Charity Registration No. 1034774
FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs J S Gooch Mr P Harris Ms A Badamchi-Zadeh Ms E Hood Mrs D Sears
(Appointed 6 March 2023) (Appointed 6 March 2023) (Appointed 7 March 2022) (Appointed 7 March 2022) (Appointed 6 March 2023)
Charity number 1034774 Principal address 36a St Giles Oxford OX1 3LD
Independent examiner
Shaw Gibbs Limited 264 Banbury Road Oxford Oxfordshire OX2 7DY
FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 14 |
FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their annual report and financial statements for the year ended 31 December 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's deed of trust, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
Structure, governance and management
The trustees who served during the year and up to the date of signature of the financial statements were: Mrs J Gooch (Retired 7 March 2022; Re-appointed 6 March 2023) Mr P Harris (Retired 7 March 2022; Re-appointed 6 March 2023) Mr K Henderson (Retired 7 March 2022) Dr P Naden (Retired 6 March 2023) Ms A Badamchi-Zadeh (Appointed 7 March 2022) Ms E Hood (Appointed 7 March 2022)
The church is registered with the Charity Commissioners (No. 1034774) and constituted by Deed of Trust. Its affairs are run in accordance with its Bye-Laws, which in turn relate to provisions of the Manual of The Mother Church, The First Church of Christ, Scientist, in Boston MA, USA, covering branch church conduct and governance.
During the year under review, the holding Trustees were Dr Pamela Naden, Mr Michael Harding and Mrs Ruth Harris.
The general business and day to day management of the church property is conducted on behalf of the church members by an Executive Board (the Charity Trustees as defined by the Charity Commission) comprising five members, who elect a chairman from amongst their number. Three members constitute a quorum. Board members, who must be members both of this branch church and of The Mother Church, are elected annually by the church members. No person may serve more than three consecutive years. Board members normally take up their duties on the first Monday in March.
Objectives and activities Objects
The object of the charity is to promote the understanding and demonstration of truth as found in the bible and interpreted in the Christian Science text book.
The Charity has three (holding) Trustees, whose duty is to hold on trust the church property for the general purposes of the church, and specifically to permit it to be used:
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for promoting the truths of the Bible as explained by Mary Baker Eddy, the Discoverer and Founder of Christian Science
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for the purpose of holding all services and meetings authorised by the Manual of The Mother Church or by the Christian Science Board of Directors
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for any other activity which advances the cause of Christian Science.
In setting the objectives the charity Trustees have read and paid due regard to the Charity Commission's general guidance on public benefit. The Trustees consider the availability of the charity's church and reading room in St Giles Oxford for prayer and public services to be the principal public benefit.
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FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Review Of The Year
The objects of the Charity were fulfilled by the following activities:
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A Sunday service and Sunday School was held on every Sunday of the year. The Sunday Service was simultaneously available on-line for those preferring that option.
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A Wednesday evening (testimony) meeting was held on-line every Wednesday in the year, with information regarding public access provided on our website.
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A Thanksgiving service was held on-line on the fourth Wednesday in November.
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A Reading Room has been maintained by the church and has been open to the public one day a week throughout the year, except for bank holidays. The contents of the showcase in the gate are changed each week to provide a helpful article from the Christian Science Monitor and extracts from our weekly LessonSermon for passers-by to read. The display also contains our website address for contact details, including those of the Reading Room, and on-line services.
Achievements and performance
The financial results for the year are shown in the statement of financial activities on page 5.
Financial review
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
The trustees' report was approved by the Board of Trustees.
..............................
Mr P Harris
Trustee Dated: .........................14 Sep 2023
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FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP FRS 102;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Independent Examiner
S Daniels has been appointed as independent examiner for the ensuing year.
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FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD
I report to the trustees on my examination of the financial statements of First Church of Christ, Scientist, Oxford (the charity) for the year ended 31 December 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under the 2011 Act, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Samantha Daniels
Samantha Daniels FCA for and on behalf of Shaw Gibbs Limited 264 Banbury Road Oxford Oxfordshire OX2 7DY
14 Sep 2023
Dated: .........................
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FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Activities for generating funds | 3 | 448 | 540 |
| Investment income | 4 | 25,822 | 23,105 |
| Voluntary income | 7 | 8,917 | 7,485 |
| Total income | 35,187 | 31,130 | |
| Expenditure on: | |||
| Costs of Generating Funds | |||
| Costs of generating funds | 5 | 862 | 1,105 |
| Fundraising trading: costs of goods sold | 5 | 2,970 | 2,496 |
| 3,832 | 3,601 | ||
| Charitable activities | 6 | 27,410 | 37,233 |
| Total expenditure | 31,242 | 40,834 | |
| Net gains/(losses) on investments | 10 | (78,118) | 91,879 |
| Net movement in funds | (74,173) | 82,175 | |
| Fund balances at 1 January 2022 | 1,701,622 | 1,619,447 | |
| Fund balances at 31 December 2022 | 1,627,449 | 1,701,622 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD
BALANCE SHEET
AS AT 31 DECEMBER 2022
| Notes Fixed assets Tangible assets 12 Investments 11 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Income funds Unrestricted funds Designated funds 15 General unrestricted funds |
2022 £ £ 890,549 629,451 1,520,000 5,111 103,778 108,889 (1,440) 107,449 1,627,449 1,581,802 45,647 1,627,449 1,627,449 |
2021 £ £ 890,737 707,569 1,598,306 2,650 101,866 104,516 (1,200) 103,316 1,701,622 1,659,346 42,276 1,701,622 1,701,622 |
2021 £ £ 890,737 707,569 1,598,306 2,650 101,866 104,516 (1,200) 103,316 1,701,622 1,659,346 42,276 1,701,622 1,701,622 |
|---|---|---|---|
| 1,598,306 103,316 |
|||
| 1,701,622 | |||
| 1,701,622 | |||
| 1,701,622 |
14 Sep 2023
The financial statements were approved by the Trustees on .........................
..............................
Mr P Harris Trustee
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FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
Charity information
First Church of Christ, Scientist, Oxford is an unincorporated charity registered in England and Wales, and is constitued by Deed of Trust. The registered office is 36A St. Giles', Oxford, OX1 3LD.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised on a receivable basis.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Expenditure is recognised in the year in which it is incurred.
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FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
All fixed assets are initially recorded at cost.
Freehold property not provided Capital improvements not provided Fixtures, fittings & equipment 15% reducing balance
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Fund accounting
The Capital and Maintenance Designated Fund is an unrestricted fund earmarked by the trustees.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Activities for generating funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Reading room sales | 448 | 540 |
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FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
4 Investment income
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Income from listed investments | 24,496 | 23,020 |
| Interest receivable | 1,326 | 85 |
| 25,822 | 23,105 |
5 Costs of Generating Funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Costs of generating funds | ||
| Advertising | 862 | 1,105 |
| Fundraising trading: costs of goods sold | ||
| Reading room | 2,970 | 2,496 |
| 3,832 | 3,601 |
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FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
6 Charitable activities
| Unrestricted funds Designated Funds 2022 2022 £ £ Depreciation and impairment 188 - Building maintenance and running costs 14,133 2,426 Lectures and publications - - Honoraria, fees and reimbursed direct expenses 4,141 - Donations 2,500 - Sundry 1,526 - Other 936 - Examiners remuneration 1,560 - 24,984 2,426 24,984 2,426 |
Total 2022 Unrestricted funds Designated Funds 2021 2021 £ £ £ 188 221 - 16,559 10,066 15,810 - 2,287 - 4,141 2,240 - 2,500 2,500 - 1,526 1,443 - 936 1,406 - 1,560 1,260 - 27,410 21,423 15,810 27,410 21,423 15,810 |
Total 2021 £ 221 25,876 2,287 2,240 2,500 1,443 1,406 1,260 |
|---|---|---|
| 37,233 | ||
| 37,233 |
7 Voluntary income
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Other income | 52 | - |
| Collections including gift aided | 7,430 | 5,344 |
| Gift aid tax refundable | 1,435 | 1,141 |
| Sundry donations | - | 1,000 |
| 8,917 | 7,485 |
8 Trustees
Trustees received £1,577 (2021: £1,013) for provision of services to the charity, unrelated to their role as trustees. There were no reimbursed expense to trustees related to their role as trustees.
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FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
9 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | |||
|---|---|---|---|
| 2022 | 2021 | ||
| Number | Number | ||
| Total | - | - | |
| There were no employees whose annual remuneration was more than £60,000. | |||
| 10 | Net gains/(losses) on investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Revaluation of investments | (78,118) | 91,879 | |
| 11 | Fixed asset investments | ||
| Listed | |||
| investments | |||
| £ | |||
| Cost or valuation | |||
| At 1 January 2022 | 707,569 | ||
| Valuation changes | (78,118) | ||
| At 31 December 2022 | 629,451 | ||
| Carrying amount | |||
| At 31 December 2022 | 629,451 | ||
| At 31 December 2021 | 707,569 |
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FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
| 12 Tangible fixed assets Cost At 1 January 2022 At 31 December 2022 Depreciation and impairment At 1 January 2022 Depreciation charged in the year At 31 December 2022 Carrying amount At 31 December 2022 At 31 December 2021 13 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 14 Creditors: amounts falling due within one year Accruals and deferred income |
Freehold property Capital improvements Fixtures, fittings & equipment £ £ £ 361,000 528,487 2,879 361,000 528,487 2,879 - - 1,629 - - 188 - - 1,817 361,000 528,487 1,062 361,000 528,487 1,250 2022 £ 2,456 1,065 1,590 5,111 2022 £ 1,440 |
Total £ 892,366 |
|---|---|---|
| 892,366 | ||
| 1,629 188 |
||
| 1,817 | ||
| 890,549 | ||
| 890,737 | ||
| 2021 £ - 1,143 1,507 |
||
| 2,650 | ||
| 2021 £ 1,200 |
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FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
15 Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
| Balance at 1 January 2021 £ Capital and Maintenance Designated Fund 1,577,277 1,577,277 |
Movement in funds Incoming Resources Outgoing Resources Revaluations, gains and losses Balance at 1 January 2022 £ £ £ £ 6,000 (15,810) 91,879 1,659,346 6,000 (15,810) 91,879 1,659,346 |
Movement in funds Incoming Resources Outgoing Resources Revaluations, gains and losses Balance at 31 December 2022 £ £ £ £ 3,000 (2,426) (78,118) 1,581,802 3,000 (2,426) (78,118) 1,581,802 |
Movement in funds Incoming Resources Outgoing Resources Revaluations, gains and losses Balance at 31 December 2022 £ £ £ £ 3,000 (2,426) (78,118) 1,581,802 3,000 (2,426) (78,118) 1,581,802 |
|---|---|---|---|
| 1,581,802 |
Capital and Maintenance Designated Fund
This fund represents amounts set aside by the trustees to finance both capital improvements to the land and buildings as well as the cost of general repairs and maintenance.
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FIRST CHURCH OF CHRIST, SCIENTIST, OXFORD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
16 Related party transactions
There were no disclosable related party transactions during the year (2021 - none).
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