Notes for 2016Annual Accounts Presentation

Notes for 2016Annual Accounts Presentation

Consolidated AM and LM

• The £23,501forBYM consists of £15,446 from Friends’ BYM committed giving (including £1,945 in Gift Aid)plus £8,055 contributed from LM funds. In addition, AM Friends sent another £5,130 directly to BYM.

• AM received a total of £9,020 from the LMs during 2016. This consisted of £5,570 from Friends’ AM committed giving (including £783in Gift Aid) plus £3,450 contributed from LM funds.

• Gift Aid reclaimablefrom HMRCfor the LMs totals £4,914.

• AM administration includes the cost of producing newsletters and membership lists; our annual subscriptions to Suffolk Churches Together, Suffolk Community Action, Regional Gathering and the Churches Child Protection Agency as well as the annual support for the Paxton Accounting software and the AM’s web site.

• AM paid for 11Friends to attend the following conferences and training courses:

Quaker Life Representative Council—Seija Tattersall, Leiston LM
Quaker Peace Social Witness—Virginia Marshall, Ipswich LM
Catching the Light Conference—Barbara Richardson-Todd, Ipswich LM
Catching the Light Conference—Virginia Marshall, Ipswich LM
Reading Quaker Faith & Practice—Julia Smith, Bury St Edmunds LM
Safeguarding Course—Mike Medhurst, Ipswich LM
Being a Quaker Clerk—Barbara Richardson-Todd, Ipswich LM
Quaker Prison Chaplains Conference--Helena Woddis, Ipswich LM
Eldership Conference—Martin Hayden, Bury St Edmunds LM
Eldership Conference—Andrew Sterling, Ipswich LM
Exploring Oversight—Mike Akehurst, Bury St Edmunds LM

AM also gave £100 to the bursary for Junior Yearly Meeting.

• LM administration costs consist mainly of postage, stationery and membership subscriptions.

• LM supplies costs include cleaning products, refreshments, kitchen equipment and hearing loops.

• Fund balances (plus debtors and minus creditors) at 31 December 2016 were:

Fund / Balance / Consists of
AM General
Designated / £6,053
£5,000 / Cash in Co-op current account
Cash in Co-op current account
Bury St Edmunds / £35,490 / Cash in Co-op current account and Triodos Ecology Building Society savings accounts
Diss / £4,332 / Cash in Co-op current account
Felixstowe / £4,629 / Cash in Co-op current account
Ipswich / £48,771 / Cash in current account and CCLA account
Leiston / £22,596 / Cash in Co-op current account and Triodos savings account
Woodbridge / £2,204 / Cash in Co-op current account

AM and theLMs can use the above balances to calculate their reserves and discretionary spending.

Reserves equivalent of six months’ expenditure should be retained. AM should also retain its designated bookkeeping fund of £5,000,and Ipswich and Leiston LMs should retain the upcoming year’s estimated building maintenance and repairs costs. Amounts held in excess of these amounts are available for discretionary spending. Please note that, as of 31 December 2016, AM has £2,300 available for discretionary spending.

Because discretionary spending should support the charitable purposes of the AM, donations can be given to the Bury St Edmunds Meeting House Fund, the AM Meeting Houses Fund, Britain Yearly Meeting and to international and national Quaker and Quaker-related charities (e.g., Quaker Peace & Social Witness, Quaker United Nations Office, Quaker Housing Trust, Quaker Social Action, Woodbrooke, Glebe House). Donationscan also be given specifically to fund a BYM concern (e.g., peace or sustainability) or a tested and adopted AM or LM concern.

• LM special collections, totalling £9,292, were made for the following 41 charities:

Quaker
Brumana and Ramallah Quakers / Quaker International Education Trust
Quaker Homeless Action / Friends Housing Bursary Trust
Leap / Quaker Social Action
West Midlands Quaker Peace / Woodbrooke Quaker Study Centre
Cape Town Quaker Peace Centre / Quaker Service Belfast
Glebe House / Quaker United Nations Office
Quaker Concern for Animals
Non Quaker
Médecins Sans Frontières / Fellowship of Reconciliation
Action for Children / Medical Aid for Palestine
Himalayan Children / David Nott Foundation
Save the Children Fund / Drone Wars
L'Auberge des Migrants, Calais / Nepali Children’s Trust
Campaign Against Arms Trade /

Coastal Accessible Transport Service

Peace Direct / Leiston Youth Club
Literacy Trust / Suffolk Refugee Support
Peace Pledge Union / Ipswich Winter Night Shelter
Shelter Box / CalAid
Christian Aid / Freedom from Torture
Refugee Council / Practical Action
Suffolk Young Carers / Canon Collins Educational Trust
Salvation Army Xmas Day Appeal / Conscience

Linked Charities

• The Property Charity pays for buildings, contents and public liability insurance and quinquennial surveys andholds the BSE Meeting House and AM Meeting Houses Funds for capital repairs and maintenance.

For the past several years, the Property Charity was having to use its restricted fund’s reserves, because its annual investment income was insufficient to cover the costs of the quinquennial surveys, insurance and recoupment payments (see below). After reviewing possible sources of additional income, the trustees asked the Local Meetings to reimburse their shares of the cost of the buildings, contents and public liability insurance to the Property Charity starting in 2017. All six Local Meetings have agreed. Bury St Edmunds and Leiston Local Meetings have also agreed to reimburse their shares of the recoupment payments.

• Investment management fees taken prior to dividend distribution were £2,755 for the Property Charity and £7,854 for the Richard Waynforth Trust.

• The Richard Waynforth Trust investment portfolio had an annual gain of £67,521, and the Property Charity investment portfolio had a gain of £13,716. The Property Charity’s recoupment investments(see below) had anannual gain of £11,610.

• The Agnes Moss Bequest’s property at 21 St Nicholas Street, Diss, increased in value by £25,000 to £175,000.

• The AM Meeting Houses Fund awarded £395to Leiston LM forthe cleaning of the Meeting House gutters.

• Ipswich LM made a £10,000 contribution to the AM Meeting Houses Fund.

• In the 1980s, some land belonging to Ipswich & Diss Monthly Meeting United Charities at Tower Ramparts, Ipswich, was sold for the enlargement of the Marks & Spencer store. About £125,000 was raised. The Charity Commission gave permission for £103,000 of that money to be spent on refurbishment of the three meeting houses then in the Monthly Meeting, as follows:

Date of Scheme / Meeting House / Sum Spent / Annual Payment
11.08.1986 / Bury St Edmunds / £16,000 / £144
09.03.1987 / Ipswich / £30,000 / £270
13.11.1987 / Leiston / £57,000 / £513

Authorisation to spend the funds was on condition that accounts were opened for recoupment of the sums over a period of 40 years at the rate of 0.9% per annum with the Official Custodian of Charities. These repayments, totalling £927 a year, are payable until 2026/27. The value of the amount held with CCLA was £91,864.48 on 31 December 2016. When the capital and income become accessible in 2026/27, the capital will be added to the Property Charity’s endowment fund.

• The Richard Waynforth Trustawarded grants totalling £5,928 to eight members and attendees from Ipswich & Diss Area Meeting and two from Southern East Anglia Area Meeting.

• Further details on the fund balances (plus debtors and minus creditors) at 31 December 2016are:

Fund / Balance / Consists of
Agnes Moss
Restricted
Endowment / £19,496
£175,000 / Cash in current and deposit accounts
Market value of 21 St Nicholas Street, Diss
Property Charity
Restricted
Designated
Endowment / £660,460
£188,131
£134,089 / Market value of BSE Meeting House extension and recoupment funds
Cash in current and deposit accounts and market value of investment portfolio for Property Charity, AM Meeting Houses Fund and BSE Meeting House Fund
Market value of investment portfolio for PC
Richard Waynforth
Restricted
Endowment / £80,948
£667,141 / Cash in current and deposit accounts and market value of investment portfolio
Market value of investment portfolio

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