## **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_
- 1 -
_to the Scriptures_ by Mary Baker Eddy, the Discoverer and Founder of Christian Science.
- 2 -
## **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**
- 3 -
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
- 4 -
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:
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the Charities SORP;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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
- 5 -
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
- 6 -
## 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:
- give a true and fair view of the state of the charity’s affairs as at 31 October 2020, and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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:
- 7 -
- the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
- 8 -
## 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:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **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.
- 9 -
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.
- 10 -
## 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
- 11 -
Myrus Smith is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.
- 12 -
## **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.
- 13 -
The notes on pages 10 to 17 form part of these financial statements.
- 14 -
## **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|
|||||═══════||═══════|
- 15 -
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
- 16 -
## **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:
- The charity has entitlement to the funds;
- any performance conditions attached to the item(s) of income have been met or are fully within the control of the charity.
- there is sufficient certainty that receipt of the income is considered probable; and
- the amount can be measured reliably.
## 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.
- 17 -
## **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.
- f) Investment property Part of the charity’s freehold property is let for the purpose of earning rental income. The property has been valued informally by a Chartered Surveyor and is included in the financial statements at fair value.
- g) Taxation
As the Church is a registered Charity the results of its normal activities are not liable for tax.
- h) Stock
Stocks of reading material are stated at cost.
- i) Funds
- Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
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.
- j) Loans Loans and borrowings which meet the definition of a basic financial instrument are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.
## k) Leases
- Rental income receivable under operating lease agreements is credited to the statement of financial activities on a straight line basis over the period of the lease.
- 19 -
- l) Debtors and creditors Debtors and creditors with no stated interest rate and which are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## m) Government grants
The charity received government grants through the Coronavirus Job Retention Scheme which is accounted for on the accrual model.
- 20 -
## **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.
- 21 -
## **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.
- 22 -
## **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|
||═══════|
7. DEBTORS
2020
2019
- 23 -
||£|£|
|---|---|---|
|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**
8. 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
- 25 -
||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|
- 26 -
═══════
═══════ ═══════
## 14. RELATED PARTY DISCLOSURES
There were no transactions with related parties in either 2020 or 2019, other than those set out in note 11.
- 27 -