Charlty reglstratlon number 1147405 Company reglstration number 08039827 {England and Wales) READING FAMILY CHURCH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 READING FAMILY CHURCH LEGALAND ADMINISTRATIVE INFORMATION TnMt¢8s SEPGro&n P J Harlèy P I Chigada mDB￿ke N Davidson Ichair of Trustees) K L Twine S J Mitchell {Appointed 23 January 20241 Se¢r•t4ry N DaV￿Son (Chair of TnJ$t88sI Key Managèment SEPGreen S J Taylor E J Greèn T M Ri¢he$ S K Raheja T J Parker lappo¥nt9d January 2025) Charity numb•r 1147465 Govornlny Do¢unment Memorandum and Atbrlès ofAssocialion dale 16th April 2012 Company numb•r 08039827 Roglstorod offlc• 448a Baslngstc*e Road Reading Berkshira RG2 ORX Auditor Bruton Chartes The Coach House Greys Green Busin¥ss Centre Henley-on-Th81MS Oxfordshire RG94QG READING FAMILY CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Bankers HSBC PLC 26 Broad Stro Reading RG12BU Nalionw¥Je Building Sociaty Kings Park Road Moulton Park Northampton NN3 6NW Sh4vloro(A( Bank Ltd Lutea Flouse Warlay Business Park The Drive. Great Warby Bren￿od CM13 3BE (Unfjl January 24) MrgSn Money 1TI Bothwell Street Glasgow G2 7ER (From Decemb&r 2tr231 Sollcltors Clifton Ingram LLP 22-24 Broad Street Wokln9ham RG40 1BA aarkslegal LLP Thames Valley Office 5th Floor, Thame8 T¢w¢r StatKJn Road READING FAMILY CHURCH CONTENTS Trusle&s' report Slalemgnt of trusloos, responsibilitiès 11 Indgpendènl audttofs report 12-13 Stslemenl offinancial activtss 14 Balance sheel 15 statement of ¢a$h flows 16 Notes to thè finar*ial statements 17-29 READING FAMILY CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Tho trust￿ pr6sent their annual report and financial statements for thè 8nd8d 31 December 2024. The ffinanc6al $tsiem8nts have been prepared in aiLordan¢8 with the accounting policies $81 OLrt In note 1 to thè financial slalemen15 and comply whh the charity's govèming documant. the Companies Ad 2006 and 'Accounting and ReFQrting by Ch8rilies'. Statement of Recommended Practice applicable to charities preparing thoir aceounls in a¢eordance with the Financial Reporting Standard applicable in the UK and Republ￿ of Irèl8nd IFRS 102}. effe¢tive 1 January 20191. Oble¢tlves and actriitie• Readiro Family Chureh's vlslon is To b8 a growing. Jèsus48ntred community, bringing God's Kingdom lo Reading and beyond,. Thè charity's objectives, as set out in Its Memorandum aThY Articl8s oIAssoci0tion. for the publk beneffl are:_ to advance the Chrtslian faith, In 8ceordance with its Statement ol Beliets, in Berkshire and in some other parts ol the United Kingdom and th8 wor￿ as the Injslees may from time tr) time thlnk fil,. the prgventhon ¢y rèlièf of poverty in Berkshire and in some other parts of the United Kingthm and the world as the trustee¥ may from lime to time think fft,. and to fulfill other purposes which 8re exdusively charitsble according to the law of England and Wal&s. and ore ¢onnected to Ihe charitable work of tho Charity as the trustees may from timo to time think fiL This report aims to clearfy demonstrate the publ￿ benefft that Reading F8mity Church continues to prov*Je lo the town of R&ading and beyond.. that il has a¢hi¢ved its aims and objectivés las abovel- and thal th8 trustees have had règard to th8 Chaiity Commi5slon's public benefit guidance. The Irusloos have pald due regard to guldan¢o iSSU8d by the Charity Commission in dechling vthal ath"th"es the charity should undertake. Actlvltles We are a vibrant chur¢h wfth a vision to be a growing, Jo$u$ ¢ontred community, bringing Gtsd'$ kkngdom lo Reading and beyond. We tsjrrently Ivjst 2 Sunday semces 18t a local school) and run oulre8th and socol Iransformalv)n ministries - Youth, Students, Toddler group5, &hools work, Debt Centre, Support groups. Food Panty as well as c(xJrs8s to address marriage preparation. marriage enhancement. pa￿nting, relats'on5hips. bereavement. 8nd more. READING FAMILY CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achi8v•m•nts and portomianc• SoThlc•s. prayerand wor¥hip Following the gro¥th seen In 2023. the number of paople 8ttènding our 2 Sunday meellngs (gam & 11.308ml conts.nued to inGreas8 throughoui 2024. The average attendan¢è for adults and children in 2024 was 57212023..504)- Our highest monlhty average was 617 for November12023..5641 aNI the lowest was 442 for August 12023..3941. During the sthool summer holidays (late July and Ihroughout August) we reverted to holding just one Sunday meeting. The Catatyst Festival took place over the August Bank Holiday weekend, so no Sunday meeting was held that week. The highest Sunday124th November) of the year rea¢hgd 67512023.. 607) attendees across the services. Attèndance be￿een the ￿0 m•eting8 was fairly èvenly distributed thro￿hOUl the year. with the 11.30am 81ighlly better attended. This bs a change from 2023 when the 9am had a larger attèndance. During 2024 onty the 9am me8ting was INestroamed. The avera￿ monthly livestream peak audi8nrg rern8ined st&ady throughout the ytrar an annual average gf 27 live screens each week12023."29). The average number of screens walthiny the Sunday metsting by Tuesday lun¢htim¢ {in the week followng the seNi¢81 also hgld fairfy steady 8t an avarago of 81 per week12023..761. Throughout 2024 we continwl to hold weekly Sunday ovgning prayer meetings. Termly prayer w•8ks vA)Ich In¢ludgd a ser￿$ of onllne and ￿￿r$On gathering$ o1$0 look place through the year. Chlldren'$ wo Our childrèn's work has continued lo ¢are for our churth children and f8mill8s. The average number of children attending our kSds groups across the 2 services has been 14212023..1351. Our kids church team has ovar 60 adults serving wSth our under 11s Including the main Kids Church. Creth 8nd Cornèts I￿￿ group children with additional nèeds). Our Christmas pa￿￿eS were a highlight this year with 146 chlldren 8ttendlng. READING FAMILY CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Yt￿th work At Reading Family church our youth minlsty Is undertaken with the intention of h•lpiThJ those aged 11-18 build a pèrsonal r&lat￿nShip with JesU8. The aim is that by the end of theiT time in youth, youn9 people will recognistr the $19nlficance Jesus should have in thair lives and be actively pursulng hlm through reading Ihebr Biblos. praygr and fellowship. RFC'S youth work also provides a safe sp8¢& for young P8OFle to bring their ffi•nds, socialise and meet diiferent p¢ople of a slmllar a9e. Throughout 2024 Ihere wèrè Iwo ragular ways RFC a¢hièvèd thèse aims.. the Friday evening youth meèting and the youth sessions on a Sunday moming. Friday evenings provided 8 safe space for young people to 18am about the Blble and to socialise and build relationships with each other and the youth team. During 2024 ￿ also saw a number of young people who did rKJt regularly attend church ￿1n us due to irnviles from those in the youth group. Our Sunday sesslons Created a space for us lo look dgepgr Into what the Bible says and whal Jesus calls us lo do as Chrigtians. Due to the increasè in youth numbers we now run Sunday sessions al each meeting ￿th Ihosè In school years 7-9 in one group and those In sch￿1 yeaT5 10-13 in a sgcond group. In August 2024. RFC took 5612023'.39} young people. 8 yO￿th leaders arKI 6 ca19rlng team camping lo Norfdk for thtr N¥wday eonferen¢e. They joined wrth gvgr 8000 other young peoplè from across the nation lo worship God. recaive teaching and build felbwshlp tr)gether. Stud8nt worfr Tha student work al RFC alrns to help university students lo grow in their faith by deepgning their rglationship wth Jesus and wilh olhtrr Christians. This is enabled through a ￿tkIY student life groups, Sunday lunches at church family homes, and mantoring students throughout the year. This year Saw signilkant growth in sludenl number5 with an average attendance on 8 Sunday increasing from 20 10 30 studÈnts through the year. The size of the student Ilfe group also doubbd in sizg to ovèr 30 sttjdents. In Feb 2024. 20 students went on a weekend away to th¢ Oakwood centre, which provided a brilliant oppcrfiunity fly the dè8p•ning of rolationships and disclpleship. READING FAMILY CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Supportlng our ¢ongr•gation and lo¢&1 ¢ommunty RFC has 8 toam who provide pastoral support foT our congregation and local community. We also have a team who support 30 midweek groups running in homès all over Reading, Whe￿ altendees can experience a sense 01 belonging, friendship arHI spiritual grMh that comes frorn joininy o ¢ommunity thln the church. Over the last 12 month5, w• hav8 been delghted lo str8ngth•n all of our community services, espo¢ialty airning to invita those we serve into wmmunity. recognising that isolation is common problem for many. CAP D•bt C•ntrO In 2024, the debt team continued to see 3 new cliènts stftjogling with unmanageable debt each month Itotalling 33 new households over the yearl. In 2024 th• team managed to 5UPPOrt 9 12023."81 more households to become debt fi•¢. Our rèlatlonship with the Readlng Job¢entre Plus has continued and 2 mwe mlnithworkshops werg delivergd lo their customers. The Money Coathing seNice recruited 1 volunteer to join the existing 6 coa¢hÈs to train on CAP'S updated materials. Together they completed 1 group course Ihosted at RFCI and began 1-1 support to 4 Debt Centre clients and 1 trxtgmal clienL The need for help with unmanageable debt conlinues lo b¥ in high demand and in January 2025, we glebrated 15 years of the CAP cgrbtlg in Reading. This culminatsd in a special gathering with Moyor and rapTasentative of the local MP, as well as previous members of the team, clionts and local refèrr81 agonei8S. Rainbows tOdd￿r 9roup has continued to ffleel twi¢& a wfjek. Our Monday 5essivn runs at the Whitley thildren's centre and is attendad by an average of 1712023.16) local t)on remakn anonymus. As al 31 D8¢8mber 2024 it held a balance of zero12023.' zero). READING FAMILY CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves Policy Rgading Family Church has thrèe types of funds.. Unrestricted funds whl¢h can be used for any purpose and make up the chawty's ganeral reserves. Designalad funds which havè bèen sèt asid8 by the trustees for è ptrtievlar purpose and requirè the trustees, pennission to be used for any other purpose. This indud&$ Reading Family Churth's Vision Fund. Restiicled funds that are glven for a specific purpxe and iequire the permission of the giver or the Charity Comrni55K)n to use ihem for any olher puw)se. Only small proportions of Reading Famlly Church's lunds are restrKted. The charity needs general res9rves As a source of worklng c8Pital and to cover expenditu￿ in the èvant of an unexFeCted decrease tn ineomé or other change In cir¢umstanees. The trustees have defined the mlnimum level of reserves permi8siblè as 3 mc+nths' worth of th¥ eharty's operating expenditure. OperaliTrJ expènditure is defined as all of the charlty's essential costs, and excludès discretionary spend such as voluntary donations to third parties. The fationab for this is to allow Reading Family Church lo continue to operate for at least 3 months in the extremè scenario that its inwmè reduces materlalty over a very short of time. At 31 December 2024 the charitys general reserves werè £742.435 12023." £1.4ml. This representsd 8pproxim8tèly 8 months, of operating exp9ndllurg. The fact Ihat Ihis 15 high8r than our minimum Igval represents th6 gen8rosity of the church mambers throughout the year, a8 well as the prudent saving oygr the last 4 years to support the higher operating costs and IM￿￿dIate m8inlenan¢e required in order lo supwrt Ihe newly purchased building. The reserves policy is reviewed on an annual basis by the diractors. and the level of rgserves held is reviewed rnonthly as part of the managgmenl reporling. Investmont Poli¢y Reading Family Church has a duty to prole¢t Its Investments, while balancing the rate of return Ihat these investment5 produc8. Currently the charity's assets are predominately held in land and building. Of the sh bèing held, the majonty 15 for general use or in a designatèd f￿d. These funds may be neodè(l at 18livgty short notice13* monlhsl. Th8 following criteria apply to the managemenl of these fvnds. Any investment shall mlnlmlse the rfsk of loss of capltsl. It shall be possible lo ac￿88 thè investsnent of general reserves with a maxlmum of four mnlhs, notlce and longer-lemi dèsign8tad fvnds wSth a maximum of six months. notlce. The ralts of retum shall be ss high as possiblo, bul is secondary to the 2 crfl&ri8 abov9. Any risk associated with holding reseNes in deposit accounts shall be minlmised. The likelihood of rinanrial institut￿nS failing is low, howevèr the potential impact of such as fallurg on Reading Family ChU￿h coukl bo substantial, and this risk sh811 b8 mitigaled as much as pts$sible. On 11¥5 basis, R¥adlng Famlly Church shall.. Only Invèst In cash deposrt accounts that are covered by the FSCS. Spread thtr lavel of investment over a numbèr of accounts. The number of accounts should b8 reviewed by th& trustees periodically and rènact the relative stabilty of th rinancial institut￿n8. Only invest in deposit 8cGounts wlth a notice pttriod of up lo six months {more if any pena￿￿S lor early wlhdr8wals do not impact the capital inv$sl¢dl. Se16cI L*sh deposit accounts wlh a hSgh rate of retL¥n thrÉvèr possible. READING FAMILY CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Rlsk Pollcles Thg trustees have a risk managèment strategy that includes an annu81 ￿VIeW of the prinrApb ri8ks and uncertainties facing the charity and its subsidiaries and the establishmont of policiwts and procedures to mitigatg th￿￿ iisks. The primary ri$k$ and uncertainties were again safeguarding and healih and Safety. These risks o managed by ensurin9 effective poliaes and procedures are in place and staff and vdunt88rs Bre appropriatsty trained. Plans forfuturè portod$ Looking ahoad to 2025, the church will ¢onlinue its vision lo be 8 growng. Je8US-c&ntred community, bringing God's Kirhgdom to Reading and beyond,. Vvg will continue preaching biblical truths al Sunday meetings as the p￿Mary m8ans of ￿vanCing thg Christian faith, and continue each of the ¥civfaes ouuined above to brfng the prevention or relief of poverty. Activities will continue in*eTson. including our Sunday mètrlings Ih8t has the provision of a ffive stream at thè gam rneeung Iwth recoiding av8llable for later viewing) lo support those unable to p)in inv person. The pos$ib51ty of a third service in thè 8lJtumn tèm is currentty under dls¢ussion. We wlll continue to dgvebp our CAP debt centre and our community based transfomiational 8cttv￿es. Having purchased a building 1¢ be its home in 2024, RFC will seèk to ralse the bjnds to refurbish and develop the slte in accordance with 11$ vision. READING FAMILY CHURCH TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Structure. governance and m•nagement Governing documént Reading Family Church h8$ been in exlstence for over 20 years and was orig￿•1￿ plantéd by K•rith Communlty Church in Br8cJtnèll. The charity is controlled by ts governing docurnent, the memorandum and articles of associats'on, and ¢onstltutes a limited o)mpany, limitèd by guarantee, as defined by the Companies Act 2006. The company was inGorporatsd on 20th April 2012 and Commen￿ trading on 181 Seplerrlwr 2012. Prior to that d818. Readlng Famity Church was an unlncorporated charlty (Charity Regislrati¢n Number 10903281. Alènagomont Reading Family Church is led by 8 team of elders. who prowde Spiritual G0veman￿, arKI set thè and stratogy of the church. The elders moèt to discuss and oversee the affairs of the church and the charity. They work alongside other members of staff Bnd a team ol voluntèèrs to IMp￿ment the vi51(Yl, goals and objo¢b"v¢s ol the trust. Currently therg s•ven elders, of whom are fvll time employee8 of the church and five ofwhom are volunteers. The Increasing number of ministri$$ and aclivitie5 of th& ¢hurch are led by a team of deacons. some of whom ara employed by the charfty but most of whom do so on a voluntary basis. The numbgrs of deacons Is 13. each responsible OT Joint￿ responsible for running and managing one of the chureh's activities that h8lp deliver its public bènèfit. Governanc• As of January 2025. thère are seven dire¢t¢rs lor trLJStees) who provide the ty)vernance of the church. They meel at least three Ilmes a year in their role ovèrseelng the ffinancial, kgal and employment glements of the church. Natasha Davidson ¢hair$ thè diréctors. Sean Green is the only pak4 dlrector,. he IS 81so an elder of the Church. Whilst the Irust86s have delegated day to day management of thts charty to the Senior Pastor, they have proce$s8s and procedures in place that determlne when truslee approv81 is needed. This includes unbudgoted stsff appointments and signifiGanl unbudgeted spend, alongside a number of rnatters r&seNed for the trustees. A trustee induction process Is In place whereby exlsting trustees support those incorning and external tr8lnlng is offered when necgssary. Speufic responsibilities are also delègated lo the Salary Committee, a sub￿MmIttee of Board with a membership of 3 individuals. all gf whom are also directors, This ￿[l￿nIttee performs an 8nnu81 pay view, 8nd also sets the pay and remuneration of key management personn81, as well a8 performing the Senior Pastor'g appraisal. The Senior Pastor 1$ not a memb8r of the Salary c￿nmIttee. The elders of the ¢hur¢h make recommend8tlons for the appolntment of di￿¢torS. Tho nomin88 is Ihen appointed by a r￿QlUtIOn ol the existing dire¢lors and remains in office Ihereoftar. The directors of the charity are drawn priMarf￿ from the actNe Membe￿ of the church with the appropTiatg skills for Boa membership. AffJliation# Reading Family Church Is a member of Evang8&cal Alliance and Transfomi Reading. The thureh is also affiliated to Newfronlprs. which is a woddvAde famity of churches. This afNlialion enables the d)ur¢h to help other Christian churches in the UK and abroad. It also provides a support netsycfk that allow5 the church to draw on the axperience arhd exp•rtise of olher churches. READING FAMILY CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Tha Injstees. who are also the dir8¢tors for the purpose of company ￿w, and who served during the yèar and up lo the date of $ignalur8 of tha ffinancAal stat8ments were.. SEPGr•en P J Harlay M Abdul P I Chigada M D Blake N Davidson (Chair ofTnJsteesl J R Davls K L Twine S J Mitthell (Resigned 23 January 20241 {Resi￿ed 23 January 2024} I￿pointed 23 January 20241 Auditor In accordance with the company's artiel•s, a resolution proposing that BnJl¢n Chade$ be ￿appOinted as athyitor ol the corwny wll be put at a General Meelng. The tW5t8Ès' r￿tsrt was approved by the Board of Tw$lees. N Davidson (Chair ol Trusleesl Tru$tè• 10- READING FAMILY CHURCH STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees. are also th& directors of Reading Family Chur¢h for the purpose of company law. are responsible for preparing th8 Trustees. Rgport and the financial statements in accordance with applicab￿ law and United Kingdom Accounting Stsnd8rds (United Klngdom Generalty Accepted Ac(x)unting Practice). Company Law requires the trustees to wepare finanual statements for ea¢h fjnanclal yearwhich give a and lalr view of Ihts stste gt affairs of the charfty and of Ihè incoming resouTc85 and applicalon of rasourc8s, including the In￿m8 ar￿ expenditurè. of thè Charitab￿ company for that yaar. In prep8rfng these fin￿￿71 ststem8nts, the tru$taes are required to.. select Sultsble 8¢¢oun￿ng pollcle5 and then 8pply them consislenlly,. observe the methods and principles in the Charities SORP: - maka judgements and estimat8S that are reasonable and prudènt- and prgpafe thg flnorrial slalements on thg going concern basis un￿$ it is Inappropriate to presume that the charfty 11 continue in 0￿ratIOn. Tho trustees are responsible for keeping adequate accounth.ng racords that disclose wilh reasonable accuracy at any time the financial poyth'on of the charity and enable them to ènsure that the ffinancial stslgments comFAy with the Companies Act 20C6. They aro also resptsnsi￿e for safeguarding the assets of the charity and h8ne£ for ta￿ng reasoneknltt sleps for the prevèntion and detection of fraud and olher irregularits"es. READING FAMILY CHURCH INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF READING FAMILY CHURCH Opinlorn We have audited the finaneial statèmènts t)f Reading Famity Church Ilhe '¢harity'l for the year ended 31 December 2024 which comprise the statement of financi81 activities, the balance sheet. the ststement of cash flows and notes to the finantial stalements, including significant acGounUng policies. The financi81 rèFKlrtlnu framework that has been appliÈd in thèir preparation is applicable law and Unlled Kingdom AccountiThJ Standard$, In¢luding Financlal Reporting Standard 102 Th& Flnancial Reporting Standard applicable in Ihe UK and Republic of Irgland IUnit•d Kingdom Generally Accgplèd Aeeounting Practice). In Iwr oplnlon, the financial statements.. give a true and fair vlew of the stsle of the charitable wmpanvs affairs as at 31 Oecember 2024 and of ils incomlng resources and application of resources, for the year then ènded; have boen Prry)er￿ prepared in aecordance wlh United lQngdom Generally Accepted Accounting Practice.. and have been prepared in ¥rxordanee with the Tequiremènts of the Companles Act 2006. Basi$ f¢r oplnlon We conducted our audit in accordance wilh Intemational Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors rgsponsibllitl&s for Ihe 8udit of the finanGial sl8t8ments secI￿n of our report. Wo a￿ independent of the charity in accordance with tho athical Tequirements that are ralavant to our audit of thè financial stalemenls in the UK, indudlng the FRC'S Ethlcal Slandard. and we have fuffilkd our other ethical Tesponsibililiès in accordance wlth these raquiromenls. We believg Ihal the audit èvidon¢e we have obtalnad Is SLfficient and approprlat8 to provide a basis for our opini(*. Con¢luslons relatlng to golnq concern In auditing the financial statements, w¢ have concluded that the trusteo$' use of the golng concem basis of 8c¢oynting1n the preparation of the financial staloments Is appropriate. Based on thè work we have performed, we have not Sdenllfled any material uncertainli8$ rglating to events or condilK)ns that, individually or collectively, may cast slgnificant doubl on the charity'$ abllty to continue as a going concern foT a period of at least ￿e1Ve months from when the financial statements are authorisgd for issug. Our responsibilities and tha résponsibilities of the trustees ￿￿th ￿spect to going concern are d98cribgd in the relevant sects'ons of thi3 reporL Other informatlon Th8 Othèr infomiatioTh comprises thè Information included in th8 8nnu81 ￿￿K)rt other than the financial stalemenl8 and our audltorfs report Ihereon. The trust*$s are responsible for the other information contained wlhin the annual report. Oui opinion ￿ the financial slalements doas not cover the othèr infomiation and we do not express any form of assurancé conclusion thereon. Our re8PDnsibility is to read the other inforrnalion and, in doing so, consider whelhgr the other information is materially incon515tèrbt with Ihe financial ststements gr our knowledge obtained in the course of Ihg oudit, or otherwse appear5 to be materially misstated. If we identty su¢h material inconsistencios or apparent material rnisst8tèm8nts, wa are required lo detemine whether this gives rise to a rnatgrial mi¥st8t9fflènl In the financial statements themselvts. 11, based on the work we have perfomed, we conclude that there Is a material miss18t￿ent of this other Snlormatlon, we are required to report Ihatfacl, Wg h8ve nothiro to feport in thi5 regard. ma￿T8 on whleh wè ar• r•qulr•d to r•port by •xe•ptlon We h8v& nothing to report in resp8¢t of thè 1011owing matters in rel¥tion to which the Charities (Accounts and Reports) Regulations 2008 require us lo report to you if, in our opinion- the Infoimation ￿Ven in Ihe financial stslemenls is inconsi8tenl In any materlal respect wllh the trustees, port.. or sufficient accounting reco￿8 have not been kept,. or the financial statements are not in agreem¢nl with the accounting records.. or wè hav8 not received all Ihe information and explanations we require ftsr our audit. 12- READING FAMILY CHURCH INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF READING FAMILY CHURCH Responsibilities of trustee5 As explainèd more fully in the sta18menl of Iruslees, responsibilllies, the Iruslees, who are also the dirèctors of the charity for Ihe purpose of comp8ny law, are responsible for the preparation of the financial stslements and foi being s?tisfied that Ih8y give a Ime and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misslatemenl. whether due to fraud or error. In preparing the financial stalemenls, the Iruslees are responsible for assessing the chaTily's ability lo continue as a going concern, disclosing, as 8pplicable, mallers related to going con¢em and using the going concern basis of accounling unless the Iruslees either intend lo liquidate the ch8rilable company or to cease operations. or have no realistic alternative but to do so. Auditorfs responsibilities for the audlt of the flnanclal statements We have been appointed as 8uditor under section 144 of the Chariliets Act 2011 and ieport In accordance with the Acl and relevant r&gulatiDns made or having effect thereunder. Our objectives are to obtain reasonable assurance about whelher the financial statements as a Who￿ are free from Inaterlal misslalemenl, whether due to fraud or erfor, and lo issue an auditorfs report that indudes our opinion. Reasonable assurance Is 8 high level of assurance bul is not a guarantee that an audit conducted in a￿OrdaNce with ISAS (UK) will always delect a material miEslatement when il exists. Misslalemenls can arise from fraud or error and are considered material rf. Individually 01 in the aggregate. they could reasonably be expect8d tc influence thé economic decisions of users taken on the basis of these financial statements. The extent lo which our procedures are capabl& of detecting irregularib'es. including fraud. is delaiSed beh)w. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 wwwfrc.org.uklaudilorsresponsibilities. This description forms part uf our auditor's report. Use ofour report This report is made solely lo the charity's trustees, as a boty, in a¢eordance with Part 4 of the Charitres IAccounls and Reports) Regulations 2008. Our oudil work has been undertaken so that we might slate to the charity's trustee5 those maller$ we are required lo slate lo them in an 8udilDr's report 8nd for no other putpose. To the fullest extent pemiilled by law. we do not accept or assume responsibility to anyone other than the charity and the charity's truslees as a body, for our audit work, for thls report, or for the oplnions we have formed. Neil Major {Senlor Statutory Audltorl For and on behalf of Brulon Charles, StaluloryAuditor Chartered Accountants The Coach House Greys Green Business Centre Henley.on-Thames Oxfordshire RG9 4QG 6 June 2Q25 Bruton Charles is eligible for appointment as audftor of the charity by vlrtue of its eligibilrty for appointment as audrtor of a Company under section 1212 of the Companies Act 2006. 13- READING FAMILY CHURCH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrnstrlctsd Restrfctod funds lunds 2024 2024 Total Unrestrlet•d Restrlcted funds funds 2023 2023 Total 2024 2023 Notes Ineom• from: Donations and legaciès Charitable activit￿5 Investments 1.327.037 42,485 87,776 6.725 1.333.762 42,485 87.778 1,020.552 58,565 72,967 66.828 1,087.380 58,565 72.967 Total Incom• 1,457,298 6,725 1,464.023 1.152.084 66.828 1,218,912 ExpendltUTg on: Charitable adNitles 972.051 31.273 1.003.324 894,675 27.195 921.870 Total •xp•ndbture 972,051 31,273 1.003.324 894.675 27,195 921,870 N•t Incomel(exp•nditur•l and movement In funds 485,247 (24,5481 460.699 257,409 39,633 297,IM2 Reconeillatlon of funds: Fund balar￿S al 1 January 2024 2,999,646 39.714 3.039.360 2.742.237 81 2,742,318 Fund balances at 31 D8comb&r 2024 3,484,893 15,166 3.500,059 2,999.646 39,714 3,039,360 The ststament ol finandal activities Indudes all gains and Ios6es recognis•d in the year. Al income and expenditure derive from wltinuing activities. 14- READING FAMILY CHURCH BALANCE SHEET AS A T 31 DECEMBER 2024 2024 2023 Not•s Fixed a888ts Tangible assets 11 2.624.286 26.771 Curr•nt assets Dabtors Cash at bank and in hand 12 106,072 810.817 92,209 2.957,870 916,6B9 3.050.079 Crodltors.. •mounts falllng due wlthln one year 14 141.1161 {37,490} Net current a￿ts 875.773 3.012.589 Tot•1 g$$0ts I￿￿ currènt Ilabllltl•s 3,500.059 3,039,380 N•t ass•ts •xcludlng ptn$ion Ilablllty 3,500,059 3,039,360 Th• lund$ of tho charlty Restricted income fund5 Unraslrict8d funds 16 15,166 3.484.893 39,714 2,999,646 3.5CK),059 3.039,360 The o)rnpany is enliled to the ¢xemptk*n from the audit requiremgnt ￿ntsIngd In s•etion 477 of the Companies Act 2006, for the year ende¢J 31 Decernber 2024, ahhough an audtt has been carrleil out under sedk)n 144 of tho Charities Act 2011. The direclixs acknowledge their responsibilities for complyino with the requSrements of the Cclnpanies 2006 wlth respect to accounting records and the preparatlon of finaneid statements. The members have not required the company to obtain an awjit of 118 financlal st8tsmgnt$ undor thg requirements of thg Companies Act 2006, for the year in queslion in accordance wth SeCt￿n 476. These finanL?al statements have been prepared In accordance wlh the provisions applicable lo companles subjecl to the small ￿ryani&s regim&. Tho finandal statemants wère approved by tho Iwstoes on .... .... N Davhlson (Chair ofTrusteesl Trustee Cornpany registration numbeT 08039827 (England and Wales) 15- READING FAMILY CHURCH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Not•s Cash flows frnm •p•ratlng activiti Cash g&n8rated frorn operathons 22 376.771 220.392 Investlng *¢ttvltl•$ Purchase of tsngibla fixad assets Inveslmext income received 12.611.600) 87,776 15,2981 72.967 Net cash lused inyg•n•iated from investlng actlvltles 12,523.8241 67.669 Net cash us•d In financlng a¢tivltl•s Not Id•¢r•a$•llln¢rè•*é in cash and cash oqulvalents 12,147.0531 288.061 Cash and e2sh èquivalents at beginnlng of year 2,957,870 2.669.809 C•sh and cash equlvalents at •nd of y•ar 810.817 2,957,870 16- READING FAMILY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢countlng polcies Charity Infomiatio Reading Family Church is a private company 11rnit￿ by guarantee incorporated in England and Wales. The registered offi¢e 4$ 448a Basingstoke Road, Reading. Berkshire, RG2 ORX. 1.1 Accountlng Conventio The financKg1 stslements have been prepared In accordance with the charivs goveming docurnenl, th• Companies Act 2006, FRS 102 Vhe Financial Reporting Standard applicable in the UK and Republic ol Ireland. I'FRS 102.) and the Charities SORP "Accounting and Reporting by Charitiès.. Statement ol Rgcommèndèd Practice applicable lo charitiès prèparing their accounts in accordan￿ with the Financial Reportmg StaThdard applicable in the UK and Republic of Ireland (FRS 1021" (effective 1 January 2019). Th& charity is a Public B?￿rit Entity as defined by FRS 102. Thè financial statements are prepamd In stertlng. which is th8 functional euwréncy of the charity. Monetary amounts in these ffinancAal 51alernenls are rounded to the nearest £. The financial stslemenls have been prepared under the his10ri¢81 cost convention, modified to includ• thè revaluation of freehold pri)partYas And to include investment properties and Gertain financial inslrvmenls 8t fair Va￿8. The prI￿1paI aC￿)Unting polbcies 8doptod are sel out below. 1.2 Golng eonc•rn At the time of approving the finan¢Tal statements, the trustees have a reasonable 8xpe¢t8tion that the charfly has adequaie resources lo continue in operational oxi$ton¢e for the foreseeable futu￿. Thus the trustees c¢)ntinuè to 8dopt the g￿ng C￿nCern basis of accounting in preparing Ihe financial ststements. 1.3 Chwit4bl• funds U￿estricted funds are available for use at the discretlon of thè tNslees in furthéran￿ of thor Charilable objactivos. Restricted fund5 are subject to spetyfi¢ eondltions by donors or grantors as lo how they may be used. The purpos0$ and uses of the reslricled funds are s8t oul in the notes to the finan¢l81 statements. Enrtowment funds are subi8¢11o spo¢ffic ¢￿dI￿on$ by dor￿r5 that the capital must b8 malntained by the tharity. 1A Income Income is rewgni$gd vA)¢n the tharity is legally entitled lo it after any performance o)ndilions have b8en fflgt, the amounts can ￿ measured r*liMbty. and it is probable th81 income will be re￿ived. Cash ¢Jonalions are re￿gniSed on receipt. Other donations arg Tgwgnistrd once the charity has been notthed of the donats'on, unless perf9rman￿ conditions require deferral of the amount. Income tsx recoverabltr in relallon to donations receiveil und&r GiftAJd or deeds of covenant is re¢ognised at the tlme of the donation. Legacies are Tecognised on rètsipt or otherwise if the charity has bfren notffjed of an impending di81ribulion. the amount is known, 8nd recglpl Is expected. 11 the arnount 1$ not known. th8 18gacy is treated 8$ a conting8nt asseL 17- READING FAMILY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting polkl•$ IContlnu•dl 1.5 Expondlturo Expenditure is recognised oncE there is a legal or construcbve obligation to trAnsfer economic benefit to a third paty, il 13 probablè that a transfer of ts¢onomie benefflts will be required In setU￿ent. and the amL4Jnt of the obligation can be mèasured reliably. ExpènditLJre is classified by actfvty- The costs of each advlty are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activty- Diract cosis attributable to a snglè activity are allo)Gal&d dyectly lo that 3ctlvlty. Shared costs which contrlbule tr) more than one activity and support costs whlch are not attributable to a single advity are apportioned betwegn thos• activSties on a basis ¢onsistent with the of resources. Central stsff Gosts are alkjcated on thè basls of tin￿ $pent. and dgpreciation charges are 811￿ated on the portion of th8 assèvs use. 1.6 Tanglble flxed assets Tangible fixod 4$$èts are initialy measursd al cost and subsequenlty measuréd at eost or valuation. net of deprèciation and any impaimènt losses. Items PUT¢hased 4Y donated for Ihe charity's own us8 ale capitalised when thè cost of purchased iiems, or the falr valuo of d¢nated Items. is more than £3,000 and thè item is expected to b6nefit the charity over more than one accounting pÈriod. L)epre¢lallon Is Tecognisad so as to write off the Cost or valuation of assets their residual valuas over their ussful Ilves on tha following bases.. Freehold land and buildlngs Fixtures. fittings and equlpn￿I Buildings dèpreciated over 35 years slrap3ht Ilne on cost 15% and 33Y(+ straight line on cost Tho gain or105s arising on the disposal of an asset Is detemiined as the differen¢e btrtwgèn the sale proceeds 8nd the ￿rryIng Va￿8 of lh& asset, and is recognised in Ihfr ststem6nt of financial YKtNitiès. 1.7 Impalmwnt of fixgd assets Al each rtrporll￿ end dale, the eharity reviews the carying amounts ol Its iangible assets lo detsmine whether there Is any indicallon that Ihose assets have suffered an Smpalrment loss. If any such indicats'on èxists. the recoverabb amount of the assgt 1$ èstimatad in order lo determinè the extent of the impairment loss Irf any}. 1.8 Gash and ¢a$h •qulvalonts Cash and cash equwalents Includo ¢a$h In hand, d&posils held at call with b￿ks, other short-tsrm Itquid Investments with original maturitie8 of four months or ￿85, and bank overdrofts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Finanelal Instruments Thg charity ha5 elacted to apply the provi$ions of Section 11 'Basic Fin8n¢ial Inslruments, and Sectwjn 12 'Other Financial Instwments Issues, of FRS 102 to all of Its financAal in5tnJments. Flnancial instruments are recognised in the ch8rity'¥ baknce sheet when the chawlty bg¢omes party to the ¢ontractual provisNJns of the Instrument. Finan¢ial assets and liabilities are ollsel, with the net 8nK>unts pres8nted in the financial statefflgnts. when there is alggally enforceable right to sat off ihe recognised 8NM)LJnts and there is an intention to settle on a net basis or lo tsalisa Ihe asset and ¥eltle the lfiatrm'lity simultaneously. 18- READING FAMILY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aecountlng pollcl•s IContlnu•dl Basic financial ￿$ets B4si¢ financial assets, which include debtors and cash and bank b¥lan¢s$, are initialty measured at transaction price Including transaclh?n costs and are SUbs￿Uentty carried al amortlsèd cost using the effective interest method unlèss the arrangement constitutes 8 flnancing transaction, where the transaction is measured at the presènt value of the future receipts discounltd at a markel rale of intergst. FMianaa1 assets ¢lasSif￿d as receivable within one ￿¥r are not amorts'sed. Baslc financlal Il¥bilities BAsie financlal liabilities. indudlng cred(¢ors and bank bans are initially recogni￿d at transaclion price unless the arrang9ment eonstitutes a financing tr8n$action. where the debt Instrument 15 measured at the present value of the fvlure p8ymants dSscounted at a market iale of int¢rest. Flnanaal liabililiès clas&fiad as payable vthin one year are not amortlsed. D¢bt Instruments are subsoqugnlty carrled at amortised cost, usin9 th8 affactive interest rate rn•thod. Trade treditors 819 obligations to pay for goods or services that have been acquirgd In the ordinary course of operations Irom supplier5. Amounts payable arÈ classifiad as cu￿nt liabiliti85 il payment is due within on8 year or less. If not, they are presented as non-curr8nt li8bilities. Trade creditors ar¥ Tgcognls8d initialty al transaction price and sub$equ$ntly measured al amortised co8t USifbg the effective interest method. 1.10 Employèè ben•ffts The cost of any unused hollday entKl8ment is recognised In th¥ pertod In whlch the ernployeg's saNees are receivod. Terniination benèfits are recognised immediately 8$ an expens& when the charity 1$ dèmonstrab￿ committed to terniinate the empbyment of an employee or to provide t&Tmination benefits. 19- READING FAMILY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charltsbl¢ 3¢llYltiè8 2024 2023 Conferences and events Fees for seconded staff 21,562 20,923 29,939 28,626 42,485 58,565 InY•8tm•nt8 Unr•strScted Unrestrt¢ted funds funds 2024 2023 Bank interest receivable 87.776 72.967 Charitable a¢tiviti•s tNre¢t Svpport 2024 2024 Totsl 2024 Total 2023 Ministy and support staff costs Depreciation impairment Church Ministry Confer8rKe$, couws & •vants Pr9ml￿S cosis Other support costs Governance- auditfees 514,375 71.486 14.085 585,861 14,085 25,877 31,970 200,948 29,430 5,688 486,026 6,341 24,183 43.259 224,100 24,296 5,400 25.877 31.970 200.948 29,430 5.688 773.170 120.689 893,859 813.605 Grant funding of activitl8s Is88 note 61 109.465 109,465 108,265 882,635 120.689 1.003.324 921,870 Analysls by fund UnrestrScted funds Restricted funds 851,362 31.273 120,689 972,051 31.273 894.675 27.195 882,635 120,6B9 1,003,324 921,870 21 READING FAMILY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payablg Total 2024 Tot*1 2023 Unr•strfcted Restricted Grants to institutSons.' African Inland Mission Baptist hAission8ry Society Catalyst Ne￿ork ofchurches Catalyst Oxford Hub Chapter 2 Christians Against Poverty Cr&hting Better Futres Bet*shire Women's Shinfi8ld Bapli4h Church Starbng Point Torch Transfomi Readiro TwoNlneleen Jubilee Plus NewFrontiers INewdayl Your Local Panty 5.000 3.000 s.000 25.000 3.000 6.000 5,000 30,OOD 3,OOD 2,089 5.000 30.000 3,000 7,200 3,000 5,111 300 7,000 7,000 5,000 1,200 1,000 1,000 1.000 100 3,250 1(M) 3,250 3.000 5.000 875 418 418 57,939 5,629 63.075 Grants to indivitha 44,856 1,041 45,897 45,190 102.795 .670 109,465 108265 w￿1n the above unrestricted gr•nts 1$ £7.000 that is a designatsd lund grant in respect of the Vision Fund. Net movement in funds 2024 2023 Thg movement in funds is $tsted after charg1￿1(CredItIn9}. Dépr8daiic￿ of owned tangibl• fixed assets 14,085 6,341 -22- READING FAMILY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Thist•frs The thariws kèy management compristr th• trustees and the key slaff narned on tho Company Ir)fomialion page. Total employment benefits paYa￿e to key managèmènt for the year We￿ as follows.. Mr S E P Green ITruslee), salary and panslon £78,74312023.. £75,751) MTS E J Green (Key management. spouse of S E P Grg8n}. salary and pension £46,10412023'. £43.716) Mrs S M Mltch811 Ispousa of S J Mil¢hell, Iwsteel. salary and pension £14.096. other members of Key [T￿￿9¢Mont, saLgrfes and pen$ion$ £144.974 (2023= £13S,6111 Mr S E P Green served as 8env)r Pastor and recetvod the above paym¢nts for seNing in that caparyty, not for serving as 8 tru$t¥g". these payrnenls ar8 permitted by the charitys govtrmlng document. Employè•• The average monthly numberof employees dunng the year was.. 2024 Number 2023 Numbgr 18 16 Employmgnt ¢o$ts 2024 2023 Salaries, Social Securty and Penslons Other staff Costs 561.088 24,773 471.507 14.519 585,861 486,026 The number of employees whose amual remuneration was more than £60,000 is as follows= 2024 Numb•r 2023 Number £60.000- £70,000 10 TaxatSon The charity is exempt from tsx on income and gains falling within sectlon 505 of the Taxes A¢t 1988 or seclon 252 01 the Taxallon of Chargeable Gain$ Art 1992 to the exlenl that thèsè ar& applied to its charitable objects. -23- READING FAMILY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Tangibh fix•d *•$•t$ Frtthokl l•nd and bulldlng$ Flxturu. fittings and equiprno111 Total CtyJt Al 1 January 2024 Additions 82,826 82.826 2,611,600 2,611,600 At 31 D9￿mber 2024 2.611.600 82,826 2.694.426 Dopr¢clatlon and Impalrmont At 1 January 2024 Depre(aati<)n charged in the year $6.05S 7.033 56,055 14,085 7,052 Al 31 Docamb8r 2024 7.052 63.088 70,140 Carrylng •mount At 31 D9￿M￿r 2024 2,604.548 19,738 2.624,288 At 31 December 2023 26,771 26,771 12 Debtors 2024 2023 Amounts fallSng dug Wlthln t)n* year. other debtor Prepaym¢nis and accrued income 30,131 75,941 15236 76,973 106,072 92.209 13 Cash at B•nk and In hand Cash at bank and In hand Includes £303,572, {2023= £676,976) that has immediate access. d¢FY)Srts that uirg noti￿ of £507,13912023= £2,279.2941 and petty cash of £10612023". £1.5991. 14 cr￿110￿￿- amounts falling due wlthln on• y•ar 2024 2023 Notes Dèferred income Tr8da creditors Other creditors Accruals 15 8,059 23,475 4,056 16,999 8.739 7.696 41.116 37.490 -24- READING FAMILY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Deferred income 2024 2023 Othèrdaférrèd Inc4)me 8.059 4,056 D8ferr8d income is included In the financial statements as folbws: 2024 2023 Dèf8rrèd Income ts included within: Current Ilabilities 8.059 4.056 Movements in th? year.. Deferred Income a11 January 2024 Releaseij from prgViOUS P8riods Resourc*s deferred in the year 4.056 129.7481 33,751 3.092 141,3921 42.3S6 Deferred income at 31 December 2024 8,059 4.056 -25- READING FAMILY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DEGEMBER 2024 16 R•strict•d fund• The restiiclgd fvnds of the charity cornprise thè vnèxp8nd8d balances of donations and grants held on trust subjèct tts spec￿le conditions by donors as lo how they may be used. Mov•m•nt In funds Incomlng R*sourGgJs Balanc• at rgsour¢èts expendod1 January 2024 Mov•m•nt In funds In¢omlhg rg$wr¢g5 8alant•*t 1 January 2023 Balance #t pended 31 De¢emb•r 2024 CAP Dèbt centre Othèr reslrieted funds Local Mission Fund 43,407 {25,3831 18,024 1.200 119,2241 81 180 1261} 23,241 11.$51} 21.690 5,525 112,0491 15,166 81 66,828 127,195} 39.714 6.725 131,2731 15,166 The CAP ¢J$bt ¢entro fund aims to provide support and setvices to people facing financial difficulty." to help individLJals and famil￿S In dearing unmanageable debt., equip people to enter or re-enter th¢ workl of empk>ymenl-, offer lile-bng money managemenl skills to avoid future financial problems. The Local Mission fund has been $8t up to support local cornmunity initiatives in the Greater Reading artra that promote the ChrisUan faith or bring r8li8f of poverty. Examples of Ibut nr)t limited tol existing RFC initiativès and partnerships that the fund ean be used for include. CAP debt centre, Food Pantry, Alpha, Rainbows, Torch, Chapter2. Bed for the Night. Grants can also be made to exiernal agencies or partners sharing these aiTns. The other reslrided furvjs represent monie5 donated by Church momb&rs for a variety of areas. Examp include Ibul not limllèd to} outreach, ￿pha cou￿¢s, singles groups. maThiage ministy and those trxperiencing financAal dTfficJJlty. 17 unrestrict￿ lunds unrestri¢tÈd funds ofth8 tharity comprise the unexp•nded bBlances of donatons and grants whid) Are not subject to specific condhions by donors and granlor5 as lo how they may bè used. These include designated funds which have been set asid• out of unrestricted funds by the tnJst88s for specAfic purposès. At 1 Janu•ry 2024 Ineomlng r•soure•s Resources expended Transf¢rs At31 December 2024 Wislon fund General funds 1,603.379 1,396,267 143.799 1.313,499 17.0001 11,622,004} 1965.0511 1.622,004 118,174 3,366,719 2,999,646 1.4S7.298 1972.0511 3.484.893 -26- READING FAMILY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Unrestricted funds (Continu•dl Prèvious y••r: At 1 January 2023 Incoming ro$ources R•8our¢ expended Trnnsforn At31 D•cgmb•r 2023 Vision fvnd Gèneral funds 1.581.485 1.160.752 21,894 1.130,1 1,603,379 1,3%,267 1894.6751 2,742.237 1.152.084 1894,675} 2,999,646 The Vision Fund is an unrestricted fund designated by the trustees lo support RFC'S vlslon of being a growlng Jesus cenlred community bringing God's Kingdom to Reading and beyond. Examples of this (but nol limrted tol may include purchase rèlurblshment of a building but coukl equally be church planting overseas or in thi the rèlief of poverty. The transfers shown above are in respecl of d9519nated funds held. that were used to part fund the purchase ol the freehold land and buildings during the year, where the fixed assets are treated as part of the unrèstricted funds of the charily. 18 Analysis of n•t avdots betw¢en funds Unrestrlcted fund$ 2024 Restrict•d funds 2024 Totsl 2024 At 31 D•c•mb•r 2024: Tangible assets Currant asse1511liabili11gs} 2,624,28fj 860.607 2.624,286 875,773 15.166 3,484.893 15,186 3,500.059 Unrestrict•d funds 2023 Re$trlctèd fvnds 2023 Total 2023 At 31 D•e•mber 2023: Tangbbltr assets Current assetsl(IlabfjlitSesl 26.771 2.972.875 26.n1 3,012.589 39,714 2,999,646 39.714 3,D39,360 Refer to note 17 lor thè designated fund movements as thesa are part of the unrestridèd furrfls. D•signated lunds in respect ol current assatsl {liabilitiesl abtsve lotslled £118.17412023'. £1,603,379). 27- READING FAMILY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Operating lea#8 eommltments At thè rèptsrtlng end dale the charity had OLtrlstanding commitrrtents for fvturè mlnSnwm lease p8yThenls under non-cancellable operallng leases, whith lall due as fglbws.. 2024 2023 Within one ygar Beiwe•n on6 and five years 124,800 171.600 296,400 Thè opèrating lease commitments In 2023 represented a lease in rgStJfjd of rentals paid by thè charity to the landlord of ils premises. During the yeaT tho ¢harfty purchased thè PT¢pety from Iha tsndlord and 8S 8 rasult, there are no lease commitments a$ at th8 year end. 20 Rglated party transactlons Transa¢tlon$ wlth rolated partlgs DMng the year the charity entered into the folbvAng transactions with relatèd parties.. The Church received donat￿$ totalling £177.319 12023= £139,332) from r8lated parties Iwh¢h I￿udeS trustees, Mem￿15 of key management and anyone closely linked with them). During thè yèar thè Church paid £2.940, 12023 .' £2,870) lo Oakwood Ytsuth Challenge fcf a Student Conference lo be held In February 2025 - an organisation for which Sean Gregn became a truslee on 16th September 2024.. There were no other disdDsablg transactions that took place ¢Jurlng the year. 21 Analysls of changes in net funds Thg Gharity had rKs material debt duiing the year. -28- READING FAMILY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Cash g•n•r•tèd from 0￿ratIOnS 2024 2023 Surplus forlhe year 460,699 297.042 Adjustments for Investrnenl Income recognlsed in s18tement of finanGial activit￿8 Depreclation and impalmènt of tsngibl8 fixed assets 187.7761 14.085 [72,9671 6,341 Movements in workSng caprtal.. IlnGre8sel In dabtors IDeue¥seYincrease in creditors Increase in deferred income 113,863} 1377) 4,003 117.2711 6.283 Cash g•n•rated from opèratlons 376,771 220,392 -29-