2,200 2.200 At ihe end of the year 40.785 40.785 Depredatlon At the start of the year Charge ft*r tbe year Eliminated on disposal Recla55ification 27.193 1,005 27.193 1.005 2.200 2.200 At the end of the year Net book Wdlue At the end of the year 30,398 30.398 10,387 10.387 At the start of the year 10.507 10.507 Offlce equlpment Total C95t or deemed cost Ai the start of the yeaT Addltlons In year DtSPOsals in year 39.900 885 39.900 885 At ihe end of the year 40,785 40.785 Depredatlon At the start of the year Char9e ftsr the year Eliminated on dlsposal 29.393 1.005 29,393 1.005 At the end of the year Net book value At the end of the year 30,398 30.398 10.387 10.387 At the start of the year 10,507 10.507 34
Woodbrooke Quaker Study Cent Notes to the financlal Statements Fortht ar ended 31 D 13 Herltage assets Works and ManuscrSpts Rare books Total Valuation at l January 2024 Revaluaiion In year Sold or rehomed in The Y¢ar 133,300 43,500 176,800 129,5001 129,5001 Value at the 31 December 2024 133.300 14.000 147,300 The Charlty owns varlous rare books and rnanusrripts which are acknowledgèd to be of hlsiorlc ImporEance and whlch are retalned as part of rhe Charity's heTirage and under the objects of the charity. The books and manuscrlpts are deemed. theTefore, to be heritage fixed asseis and have been included In the accounts ar a valuatlon determined by the Tru5tee5. Wjth professional assfjstan. Such asseES are not depreclaied. Thelr value and condition are reviewed annually by the Trustees who ale satisfied that their resldual value Is not less thaTr thelr book value. In January 2015. Ihree independent Ilbrarians provided a valuation. which remalned unchanged from the previous valuation car¥led our Sn 20Q8. The Charity owns certaln work5 of art and manuSCflPts, valued at £14,000 as ar 31 December 2024, which were donated to rhe charity past year5 and which are considered to be ol importance and part of the Charity's heritage. The colieciion was valued by Fellows & Son5 LimTted. Auctioneets and Valuers. Birmingham as at 31 December 2021 on the basi5 of replacernent cost. The Tiustees have decided to attempt to sell or donaEe these item5 EO variou5 Museum5. Quaker In5titution5 or Charities. The Charlty holds a rare visitors. book donated by Sir Adrian Cadbury which Is not recogn15ed in the Balance Sheet as cost inforrnation is not readily avallable and the Trustees believe that the benefjt of obtaining a valuarson for this item would not justify the cost. The visitors, book wa$ 9ifted to the Chariry alld the¥efore has no original cost. The Trustees are of the opinion that should a Wdluatitsn for the book be obtained, Ihat the valuatlon WOLtld not be material in the context of these account5 and is incidental to the main attltieS of rhe Charity. Consequently, further di5c105ures are noi deemed nece55ary. 35
Wtsodbrotske Quaker Study Centre Notes to the flnandal Statements 14 Llsted Investments The group 2024 The charlty 2024 2023 2023 Fair value at the start of the year Impalrmeni of Investmenr In subsldlary Disposals 2.134,552 2,287,799 2,134.552 2,387,799 i 00.0001 1355,0001 (129,0001 13S5,0001 1129,0001 2.005,552 1,932,799 2,005,5S2 1,932,799 Net galn I Ilossl on change In falr value and sales 57.750 201,753 57.750 201,753 Falr value at the end of the year 2,063,302 2,134,552 2.063.302 2,1 34,552 Investments comprlse.. The group 2024 The charfty 2024 2023 2023 UK Common Investrnent funds 2,063,302 2.134.552 2.063.302 2.134.S52 2,063,302 2,7 34,552 2.063,302 2.134,552 The historic cosr of these investments totalled £l.400.012 12023.. £1.400,0121. The Manager5 of the CCLA Charities Ethical Investment Fund identify four main risks. InvesEof5 are exposed to market price risk. which can be deftned as the uncerralnty abOt future price movements of the fianCIal instrument5 the Fund 15 Invested in. There 15 a credit risk in that the Fund's transactions in securitie5 expose it to the risk that the counterparry will nor deliver the investment for a purchase or the cash for a sale. There is a IiqL55dity risk if the Fund 15 unable to meet the payment of any redemption of units thar unitholders may wish io make, and there is a currency risk in that Ehe Fund Is exposed to fluctuatioins in forelgn currencies as some of its assets and revenue are denominated in currencles other Ehan Sterling. the base currency of the Fund. Woodbrooke Trusree5 are satisfied Ihat the investment manager has suitable and robust practices tg mitigate Ehese rSsks. and provtdes appropriaie annual reportin9 to investors. 36
Woodbrooke Quaker Swdy Centre Notes to the Ilnanclal ststements Èar ended 31 Dece 15 Subsldlary undertaklng The charity owned the entlre share capltal of Woodbrooke Quaker Centre Limited, a company Incorporated in England and Wales, whose principal artivity Was the p¥ovlslon of conference facilities and accgmmodation. Subsequent io the year end the company was struck off the reqister. 16 Parent tharlty Thé paroni charltys net Incomellexpenditure) for the year are distlosed as follows.. 2024 2023 Net incomellexpendlturel 23,676 13,277,5331 17 Debtors The group The charlty 2023 As restated 2024 2024 2023 Trade debtOTS Other debtors Prepayments and accrued Income 13,0101 220 128,194 46.045 12.462 18.280 13.0101 220 128,194 46.045 110.496 18.280 125.404 76.787 125,4104 174.821 18 Credlwr5- amount5 falllng due wlthln one year The group 2024 The rharlty 2024 2023 2023 Trade credKtors Taxation and Social security and pension5 Arnounts due tt) group undertaking5 Accruals and olher creditors 22.091 40.478 65.773 37.309 22,091 40.478 65.773 32.594 i 00.000 48.363 6,221 44.332 6.221 68.790 147.414 68.790 246.730 19 Provlslons for liabllltles In accordance with FiTrancla] Reporting Standard 102. the charity ha5 iecognised a provlsion for the future deficit contributiotb payments it 15 required to make under the terms of its merllbeiship of The Penslons Trust Growrh Plan pension plan. Movements In the provlslon are recognlsed in the Siaiement of Financial Actlvitie5. (See below notes for funher derail of the GrowEh Plan). The gEOUP 2024 The chaifty 2024 2023 2023 Balance at the beginning of the year Correction to pension reserve Amount provlded in the year Amount released In the year 6.494 5.719 1,725 12.213 12,213 12.213 1.725 15.7191 Balance at rhe end of the year 13.938 6.494 13.938 12.213 37
Woodbrooke Quaker Study Centre Notes to the flnanclal statements l December 2024 20 Penslon schemes The charl$ employees belong to two principal pension schemes.. the Teachers, Pension Scheme England and Wales (YPS for academlc and related stafFwhlch Is a defined benefit scheme and a defined contribution scherne with The Pensions Trust. In addlilon Woodbrooke contributès to the personal penslon plans of cerraln employees. The penslons charge represenrs employer contributions lincludlng salary sacrifvcel payable to all schemes of £38,249 12023.. £71,435). The Teachers, Penslon Scheme The Teachers, Pens50n Scheme ffPS or scheme) is a statutory, unfunded, defined benePLt occupational scheme, governed by the Teachers, Pensions Regulations 2010 las amended), and ihe Teachers, Pension Scheme Regulations 2014 las amended). These regulations apply to teaehers in schools and other educational establishments, Includlng academies, in England and Wales thaE are maintained by local authorifies. In addltion, teachers many Independeni and voluntary-alded schoo15 and Eeachers and lecturers In some establlshments of further and h¥gher education may be eligible for membèrship. Membeishlp Is automatic for full-ttme teachers and lecturers and, from l January 2007. automatic too for teachers and leaurers In parr-tlme employment following appointrnent tsr a change of contract. Teachers an£1 lecturers are able to opt out of the TPS. THE TÉACHERS. PENSION BUDGING AND VALUATION ACCOUNT Although members rnty be ernployed by various Fjodies. their retirement and other pension benefits are set OL5t ill regularion5 rnade under the Supeiannuation Act 119721 and Publlc Service Pensions Att (20131 and are paid by public ftjnds provided by Parllament. The TP5 is an unfunded scheme and members conrribute on a 'pay as you go 'basis- contribution5 from membets, alon9 Wlth those made by employers. are credited to the Exchequei under arrangements governed by the above Acts. The Teachers. Penslons Regylations 2Ql Q require an annual account, the Teachers. Pension Budgeting and Valuation Accouni, to be kept of ieceipt5 and expenditure (including the c05t of pension increasesl. Frorn l April 2001. the Account ha5 been credited with a real rate of return. which is equivalent io assuming that the balance in the Aicount is invested in notional investments that produce that real rate of return. VALUATION OF THE TFACHERS. PENSION SCHEME As a result of Ihe latest scheme valuation employer contrlbutions weie increased In September 2019 from a rate of 16.4% to 23.6K Employers also pay a charge equwalent to 0.08% of pensionable salary costs to cover administration expenses. The next valuation is expetted.to take effect in 2023. A copy of the laiesi valuatlon report can be found by following thls link to the Teachers. Pension Scherne website.. https'.Ilwww.teacherspellslon5.co.uklnewslernployersl2019104lteacher5-pensson5-valuarlon-report.a5PX SCHEME CHANG In DecembEr 2018. the Court of Appeal held that tran51tional protection provisÈon5 contained in the reformed Judicial and firefighter pen510ri schemes. introduced a5 part tsf pub14c service pension reforms in 2015, gave rise to direct age discrlmination and were rherefore unlawful. The 5upreMe Court. in a decision made in June 2019, rejected the Government's application for permissioTh to appeal rhe 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 membe¥5 of the two Schemes who were subjett of the age dlscrlmination. Since then, claims have also been lodged against the main public sery(ce schemes inclLEding the TPS. The Department has conceded those ITh line with the resi of the government. In July 2020 HM Treasury launched a 12-week public consultation which will provide evidence to 5UPPOrt ihe delivery of an appropriate rernedy for the affected schemes, includ5ng TP5. A flnal remedy will be determined ollce the result5 of the consultation are established. lrt Dember 2019, a furrher legal challenge was rnade against the TPS relating to an identified equalities i55ue whereby rnale survivors of opposi*-sex marriages arbd civil partnerships are treated le55 favourably than Survivors in sarne-sex mar¥iages and civil partneiships. The Setretary 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 change5 are necessary to a¢Jdre55 thas d15crimlnarlon. Any impart of these events wlll be kell Into accounr when the next scheme valuatlon Is Implemented. This Is scheduled to be Implemented In Aprll 38
Wtsodbrooke Quaker Sfudy Centre Notes to the flnanclal statements For the ar ended 31 December 2024 20 Penslon schemes IcLinrlnued) The Penslons Trust The cornpany participates in the scheme, a multl-employer scheme whlch provtdes benefits to some 521 non-assoclated participating employers. The scheme Is a defSned beneflt scheme the UK. It 15 not possible for the company to obtaln sufficient informatlon to enable It io account for the schème as a deflned benefli scheme. Therefore It accounts for the scheme as a defined contribution scheme. The scheme is subject to the hnding legTslation outlined in the Pensions Acr 2004 whlch carne into force on 30 December 2005. This, togetheT Wlth documents issued by the Penslons Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, Set out the framework for fijndlng deflned beneflt occvpatlonal penslon schemes in the UK. The scheme is classified as a'last-man standing arrangement.. Therefore the company Is potentially Ilable for other participating employer5. obll9atlons if those employers are unable to meet their share of ihe scheme deflcit follo%ving wlthdrawal from the scheme. Partlclpating employers are legally requlred to meet thelr share of the scheme (Jeficit on an annuity purchase basts on withdrawal from the scheme. A full actuarlal valuatlon for the s£heme was carrled out at 30 September 2023. This valuation showed assets of £514.9m. 1Sabllltles of £531.Om and a deficit of £16.I m. To eliminate this funding shortfall. the Trustee has asked the participating employers to pay additional contributions to the scherne as foll¢)ws.' From l April 2025 to 31 March 2028- £2,100.000 per annum (payable rnonthlyl Note rhat the stheme's previous valu&iion was carried out wlth an effectlve date of 30 September 2020. Thi5 valuation showed assets of £800.3m. Ilabllities of £831.9m and a deficlt of £31.6m. Tts eliminate this funding shortfall. rhe Trustee asked the partlclpatlng employers to pay additional onttibutions to the schetne as follows: From ) Aprfl 2022 to 31 January 2025.. £3.312.000 per annum (payable rnonthtyl The recovery plan contributions are allocated to each parti£ipating employer in line wlth their estimated share of the Serie5 1 and Series 2 scheme Where the scheme is in deftcit and whefe the company has agreed to a deficit funding artangetnent the company recognises a liabilÉty for this obligatlon. The amount recognised 15 the net present value of the deficit dcl10n contributions payable ynder the agement that relale5 to the deficit. The present value is calculated using the di5£0unt rate detailed in these disclosures. The unwinding of the discount rate is recognised a5 a finance cost. At31 December 2024 £000 At l January 2024 £000 Present tUe of the p$10n Present value of provisloD 14 At31 December At l January 2024 £000 Reconclllatlon of openlng and closlny pmvlslon5 2024 £000 Provision ai start of period Unwlndtng of the discount faaor lintere5t expensel Deficit COnEributlon pald Re-mea5urernent- impatt of any chan9e in assurnptions Re-rneasurement- arnendments to the contfibution schedule 161 161 14 Provlsion at end of period At31 December 2024 £000 At l January 2024 £000 Income and expendltuie Impart Interest expense Re-measurernents - Impact of any change in assumpt40n5 Re-rnea5urements amendmenis EQ the contrlbutlon schedule 14 14 39
Woodbrooke Quaker Swdy Centre Notes to the financial 5tstements ended 31 Decembor 2 20 Penslon schemes Icontlnued) The $[¢$ Trust At31 Dèctrnber 2024 % per annum At l January 2024 % per annum As5umptlons Rate of discount 5.31 The discount rates shown above are the equsvalent sln9le discount rates whlch, when used to discount the future recovery plan contrlbutions due. would qlve the same résulis a5 uslnq a full AA corporate bond yleld cufft to discount ihe same recovery plan contrlbutlons. 21 a Analysls of group net assets between fvnds (current yeafi General Unrestricred Designated Restrltted Endowment Total funds Tangible fixed assets Heritage a55ets lllvestrnents Net current assets Pension liabllfty 10,387 147.300 10.387 147,300 2,063,302 76.932 (13.9381 570,435 77.817 113.9381 392,151 1,100,716 18851 Net assets at 31 December 2024 634.314 156.802 392.151 .100.716 2.283,983 21 b Analysls of group net assets between funds Iprlor yearl- As restated General Unrestritted De5ignaied Restrlcted Endgwment Total funds Tangible fixed assets Heritage a55ets Investments Ner current assetsllliabilitiesl Pension liability 10.507 l 76.800 10,507 176.800 2,134.552 155,0561 16.4941 68Q.545 (55.0561 16,4941 382.690 1.071.317 Net assÈts at 31 Decembei 2023 618.995 187,307 382.690 1.071,317 2.260.309 40
Woodbrooke Quaker Study Cenire Noies to the financlal statements ren ed 31 December 2024 22a Movements In funds (currentyear) At31 Dtctmber 2024 At l January 2024 Income Expendlture Galnsllosses Transfer5 Endowment funds General permaneni endowment fund Trusree permanent endowment fund Helen Dixon perrnanent endowmenr fund Friends Loan permanent endowment fund 233,749 517,942 263,545 56,081 5.709 11,418 15.7091 111,4181 6,414 14,213 7.233 1,539 240,163 532,155 270,778 57.620 Totsl endowment funds 1.071,317 17,127 117,127) 29.399 1.100.716 Restricted funds: GeneTal Bursary funds Hoffman BuF5ary fund Resrritted Grants Catchpool Fund Total resrrlcred funds 30,237 23,163 898 688 31.135 23.8SI 329.290 8,371 18,3711 7,875 337,16S 382.690 8.371 18.3711 9.461 392,151 UnrestrIcl funds: Desigated funds.. Tangible and heittage assets 187,307 0,5051 156.802 Total designated funds 187,307 (30.5051 156.802 General funds 596.188 967,322 1969.167) 17.164 22.807 634.314 Totdl unrestrlcted charlty funds 783.495 967.322 1999.6721 17,164 22.807 791.116 Non-charttable subsldlary fund5 22.807 (22.8071 Total funds 2.260,309 992,820 11.025.170) 56.024 2.283.983 The nartative to explain the purpose of each fund 15 given at the foot of the note below. 41
Woodbrooke Quaker Study Centre Notes to the hnanclal statements For the 31 Decem 24 22b Movements In funds Iprfor yearl - As restated At31 December 2023 At l January 2023 Income Expenditurè Galnsllosses Transfers Endovmient funds General permanent endowmeni fund Trustee permanenr endowrnent fisnd Helen Dlxon pernianet edoWmel fund Frlend5 Loart permaneni endowment fund 212,842 471,616 239,976 51,070 20,907 46,326 23,569 5,011 233,749 517,942 263,545 56,081 Total endowment funds 975.504 95.813 1,071.317 Restrlcted fund5: General Bursary funds Hoffman Bursary fund Dam Fund Restricted grants JRcr BYM Catchpool Fund 32,815 21.327 20,200 2,398 1,836 14.9761 30.237 23.163 {20,2001 11 0,0001 1120,0001 1200.0001 19,8691 i 0.000 120,000 200.000 8,743 304,751 25,665 329.290 Total restricted funds 379,093 342.977 1365.9451 25,665 382.690 Unrtstrfcted fund5'. Deslgnated funds- Tangible and heritage assets 3,302.502 13,1 11.3731 13,8221 187,307 Total designated funds 3.302,502 13,111,373) 13,8221 187,307 General funds 775.024 873,005 (1,141.657) 85,994 3.822 596,188 Totsl unrestritted fund5 4.077,526 873,005 14.253,0301 783,495 Non-charltable sub51dlary funds 126,1221 336.096 1287,1671 22,807 Total fund5 5.406,001 1.552,078 (4.905.242) 207.472 2,260,309 Restatement of comparatlve group figures DrIng the current accounting period an error was discovered relating ro the pre comparatSve con501idated financial statements. As such a prior year adjustmellt ha5 been processed in these flnanclal statements that has had the effect of reduclng pre comparative opening general fund5 by £204,948 WSth a simllar adjusiment made Into other debtors. Purposes of endowment funds The general perrnartent endowment fund was established in 1945 and i5 represenied by fixed asset investments. The Trustee permanent endowment fund was established in 1970 and Is represenied by fixed asset investrnents. The Helen Dixon pernianeni endowment funfl was established an 2007 and 15 represented by fixed asset Investments. The Friend5 Loan permanent endowment fund is represented by fixed asset inve51ment5. An analysi5 between the initial gifts and subsequent increases and decreases is not available. Income from all fvnd5 may be used for general purpose5. 42
Woodbrooke Quaker Study Centre Notes to the financlal statements Fortht ar ènded 31 D&èmb r 2 24 22 Movement In funds (contlnued) Purposes of restrirted funds General Bufsary Fund5.' These funds provlde for students or groups wishing to receive financial support to study wlih Woodbrooke. Hoffmann Bursary Fund.. Derived from a lègacy from the estate of Ralf Hoffmann, thls Is a bursary fund to asslst students with longer perlods of study. Dam Fund= A fund to pay for the repalr of a dam and welr In the grounds. Thi5 wa5 fulty Spent during 2023. Restritted Funds- The specific purposes for which the funds are to be applled are as follows: JR Fund.. This represents amounts receivable relatlng to all learning activities, but not to property. The property wa5 dlsposed of In 2023 so this grant Is not shown as restricted in 2024. BYM Fund.. Thls represents amounts recelvable relating to all learning actlvltles. but ntx to properry. The property was dlsposed of in 2023 so thls grant is nor considered restrfcted in 2024. Catchpole Fund= The fund provides financial asslstance to enable people from maiThland Europe to take part in courses and events run by Woodbrooke both in thé UK and mainland Europe. Transfers from restrlcted funds to unrestritted funds represent the recharging of overheads and other costs to the relevant restrltted fund. A transfer frorn unrestriaed funds to a restricted fund ensures the latter fund Is not overspent. 23 Contlngent Llablllty The Corder and Gwen Catchpole Bursary Fund received a substantial bequest in 2002 and thi5 subsequently became a resiricred fund within the chari under a 2009 Uniting D1ctIon from the Charity ComrniSSLon. Following clarificatiort of the legal position re9ardin9 thi5 bequest under German law, the TrLtstees have been informed that until the year 2050. and given cert&sn circurnstances. there 15 a potential claim Ihai may be tllade by Specific de5cendant5 of the testator against the charity for Q50.000 as valued at 31 December 2024 i.e. half of the original legacy. The Corder and Gwen Catchpole Bursary Fund is CLsrrently valued at £130,536 12023= £112,633) in exce55 of this surn. No provisÉon has been made in these accounts for any arnount that May be payable. 43