BYM reserves grow thanks to legacies
The financial surplus was ‘against expectations’, said BYM in its statement.
Britain Yearly Meetings (BYM) reserves increased by nearly seven per cent in 2020, according to the annual report released last week. The figures show that BYM’s reserves grew from £86 million to £92 million, despite a seventy per cent loss of revenue from its trading company the Quiet Company, due to the closure of Friends House and Swarthmoor Hall during the pandemic. For the first time in history, the Quiet Company has reported a net loss, it said. Trustees said they are confident that it will return to profitability after the pandemic is over.
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