FIRST CHURCH OF CHRIST, SCIENTIST, READING
REPORTS AND ACCOUNTS FOR THE YEAR
ENDED 31 MARCH 2023
FIRST CHURCH OF CHRIST, SCIENTIST,
READING
CONTENTS
Trustees' Annual Report Pages 1-2 Independent Examiner's Report Page 3 Statement of Financial Activities Page 4 Statement of Assets and Liabilities Page 5 Notes to the Financial Statements Pages 6-10
First Church of Christ, Scientist,
READING
Trustees’ Annual Report for the year Ended 31 March 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
First Church of Christ, Scientist, Reading, whose address is 52-54 King's Road, READING, RG1 3AA, is a registered charity, Number 1040054, and is governed by its Constitution and By Laws originally produced c1929 and last amended in March 2019
The Charity Trustees are the Executive Board, consisting of up to four persons elected annually by the members from among their number. During the year specified the Executive Board consisted of:
Mrs H Adams Mrs C de la Harpe Mrs J Seymour (Chair) From 1 Jan 2021 Mrs A Cheadle
The land and church buildings at Kings Road and other property are held on behalf of the members by Custodian Trustees who have no executive role
The Charity Trustees, having full consideration of the requirement for the Charity to hold Reserve Funds, consider that the level of such funds at the conclusion of the financial year were appropriate to meet the charity’s future planned activities.
With the exception of the paid Reading Room Managers, all the other duties are carried out voluntarily by Church Members.
OBJECTIVES AND ACTIVITIES
The object of the Charity, as stated in the Constitution, is “To maintain and spread the truth as set forth in The Bible and interpreted in 'Science and Health, with Key to the Scriptures' by the Discoverer and Founder of Christian Science, Mary Baker Eddy, and so demonstrate this truth "by bringing forth the fruits of Love - casting out error and healing the sick " (Science and Health p 35) in accordance with the example and command of Christ Jesus.
Page 1
The Church holds weekly Sunday Services and Wednesday Testimony Meetings; provides a Sunday School for young people up to the age of 20; opens a public Reading Room; and carries out such other activities that are consonant with its Constitution and By-Laws and with the Manual of The Mother Church, The First Church of Christ, Scientist, in Boston, Massachusetts, USA.".
The Charity Trustees consider that all the activities of the Church, being open to everyone, the requirements of the Charities Act, 2011 are fully met in this respect.
ACHIEVEMENTS AND PERFORMANCE
In common with other churches and organisations the church has been getting back into its stride after the lockdowns and restrictions of recent years.
Since August 2022 Sunday services have returned to the church building. They continue to be available on Zoom and the church's website resulting in overall incresed attendances. Wednesday Testimony Meetings are mainly held on Zoom and livestreamed but on the first Wednesday of each month there is a live meeting in the Reading Room. This is also livestreamed and available on Zoom.
The public Reading Room is open five days per week and enjoys welcoming a good number of visitors.
A daily online reading/discussion of the Christian Science Bible lesson is now into its fourth year. There are regular participants including church members, friends and a number of newcomers to Christian Science. This takes place from 9am to 10 am, Monday to Saturday. The church acted as a co-sponsor of an online Science talk given on Christmas Eve 2022. This enjoyed an audience of over 500 viewers both live and after the event.
In 2015 the church was given a flat in Maidenhead by the Christian Schurch church which closed there. The members voted to sell this property when the last tenant left. It has been on sale since the early part of 2022. A new estate agent was appointed later in the year who was considerably more successful in attracting viewings
FINANCIAL REVIEW
The financial affairs of the Church for the year to 31 March 2023 are shown in the attached accounts, which have been prepared under Section 130 of the Charities Act, 2011.
…………………………….. ………………2023
First Church of Christ, Scientist
READING
INDEPENDENT EXAMINER’S REPORT
To the Members of First Church of Christ, Scientist, Reading
I report on the Accounts of the Charity for the year ended 31 March 2023.
The Charity Trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts (under section 145 of the Act),
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to follow the procedures laid down in the General Directions given by the Charity
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Commission (under section 145 (5) (b) of the act, and
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to state whether particular matters have come to my attention.
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts.
In the course of my examination, no matter has come to my attention, which gives me reasonable cause to believe that in, any material respect, the Members have not met the requirements to ensure that:
-
proper accounting records are kept (in accordance with section 130 of the Act); and
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Sarah R Hammond FFA 14 Watchet Lane Holmer Green BUCKINGHAMSHIRE HP15 6UA
...............................2023
FIRST CHURCH OF CHRIST, SCIENTIST, READING
Statement of Financial Activities for the year ended 31 March 2023
| Unrestricted Restricted Fund Fund Notes £ £ INCOMING RESOURCES Income resources from generated funds Voluntary Income 1a 15,364 0 Reading Room Sales 6,054 0 Lettings / Room Hire 0 Investment Income 1b 11,342 0 Investments Realised 16,685 Total Incoming Resources 49,444 0 RESOURCES EXPENDED Donations 2a 650 Investment Manager's Fees 2b 0 Cost of Charitable Activities Work of the Church 2c 3,463 Church Running Costs 2c 37,214 Reading Room 2d 28,717 Governance Costs 2e 947 Total Resources Expended 70,991 0 Net (Outgoing)/Incoming Resources -21,546 0 Realised Gains / (Losses) on Investmen -4,103 Unrealised (Loss)/Gains on the revaluation of Investments -50,500 -76,149 0 Total Funds Brought Forward 1,039,027 1,927 Total Funds Carried Forward 962,878 1,927 Rental Income & Ground Rent Total Funds |
2022/23 £ 15,364 6,054 0 0 11,342 16,685 49,444 650 0 3,463 37,214 28,717 947 70,991 -21,546 -4,103 -50,500 -76,149 1,040,954 964,805 |
2021/22 £ 29,715 5,194 11,092 0 11,515 -18,924 |
|---|---|---|
| 38,592 | ||
| 660 0 4,833 31,280 23,995 1,540 |
||
| 62,308 | ||
| -23,716 -14,329 38,765 |
||
| 720 1,038,307 |
||
| 1,039,027 |
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FIRST CHURCH OF CHRIST, SCIENTIST, READING
STATEMENT OF ASSETS AND LIABILITIES AS AT 31 MARCH 2023
| 2022/23 | 2021/22 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Fixed Assets | 3 | 880,423 | 887,786 | ||
| Investments | 4 | 420,175 | 498,688 | ||
| CURRENT ASSETS | |||||
| Cash at Bank and in Hand | 5,709 | 5,848 | |||
| CREDITORS | |||||
| Amounts due within one year | 5 | 0 | 0 | ||
| 5,709 | 5,848 | ||||
| NET ASSETS | 1,306,306 | 1,392,322 | |||
| FUNDS | |||||
| Unrestricted Funds | 6 | 1,304,379 | 1,390,395 | ||
| Restricted Funds | 7 | 1,927 | 1,927 | ||
| TOTAL FUNDS | 1,306,306 | 1,392,322 | |||
| 0 | 0 | ||||
| Approved by the Trustees on ………………………….. and | signed on their behalf by | ||||
| …………………………….. | Trustee | ||||
| …………………………….. | Trustee | ||||
| Page 5 |
FIRST CHURCH OF CHRIST, SCIENTIST, READING
NOTES TO THE FINANCIAL STATEMENTS For the Year ended 31 March 2023
ACCOUNTING POLICIES
The financial statements have been prepared on the basis of historic cost, as amended by fixed assets included at market value, in accordance with the Statement of Recommended Practice (SORP 2008) - Accounting and Reporting by Charities, and the Charities Act 2011.
Recognition of incoming resources
These are included in the Statement of Financial Activities (SOFA) when:
-
the charity becomes entitled to the resources
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the trustees are virtually certain they will received the resources and
-
the monetary value can be measured with sufficient reliability
Incoming resources with related expenditure
Where incoming resources have related expenditure the incoming resources and related expenditure are reported gross in the SOFA
Donations
Donations are included in the SOFA when the charity has unconditional entitlement to the resources.
Tax and reclaims on donations and gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Investment Income
This is included in the accounts when receivable.
Expenditure and Liabilities
Liabilities recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
All expenses are inclusive of VAT.
Governance costs
Includes costs relating to the preparation and independent examination of the financial statement.
Fixed Assets
During 2006/2008, the original church building was demolished and in its place a new church and 15 residential flats were built by Bewley Homes plc. The residential properties are being managed by a separate management company and are included in the Balance Sheet at market value. A new church has been built by Bewley Builders and the building is in included in the accounts at market value. Before, the members could occupy the new church the interior had to be refurbished and these costs have been capitalised. In 2015/16 the Church was gifted by FCCS Maidenhead a 1 bedroom flat, in Maidenhead, this is currently rented out and the asset is shown in the accounts at Market Value. Due to the nature of use of the building it is prudent to allow for depreciation, however, with house prices in the Thames Valley Corridor ever increasing this has been made on the same basis as the Freehold building
Depreciation of tangible assets is provided in order to write off each asset over its estimated useful life, using the following rates:
Freehold & Leasehold buildings 1% straight line Furniture, fixtures and equipment 10% straight line Organ 5% straight line
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FIRST CHURCH OF CHRIST, SCIENTIST, READING
Notes to the Financial Statements for the year ended 31 March 2023
| Unrestricted Restricted Fund Fund £ £ 1 INCOMING RESOURCES a) Voluntary Income - Collections at Services and Gift Aid 9,047 Legacies 1,048 0 Donations 4,823 Rental Income & Ground Ren 0 Other 446 15,364 0 b) Investment Income Bank Interest Received 3 0 Investments - Dividends and Interest 11,338 11,342 0 |
2022/23 £ 9,047 1,048 4,823 0 446 15,364 3 11,338 11,342 |
2021/22 £ 7,463 0 5,251 11,092 17,000 |
|---|---|---|
| 40,807 | ||
| 0 11,515 |
||
| 11,515 |
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FIRST CHURCH OF CHRIST, SCIENTIST, READING
Notes to the Financial Statements for the year ended 31 March 2023
| 2022/23 £ 2 RESOURCE EXPENDED a) Donations 650 b) Investment Manager's Fees 0 c) Cost of Charitable Activities Work of the Church - Lecture 885 Advertising 0 Literature for Church 0 Committee on Publication 420 Miscellaneous 0 Trf from Deposit A/c to Current A/c 0 Music Committee 0 Clerk/Deputy Expenses 166 Gift Subscriptions Donated 0 Honorariums - Organists 1,350 Soloists 642 1,992 3,463 Church Running Costs Service Charges 4,035 Water 231 Heat and Light 6,702 Fire Inspection 0 Repairs and Renewals 3,271 Insurance 1,359 Committee Expenses 3,510 Cleaning 3,818 Equipment Purchased 768 Telephone and Internet 2,694 Depreciation of Church Bldg 10,823 37,214 d) Reading Room Reading Room purchases 1,000 Transfers from Church General Funds 1,697 Staff Costs 21,526 Reading Room - Expenses 3,723 Payroll Fees 771 28,717 e) Governance Costs Accountancy Fee 875 Legal Fees 72 947 TOTAL RESOURCES EXPENDED 70,991 |
2021/22 £ 660 0 3,415 0 0 360 0 0 0 12 0 870 176 |
2021/22 £ 660 0 3,415 0 0 360 0 0 0 12 0 870 176 |
|---|---|---|
| 1,046 4,833 3,624 9 4,042 0 4,161 1,403 12 4,061 0 3,145 10,823 31,280 0 2,462 17,968 2,907 658 23,995 875 665 1,540 62,308 |
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FIRST CHURCH OF CHRIST, SCIENTIST, READING
Notes to the Financial Statements for the year ended 31 March 2023
| 3 Church Building, Refurbishment and Organ £ Depreciated Values as at 31 March 2021 Church Building - Original value of Asset 600,000 Less - Depreciation to 1 April 2022 84,000 516,000 Less - Depreciation for 2022/23 6000 510,000 Refurbishment - Original value of Asset 74,033 Less - Depreciation to 1 April 2022 63,370 10,663 Less - Depreciation for 2022/23 1,070 9,593 Organ - Original Value of Asset 5,865 Less - Depreciation to 1 April 2022 3,809 2,056 Less - Depreciation for 2022/23 293 1,470 Property at 9 Bridge Court, Maidenhead Market Value of Asset 285,210 Less - Depreciation for 2022/23 2,850 282,360 Investment Property Investment Property - Original value of Asset 77,000 Total Book Value of Non-monetary Assets as at 31 March 2022/23 £880,423 4 Investments Market Value as at 1 April 2021/20 Additions during the Year Disposal proceeds Realised Profits (Losses) during the year Investments Realised Unrealised Investments Market Value of Investments - 31 March 2022/21 Historical Costs Funds Managed by the Investment Manager Market Value of Investments held Cash held by the Investment Manager 2022/23 |
3 Church Building, Refurbishment and Organ £ Depreciated Values as at 31 March 2021 Church Building - Original value of Asset 600,000 Less - Depreciation to 1 April 2022 84,000 516,000 Less - Depreciation for 2022/23 6000 510,000 Refurbishment - Original value of Asset 74,033 Less - Depreciation to 1 April 2022 63,370 10,663 Less - Depreciation for 2022/23 1,070 9,593 Organ - Original Value of Asset 5,865 Less - Depreciation to 1 April 2022 3,809 2,056 Less - Depreciation for 2022/23 293 1,470 Property at 9 Bridge Court, Maidenhead Market Value of Asset 285,210 Less - Depreciation for 2022/23 2,850 282,360 Investment Property Investment Property - Original value of Asset 77,000 Total Book Value of Non-monetary Assets as at 31 March 2022/23 £880,423 4 Investments Market Value as at 1 April 2021/20 Additions during the Year Disposal proceeds Realised Profits (Losses) during the year Investments Realised Unrealised Investments Market Value of Investments - 31 March 2022/21 Historical Costs Funds Managed by the Investment Manager Market Value of Investments held Cash held by the Investment Manager 2022/23 |
£ 600,000 78,000 522,000 6000 516,000 74,033 62,190 11,843 1,180 10,663 5,865 3,516 2,349 293 1,763 285,210 2,850 282,360 77,000 £887,786 2021/22 |
£ 600,000 78,000 522,000 6000 516,000 74,033 62,190 11,843 1,180 10,663 5,865 3,516 2,349 293 1,763 285,210 2,850 282,360 77,000 £887,786 2021/22 |
£ 600,000 72,000 528,000 6000 522,000 74,033 60,870 13,163 1,320 11,843 5,865 3,516 2,349 293 1,763 285,210 2,850 282,360 77,000 £894,966 498,196 69,792 -114,281 -4,103 20,788 -50,500 £419,892 £361,766 419,892 283 £420,175 2020/21 |
£ 600,000 72,000 528,000 6000 522,000 74,033 60,870 13,163 1,320 11,843 5,865 3,516 2,349 293 1,763 285,210 2,850 282,360 77,000 £894,966 498,196 69,792 -114,281 -4,103 20,788 -50,500 £419,892 £361,766 419,892 283 £420,175 2020/21 |
|---|---|---|---|---|---|
| 522,000 6000 |
528,000 6000 |
||||
| 74,033 62,190 |
74,033 60,870 |
||||
| 11,843 1,180 5,865 3,516 |
13,163 1,320 5,865 3,516 |
||||
| 2,349 293 |
2,349 293 |
||||
| 285,210 2,850 |
285,210 2,850 |
||||
| £880,423 | £887,786 | £894,966 498,196 69,792 -114,281 -4,103 20,788 -50,500 |
|||
| £419,892 £361,766 419,892 283 |
|||||
| £420,175 |
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FIRST CHURCH OF CHRIST, SCIENTIST, READING
Notes to the Financial Statements for the year ended 31 March 2023
2022/23 2021/22 £ £ 5 CREDITORS Amounts falling due within one year 0 0
6 ANALYSIS OF NET ASSETS BY FUNDS
| Unrestricted Funds General Funds Restricted Funds |
Fixed Assets Investments Current Assets Current Liabilities Total £ £ £ £ £ 880,423 420,175 3,782 0 1,304,379 1,927 1,927 |
|---|---|
| 880,423 420,175 5,709 0 1,306,306 |
| 7 | RESTRICTED FUNDS | |||||
|---|---|---|---|---|---|---|
| Balance as at 01/04/2022 |
Interest Received |
Collections/ Donations Received |
Payments Out |
Balance as at 31/03/2023 |
||
| £ | £ | £ | £ | |||
| Family Care/Benevolent | ||||||
| Fund | 1,927 | 1,927 |
8 PAYMENTS TO CHARITY TRUSTEES
No payments were made to Charity Trustees for the reimbursement of any expenses incurred as Charity Trustees in the year 2022/23. (2021/22 £0)
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