FIRST CHURCH OF CHRIST, SCIENTIST, READING REPORTS AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
FIRST CHURCH OF CHRIST, SCIENTIST, READING CONTENTS Trustees, Annual Report Pages 1-2 Independent Examinerfs 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 2024 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 ¢1929 and last arnended in March 2019 The Charity Trustees are the Executive Board, consisting of up to five persons elected annually by the members from among their number. During the year specified the Executive Board consisted of.. Mrs C de la Harpe (Chalr) Mrs A Cheadle Mrs J Kennedy Ichairl Mr C Harrison Mrj Palmer Mr P Gilford Mrs A Prlnce Mrs H Adams Jan- Dec 2023 Jan- Dec 2023 Jan- Mar 2024 Jan- Nov 2023 Jan - Mar 2024 Jan- Mar 2024 Jan- Mar 2024 Jan- Dec 2023 The land and church buildings at Kings Road 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. Wrth the exception of the paid Reading Room Managers, all the other duties are carried out voluntarily by ChurGh Members. OBJECTIVES AND ACTIVITIES The object of the Charity, as ststed in the Constitution, is Yo maintain and spread Ihe 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 foryoung people up to the age of 20; opens a public Reading Roorn. and carries out such other actlvlties 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 considerthat all the activities of the Church, being open to everyone, the requirements of the Charities Art, 2011 are fully met in this respect. ACHIEVEMENTS AND PERFORMANCE The core activities of the church have been maintained durin8 the year, They include: Readin8 Room and Bookshop which is open three to flve days a week. dependln8 on stsff availabllity. Church services and meetings held both in the building and made accessible via Zoom, Youtube and the church website. On average in-person and online attendance has been roughly equal. Those joining online to tend to come from a wider geographic area including overseas. Public talks. The church was involved In provldin8 a number of talksllectures durln8 the year. One In-person event which wa5 subsequently edited into three shorter videos made avallable onllne durin8 the summer months. It also sponsored another couple of online talk5, Including one at Christmas, in conjunction with up to nine other UK Chrlstian Science churches, co-ordinated by the Joint Christian Sclence Reading Room. Daily Bible lesson readSng on Zoom has contlnued wlth several re8ular participants from the wlder UK. Some time ago the membership had decided to sell a flat in Maidenhead which had been gifted to the church by the former Christlan Sclence Church in the town. Thi5 had been rented out for several year5 and provided a monthly income. However. rlsin8 costs and a change of agents had made this less attractlve. The property sale was completed on I, August 2023 and the money added to church funds. Toward the end of the year the membership approved spendlng on the church's IT system. Includlng a new network connection. leased line internet and new computers- all primarily 8eared to improvin8 the streaming of seprflces and meetin8s. The work was not completed by the end of the financial year and is continuing. FINANCIAL REVIEW The financial affalrs of the Church for the year to 31 March 2024 are shown in the attached accounts, which have been prepared under Section 130 of the Charities Act, 2011. 2024 {For and on behalf of the Trustees)
First Church of Christ, Scientist READING INDEPENDENT EXAMINER'S REPORT To tho M•mborn of the Flr8t Church of Chrfst, SclontiS( R•adlng I report on the Accounts of the Charty for the year ended 31 March 2024. The Charity Trustees consider that an audrt is not required for thls 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 Charlty 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 wilh those records. It also indudes consideration of any unusual items or di8closures 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 give8 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 vlhich agree with the accounting records and comply with the accounting requirements of the Act; or to vthich. in my opinlon, attention should be drawn in order lo enable a proper understanding of the accounts to be reached. Sarah R Hammond FFA 14 Watchet Lane Holmer Green BUCKINGHAMSHIRE HP15 6UA 12 dwie ..2024 Page 3
FIRST CHURCH OF CHRIST. SCIENTIST, READING Statement of Financial Activities for the year •nd•d 31 March 2024 Total Funds Unrestrlctsd Restrictsd Fund Fund 2023124 2022123 Notss INCOMING RESOURCES Income resource$ from generated funds Voluntary Income Reading Room Sales Rental Income & Ground Rent Lettings l Room Hire la 12,417 7,351 4,277 12,417 7,351 4,277 15,364 6,054 Investment Income 1b 14,635 14,635 11,342 Investments Realised 12,329 12,329 16,685 Totsl Incoming R•8ourc 51,008 51,008 49,444 RESOURCES EXPENDED Donations Investment Manager's Fees Cost of Charitable Activitie$ Work of the Church Church Running Costs Reading Room Govemance Costs 525 525 650 2b 2c 2c 2d 2• 7,727 49,736 31,965 3,379 7,727 49,736 31,965 3,379 3,463 37,214 28.717 947 Total Resources Expended 93,332 93,332 70,991 Net (Outgolng)Ilncomlng R•8ourc08 42,324 42.324 -23,716 Reall$gd Galns l (Los1) on Investmen -1,151 -1,151 -14,329 Unrnallsod {Loss)IGalns on th• revaluatlon of Investments 54,082 54,082 38,765 10.607 10,607 -76,149 Total Funds Brought Forward 964,805 1,927 966,732 1,040,954 Totsl Funds Carrled Forward 975.412 1,927 977,339 964,805 Poge 4
FIRST CHURCH OF CHRIST, SCIENTIST, READING STATEMENT OF ASSETS AND LIABILITIES AS AT 31 MARCH 2024 2023124 2022123 Notes FIXED ASSETS Tangible Fixed Assets 590,810 880,423 Investrnents 595,807 420,175 CURRENT ASSETS Cash at Bank and in Hand 6,629 5,709 CREDITORS Amounts due within one year 6,629 5,709 NET ASSETS 1,193,245 1,306,306 FUNDS Unrestricted Funds 1,191,318 1,304.379 Restricted Funds 1,927 1,927 TOTAL FUNDS 1,193,245 1.306,306 Approved by the Truslees on ......... signed on their beha by Trustee Trustee Page 5
FIRST CHURCH OF CHRIST, SCIENTIST, READING NOTES TO THE FINANCIAL STATEMENTS For the Year ended 31 March 2024 ACCOUNTING POLICIES The financial statements have been prepared on the basis of historic cost, as amended by fixed assets included at market value, in accordan with the Statement of Recommendèd Practice (SORP 2008) - Accounting and Reporting by Charities. and the Charities Act 2011. Re¢ognltlon of Incomlng rnsources These are included in the Statement of Finaniial Activities (SOFA) when: the charity becomes entitled to the resource,. the trustees are virtually certain they will received Ihe resources and the monetary value can be measured wrth sufficienl Teliability Incomlng re80urc88 With related expendlture Imiere incoming resources have related 8xpendlture the Incomlng resources and related expenditure are reported gross in the SOFA Donatlon8 Donations are induded In the SOFA when the charty has unconditional entit18ment to th8 resources. T•x and rnclalm• on donatlon• and glft Incoming resources from tax redaims are induded in the SOFA at the same tim8 as the gift to which Ihey relate. Investment Incom• This is included in the accounts when receivable. Expendltur• and U•bllltle• Liablliti•s recognltlon Liabilitbes a recognised as soon as there 18 a legal or constructive obligation committing the charity to pay out resources. All expenses are indusive of VAT. Gov•man¢e co•ts Indudes costs relating to the preparation and independent examination of the flnanclal statement. Flx•d A$sets During 200612008, the original church building was dernolished and in its place a new church and 15 residential flats were built by Bewley Homes plc. The residential propertles are being managed by a separa rnanagefflent company and are included in the Balance Sheet at market value. A new churth has been built by Bewley Builders and the buikling is in included in the accounts at market value. In 2015116 the Church wa: gifted by FCCS Maidenhead a 1 bedroom flat. this was disposed of during the financial year and the proceed: are held on deposit with the Investment Manager the d8POSrt is shown in the afxounts at its Quent value. Depreciation of tangible assets is provided in order to write off each asset over its estimated useful life, using the following rates. Freehold & Leasehokl buildings Fumiture, fixtures and equipment Organ 1% straight line 100/0 straight line 50kn straight line Pa8e 6
FIRST CHURCH OF CHRIST, SCIENTIST, READING Noto• to th• Finan¢i•l Ststements forthe yearended 31 March 2024 Unr•8tricted Fund Re8trkt•d Fund 2023124 2012123 INCOMING RESOURCES al Voluntary Income . Collections al Servic88 and Gift AKI Legacies Donations 5.395 Rental Income & Ground Rer 4,277 Other 7,022 7.022 9.047 1.048 4.823 5.395 4.277 446 16,694 16,694 15.364 b) Inv88trnenl Incomo Bank Inl8re81 Received 4,263 Investments- Dividends and Inleresl 4,263 10,371 10,371 11.338 14,635 14,635 11,342 Page 7 31,329
FIRST CHURCH OF CHRIST, SCIENTIST, READING Notes to tha Financial Statements for the year ended 31 March 2024 2023124 2022123 RESOURCE EXPENDED Donation• 525 650 b) Investment Manag•rfs Fée• Cost of Charltable Actlvltles Work of the Church - Lecture Advertising Literature for Church Committee on Publication Miscellaneous Trf from Deposit Njc to Current Alc Music Committee ClerkJDeputy Expenses Gift Subscriptions Donated Honorariums- Organists Soloists 5,730 885 700 420 166 690 608 1,350 642 1,298 7,727 1,992 3,463 Church Running Costs Service Charges Water Heat and Light Fire Inspection Repairs and Renewals Insurance 3,553 199 13,312 4,035 231 6,702 13,321 3,271 1,359 E I I Committee Expenses Cleaning Equipment Purchased Telephone and Intemet Depreciation of Church Bldg 1,451 4,852 3,510 3,818 768 2,694 10,823 37.214 2,223 10,823 49,736 d) Readlng Room Reading Room purchases Transfers from Church General Funds Staff Costs Reading Room- Expenses Payroll Fees 3.700 120 22,551 4,755 839 1,000 1,697 21,526 3,723 771 31,965 28,717 Governance Costs Accountancy Fee Legal Fees 919 2,460 3,379 93,332 875 72 947 TOTAL RESOURCES EXPENDED 70,991 Page 8
FIRST CHURCH OF CHRIST, SCIENTIST, READING Notes to th¥ Flnancial Statsments for the year ended 31 March 2024 2023124 2022123 2021122 3 Chureh Buildlng, Refurblshment and Oryan Depreciated Values as at 31 March 2022 Church Building - Original value of Asset 600,(KKI Less - Depreciation to 1 April 2023 90,Ct)O 510.¢X 600,CI)) 6¢J).000 78,000 522,cKIO 516,OCN) Less - Depreciation for 2023124 504.¢))O 510,000 516,000 Refurbishment- Original value of Asset Less- Depre¢iatlon to 1 Awil 2023 74,033 64,440 9,593 960 74,033 63,370 10,883 1,070 74,033 62.1 11,843 1,180 Less - Depre(iatlon for 2023124 8,633 9,593 10,663 Organ - Original Value of A68et Less - Deprec4ation to 1 April 2023 5,865 4,102 1,763 293 5,865 3,809 2,056 293 5,885 3,516 2,349 293 Less - Depreciation for 2023124 1,177 1,470 1,763 Propety at 9 Bridge Court, Maidenhead Market Value of Asset Disposed of during the year 282,360 -282,360 285.210 2,850 285,210 2,850 282,360 282,360 Investment Proprty Investment Propety - Original value of Asset 77,000 77,000 77,000 Totsl Book Valuo of Non4nOMtary A•••t• a• at 31 March 2023124 £390,810 £880,423 £887,786 Inv••tm•nl• Market Value as at 1 Aprfl 2021120 Addth'ons during the Year Disposal proceeds Realised Profits (Losses) during the year Investments Realised Unrealised Investments 419,892 40.022 -83,789 -1.151 13,480 54,082 Market Value of InVtment• - 31 March 2022121 £442,536 HlJtorl¢al Costs £363,264 Fund8 Managed by the Investment Manager Market Value of Investrnents held Cash held by the Investment Manager Time deposrt held by Investment Manager 442,536 3,271 150.000 £595,807 Pag8 9
FIRST CHURCH OF CHRIST, SCIENTIST, READING Notes to the Flnancial Statom•nts for the year ended 31 March 2024 2023124 2022123 CREDITORS Amounts falling due within one year ANALYSIS OF NET ASSETS BY FUNDS Fixed Assets Investments Current Assets Current Liabilities Total Unrestricted Funds General Funds 590,810 595,807 4,702 1,191,318 Restricted Funds 1,927 1,927 590,810 595,807 6,629 1,193,245 RESTRICTED FUNDS Balance as al 0110412023 Collectionsl Donations Received Interest Received Payments Out Balance as at 3110312024 Family CarelBenevolent Fund 1,927 1,927 PAYMENTS TO CHARITY TRUSTEES No payments were made to Charity Trustees for the reimbursement of any expenses incurred as Charty Trustees in the year 2023124. (2022123 £0) Page 10