CHRISTIAN SCIENCE SOCIETY, SEVENOAKS Registered Charity No.: 1037106 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 MYRUS SMITH Chartered Accountants Norman House, 8 Bumell Road, Sutton, Surrey. SM14BW
CHRISTIAN SCIENCE SOCIETY, SEVENOAKS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES The Trustees are pleased to present their report, together with the Financial Statements of the Charity for the year ended 31 December 2023. The charity is a Registered Charity No. 1037106 and its principal address is Caxton House (Ground Floor), 22 St John's Hill. Sevenoaks. Kent. TN13 3NP. The charity's principal advisers during the year were:. SOLICITORS Knocker & Foskett. The Red House. 50 High Street, Sevenoaks, KentTN13 1JL BANKERS CAF Bank Ltd. 25 Kings Hill Avenue, West Mailing. Kent ME19 4JQ INDEPENDENT EXAMINER Mr Kevin Fisher Myrus Smith Chartered Accountants Norman House, 8 Burriell Road, Sutton. Surrey. SM14BW INVESTMENT MANAGERS Investec Wealth and Investment Limited 2 Gresham Street, London EC2V 7QP REFERENCE AND ADMINISTRATIVE DETAILS The Charity Trustees (The Board) who acted in that capacity during the year were: _ Mr. R. Mendis Mrs. A. Miller Mr. B. Morgan (Chainnan) President: _ Mr. C. Miiler During the year the Custodial Trusteeship of the land was transferred to THE OFFICIAL CUSTODIAN FOR CHARITIES.
CHRISTIAN SCIENCE SOCIETY, SEVENOAKS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 CONTINUED GOVERNING DOCUMENTS The name of the charity is Christian Science Society, Sevenoaks. Christian Science Society. Sevenoaks is controlled by its goveming document, a deed of trust, and constitutes an unincorporated charity. The Trustees have given consideration to the question of the church's charitable status. with special regard to the benefit to the community beyond its own membership and have had regard to the Charity Commission's guidance on public benefit. ELECTION OF TRUSTEES & APPOINTMENT OF OTHER OFFICERS Election of Trustees and ppointrnent of Church Officers for 2023 took place at an Elections Meeting in December 2022. Three trustees (Board members), a President, a rota of Readers, a Treasurer. Librarian, and a Sunday School Superintendent were elected and appointed in accordance with Article 1, Sections 1-9 of the Society's Bylaws. (The office of Clerk has not been filled for a number of years now and the clerk's duties continue to be shared out with willing members of the Society.) ORGANISATION The organisation of the church is outlined in the Constitution and By-laws. The Trustee Board oversees the church activities including the charity's investment portfolio with the knowledge and approval of the members. RISK MANAGEMENT The Trustees review annually the major risks to which the charty is exposed and ensure that appropriate controls are in place to provide reasonable assurance against fraud and error. OBJECTIVES AND ACTIVITIES The object of this church is to promote to the public the religion Christian Science based on the Bible and Science and Health with Key to the Scriptures by Mary Baker Eddy. the Discoverer and Founder of Christian Science, whose purpose is to "reinstate primitive Christianity and its lost element of healing" as a demonstrable science. During the year, the Society continued to hold weekly Sunday Church Servi$ which are live-streamed and a monthly Testimony Meeting on the fourth Wednesday of each month on Zoom only. Sunday School for children and teenagers were offered in the Sunday School or online with advance notice. The offer of creche provision was also available on prior notice. These Church Services, Testimony Meetings, and Sunday School classes are open to the public. ACHIEVEMENTS AND PERFORMANCE The above seNices and Testimony Meetings are advertised in the Christian Science Joumal, the official organ of The First Church of Christ, Scientist in Boston. Massachusetts of which the Sevenoaks Christian Science Society is a branch, and on the Society's website cs7oaks.org.
CHRISTIAN SCIENCE SOCIETY, SEVENOAKS REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 CONTINUED FINANCIAL REVIEW INVESTMENT POLICY The trustees, overall objectives are still to create sufficient income and capital growth rebuilding the value of the portfolio to enable the charity to carry out its purposes consistently year by year with due and proper consideration for future needs and the maintenance of. and if possible, enhancement of the value of invested funds while they are retained, by obtaining a balanced return between income and capital with low to medium risk through discretionary management. There are no unquoted securities. The trustees reserve the right to exclude companies that carry out activities contrary to their aims or from holding particular investments in breweries, distilleries, tobacco companies, drug companies, and the gambling industy. Trustses expect the fund manager to have considered the suitability of investments of the same kind as any particular proposed to be made or retained. The objectives are to be achieved by investing prudently in a broad range of fixed interest securities and equities which are quot8d on a Recognised Investm8nt Exchange and unit trusts and OEICS (open ended investment companies) which are authorised under the Financial Services and Markets Act 2000. RESERVES POLICY At the beginning of 2023 the Society held investments valued at £266.807. The policy of the Society has been. and remains, to invest any surplus income derived by office rents. The Res8rves Policy for 2023 is deemed to be adequate now that in addtion we receive annual rental income in the region of £30,000. At the end of 2023 the charity's reserves inclusive of the value of the property amounted to £1.673.972 of which £622 was represented by restricted funds. DIVIDENDS AND INTEREST Dividends and interest are re-invested.
CHRISTIAN SCIENCE SOCIETY. SEVENOAKS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 CONTINUED TRUSTEES RESPONSIBILITIES STATEMENT The trustees are responsible for preparing Ihe Report of the Trustees and the financlal statement in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi). The law applicable to charities in England and Wales requires the trustees to prepare financial ststements 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, including the income and expenditure, of the charity for that year. In preparing these financial statements. the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP 2019 (FRS102)" make judgements and estimates that are reasonable and prudent. state whether applicable accounting slandards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (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. For and on behalf of the Truste8S Mr. B. Morgan TRUSTEE Caxton House, 22 St John's Hill, Sevenoaks, Kent, TN13 3NP 8th July 2024
Independent Examiner's Report to the Trustees of.. CHRISTIAN SCIENCE SOCIETY, SEVENOAKS FOR THE YEAR ENDED 31 DECEMBER 2023 I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 6 to 13. Responsibiliti8s and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's ststement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act," or the accounts do not accord with those records. or the accounts 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 accounts to be reached. /G/*l_ Kevin Fisher FCA Myrus Smith Chartered Accountants Norman House 8 Bumell Road Sutton, Surrey SM14BW 81h July 2024
CHRISTIAN SCIENCE SOCIETY. SEVENOAKS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted Funds Funds Total 2023 Total 2022 Notes Income from: Donations and legacies Charitable activities Investments Other trading activFties 2a 2b 2c 2d 5.436 81 7.821 32.000 5,436 81 7,821 32,000 3,917 522 5,186 22,148 Total income 45,338 45,338 31,773 Expendlture on: Raising funds Investment management fees 2,551 2.551 2,484 Charitable activities 51,122 51,122 46.744 Total expenditure 53,673 53,673 49.228 Net (expenditure)lincome before Investment gain (8,335) (8,335) (17.455) Unrealised gains on property revaluation Net gainsl(losses) on investments 5,405 5.405 (29,124) Net {expenditur8)lincome (2,930) (2,930) (46,579) Transfer between funds Net movement in funds (2.930) (2,930) (46,579) Reconciliation of funds Fund balances brought forward 12 1.677.487 622 1,678,109 1,724,688 Fund balances carried forward 12 £1.674,557 £622 £1,675,179 £1.678,109 The Ststement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. The notes on pages 8 to 13 form part of these financial statements.
CHRISTIAN SCIENCE SOCIETY, SEVENOAKS BAL4NCE SHEET AT 31 DECEMBER 2023 Notes 2023 2022 FIXED ASSETS Tangible fixed assets 1,371,046 1,394,183 CURRENT ASSETS Debtors Investments Cash at bank and in hand 1,801 277,436 29,671 266.807 20.111 308.908 287.502 CREDITORS Amounts falling due within one year 10 4.775 3,576 NET CURRENT ASSETS 304,133 283,926 NET ASSETS 13 £1,675,179 £1,678.109 FUNDS Unrestricted funds: General Designated funds Restricted funds 12 12 12 309,285 1,365,272 622 294,851 1,382,636 622 £1.675,179 £1,678,109 Ap ed by tl) th ustees on 8 July 2024 and signed on Its behalf by: Mr. B. Morgan TRUSTEE The notes on pages 8 to 13 fomi part of these Financial Statements
CHRISTIAN SCIENCE SOCIETY, SEVENOAKS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES a) Basis of accountin The charity constitutes a public benefit entity as defined by FRS 102. The financial statements hav8 been prepared in accordance with Accounting and Reporting by Charities: ststement of Recommended Practice applicable to charÉties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102). the Charities Act 2011 and UK Generally ACpted Accounting Practice. The financial statements are prepared on a going concem basis under the historical cost convention modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. b) Income reco nition Items of income are recognised and included in the accounts when all of the following criteria are met: The charity has entitlement to the funds., any performance conditions attached to the item(s) of income have been met or are fully within the control of the charity. there is sufficient certainty that reIpt of the income is considered probable" and the amount can be measured reliably. enditure reco nition Expenditure is recognised onc8 there is a legal or constructive obligation lo make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Costs of Taising funds comprise the costs associated with the management of the Charity's investments (all such costs relate to unrestricted funds)- Expenditure on charitable activities includes the costs undertaken to further the purposes of the Charity and their associated support costs. d) Fund Accountin Unrestricted general funds are freely available for use in furtheran of the objects of the charty and which have not been designated for particular purposes. Designated funds are unrestricted funds set aside by the trustees for particular purposes. Restricted funds are funds which can only be used in accordance with specific restrictions imposed by the donor, or which have been raised for a particular purpose. e) Allocation of su ort costs Support costs are those functions that assist Ihe work of the Charity but do not directly undertake charitable activities. Support Costs include back office costs, finance, personnel, payroll and govemance costs which support the Charity's activities. Tan ible fixed assets Tangible fixed assets costing more than £500 are capitalised at cost. Depreciation is calculated to write off the cost of all tangible fixed assets, other than freehold land, which is not depreciated. at the following rates: Buildings 50 years straighl line Computer equipment 4 years straight line The trustees estimate that approximately 600A of the cost of the property relates to land.
CHRISTIAN SCIENCE SOCIETY, SEVENOAKS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTINUED ACCOUNTING POLICIES (Cont'd) g) Investment assets Investments are initially recognised at their transaction value and subsequently measured at fair value at the Balance Sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses on revaluations and disposals throughout the year. h) Taxation As the Church is a registered Charity the results of its nomial activities are not liable for tsx. i) Debtors and Creditors Debtors and creditors wlth no stated interest rate and receivable or payable within one year are recorded at transaction pricè. Any losses arising from impaimients are recognised in expenditure. INCOME Unrestricted Funds Restricted Funds Total 2023 Total 2022 a} Donations and18gacies: Donations £5.436 £Nil £5,436 £3,917 All of the £3.917 recognised in 2022 related to unrestricted funds. b) Charitable activities: Books and literature £81 £Nil £81 £522 All of the £522 recognised in 2022 related to unrestricted funds. c) Investment income: Dividends and interest £7,821 £Nil £7,821 £5,186 All of the £5,186 recognised in 2022 related to unrestricted funds. d) Other trading activities: Rental income £32,000 £Nil £32,000 £22,148 All of the £22,148 recognised in 2022 related to unrestricted funds.
CHRISTIAN SCIENCE SOCIETY, SEVENOAKS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTINUED ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Activities undertaken directly Grant funding of activities Support costs Total 2023 Total 2022 Organist and Soloist fees Literature Journal card Sundries Grants (see note 5) Legal and professional fees Depreciation Gardening Insurance Light, heat and water Bank charges Services and repairs Service charge (surplus) Governan costs.. Independent examinerfs fee 7.262 1.464 7,262 1,464 674 1,566 2,150 4.437 23,137 7,827 1,145 674 1,566 1,022 2,769 3.600 23,414 535 1,013 3,777 106 1,416 (1,080) 2.150 4,437 23,137 1,129 7,977 60 2,211 (2,145) 1,129 7,977 60 2.211 (2.145) 1,200 1.200 1,200 £8,726 £2,150 £40,246 £51,122 £46,744 All of the £46,744 expenditure in 2022 was charged to unrestricted funds. 4. ANALYSIS OF DIRECT AND SUPPORT COSTS BY ACTIVITY Grant funding activities Direct costs Support costs Total 2023 Total 2022 Church activities £8.726 £2.150 £40.246 £51,122 £46,744 5. ANALYSIS OF GRANTS 2023 2022 Church activitias £2,150 £2,769 Grants to institLrtions Charton Manor Nursing Home (Hawthorne Trust Limited) Easter Camp Christian Science Committee on Publication ARC-EN-CIEL Camp Hospice In The Weald Joint CS Reading Room 400 750 1,200 750 120 699 100 900 £2,150 £2.769 10
CHRISTIAN SCIENCE SOCIETY, SEVENOAKS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTINUED 6. TRUSTEES, REMUNERATION AND EXPENSES There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2023. During the year ended 31 Dember 2023, no Trustee was reimbursed funds to cover expenses such as ink. stsmps and stationery. (2022: None) 7. TANGIBLE FIXED ASSETS Freehold land and buildings Equipment Total Cost At 1 January 2023 Additions Revaluation 1,483,304 24,914 1,508,218 At 31 December 2023 1.483.304 24,914 1,508,218 Depreciation At 1 January 2023 Charge for the year 100,668 17,364 13,367 5,773 114,035 23,137 At 31 December 2023 118,032 19,140 137,172 Net Book Value At 31 December 2023 £1.365.272 £5,774 £1,371.046 At 31 December 2022 £1.382,636 £11,547 £1,394.183 8. DEBTORS 2023 2022 Prepayments 1,801 584 11
CHRISTIAN SCIENCE SOCIETY. SEVENOAKS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTINUED 9. CURRENT ASSET INVESTMENTS Listed Investments Market value brought foDNard Additions at cost Disposals at opening market value Increase in cash Net unrealised revaluation gain 266,807 53.555 (48,264) 1.272 4,066 Market value carried forward £277,436 Historical cost at 31 December 2023 £252,109 Historical cost at 31 December 2022 £254.036 Investments at market value comprise: 2023 2022 Listed investments Cash within investment portfolio 268.208 9.228 258,851 7,956 £277.436 £266,807 Analysis of invested gainsl(losses) 2023 2022 Unrealised {losse8)Igains on revaluation R8alised (losses)Igains on disposal 4,066 1,339 (27.886) (1.238) £5,405 £(29.124) All investment gainsl(losses) relate to unrestricted funds. 10. CREDITORS {amounts falling due within one year) 2023 2022 Accruals £4.775 £3,576 11. NET INCOMEI{EXPENDITURE) 2023 2022 Net incomel(expenditure) is stated after charging.. Independent examinerfs fees £1,200 £1,200 12
CHRISTIAN SCIENCE SOCIEfY, SEVENOAKS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTINUED 12. MOVEMENT IN FUNDS 2023 Balance bff at 1 January 2023 Income (including gains) Expenditure (including losses) Balance clf at 31 December 2023 Transfers Unrestricted Funds General Fund Designated Fund Restricted Funds 294,851 1,382,636 622 45,338 30.904 17,364 309,285 1,365,272 622 £1,678,109 £45.338 £48,268 £Nil £1,675,179 Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. The current restricted funds are for the Church and Reading Room. Comparative infomiation is as follows: 2022 Balance blf at 1 January 2022 Income (including gains) Expenditure (including losses) Balan clf at 31 December 2022 Transfers Unrestricted Funds General Fund Designated Fund Restricted Funds 324,066 1,400,000 622 31,773 60,988 17,364 294,851 1.382,636 622 £1,724,688 £31,773 £78,352 £Nil £1.678,109 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Unrestricted Funds Restricted Funds Total Funds Tangible fixed assets Current assets Current liabilities 1,371.046 308.286 (4,775> 1,371,046 308,908 (4,775) 622 As at 31 December 2023 £1,674,557 £622 £1,675,179 Comparative infomiation is as follows: 2022 Unrestricted Funds Restricted Funds Total Funds Tangible fixed assets Current assets Current liabilities 1,394,183 286,880 (3,576) 1,394,183 287,502 {3,576) 622 As at 31 December 2022 £1,677,487 £622 £1,678.109 13
CHRISTIAN SCIENCE SOCIETY, SEVENOAKS DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 INCOME Donations and legacies Books and literature Rental income Investment income 5,436 81 32,000 7,821 3,917 522 22,148 5.186 TOTAL INCOME 45,338 31,773 EXPENDrruRE Raising funds Investment management fees 2,551 2,484 Charitable activities Organist and Soloist fees Literature Journal card Sundries Donations Professional fees Depreciation Gardening Insurance Light, heat and water Bank charges Services and repairs Service charge (surplus) Independent examinerfs fees 7.262 1.464 674 1.566 2,150 4,437 23.137 7,827 1,145 1,022 2,769 3.600 23,414 535 1.013 3.777 106 1,416 (1,080) 1,200 1,129 7.977 60 2,211 (2.145) 1.200 51,122 46,744 TOTAL EXPENDITURE £53,673 £49,228 NET {EXPENDITURE)IINCOME BEFORE GAINS (8,335) (17.455) Other recognised gains (Losses)Igains on investment assets 5,405 (29.124) NET (EXPENDITURE)IINCOME £(2.930) £(46.579) This page does nol form part of the statutory financial statements.