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2022-03-31-accounts

DocuSign Envelope ID: 9272F8F3-DAC7-4AA6-A83D-868D1412CAFC

THE CHRISTIAN SCIENCE TRUST IN GREAT BRITAIN FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

DocuSign Envelope ID: 9272F8F3-DAC7-4AA6-A83D-868D1412CAFC

Page 1

THE CHRISTIAN SCIENCE TRUST IN GREAT BRITAIN

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

The Trustees present their report and the financial statements for the year ended 31[st] March 2022.

REFERENCE AND ADMINISTRATIVE INFORMATION

REGISTERED CHARITY NO. 215721 PRINCIPAL ADDRESS PO Box 828 Godalming Surrey GU7 9HP

The Trustees who served during the year were:-

Mrs R. Brown Mr G. Chaplin Mr P. Daniel (retired 7[th] June 2021) Mr J. Lardge Mrs S. McGrath (appointed 7[th] June 2021) Ms L. Neligan

On 6[th] June 2022 Mr G. Chaplin retired as a Trustee and Mr P. Allen was appointed as a Trustee.

Ms K. Sutton has acted as Administrator throughout the year. The Administrator carries out the administration of the Trust on behalf of all the Trustees.

PROFESSIONAL ADVISORS

Bankers CAF Bank Ltd. Charities Aid Foundation Kings Hill West Malling Kent ME19 4TA Solicitors Kingsley Napley LLP Knights Quarter 14 St John's Lane London EC1M 4AJ Auditors FLB Accountants LLP 250 Wharfedale Road Winnersh Triangle Wokingham Berkshire RG41 5TP Independent Accountant DHL Accountancy Services Ltd Chartered Accountants 30 Willowbank Gardens Tadworth Surrey KT20 5DS

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THE CHRISTIAN SCIENCE TRUST IN GREAT BRITAIN

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

(continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charitable Trust is constituted by a Trust Deed dated 16[th] April 1956 - as varied by two Deeds of Variation dated respectively 21[st] January 1972 and 14[th] October 1980. The Trustees are to apply the capital and income of the Trust for the purpose of promoting and extending the religion of Christian Science as taught by Mary Baker Eddy in the Christian Science Textbook "Science and Health with Key to the Scriptures".

Appointment of Trustees is governed by the Trust Deed. The Trustees are appointed annually by the Board of Directors of The First Church of Christ, Scientist, in Boston, Massachusetts. Potential candidates are sourced from Branch Churches and Societies, seeking people with suitable skills and trying to maintain a broad spectrum of views and experience. New Trustees are provided with a copy of the governing documents, copies of recent minutes and other documents which might be helpful as well as a preliminary briefing by the Chairman. At the first meeting attended by a new Trustee, an updated briefing is provided and there is an opportunity to ask questions about the Trust's activities. Charity Commission newsletters are available to all Trustees and the Chairman provides briefings from time to time on the responsibilities of Trustees as well as arranging for external training courses.

The Christian Science Trust in Great Britain does not have any employees and all decisions are taken by the Trustees.

The Trustees, with the exception of Ms L. Neligan, are also Trustees of The Westminster Fund. The Trustees consider grant applications in a co-ordinated manner to ensure that where possible, grant applications are dealt with by the most appropriate Charity. There is an annual recharge from the Christian Science Trust in Great Britain to cover support costs incurred by the Charity in relation to this joint operation.

The Christian Science Trust in Great Britain also has responsibility for the management of a number of subtrusts as described in the paragraphs below:

The ' Miss Cobham Bequest' . The income from this Fund is to be applied in giving financial assistance to any members of The Christian Science Student Association of the Pupils of Rosemary Cobham CSB who may be in need of help - as defined in a memorandum dated 8[th] July 1974.

The ' Churches Support Fund' was set up by resolution of the Trustees dated 7[th] December 1998 to replace the Brixton Fund, which was then coming to an end, to apply the capital and the income thereof for the advancement of the religion of Christian Science in the United Kingdom and/or the Channel Islands, including in particular the provision of financial assistance to Christian Science Branch Churches, Societies and Informal Groups in the United Kingdom and/or the Channel Islands which are able to demonstrate a special need for funds.

The ' UK Restricted Activities' Fund consists mainly of the balance of the Peccorini Bequest, the Arthur Hanson Trust Fund and income arising from the EE Harris Will Trust which are for the use of the Trustees within the UK only. The Trustees can apply the capital and income within the United Kingdom for the purpose of promoting and extending the religion of Christian Science as taught by Mary Baker Eddy, and such other charitable purposes as the Trustees shall think fit and which are supportive of and consistent with the teachings and practice of the religion.

RISK MANAGEMENT

The Trustees have reviewed the major operational risks which the charity faces and confirm that systems have been put into place to mitigate those risks.

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THE CHRISTIAN SCIENCE TRUST IN GREAT BRITAIN

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

(continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

INVESTMENT POWERS

The Trust Deed authorises the Trustees to make and hold investments using the funds of the Charity. On 23[rd] May 2015 all funds held by the investment managers were transferred to The Mother Church in Boston who have amalgamated the monies received with their main managed investment holdings. This is designed to provide a better return for the Trust with a lower fee burden and allow the experienced investment team at The Mother Church to oversee investment performance.

OBJECTS AND ACTIVITIES

The Trust Fund shall be held upon Trust that it shall both as to capital and income be applied for the purpose of promoting and extending the religion of Christian Science as taught by Mary Baker Eddy in the Christian Science textbook 'Science and Health with Key to the Scriptures', and other related charitable purposes determined by the Trustees. The Charity does this by means of making grants to relevant institutions and individuals.

GRANT MAKING POLICY

Claims for grants from Christian Science churches in support of their activities are considered by the Trustees on receipt of confirmation of estimated costs and financial need.

The majority of unrestricted income is passed to The Mother Church in Boston to pursue the activity outlined above.

ACHIEVEMENTS AND PERFORMANCE

The income of the Trust comes from donations from individuals and churches and from legacies. No public appeal is made by the Trustees for funds.

The Trust invites applications for funding of projects for the promotion and extension of the religion of Christian Science through correspondence with the Churches and the website www.christianscience.com.

The Trust made a grant of £400,000 (2021 - £763,551) to The Mother Church during the year. The Mother Church utilises these funds to pursue the main objective of the Charity and provides annual confirmation that funds received are used for UK charitable purposes.

The Trust is able to meet all requirements made on it for financial support over a wide field of activities in support of its main purpose for the promotion and extension of Christian Science.

The Trustees are happy with the success of the continued grant making activity.

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THE CHRISTIAN SCIENCE TRUST IN GREAT BRITAIN

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

(continued)

FINANCIAL REVIEW

The General Fund of the Christian Science Trust in Great Britain received donations and bequests amounting to £822,393 (2021 - £485,590) during the year and investment income of £53 (2021 - £148).

Grants for charitable activities of £400,637 (2021 - £766,101) were made from the General Fund during the year, of which details are shown in Note 4.

The total value of the Charity was £5,899,586 (2021 - £4,922,783) at the year end, consisting of unrestricted funds of £544,856 (2021 - £126,647) and restricted funds of £5,354,730 (2021 - £4,796,136).

The charity’s investment objective is to outperform the Consumer Price Index (CPI) by 2.5% per annum. The investment portfolio grew by 13% during the year, before accounting for cash movements. 33% of this growth relates to the fact that the portfolio is managed and held in US Dollars and reflects the exchange rate movement at the year end.

Details of movements in the various restricted funds are shown in the accounts and notes which follow, particularly Note 12 which shows all the movements in the sub-trusts.

The Restricted Funds made grants as indicated in Note 4.

Regular Trustee meetings happened via telephone/video conferencing before this due to the widespread locations of the Trustees.

RISK

The Christian Science Trust in Great Britain was not impacted by the Covid-19 outbreak. Its reserves and funding are very healthy and it is able to continue operating on normal lines with grant claims continuing to be reviewed, processed and paid when approved. On an ongoing basis, the major risk to the Charity is the exposure to market risk of the investments, but given the general financial situation and the size of the portfolio, the Trustees do not consider this a major risk to their ability to continue operations as normal.

INVESTMENT POLICY

The Christian Science Trust in Great Britain seeks to produce the best financial return within an acceptable level of risk. The investment objective is to outperform inflation by 2.5% per annum.

RESERVES POLICY

Subject to retaining approximately £100,000 in bank balances in the General and UK Restricted Activities Funds to cover future expenses, the trustees aim to distribute the total income of the unrestricted funds each year. The restricted funds are governed by the initial donor's instructions and funds are distributed as grants in accordance with the particular fund's governing document.

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THE CHRISTIAN SCIENCE TRUST IN GREAT BRITAIN

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

(continued)

PLANS FOR THE FUTURE

The income and donations received by the General and Restricted Funds will continue to be applied to promote and extend the religion of Christian Science in the various ways described above.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PUBLIC BENEFIT REQUIREMENT

The Trustees have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission concerning the public benefit requirement.

APPROVAL

20/3/2023 | 12:00 GMT The Report of the Trustees was approved by the Board of Trustees on ………………. and signed on its behalf by:-

J. Lardge Trustee

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INDEPENDENT AUDITORS' REPORT

TO THE TRUSTEES OF

THE CHRISTIAN SCIENCE TRUST IN GREAT BRITAIN

OPINION

We have audited the financial statements of The Christian Science Trust in Great Britain for the year ended 31st March 2022 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the respective responsibilities of the Trustees and auditor section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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INDEPENDENT AUDITORS' REPORT

TO THE TRUSTEES OF THE CHRISTIAN SCIENCE TRUST IN GREAT BRITAIN (continued)

OTHER INFORMATION (continued)

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF THE TRUSTEES

As explained more fully in the Trustees' responsibilities statement set out on page 5, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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INDEPENDENT AUDITORS' REPORT

TO THE TRUSTEES OF

THE CHRISTIAN SCIENCE TRUST IN GREAT BRITAIN

(continued)

OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (continued)

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit.

We have gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operates and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures at charity levels to respond to the risk, recognising that risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities Act 2011, taxation legislation, financial authority regulation, data protection, anti-bribery and health and safety legislation.

Our tests included agreeing the financial statement disclosures to underlying supporting documentation, inquiries with management, review of legal and professional expenditure, and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included inquiries of management their own identification and assessment of the risks of irregularities, testing on the posting of journals, reviewing accounting estimates for biases, and reading minutes of meetings of those charged with governance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance and misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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INDEPENDENT AUDITORS' REPORT

TO THE TRUSTEES OF

THE CHRISTIAN SCIENCE TRUST IN GREAT BRITAIN (continued)

USE OF REPORT

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Daniel Faust (Senior Statutory Auditor) For and on behalf of FLB Accountants LLP Statutory Auditor 250 Wharfedale Road Winnersh Triangle Wokingham Berkshire RG41 5TP

20/3/2023 | 17:04 GMT Date: …………………..

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THE CHRISTIAN SCIENCE TRUST IN GREAT BRITAIN

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST MARCH 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Gifts from disbanding churches
and societies
Other donations
Legacies received
Investments
Investment income
3
Other activities
TOTAL INCOME
EXPENDITURE ON
Raising funds
Investment advisor's fees
Charitable activities
4
TOTAL EXPENDITURE
NET INCOME (EXPENDITURE)
Gains on investment assets
NET MOVEMENT IN FUNDS
Fund balances brought forward
FUND BALANCES CARRIED FORWARD		 General
Fund
£
303,147
116,245
403,001
822,393
53
-
822,446		 Restricted
Funds
£
-
-
-
-
71,426
10,000		 TOTAL
2022
£
303,147
116,245
403,001
822,393
71,479
10,000

81,426
903,872

-
404,237
404,237
418,209
(
-
418,209
126,647
544,856
=======
25,722
76,591
102,313
20,887)
579,481
558,594
4,796,136
5,354,730
=======

The notes on pages 13 to 21 form part of the financial statements.

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THE CHRISTIAN SCIENCE TRUST IN GREAT BRITAIN

STATEMENT OF FINANCIAL POSITION

31ST MARCH 2022

FIXED ASSETS
Investments
CURRENT ASSETS
Debtors
Cash at bank and in hand
CREDITORS:Amounts falling
due within one year
NET CURRENT ASSETS
NET ASSETS
ACCUMULATED FUNDS		 Notes
6
7
8

General
Fund
(see note 11)
£
-
254,125
291,162
545,287
431
544,856
544,856
=======
544,856
=======		 Restricted
Funds
(see note 12)
£
4,854,535
1,346
506,999
508,345
8,150
500,195
5,354,730
=======
5,354,730
=======		 TOTAL
2022
£
4,854,535
255,471
798,161
1,053,632
8,581
1,045,051
5,899,586
=======
5,899,586
=======		 TOTAL
2021
£
4,457,370

14,901
460,218


475,119
9,706

465,413



4,922,783
=======
4,922,783
=======

20/3/2023 | 12:00 GMT

The financial statements were approved by the Board of Trustees on ………………. and signed on its behalf by:-

J. Lardge Trustee

Registered Charity No. 215721

The notes on pages 13 to 21 form part of the financial statements.

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THE CHRISTIAN SCIENCE TRUST IN GREAT BRITAIN

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST MARCH 2022

2022 2021
£ £
CASH FLOWS FROM OPERATING ACTIVITIES
Net movement in funds for the year 976,803 474,980
Adjust for:
Gains on investment assets (579,481) (982,009)
Investment income ( 71,479) ( 68,933)
Investment advisors' fees 25,722 20,677
(Increase) decrease in debtors (240,570) (6,620)
Increase (decrease) in creditors ( 1,125) ( 14,358)
Net cash flow from operating activities 109,870 (576,263)
====== ======
CASH FLOWS FROM INVESTING ACTIVITIES
Income from E E Harris Will Trust 27,943 24,464
Bank interest receivable 130 397
Cash drawn from investment portfolio 200,000 -
Net cash flow from investing activities 228,073 24,861
====== ======
Net increase (decrease) in cash and cash equivalents 337,943 ( 551,402)
Cash and cash equivalent brought forward 460,218 1,011,620
Cash and cash equivalent carried forward 798,161 460,218
====== =======

The notes on pages 13 to 21 form part of the financial statements.

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THE CHRISTIAN SCIENCE TRUST IN GREAT BRITAIN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

1. GENERAL INFORMATION

The Christian Science Trust in Great Britain is an unincorporated charity and is registered with the Charity Commission for England and Wales. The registered address of the charity is PO Box 828, Godalming, Surrey GU7 9HP.

2. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these financial statements.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Preparation of the financial statements on a going concern basis

The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. There are no material uncertainties affecting the current year’s financial statements.

In future years, the key risks to the Charities are a fall in income from donations or investment income but the Trustees have arrangements in place to mitigate those risks.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

It is the opinion of the trustees that due to the nature of the entity there are no assumptions or judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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THE CHRISTIAN SCIENCE TRUST IN GREAT BRITAIN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

(continued)

2. ACCOUNTING POLICIES (continued)

Fund structure

Unrestricted general funds are available to be used in accordance with the charitable objects at the discretion of the Trustees. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be used solely for particular purposes.

Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Where income is received in advance of meeting any performance related conditions and there is not unconditional entitlement to the income, its recognition is deferred and included in creditors as deferred income until the performance conditions are met.

Donations and legacies receivable for the general purposes of the charity are credited to ‘unrestricted funds’. Donations and legacies for purposes restricted by the wishes of the donor are taken to ‘restricted funds’.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable. Dividends are recognised once the dividend has been declared and notification has been received of the dividends due. This is normally upon notification by our investment advisor of the dividend yield of the portfolio.

Expenditure recognition

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Expenditure on charitable activities includes grants made, governance costs and support costs as shown in note 4.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.

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THE CHRISTIAN SCIENCE TRUST IN GREAT BRITAIN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

(continued)

2. ACCOUNTING POLICIES (continued)

Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the statement of financial position date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Charity does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Debtors

Debtors are amounts owed to the charity. They are measured on the basis of their recoverable amount.

Cash and cash equivalents

Cash at bank and in hand is held to meet the day to day running costs of the charity as they fall due.

Creditors

Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt.

Foreign currency transactions

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the Statement of Financial Activities. As the foreign currency gains or losses relate wholly to fixed asset investments, exchange differences are taken into account in arriving at the investment gains or losses shown in the Statement of Financial Activities.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

(continued)

3. INVESTMENT INCOME

Bank interest receivable
Income from managed funds
E E Harris Will Trust
CHARITABLE ACTIVITIES
Grants to Institutions
The Mother Church - for furthering
primary objective of UK charity
Joint Christian Science Reading Room
Branch Churches and Societies
for facility improvements
Branch Churches for lectures
Grants to Individual
Consultant for publishing activities
Support costs
Trustees' remuneration
Administrator's fees
Auditor's remuneration
- for other services
Legal and professional
Printing, postage and stationery
Meeting and subsistence expenses
Telephone and internet
Sundry expenses
Bank charges and
lock box administration		 General
Fund
£
53
-
-
53
====
General
Fund
£
400,000
-
-
-
400,000
======
637
=====
-
-
-
-
-
-
-
-
3,600
3,600
====		 Restricted
Funds
£
77
43,406
27,943
71,426
=====
Restricted
Funds
£
-
-
36,229
4,506
40,735
======
-
=====
6,967
16,055
1,320
3,780
660
3,124
529
71
110
32,616
=====		 TOTAL
2022
£
130
43,406
27,943
71,479
=====
TOTAL
2022
£
400,000
-
36,229
4,506
440,735
======
637
=====
6,967
16,055
1,320
3,780
660
3,124
529
71
3,710
36,216
=====		 TOTAL
2021
£
397
44,072
24,464
68,933
=====
TOTAL
2021
£
763,551
12,062
212,131
11,878
999,622
======
2,550
=====
5,729
15,535
2,640
10,830
481
2,991
689
32
3,536
42,463
=====

=

4. CHARITABLE ACTIVITIES

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

(continued)

4. CHARITABLE ACTIVITIES (continued)

General Restricted TOTAL TOTAL
Fund Funds 2022 2021
£ £ £ £
Governance costs
Auditor's remuneration
- for audit services - 5,400 5,400 6,240
- adjustment re prior year - (2,160) (2,160) -
- 3,240 3,240 6,240
==== ==== ==== =====
Total Charitable Activities 404,237 76,591 480,828 1,050,875
====== ===== ====== =======

All costs are allocated to the single activity of the charity – the promotion and extension of the religion of Christian Science as taught by Mary Baker Eddy.

5. TRUSTEE REMUNERATION AND EXPENSES

Trustees are entitled to be remunerated for their services under the governing document.

It has been the position for many years that the Trustees be paid a nominal amount for the time spent on duties concerning the activities and management of the charity, including consideration and approval of grants.

Trustees' Remuneration
R. Brown
G. Chaplin
P. Cullimore
P. Daniel
S. McGrath
J. Lardge		 2022
£
1,742
1,742
-
241
1,500
1,742
6,967
====		 2021
£
1,197
1,432
236
1,432
-
1,432

=
=
5,729
====

Reimbursed expenses to the Trustees amounted to £430 (2021 - £389) for travel. Four (2021 - three) Trustees were so reimbursed during the year.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

(continued)

6. FIXED ASSET INVESTMENTS

6. FIXED ASSET INVESTMENTS
2022 2021
£ £
Managed Funds
Market value brought forward 4,457,370 3,451,966
Investment income re-invested 43,406 44,072
Investment fees deducted ( 25,722) ( 20,777)
Cash withdrawn from managed funds ( 200,000) -
Realised and unrealised gains for the year 387,859 1,391,690
Foreign exchange gains (losses) 191,622 ( 409,681)
Market value carried forward 4,854,535 4,457,370
======= ========
7. DEBTORS
2022 2021
£ £
Accrued income and prepayments 255,471 14,901
====== =====
8. CREDITORS: amounts falling due within one year
2022 2021
£ £
Accruals and other creditors 8,581 9,706
===== =====

9. CONTINGENT ASSET

In 2018 the Trust was notified of a legacy of £867,670. However, the capital of the legacy is to be used to provide a life interest for the donor's children and grandchildren. Accordingly, due to uncertainty over the timing of the availability of funds for distribution to the Trust, the value of the legacy has not been included in the financial statements.

10. RELATED PARTY TRANSACTIONS

Managements fees of £10,000 (2021 - £10,000) were paid to The Christian Science Trust in Great Britain by The Westminster Fund to help cover joint administration and support costs incurred on behalf of both charities. The Westminster Fund is considered a related party by virtue of common control through mutual trustees.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022 (continued)

11. GENERAL FUND

Movements on the undesignated general fund during the year:-
Fund Balance brought forward
Incoming resources
Resources expended
(
Fund Balances carried forward

The assets of the fund:-
Current assets
Current liabilities

Net assets
 2022
£
126,647
822,446
404,237)
(
544,856
======
545,287
( 431)
(
544,856
======		 2021
£
410,463
485,738
769,554)
126,647
======
127,773
1,126)
126,647
======

12. RESTRICTED FUNDS

UK Miss Churches
Restricted Cobham Support
Activities Bequest Fund Total
£ £ £ £
Movements during the current year
on each fund:-
Fund Balances at 1.4.2021 1,537,969 1,316,024 1,942,143 4,796,136
Incoming resources 52,122 12,751 16,553 81,426
Resources expended ( 57,315) ( 7,578) ( 37,420) ( 102,313)
Investment gains 125,266 112,755 149,838 387,859
Foreign exchange losses 63,305 56,982 71,335 191,622
Fund Balances at 31.3.2022 1,721,347 1,490,934 2,142,449 5,354,730
======= ======= ======= =======
The assets of the funds:-
Fixed asset investments 1,612,446 1,451,402 1,790,687 4,854,535
Current assets 117,051 39,532 351,762 508,345
Current liabilities ( 8,150) - - ( 8,150)
Net assets 1,721,347 1,490,934 2,142,449 5,354,730
======= ======= ======= =======

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

(continued)

12. RESTRICTED FUNDS (continued)

RESTRICTED FUNDS(continued)
UK Miss Churches
Restricted Cobham Support
Activities Bequest Fund Total
£ £ £ £
Movements during the previous year
on each fund:-
Fund Balances at 1.4.2020 1,276,134 1,028,076 1,733,130 4,037,340
Incoming resources 48,569 12,642 17,574 78,785
Resources expended ( 99,166) ( 5,921) ( 196,911) ( 301,998)
Investment gains 442,774 398,551 550,365 1,391,690
Foreign exchange losses ( 130,342) ( 117,324) ( 162,015) ( 409,681)
Fund Balances at 31.3.2021 1,537,969 1,316,024 1,942,143 4,796,136
======= ======= ======= =======
The assets of the funds:-
Fixed asset investments 1,418,137 1,276,499 1,762,734 4,457,370
Current assets 128,412 39,525 179,409 347,346
Current liabilities ( 8,580) - - ( 8,580)
Net assets 1,537,969 1,316,024 1,942,143 4,796,136
======= ======= ======= =======

The ' Miss Cobham Bequest' . The income from this Fund is to be applied in giving financial assistance to any members of The Christian Science Student Association of the Pupils of Rosemary Cobham CSB who may be in need of help - as defined in a memorandum dated 8[th] July 1974.

The ' Churches Support Fund' was set up by resolution of the Trustees dated 7[th] December 1998 to replace the Brixton Fund, which was then coming to an end, to apply the capital and the income thereof for the advancement of the religion of Christian Science in the United Kingdom and/or the Channel Islands, including in particular the provision of financial assistance to Christian Science Branch Churches, Societies and Informal Groups in the United Kingdom and/or the Channel Islands which are able to demonstrate a special need for funds.

The ' UK Restricted Activities' Fund consists mainly of the balance of the Peccorini Bequest, the Arthur Hanson Trust Fund and income arising from the EE Harris Will Trust which are for the use of the Trustees within the UK only. The Trustees can apply the capital and income within the United Kingdom for the purpose of promoting and extending the religion of Christian Science as taught by Mary Baker Eddy, and such other charitable purposes as the Trustees shall think fit and which are supportive of and consistent with the teachings and practice of the religion.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

(continued)

13. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank At start
of year
£
460,218
======		 Cash flows
£
337,943
======		 At end
of year
£
798,161
======