FIRST CHURCH OF CHRIST, SCIENTIST, READING REPORTS AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
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 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT First Church of Christ, Scientist, Reading, whose 8ddress is 52-54 King's Road. READING, RG13AA, is a registered charity, Number 1040054, and is governed by ils Constitution and By Laws originally produced c1929 and last amended in March 2019 The Charity Trustees are the Executive Board, consisting of up to five parsons elected annually by the members from among their number. During the year specified the Executive Board consisted of: Mrs J K8nnedy (Chair) Mr J Palmer Mr P Gilford Mrs A Prince The land and church buildings at Kings Road are held on behalf of the members by Custodian Trustees who have no executive role Th8 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 rneet the charity's future planned activities. With the exception of the paid Reading Room Managers, all th8 other duties are carried out voluntarily by Church Members. OBJECTIVES AND ACTivrriES The object of the Charity, as stated In the Constitution, is "To malntaln and spread the truth as set forth in The Bible and interpreted in 'Science and Health, with Key to the Scriptures, by the Dlscoverer and Founder of Christian Science. Mary Baker Eddy, and so dernonstrate this truth "by bringing forth the fruits of Love- casting out error and healing the sick ' (Science and Health p 35) in accordan 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 activitias of the Church, being open to everyone, the requirements of the Charities Act, 2011 are fully met in this respect. ACHIEVEMENTS AND PERFORMANCE The core activlties of the church have been maintained during the year. They include the Reading Room and bookshop Greater accessibility to both services and meetings which are held both in person and acc8ssible via zoom, You Tube and the church web51te. The church has also hosted a talk which was given in person and streamed online and made available for several months. The Church received a donatlon of £54,841.54 during the year from CS Society in Glasgow, which closed. The donation is held in the Church's deposit account. Which is reflected in the balance of current assets. FINANCIAL REVIEW The financial affairs of the Church for the year to 31 March 2025 are shown in the attached accounts, which have been prepared under Section 130 of the Charities Act, 2011. .2025 or and on behalf the Trustees) Page 2
First Church of Christ, Scientist READING INDEPENDENT EXAMINER'S REPORT To the Members of the Flrnt Church of Chrlst, Sclentlst, Readlng I report on the Accounts of the Chariiy for the year ended 31 March 2025. The Charity Trustees consider thal an audit is nol required for this year (under section 144121 of the Charities Act 2011 (the 2011 Act) and that an indep8ndenl examination is needed. It Ss my responsibility lo.. examine the accounts (und8r section 145 of the Act), to follow the procedures laid down in the General Direclions glven by the Charlty Commission (under section 145 {5) (b) of the act, and to state whether particular matters have come to my attenllon. My examlnalion was c8rri8d out in accordance with General Dir8ctions giv8n by the Charity Commission. An examination includ8s a revi8w of the accounling records kept by the charily 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 requir8d 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 lo 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 wlth section 130 of the Act): and accounts are prepared which agree with the eccounting records and comply wllh th8 accountlng requlrements of the Act,, or to which, in my oplnlon, altentlon should be drawn in order to enable a proper understandlng of the accounls to be reached. Sarah R Hammond FCCA 14 Walchgt Lane Holmer Green BUCKINGHAMSHIRE HP15 6UA 2025 Page 3
FIRST CHURCH OF CHRIST, SCIENTIST, READING Statement of Financlol Activities for th6 yoar •nd•d 31 March 2025 Total Funds Unr•stricted Restricted Fund Fund 2024125 2023124 Notes INCOMING RESOURCES Income resources from generated funds Voluntary Incorne Reading Room Sales Renial Income & Ground Rent Leltings l Room Hire la 15.159 5,584 15,159 5,584 12,417 7.351 4,277 Investment Income 1b 10,658 10.658 14,635 Investments Realised 14,430 14,430 12,329 Total Incomlng Re8ourco8 45,831 45,831 51,008 RESOURCES EXPENDED Donations Investment Managerfs Fees Cost of Charitable Activilies Work of the Church Church Running Costs Reading Room Governance Costs 2a 2b 855 855 525 2c 3,581 39,709 21.125 995 3,581 39,709 21,125 995 7,727 49,736 31,965 3.379 2d 2e Total Resources Expended 66,265 66,265 93,332 Net (Outgolng)Ilncomlng Resources -20,434 -20,434 42,324 Reallsed Galns l (Loss•s) on Investmen 4,884 4,884 -1.151 Unreallsed ILogs)IGalns on the revaluation of Investments 4,363 4,363 54,082 -19,914 -19.914 10,607 Total Funds Brought Forward 1.927 979,266 966,732 Total Funds Carrled Forward 957,425 1,927 959,352 977,339 Page 4
FIRST CHURCH OF CHRIST, SCIENTIST, READING STATEMENT OF ASSETS AND LIABILITIES AS AT 31 MARCH 2025 2024125 2023124 Notes FIXED ASSETS Tangible Fixed Assets 583,657 590,810 Investments 559.645 595,807 CURRENT ASSETS Cash at Bank and in Hand 101.027 6,629 CREDITORS Amounts due wlthln one year 101.027 6,629 NET ASSETS 1.244,328 1.193,245 FUNDS Unrestricled Funds 1,242,401 1,191,318 Reslricled Funds 1,927 1,927 TOTAL FUNDS 1,244,328 1,193,248 Approved by the Trustees on ...... and slgned on thelr behaff by Trustee Trustee Page 5
FIRST CHURCH OF CHRIST, SCIENTIST, READING NOTES TO THE FINANCIAL STATEMENTS For th• Year ended 31 March 2025 ACCOUNTING POLICIES The financial statements have been prepared on the basis of historic cost, as amended by fixed assets induded at market value, in accordance with the Statement of Recommended Practice {SORP 2008}- Accounting and Reporting by Charities, and the Charities Act 2011. Recognltlon of Incomlng resources These are included in the Statement of Financial Aclivilies (SOFA) when.. the charity becomes entitled to the resources the Injslees are virtually certain they will received the resources and tho mon&lary value ran be measured with sufficlenl rellablllly Incomlng resources wlth related expendlture Where incomlng resources have related 8xp8ndllur8 the Incomlng resources and related expondllure are reported gross In the SOFA Donatlons Donalions are included in the SOFA when the charity has unconditional entitlement to the resources. Tax and r•¢lJlmJ on donatloni and glft8 Incoming resources from lax reclaims are included in the SOFA at the same lime as ihe glft lo whlch they relate, Invtrslment Income This is included in thè accounts when receivable. Expendlture and Llabllltlos Llabllltle8 rocognltlon Li8bililies are rec£)gnised as soon as there is 8 legal or conslrucliv8 obligalion committing the charity to pay out r860urces. All exwnses ara inclusive of VAT. Govornance co$t• Includes costs relaling to tho proparallon and independent examinatlon of the flnancSal statemenl. Flxed ABsets During 200612008, the original church building was demolished and in ils place a new thurch and 15 residenlial nals were built by B8vAey Homes plc. The residentlal properties aré being managed by a separate management company and are induded in the Balan Sheet al market value. A new church has been buili by Bewley Builder5 and the building is in included in Ihe accoun15 al market value. Depreciation of18ngible assels is provided in order lo wrfte off each asset over ils eslimaled useful life, using the following rat85'. Froohold & Leasehold bulldlngs Fumilure, fixtures and equiprnent Organ 1 straight line 10 /D slraighl line 5Vo Straight line Page 6
FIRST CHURCH OF CHRIST, SCIENTIST. READING Notes to the Flnanclal Statements for the year ended 31 March 2025 Unrèstrlcted Fund Restrlct•d Fund 2024125 2023124 INCOMING RESOURCES a) Voluntary Income - Collections al Services and Gift Aid Legacles Donations Rental Income & Ground Rer Other 8,652 1,000 8,652 1.000 7,022 5,395 4,277 5,506 5,506 1S,1S9 b) Investment Income Bank Interest Received Inveslmenls - DSvldends and Interest Trf from other Accls 4,263 10,658 10,658 10,371 10,658 10.658 14.635 Page 7
FIRST CHURCH OF CHRIST, SCIENTIST, READING Not•• to th• Flnanclal Stat•m•nts for tht r •nd•d 31 March 2025 2024125 2023124 RESOURCE EXPENOED Don10 655 525 bl Inve$tM•nt Manag•rfs F••$ Cost of CharStablè A¢tlvltl•8 Work of the ChurGh- Ledufe Adverts'sing Literature lor Chur¢h Commrtlee on Publicètion Mbscellaneous Trf from Deposit Al¢ io Current Alc Music Cornmiu ClgrkJDaputy Expense8 Glft Subscrlpllons Oonated Honor81iums- Or9anisls Soloisls 2,292 5,730 136 700 43 870 240 690 608 1.110 1,298 3.581 7.727 Churth Running Costs Sorvicg Chargos Water Heat and Llght Fire Inspècllon R•p8irs and Ron8wal$ Insuiance Commlttee Expenses Cl8anlng Equipment Purchased Telephone and Int•rn*t DeprecSatSon of Church 81d9 3,894 540 6,157 3.553 199 13,312 3,569 1,548 654 4,909 13,321 1,451 4,852 7,615 10,823 39,709 2,223 10.823 49,736 dl R•adlng Room Roading Room purchases Transfers from ChurGh General Funds Staff Costs Readlng Room . Exwnses Payroll Fees 1,200 360 14.079 4,534 952 3,700 120 22,551 4,755 839 21,125 31.965 Go¥emanc• Co•t• Accountancy Fo9 Legal Fees 926 70 995 919 2.460 3.379 TOTAL RESOURCES EXPENDEO 66.265 93.332 Page 8
FIRST CHURCH OF CHRIST. SCIENTIST, READING Note8 to the Financial Slatements for thé year ènded 31 March 2025 2024125 2023124 2022123 Church Building. Refurblshment and Organ Depreciated Values as at 31 March 2024 Chtsrch Building Origin81 value of Asset 600.000 Less - Depr8clatlon to 1 April 2024 96.000 504.000 6000 600,000 90,000 510.000 6000 600,000 84,000 516,000 6000 Less - Depreci81ion for 2024125 498,000 504,000 510,000 Refurbishmont- Original value of A88et Less- Depreci81ion to 1 April 2024 74,033 65,400 8,633 860 74,033 84,440 9.593 960 74,033 63,370 10,663 1,070 Less - Depr&eiation for 2024125 7,773 8,633 9,593 Organ - Original Value of Asset Less - Depreciation to 1 Aprll 2024 5,863 4,395 1.470 293 5,865 4,102 1,763 293 5,865 3,809 2,056 293 Less - Depreciallon for 2024125 1,177 1,470 Property at 9 Bridge Court, Maidenhead Market Value of Assel Disposed of during the year 282,360 -282,360 285,210 2,850 282,360 Inv•$tm•nt Prop•rty Investment Propety - Orlglnal value of Asset 77,Q)00 77,000 77,000 Total Book Valu• of Nonwmonetary A$•et$ as at 31 March 2024125 £583,657 £590,810 £880,423 4 Investrnents Market Value as at 1 April 2024123 Additions during the Year Dlsposal proceeds Reali5ed Profils (Losses) durlng the year Investments Reallsed Unrealised Investments 442,536 61,023 -64.228 4,884 9,546 4.363 Market Value of Investments - 31 Mar¢h 2025124 £449,398 Hlstorlcal Costs £369,165 Funds Managed by tho Investment Manager Market Value of Investments held Cash held by the Investment Manager Time deposit held by Investmènt Manager 449,398 10,247 100.000 £559,645 Pagg 9
FIRST CHURCH OF CHRIST, SCIENTIST, READING Notes to the Financlal Statements for the year ended 31 March 2025 2024125 2023124 CREDITORS Amounts falling due within one year ANALYSIS OF NET ASSETS BY FUNDS Flxed Asset6 Investments Current Assel6 Current Liabilili88 Total Unrestricted Funds General Funds 583,657 559,645 99,100 1,242,401 Restricted Funds 1,927 1,927 583,657 559,645 101,027 1,244,328 RESTRICTED FUNDS Balance as at 0110412024 Collectionsl Donations Received Interest Received Paymenls Out Balance as at 3110312025 Family CarelBenevol8nt Fund 1,927 1,927 PAYMENTS TO CHARITY TRUSTEES No payrnents were made to Charity Trustees for the reimbursement of any expenses incurred as Charity Trustees in the year 2024125. 12023124 £0) Page 10