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2020-10-31-accounts

ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 OCTOBER 2020

Registered Charity No. 236093

ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON THE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 OCTOBER 2020

The Trustees are pleased to present their report and the annual accounts for the year ended 31 October 2020.

Legal and Administrative Information

The Church is a Registered Charity, No. 236093, and is governed by a Constitution, by Church Rules, and by The Manual of The Mother Church, by Mary Baker Eddy.

Constitutional Information

This Branch Church of The Mother Church, The First Church of Christ, Scientist, Boston, Massachusetts, was organised on 9 January 1922. Its object is to spread the truth of the healing Christ as revealed to this age by Mary Baker Eddy.

Principal Address

11 St Chad’s Street, London WCV1H 8BG

Board of Trustees as at 31 October 2020. Appointed by the members annually.

Rosemary Slinn (Chairman) Chris Dokodzo Melvyn Howe Quentin Jones Peter Ross

Clerk Brian Blandford

Treasurer Daphne L Blandford

Bankers and Other Advisors

Bankers: HSBC plc, 90 Baker Street, London W1U 6AX

CCLA Charities Official Investment Fund, 80 Cheapside, London EC2B 6DZ Solicitors: Robert Meakin

Stone King LLP Solicitors, Bateman House, 82-88 Hills Road, Cambridge CB2 1LQ

Auditors:Myrus Smith, Chartered Accountants, Norman House, 8 Burnell Road, Sutton, Surrey, SM1 4BW Custodian The title of the Church’s freehold property at 11 St Chad’s Street, London WC1H 8BG Trustee: is held by The Official Custodian for Charities.

Objectives, Activities and Organisation

The Church’s objective is to maintain, demonstrate, and spread the knowledge of Truth, as set forth in the Bible and Science and Health with Key

to the Scriptures by Mary Baker Eddy, the Discoverer and Founder of Christian Science.

ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON THE TRUSTEES REPORT FOR THE YEAR ENDED 31 OCTOBER 2020 Continued

Review of Progress and Achievements

Activities

The Church’s activities are directed to the fulfilment of its object: “…to spread the truth of the healing Christ as revealed to this age by Mary Baker Eddy.” To achieve this object the Church continued its main activities during the year of report, namely, holding of public services, provision of a Sunday School, maintenance of a Reading Room, and sponsorship of at least two public lectures each year.

The Church also shares its premises for the benefit of the wider Christian Science community, and hosts meetings of committees whose work is integral to the activities in the UK of The Mother Church.

A religious service is held every Sunday at 10:30 a.m. and a Sunday School is held at the same time for young people up to the age of 20. Every Wednesday evening at 7 pm a meeting is held which includes an opportunity for members of the congregation to testify to the healing power of Christian Science and to share experiences resulting from the study and practice of the religion. A Thanksgiving Service is held annually on the fourth Thursday in November.

The Church maintains at 11 St Chad’s Street a Christian Science Reading Room, open every day of the week excepting public holidays. Here the Bible, the Christian Science textbook, Science and Health with Key to the Scriptures, by Mary Baker Eddy, her other writings, also other literature published or authorized by the Christian Science Publishing Society, are available to be read, borrowed or purchased.

Following the lockdown, the first service was held on Zoom on 29[th] March 2020, and this has continued for the remainder of the financial year. The Sunday School was also provided via Zoom, and lectures were offered via Livestream. The Reading Room was closed as the law required.

Financial Results

The Statement of Financial Activities on page 8 shows net outgoing resources for the year of £55,466 compared to net outgoing resources of £5,093 in 2019.

On the income side, the Church has received rental income from office space on the 2[nd] and 3[rd] floors of the building of £41,182.

Reserves

The Church maintains a General Fund (unrestricted funds) to meet financial needs as they arise.

At the year end the Church’s unrestricted funds amounted to £4,381,369, comprising a designated fund of £4,766,000 reflecting the fair value of the Church’s land and buildings and investment property. Net current assets at the year end were £84,506 compared with £112,223 for 2019.

ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON THE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 OCTOBER 2020 Continued

Appointment, training and induction of Trustees

The Church is a branch of The Mother Church, The First Church of Christ Scientist, Boston, Massachusetts, USA, but is in its government completely independent, self-financed and self-governed. All branches of the Mother Church enjoy a congregational form of government. There are no hierarchies. There are no clergy.

The five Trustees are Church members who are elected annually by the membership. In practice the Trustees serve on a rotating basis for up to three years. However, there is no prohibition for a trustee to serving more than three years, nor to being elected again after an interval.

There is no formal training, but as Trustees are elected on a rotating basis, so that newly elected members of the Board are normally serving with experienced members. All other Church officers are members, also appointed annually by the Board.

Risk management

The Church depends on donations, and the rental income from the upper three floors of the Church building, for its financial sustenance. Financial reserves are accumulated and invested in COIF and CAF accounts. The Treasurer prepares monthly accounts for the Board and for the members. All invoices are approved and checked by the Board and the treasurer. Direct debits are in use for many accounts. Approved invoices are paid by bank transfer or by cheque. Cheques are signed by the Treasurer and either one or two Board Members.

In addition to insurance covering assets, the Church carries public and employer’s liability insurance.

Plans for future periods

When planning activities for the year, the Board has considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. Any activity beyond

that outlined above can only be undertaken as the result of a motion passed by simple majority of members present at a church meeting.

With regard to repayment of the Westminster Fund loan of £500,000, the Church is concentrating on balancing our income and expenditure at present in the face of some difficulty, because of not receiving full rental income since January 2019 because of problems letting our first floor office space, for which we are still liable for business rates. The Westminster Fund is aware of this and of the many economies that the Church is currently making, and is therefore not asking for debt repayment at present. The church voluntarily makes an annual payment of £1,000 in interest. The Board are making the fulfilment of our charitable aims the priority; and the trustees of the Westminster Fund accept this.

ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON THE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 OCTOBER 2020 Continued

Statement of the Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ Annual 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 and Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income 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 2008 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.

Approval

The report of the Trustees was approved by the Board on 23 August 2021 and signed on their behalf by:

Rosemary Slinn Chairman

Brian Blandford Trustee

Independent Auditor’s Report to the Trustees of: ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON

Opinion

We have audited the financial statements of Eleventh Church of Christ, Scientist, London for the year ended 31 October 2020 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, 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 Auditor’s responsibilities for the audit of the financial statements 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Independent Auditor’s Report to the Trustees of: ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ report other than the financial statements and our auditor’s report thereon. 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.

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

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees 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.

Independent Auditor’s Report to the Trustees of: ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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.

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.

Use of our 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.

Norman House, 8 Burnell Road, Sutton, Surrey SM1 4BW

MYRUS SMITH Chartered Accountants and Statutory Auditor

23 August 2021

Myrus Smith is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.

ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 OCTOBER 2020

Unrestric Restricte Total Total
ted d
Note Funds Funds 2020 2019
s
Income from: £ £ £ £
Donations and legacies 2a 21,250 - 21,250 104,779
Charitable activities 2b 2,818 - 2,818 7,721
Investments 2c 41,241 - 41,241 45,040
Other 2d 3,757 - 3,757 17,619
────── ────── ────── ──────
Total income 69,066 - 69,066 175,159
────── ────── ────── ──────
Expenditure on:
Charitable activities 3 124,532 - 124,532 180,252
────── ────── ────── ──────
Total expenditure 124,532 - 124,532 180,252
────── ────── ────── ──────
Net (55,466) - (55,466) (5,093)
(expenditure)/income
Transfers between funds - - - -
────── ────── ────── ──────
Net movement in funds (55,466) - (55,466) (5,093)
────── ────── ────── ──────
Reconciliation of funds
Fund balances brought
forward
at 1 November 2019 12 4,436,83 - 4,436,83 4,441,92
5 5 8
────── ────── ────── ──────
Fund balances carried
forward
at 31 October 2020 12 £4,381,3 £Nil £4,381,3 £4,436,8
69 69 35
══════ ══════ ══════ ══════

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

The notes on pages 10 to 17 form part of these financial statements.

ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON

BALANCE SHEET AT 31 OCTOBER 2020

2020 2019
£ £ £ £
FIXED ASSETS
Tangible fxed assets 4 3,196,85 3,224,607
8
Investments 5 5 5
Investment property 6 1,600,00 1,600,000
0
─────── ───────
4,796,86 4,824,612
CURRENT ASSETS
Stocks 6,500 6,500
Debtors 7 6,441 13,877
Cash at bank and in 83,047 107,602
hand
─────── ───────
95,988 127,979
CREDITORS
Amounts falling due
within
one year 8 11,482 15,756
─────── ───────
NET CURRENT
ASSETS/
LIABILITIES 84,506 112,223
─────── ───────
TOTAL ASSETS LESS
CURRENT LIABILITIES 4,881,36 4,936,835
9
CREDITORS
Amounts falling due
after
more than one year 9 500,000 500,000
─────── ───────
NET ASSETS 13 £4,381,3 £4,436,83
69 5
═══════ ═══════
FUNDS
Unrestricted funds 12 £4,381,3 £4,436,83
69 5
═══════ ═══════

Approved by the Board of Trustees on 23 August 2021 and signed on its behalf by:

Rosemary Slinn - CHAIRMAN Brian Blandford - TRUSTEE

The notes on pages 10 to 17 form part of these financial statements

ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

1. ACCOUNTING POLICIES

a) Basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b) Income recognition policies

Items of income are recognised and included in the accounts when all of the following criteria are met:

c) 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 the costs directly undertaken to further the purposes of the Charity and their associated support costs.

d) Support costs

Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Charity’s activities.

ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

  1. ACCOUNTING POLICIES/contd…

e) Tangible fxed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided on fixed assets at rates estimated to write off the cost of each asset over its expected useful life.

Computer equipment 25% reducing balance Furniture and equipment 15% reducing balance

Freehold property, excluding the estimated cost of land and its estimated residual value is depreciated over a period of 50 years.

As the Church is a registered Charity the results of its normal activities are not liable for tax.

Stocks of reading material are stated at cost.

Designated funds are unrestricted funds set aside by the trustees for specific purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.

k) Leases

m) Government grants

The charity received government grants through the Coronavirus Job Retention Scheme which is accounted for on the accrual model.

ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

2. INCOME Unrestrict Restricte Total Total
ed d
Funds Funds 2020 2019
a) Donations and legacies
Donations £Nil
══════ ═════ ═════ ═════
All of the £104,779 recognised in 2019 related to unrestricted funds.
Unrestrict Restricte Total Total
ed d
Funds Funds 2020 2019
b) Charitable activities
Reading room sales £2,818 £Nil £2,818 £7,721
══════ ═══ ═════ ═════

All of the £7,721 recognised in 2019 related to unrestricted funds.

Unrestrict Restricte Total Total
ed d
Funds Funds 2020 2019
c) Investment income £ £ £ £
Rents 41,182 - 41,182 44,940
Bank deposit interest 59 - 59 100
───── ─── ───── ─────
£41,241 £Nil £41,24 £45,04
1 0
═════ ═══ ═════ ═════

All of the £45,040 recognised in 2019 related to unrestricted funds.

Unrestrict Restricte Total Total
ed d
Funds Funds 2020 2019
d) Other income £ £ £ £
Recharged expenses 2,545 - 2,545 10,902
Dilapidation reimbursement - - - 6,717
Job retention scheme 1,212 - 1,212 -
────── ─── ───── ─────
£3,757 £Nil £3,757 £17,61
9
══════ ═══ ═════ ═════

All of the £17,619 recognised in 2019 related to unrestricted funds.

ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

3. ANALYSIS OF Activities
EXPENDITURE ON undertake Support Total Total
n
CHARITABLE ACTIVITIES directly costs 2020 2019
£ £ £ £
Salaries and Honoraria 7,600 6,958 14,558 23,014
Musician fees 5,949 - 5,949 11,509
Service charges - 20,982 20,982 24,868
Reading room purchases 8,230 - 8,230 11,039
General maintenance - 239 239 1,809
Printing,
stationery		 and - 698 698 1,688
postage
Electricity - 8,827 8,827 9,239
Insurance - 8,501 8,501 8,305
Rates - 10,304 10,304 4,560
Professional fees - 1,151 1,151 15,874
Accountancy - 1,809 1,809 3,031
Governance – audit fees - 1,200 1,200 3,200
Bank charges - 817 817 657
Computer costs - 580 580 119
Telephone - 3,774 3,774 4,261
Public lectures - (1,846) (1,846) 10,775
Committee on publication - 1,839 1,839 1,436
Advertising and promotional - 500 500 1,153
Sundry - 484 484 1,226
Cleaning - 6,165 6,165 10,722
Travel - - - 2,520
Loan interest - 1,000 1,000 1,000
Depreciation
- Fixtures and fttings - 6,749 6,749 6,749
- Freehold property - 21,000 21,000 21,000
Irrecoverable VAT - 1,022 1,022 498
────── ───── ───── ─────
£21,779 £102,753 £124,5 £180,25
32 2
══════ ═════ ═════ ═════

All of the expenditure in 2019 and 2020 related to unrestricted funds.

ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

4. TANGIBLE FIXED ASSETS

Furniture and Furniture and
fttings
Land and Reading
Buildings Church room Total
Cost £ £ £ £
At 1 November 2019
and at 31 October 2020 3,240,09 81,588 17,965 3,339,64
4 7
─────── ───── ───── ───────
Depreciation
At 1 November 2019 53,094 45,338 16,608 115,040
Charge for the year 21,000 6,470 279 27,749
────── ───── ───── ──────
At 31 October 2020 74,094 51,808 16,887 142,789
─────── ───── ───────
─────
Net Book Value
At 31 October 2020 £3,166,0 £29,780 £1,078 £3,196,8
00 58
═══════ ══════ ═════ ═══════
At 31 October 2019 £3,187,0 £36,250 £1,357 £3,224,6
00 07
═════════ ═════ ═════ ═══════

5. INVESTMENTS

This represents the cost of five fully paid £1.00 shares registered severally in the names of the Church Board of Trustees.

6. INVESTMENT PROPERTY

INVESTMENT PROPERTY
2020
£
FAIR VALUE
At 1 November 2019 and at 31 October 2020 1,600,000
═══════
NET BOOK VALUE
At 1 November 2019 and at 31 October 2020 1,600,000
═══════
  1. DEBTORS

2020

2019

£ £
Prepayments 4,375 9,959
Other debtors 2,066 3,918
───── ─────
£6,441 £13,877
═════ ═════

ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

  1. CREDITORS: Amounts falling due within one year
8. CREDITORS: Amounts falling due within one year
2020 2019
£ £
Other creditors 210 8,380
Accruals 11,272 7,376
────── ──────
£11,482 £15,756
══════ ══════
9. CREDITORS: Amounts falling due after more than
one year
2020 2019
Loans £500,000 £500,000
═════ ═════

Repayment of the loan has been deferred indefinitely by the lender and interest is charged at a rate of 2% per annum. The loans are secured via a first and second legal charge over the church premises.

10. STAFF COSTS 2020 2019
Salaries and Wages £20,176 £33,444
═════ ═════

No employee received total employee benefits (excluding employer pension costs) of more than £60,000 per annum in 2020 or 2019.

Under FRS 102, employee benefits includes gross salaries, employer’s national insurance, employer’s pension contributions and benefits in kind.

The average number of employees during the year, calculated on the basis of full time equivalents, was as follows:

2020 2019
Number Number
Administration 2 2
Church Activities 4 4
- 24 -

── ── 6 6 ══ ══

ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

11. TRUSTEE REMUNERATION AND EXPENSES

Remuneration was paid to the following trustees in their capacities described below:

cribed below:
2020 2019
£ £
Hazel Patterson (Clerk to the Church to August 2,250 3,015
Daphne Blandford (Second Reader and Treasurer) 2,000 4,900
───── ─────
£4,250 £7,915
═════ ═════

The above amounts also constitute the total employee benefits received by key management.

No expenses were reimbursed to trustees during 2020 and 2019.

12. UNRESTRICTED B/fwd at Transfers C/fwd at
FUNDS 1 Nov Income Expendit between 31 Oct
2019 ure funds 2020
£ £ £ £ £
General fund (350,165) 69,066 103,532 - (384,631)
Designated fund 4,787,00
0		 - 21,000 - 4,766,000
─────── ────── ────── ─────── ───────
£4,436,8 £69,066 £124,532 £Nil £4,381,36
═══════ ══════ ══════ ═══════ ═══════

The designated fund represents the net book value of the land and buildings, and fair value of the investment property.

Comparative information for the movement in unrestricted funds in the previous year is as follows:

B/fwd at

Transfers C/fwd at

1 Nov Income Expendit between 31 Oct
2018 ure funds 2019
£ £ £ £ £
General fund (366,072) 175,159 159,252 - (350,165)
Designated fund 4,808,00
0		 - 21,000 - 4,787,000
─────── ────── ────── ─────── ───────
£4,441,9 £175,15 £180,252 £Nil £4,436,83
═══════ ══════ ══════ ═══════ ═══════

ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

13. ANALYSIS OF NET ASSETS Unrestrict Restricte Total
ed d
BETWEEN FUNDS £ £ £
Tangible fxed assets 3,196,858 - 3,196,858
Investments 5 - 5
Investment property 1,600,000 - 1,600,000
Net current assets 84,506 - 84,506
Creditors due after more than one (500,000) - (500,000)
year
─────── ─────── ───────
As at 31 October 2020 £4,381,36 £Nil £4,381,36
9 9
═══════ ═══════ ═══════

Comparative information for the analysis of net assets between funds in the previous year is as follows:

Unrestrict Restricte Total
ed d
£ £ £
Tangible fxed assets 3,224,607 - 3,224,607
Investments 5 - 5
Investment property 1,600,000 - 1,600,000
Net current assets 112,223 - 112,223
Creditors due after more than one (500,000) - (500,000)
year
─────── ─────── ───────
As at 31 October 2019 £4,436,83 £Nil £4,436,83
5 5

═══════

═══════ ═══════

14. RELATED PARTY DISCLOSURES

There were no transactions with related parties in either 2020 or 2019, other than those set out in note 11.