## **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),
- to follow the procedures laid down in the General Directions given by the Charity
- Commission (under section 145 (5) (b) of the act, and
- 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
- 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|
Page 4
## **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
- 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
Page 6
**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|
Page 7
## **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**|
Page 9
## **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)
Page 10