ELEVENTH CHURCH OF CHIUST. scIEiwrisT. LONDON TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 21123 Registe￿1 Charity No. 23(A)93 ELEVEiYfH CtIURCH OF CIIRIST, SCIEiYrtST. LONDON THE TRUSTEES, REPORT FOR THE YEAR ENDED 31 ocfoBER 2023 The Tr￿te¢S are pleased to p[￿nt their rq)ort and the annual accounts for the year ended 31 October 2023. Legal and Administrative Infornkation The Church is a Regtstered Charity. No. 236093. and is governed by a constitutio￿ by Cburch Rules. and also The Malluai The Tn￿letS are ple&sed to their reFQrt and the at￿lIa1 accounts for the year ended 31 October 2023. Legal and Administrative Infonnation The Church is a Registered Charity. No. 236093. and is governed by a constitutio￿ by Church Rules. and also The Manual of The Mother Church by Mary Baker FAdy, Discoverer and Found¢r of Christian Science. c0nstithti0n￿ Inforniation This Brdnch Church of The Mother churc￿ The First Church of Cbrisl ScientisL Bos M&ssa¢husetts, was organised on 9 January 1922. Its obJ￿t is to spread the truth of the healing Christ as revealed to this age by Mary Baker Eddy. Prfind￿l Addres I I St Chad's StreeL London WCIH 8BG Board of Trllste￿ as at 31 October 2023 and to the date the reEN)rt was approveiL El￿ted by the members annuatly. Kolja Bahr Resigned in Jalluary 2023 Brian Blandford (Chairnw) Resigllejl in January 2024 BaTbaTa Lord Appointed on 6 F¢bwary 2023 Melvyn Howe Quentin Jones Appx)inted on 22 January 2024 BTiaD Blandford Acting Clerk Treasurer Ihpbne L Blw)dford Bankers and (hher Advisors HSBC plc. 90 Baker StreeL IA)Jth WIU 6AX CCLA Ch￿iti&$ Officia] InV￿ent Fun& 80 CbeapsidA IA)Ddon EC2B 6DZ Solicitors: Stone King LLP solicito￿ Batern￿l Hous4 82-88 Hills R(M& Cambridge CB2 ILQ Auditors: MynLS SMI￿ Chartered Accountanty NonDan House, 8 Burnell Roa( sutto￿ Surrey, SMI 4BW Custodian The title of the Church's freehold prw * I I St Chad's Streel London WCIH 8BG 18 held by The Official Custodian for Chartti¢s. Investment Manager.. Brewin Dolphin LimituL 12 Stnithfield Streel I￿nd0￿ ECIA 9BD Objectives Act[vit￿S and Organisa¢ion The Church's objective is to maintain, demonstrth. and spread the knowledge of as set forth in the Bible and Science andHealth with Key to the &riptsre5 by Mary Baker FAldy. th¢ Discoverer aDd Founder of Christian ScienLY. ELEVENTH CHiIRCH OF CHRIST. SCIEiYfisT, LONDON THE TRUSTEES, REPORT FOR THE YEAR ENDED 31 ocfoBER 2023 Continued ReTiew of Progress and Achleveme*ts Aetivities The Church's actAviti&8 ate directed to the fidfilmfffftt of its object: - ..to spread the trnth of the healing ChTi5t &8 revealed to this age by Mary Baker Eddy." To achieve this objeci the Church continued its tnain activities during the year of rwrL lla￿ely. holding of publi¢ setvi¢e4 provision of a Sunday S¢h(M)I, maintenance of a Readillg and S￿nsorShiP of public lectUTes. The Cburcb akn shar¢s its premises for the benefit of the I[￿ colljrnunity. and hosts meetings of collJmitte¢s wbose work is Inte￿al to the activities in the UK of The Mother Church. B05ton, Massachusett4 USA. A religiou5 service is held evffy Sunday at 10:30 &m. and a Sunday School is held at the sarne time for young people up to the age of 20. Every Wedne%tsy evening at 7 pm a meeting is held which includes an oEy)rtunity formernbers of the congregation to testify to the healing power of Cbristian Science and to slwE experiences resulting from the study alld prdCti¢e of the religion. Thanksgivillg Service is held annually on the fourth Thutsikny in November. The Church maintains at I I St Chad's Street a Christian Science Reading R￿rn and is currently open from 10.30am to 2.30 pm on Tuesday4 Thwsdays and Fridays each w¢¢L Here the Bible, the Christian Sctence textt>ooL and Health with Key to the Scripts by Mary Baker FAhly. ber other Writings. also other literatt￿¢ published or authoris¢d by the ChTiStian Scien(% Publishing Soci¢ty, aTe available to borrowed or purclJas&t With the ending of the lockdown. tn-person services resumed in septe￿ber 2021 whilst maintsining the Zoom facility for remote access for our s¢rvi¢&s and testI￿OnY meetings. The Sunday Sch(x)13nd Reading R(K•m Teopenal and I￿tureS were held in peTS0 Fingn¢ial Results The Statement of Financial Activities on page 10 shows net incoming [￿)￿￿ for the year of £915.015 compaTed to net outgoing resources of £70995 in 2022. On the income side, Ihe Chll￿h Iw re￿1v￿ rentsl income from office space on the l and 2 floors of the buildTng of £28.788. R￿erVeS The Church mailltsins a General Fund (unTestrideJJ fiwds) to med financial needs &8 they ￿lS¢. At the year end the chU￿h.5 ￿t￿eStricted fimds amounted to £4.71M).651. comprising of a designated fijnd of £4.703.(KM) r¢fl¢rting the fair value of the chU￿b.S land and buildings and investment prottty. Net current assets at the year end wer¢ £465,107 cotEJpared with £23,674 for 2022. ELEVEKfH CHURCH OF CHIUST, SCIENfisT. LONDON THE TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCTOBER 2023 CoDtinped AppointmenL training and indudion of Trusttes The Church is a br8nch of The Mother Church. The Fitst Church of Christ Sci¢ntisL Bosto M&ssachusetty USK but is in it's governtnent con)pletely independenL s¢lf-financed and self- govenTred. All brdncbes of the Mother Church enjoy a congregational forn) of governmenL There are no bie[￿b]eS and there are no clergy. the Tn￿teeS serve on a rotating b&sis for to thTre yea￿. However. there is no prohibition for a There is no forn￿] training, however TnLStees do atkend appropriate courses where required and update legal and financial knowledge tegularly. They also coL8uIt with profe&sional organisations for regular support of the Trustees. role. Trust¢¢s are elected on a rotsting basis. so tbat ncwly elected memb￿3 of the Board are norn]alty s¢rying with experienced m¢mber& All other Church officers are membeT4 Mlso ap￿inted annually by the Boar Key management personnel pay is designed to attTac( retsin and molivate lalented staff. The pay is set based on benclJmaTks of similhr cljarities. Risk manydgement The Church depends on dOn￿lon￿ and the rental income from the upper tb￿C floors of the Church building. for its firjanciai sUStcll￿. Financial reserves are accumulated and invested in COIF and CAF accounts alld ill a managed Fwrfolio with Brewxn Dolphin. The Tr¢&surer prepar&s regular accoullts for the Board and for the rn￿bers. All invol￿% are approved and checked by the Board and the TTe&suT¢r. Direct debits are in use for many accounts. Appmved invoices are paid by bank transfer or by cbeque. Cbeques are signedby the Treasurer aDd etthu one or two Board Members. In addition to insurance eovering contents and proFwty a&%ds, the Church LWTies publi¢ and employer s liability insurance. Tntstees arc also covered by specifi¢ indemnity insurance. Update on progress during fill￿claI ye*r ending 31 October 2023 plans for futhre periods When plamling activities for the year. the B02rd h&s corjsl(kr￿ the Charity Commi&8ion s guidance on public benefit an￿ in particular. the specific guidance on charities for the advancement of religion. Any activity Iwond that outlined aiK)ve can only be undertaken as the result of a motion P&8sed by simple majority of memiKts present at a cburch meeting. Our rental income bas iDctrased since (ktober 2023 &s our r￿St floor has been le&wJ to Symphony Talent (formerly Hodes) and we just now have the third floor to let which is being llwketed by two commercial agents. We re£eived a generow donation of £lm from Third Church of Christ ScientisL London during this financial year wbich has been ugejl to repay our loan to the Westininstsr Fund and to invest for the fijture in a ￿rtfoliO with Brewin Dolphin giving quarterly interesvdividend payments. We now plan to have the legal charge for the loan removed from the Land Registy's recor(Ls via our solicitOTS. Stone King and then hold a service to dedicate our church in 2025 &8 we are now debt free. Our financial ￿)SItIon bas become more secure during this financial year and the memiws. give much gratitude for our current situation and fvture Prospects. ELEVEY4TH CHURCH OF CHRIST. SCIKNTJST, IA)NDON THE TRUSTEES, REPORT FOR THE YEAR ENDED 31 ocfoBER 2023 ConlinDed Trnstees, Going Concern Rlsk ASSessm￿t The fmanciaI tnodel which w&s protx)sd when the Church moved into the new building. was that the long-tQTm financial security would be ensureA 18 the result of the letting income frotn the offices on the fiTsL secon(L and third fl￿[5. ntinues kn be o)Jr aim with additional inve5ttllent incom¢ from our EMKtfolio. W¢ are also confident that others Charitable organisthons in the Christian Science movement such the Westminth Full￿ will, if required in the future. support a London branch church which is very near to one of th¢ larg& transporlation inte￿hangeS in Europe. and is a continuing provider of meeting spaces iK*th for a number of Cbristian Science cOmn￿ttees. as well as local commwlity cbarities. The trustees and all memlrrs contillue to supp)rt all the activities of the church in prnyer, and th¢y us¢ th¢ pr￿ellt of the tsx demand made upoll our Lord Jesus ￿1St d¢s￿ibed in the gospel of Matth¢w (17.27) as all &%stsr￿ that their prdyffls will always be answered in th¢ future. Just &8 they have in the p&sL Reserves Policy The church as of 31 Octobff 2023 tths ￿serVeS of £440.884 inv&sted in a portfolio with Brevlin Dolphin. This is the first year we have aCcn￿l considerable re5enTh vthich in an unrestricted fimd. Our main obj'ective this year w&8 to rqmy the 108n to the Westinints Fund whicb b&s rjow left us debt free and repr&sents approximately s￿/￿ of the oriwj £lm doDation from Third Church of Cbrisl S¢ientisL London and this has ¢[￿bI￿1 us to create a more solid fmancial b&sis for our charity following the development of our new cburth butldin& The interesudividends payable each quarter from the res¢rves are ￿e￿I to supplement our cashfiow for the day to day activitie5 of our church. Although we have two thinls of our ￿￿tial rental in¢om¢ from office lets, our levd of ieseryes. We will retain these reserves at a level of at le&8t £400.1MK) for the next fill￿¢121 Y￿ to supplemeTht our day to day income and as a contingency me&wre to n￿l￿taIn the slandard of repaiTS rs4uired for our building not Ollly &8 a church, but also f(rthe office5 whicb let on the upper three fl￿r5. Also to enable us to d￿clop our outreach to the public via and the promotion of our church services. We arc currently in the pr¢￿￿ of expanding the activitie5 of our Reading R(M)m which will require increasing the hours we are open and providing the services of a paid Li1)￿13￿ during 202412025. InvestDJent poJYers and pollcy The charity looked to ￿￿]MISe the rctum itl ternts of trM)th income aryj capitsl. The tsUSte￿ hav¢ unT￿trict￿ ￿)We￿ of investmenL As pellnÉtsl by th¢ Ch￿Ity'S constitsjtio￿ the risk profil ELEVEiYfH CHURCH OF CHRIST. SCIENTIST. UINIK)N THE TRUSTEES. REPORT FOR THE YEAR ENDED 31 ocfoBER 2011 Conthined Statement of the Trustees. Responsibilities The Trustees are responsible for preparing the TTUStees' Annual Rq￿ and the financial ststements in accordallce with applicable law and Unxted Kingdom AccnuDting Standar& (United Kingdom Generally Accepted Accounting Practice). The law applithle to clTraritiey in England al￿ Wales requires Ihe Tn￿ee8 to prepare financial statements for each finallcial year, which give a ￿¢ alld fair view of the state of affairs of the charity and of the incorne rwutces and application of resources of the chatity for that perio(L Select suitsble accounting policxe5 and then apply thern consistently" Observe the meth(M]s and prlllcipl￿ in the Chatities SORP 2019 {FRS 102)" Make judgements and estimates that are rcasonable and pnxlent State whether applicable accounting standards have been follow&l subject to any mateTRal depart￿ disclosal and explained in the firwiciaj statements. Prepare the fin3ncial slatements on the going concern basis unl￿S it is inappropriate to presume that the charity will continue in operatiOEL accuracy at any time the financial position of the charity and enable them to ensure that the finallcial statements comply with the Clwiti&s Act 2011. th¢ Charity (ACco￿ts and Reports) Regulations 2(K)8 and the PTOViSiODS of the t￿￿t deeAL Th¢y arc also r&8ponsible for safeguarding the assets of the charity and hence for tsking reasonable stq)s for the prevention and d¢t¢ction of Approval The re[￿ of the Tn￿ was ap[￿0ved by th¢ Board on 30 August 2024 and signed on their behalf by: Barbarn IAbrd Chair Jndewdent Auditor's Rwort to the Tn￿e¢S of: ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONtK)N Opinion We have audited the financial stat￿ents of Eleventh Church of ChrisL ScientisL London (the 'cbarity') for the year ended 31 October 2023 which coll]prise the Ststement of Financial Activities. the Balan¢¢ SheeL the Statement of Cash Flows and DQt&s to the fmancial statement& including a sumw of signific8nt accounting policies. applied in their prq)aration is applicable law and United Kingdom Accoulltillg Statldarth. including Finaucial Reporting Standard 102 7he Reporting stopkkn￿ ¢Jpplicable in the UK Republic oflreland(Unit¢d Kingdom G¢• ALwted A￿U￿ting Practice). In our opinion the financial sthtemaits: give a and fair of the sta* of the clwity's affalls as at 31 October 2023, and of its incoming r￿U[CeS and application of Twurce4 including its income and expenditur& for th¢ yearthetL ende(L" have been prepared in accor￿ with th¢ reqllir￿ts of the Ch8rities Act 2011. Basis for opinion We c4ynducted OUT audit in acc￿[danCe with International Standards on Auditing (UK) OSAS (UK)) and applicable law. Our reswnsibilities under those sknidards are fijrther describ￿ in the AuditOT'S rwonsibilities for the audit of the finallcial ststemellts section of our re￿r( We are ind¢t¢ndent of the charity ill accordance with the ethical requirements that are relevant to our audit of the financial statements ill Ihe UK including the FRC'S Ethical stand￿ and we have fijifilled ow other ethical responsibiliti￿ in a(xorilance with th￿e requ[￿ts. We believe that the audit evidence we have obtsined is suifjcient and appropriate to provide a b&sis for our opinion. Contlu¥ionJ Tel%ting ts going concern In auditing the financial stal• we have concluded that the tn]stets' ￿e of the going concern B&8ed on the WO￿ w¢ have ￿forme{L we have not identified arjy rnateria] uncertainties re18ting to events or conditioDS thaL individually or collectively. may cast Significant doubt on the chatity's ability to continue as a going collcern for a p￿1(￿1 of at kn twelve monllLS from Wh￿ the firwcial statements are authorised for i&sue. Our resp)Dsibilities and the resp)nsil)ilities of the trustees with req￿t to going concern are desuibed in the relevant sections of this rw Independent Auditofs Rep)rt to the Tnkn OF ELEVENTH CHURCH OF CItIUST, SCIENTIST, iA)NDON Continued Other infonnatiott The other inforn￿tiOll co￿priseS th¢ infon))atioll inclth in the trust￿. re￿￿ other, than the financial statements alld our aUdI￿r.5 retK)rt thereoo The ttustees are responsible for the other inforn)ation included within the truslets, rqM)rL Our opinion on the financial ststements d{￿ not cover the other iDfornMtion an¢ excq)t to the extent otherwise explicitly statrA in our rep)rL we do not express any forni of ￿SUranCe co￿]uSt0n ther￿ Jn ¢onnection wtth our audit of the fitiancial state0￿￿ our r&swibility is kn read the other infornmtion anr. and to issue an auditor's report that includes our opinion. Re&sonable is a higb level of assur￿, but is not a guarnitee that an audit wnducted in accorilance with ISAS (UK) will always detect a mats[l￿ misstatement when it exists. Misstatements can arise fiom fra￿1 or error and are considered matsrial if. individually or in the aggregate, they c4)uld reasonably be ex￿ to infiuence the economtc decisions of ￿8e[S tsken on the basis of thes¢ financial statement& ITregularitie4 including frau4 are i￿stanc￿ of non-compliance with laws and regulations. We design pr(thkn in line v4ith our restK)nsibilitses. outlined above. to detect material misslatements ill re5￿t of irregulariti￿. including fraud. The extent to whicb our are capable of d¢￿ting irregularities, including fra1￿ is detsiled below: Enquiry of Management and those charged with governance about actual and ￿tential litigation or claims and the identifiixtion of non-compliance with laws and regutstions. Reviewing mtnutes of meetings of those chaTged with governance. compliance with applicable laws and regulation& Auditing the risk of D]anagement override of control4 including trsting journal elltr1￿ alld other adjustments for apprwateness" a&$￿Illg whether the judgements made in making accowiting estimatas are indicative of a N)tential bi&s" al￿ evaluating th¢ business rationale of any significant ti%L88ctioTr% that are or ouL5ide the nornial COUL3e of busin&88. Perfotming analytical pr(Ke{ts￿ to identify any unusual or unexpected relationships that y indicate risks of material rnisstr￿t due kn frau Professii)nal scepticism coutse of the audit and with audit sampling in Materi￿ audit Because of the inherent Im)itatsons of an audiL there is a risk that we will not detect all irregularities. includtng those leading to a ￿￿terIal missknellt ill the financial statern¢nts ot non- compliance with ￿atIO]L This risk illcreases the more that C4)mpliance with a law or regulation is removed from the events and transactions reflected in the financial ststements, as we will be less likely to become aware of instances of non-compltance. The risk is also greater Tegarding irregularities (Kcurring due to fraud rather than error. &8 fraud involv&s intentiorol wnceaimenL foTg¢ry, w1lusio￿ omi&8ion or Misrepr￿￿110 A fikn description of our res￿]￿11[￿￿ foTth¢ audil of the financiaI ststements is located on the Financial Re[￿ing Council's website * www.frc. ibilities. This description forn]s part of our auditor's reporL tndependent Auditor's Retx)rt to the Tntstees of. ELEVENTH CHURCH OF CHRIST, SCIENfisT. LONDON CoBtinDed Use ofour report This report is made solely to the chaThty's tnjsteu, &% a IM)dy. in accordance with Part 4 of the Clwities (Accounts and Re￿[ts} Regulations 2(Ki8. Our audit work has been Und￿¢0 so that we might state to the cRwity'5 trust￿9 those matters we are required to stat¢ to them in an auditor's TeEX)rt and for no Oth￿ puttw. To the fullest extent p¢rn]itted by law, we do not ac¢q)t or assume responsibility to anyone other than the charity and the clwity's as a i￿, for our audit worl for this TeporL or forthe opinions w¢ have fonne MYRUS SMrrH 8 Burnell Roa sutto￿ Su SMI 4BW Statutory Auditors 30 August 2024 Myru5 Smith is ell￿TrIe for ap￿>71rt[￿ellt &8 an auditor of the charity by VITti￿ of its eligibility for apWlntn￿É &s an auditor of a company under Section 1212 of the Conwiies Act 2(Ki6. FOR THE YEAR ENDED 31 ocfoBER 2023 Notes Funds 2023 2022 ltttome and endowments from: Donations and legacies Charitable activities Investtnents 26.￿8 1.(KXI,(KMI 2.787 29,859 I.026.￿8 2,787 29.859 23,604 4.086 35,515 2b Totsl Income 59.554 1,IKKI,CMX) 1,059,554 63,205 Expenditllre on: Raising funds Charitable activtti¢s 316 316 144.223 144223 134,2(10 Totsl e4￿ndItsre 144223 316 144,539 1342(M) et IneomeJ{expendithre) (84.669) 999,684 915,015 (70.995) 15 508.8(KI {508,81X)) Net movement in tsnds 424.131 4￿,884 915,015 (70.995) Reconciliation hnds Total funds brought for*vard 15 4276,520 4276,520 4,347.515 Total carried forwa 15 4,7(Kl.651 4￿.884 5,191.535 £4276.520 The Statement of Financial Activitles includes all gaits 8ud108ses lecogDis￿ in the year. The notes on pages 13 to 21 forni part of these financial statements. io- ￿￿vENTH CHURCH OF CHRIST, scIEiYfisT, LOIWON STATE￿iK￿r OF CASH FIDWS FOR THE YEAR ENDED 31 OCTOBER 2023 Notes 2023 2022 Cash flows from optrating aCti￿deS Net movement fund 915.015 (1,071) (28.788) 25218 {i.o(x).000) 2,228 {10,402) (3209) (70.995) (98) (35,417) 25.984 2c Rent receivable Depreciation ncreaseydecre&8e in stock (Increa5eydecrease in debtOTS (I J09) 13.011 Nel ￿ShProVided bY/(￿e￿Il￿) operating (ioi,o(Y)) {68,824) Cash nows from IDvesting activll Purchase of tawl¥le fixed & nterest receivable Rellt receivable Purchase of illvestm¢nts (5.872) 98 35,417 1.071 28.788 {250.(XK)) io {220,141) 29,643 Cash flows from financing actlvities Repayment of ￿TroWIng Receipt of ffldowment 12 (498.81X)) i.IXX).IK (1200) 5012(K) (12IK)) Change in fash and cash equiyaleuts in th¢ reporting perlod 180,050 {40.381) Cash and cash equThalents at the I)eginni￿ of the reporting period 35,019 75.41KJ C￿h and cash equivalents at the end of the reporting period 215,069 35.019 Analysis of eash tash equivalents Cash in Iwid Cash awaiting investment 24.185 190.884 35,019 Total cash and c&qh equivalents 215,069 35.019 The notss on pa￿ 13 to 21 fonn part of these financia] Statem￿1& BALANCE SHEET AT 31 ocfoBER 2023 2023 2022 FIXED ASSETS Tangible f￿¢d assets Investments 3,126.423 3.151,641 1,6(K),( 1.6(Ml.( 4.726.428 4,751,646 CURR￿ ASSETS Stocks 4272 18,482 440,884 24.185 6,500 8.080 Investttlents Cash at baDk and in hand io 35,019 487.823 49.599 LIABILrrIES Cr¢ditors: Amounts falling li 21716 25925 NET cURRETr￿ ASSETSI 465.107 23,674 TOTAL ASSETS 5,191535 4,775 J20 CREDrroRS Amounts falling due after n￿e than one year 12 498.8(X) NET ASSETS 16 £5.191.535 £4.276,520 Endowment fun(Ls 15 15 490,884 4.7(X).651 4,276,520 £5.191.535 £4276.520 Approved by the Board of TnL8tees on 30 AugtLSt 2(ll4 and signed on its beha￿by. Ba￿ard t£)rd. CHAIR TRUSTEE The not&8 on pages 13 to 21 forni p3rt of these financi￿ statem 12- NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2023 l. AccouNfiNG POLICILS a) Basis of tion The charity CODStitutrs a public benefit entity as defined by FRS 102. The financial statemetlts have been prepared in accordance with A(wunting and Re￿rtillg by Ch8rAties: Ststement of Recommended Practice applicable to cl]arities preparing their accounts in accordance with the Financial Re￿)rt￿tig Standard applithle in the UK and Republi¢ of Ireland (FRS 102) issued in October 2019. the Financial RqK•rting Standard appli￿le in the United Kingdom and Republi¢ of Ireland (FRS 102). the Clwiti&s Act 2011. and UK Generally Accepted cotlventio￿ modified to include certain items at fair vahK. The financial statements are presented in sterling which is the fimdional currency of the charity. The sigDificant accounting w11ci￿ applted in ￿ PT4ATrtion of these financial ststements are set out below. These p)lici&s bave t*£n consist¢ntty applied to all yeats presented unless otherwise stat b) Incon￿ re ition licies Items of income are recogDised and in the accounts wheD all of the following CTiteTia are met: The charity has erktitlement to the fill￿. within the control of the Ch￿lty. there is stthcient certainty that receipt of the inwme is considered probable" and the amount can b¢ measuted reliably. Expenditure is recogntsed once the￿ is a legal or ConS￿ve obligation to make a paymeDt to a third paty. it is probable that settlement will and the amount of the obligation an be measured ￿lIablY. putposes of th¢ Charity aDd their 8&80ciatd sUPFM)rt costs. Support costs ar¢ th(w functions that a&8iSt tk wo& of the Cljarity but do not diray undertak¢ ¢harilable activities. Su￿K￿ ￿ include back office costs. finance. p¢rsonn¢l. payroll and governance costs vknith the Charity'8 activities. allocated kned on staff time. 13- ELEVENfH CHURCH OF CHRIST. SCIENrisr. LONDON OTES TO THE FINANCIAL STATEMENIS FOR THE YEAR ENDED 31 OCTOBER 2023 Continued ACCOUThNG POLICIESltontd... e) Tan "ble fixed assets Tangible fixed assets are stated at cost1tt4 a{￿U[DUlated depreclation. Depreci￿lon is provided on fixed a&sets at rates estimated to write off the cost of each 8&*t over its expected useful life. Computer equiptnent 250/0 T￿ll¢ing b81ance Furnith and equipmetit 15°A reducing balance Freehold propty. excluding the eStirn￿￿ cost of land and its eStIn￿ residual value is depreciated over a period of 50 years. Enveslment Part of the clmrity's freehold w(yety ts let for the pUr[￿e of earning Tenlal incoll￿. The pro￿ Trvas measured n)itt￿ty at cost ar￿ sutwuelltly has been valued inforn]ally by a Charterd Surveyor alld is iDcluded in the finallcial statements at fair value with changes in fair value recogniscd in net gain￿(10$Ses) on inV￿1￿￿ts oll the statement of Finallcial Activities. Listed investments Investments are a forni of basic fi[￿IcIal instrument and are initially I￿OgnISed at Iheir Iransaction value and subsequentty ll￿&$￿r￿ at their fair valu¢ at the balance sbeet date using the closing quot&l market price. The statment of Fu￿ClaI activities InCh￿¢S the net gains and 1058es arising on revaluation and disP)s￿ throughout the year. h) Illvestment income and taxation Income frotll quoted and other seallitics is accounted for in Ihe ye8r it is receivable and when it can be measured reliably by th¢ fim(L Inw))e dqx)sits is accrued in to the year for wbich it is due. Investment income includes all tsx r￿0Ve￿Ie since the filnd is not liable to tsx on incorne that is used for clwitable purp)5 StsKks ofTeading Materi￿ are stated at the lower of c<*t gnd na realisable value. Unrestricted fimds ￿ available for ￿ at the discretion of the trustees in furtherance of the geoernl objectiv¢s of the charity and vknich have not kni designatsl for other purp)￿. imposed by donors or which bave iwi raised by the charity for particular pu4)oses. Enth)wm¢nt fimds ale fim(Ls received by the cljarity thal TepTesent capilal. Charity law requi￿8 the tnLSte¢s to invest elldovrnlent funds or to retain and use it for the charity's purposes. The tern] endowme￿ applies to pennanent endowmenL vlhere the trjtstees have no power to convert tt into inwne an appty it and to expendable endowment wbere the trustees do have this power. The income arising on the eX￿d&ble endowment fimd all be used in acconlance with the Obj￿ of the clwity and is included &s un￿triCted inColl￿. Any capitsl gdins or losses arising on the investments forn] part of the fiw(L 14- ELEV£NTH CHifRCH OF CIIRIST. SCIENfisT. LONDON NOTES TO THE FINANCIAL STATEMElYts FOR THE YKAR ENDED 31 OCTOBER 2023 Continued Loans and iM)rrowings which me£t the definition of a b&8ic fmancial are Init￿lY recogllised at the trdll5action pric¢ including transaction cost& Subsequently. they aTe me&sured at amortiwl cost using the effedive int¢r¢st rts n)eth Rental inc4)me Eeceivable under operating lease agreements is rnlitrd to the stal¢ment of financial activities on a straigbt Itne basis over the period of the lease. m} Debtors and creditor5 Debtors and creditors with no statal intuest rdte and which are receivable or payable within in expenditure. n) Pen8ion costs The Clwity operates a defined conthThution pension scheme for the benefit of its ￿nplOYees. Contrjbutions are charged to Ststanent of Financi￿ Activiti&s in the year to which they relate. INCOME Unrestrictyj Fndovm]ent Funds Funds Totsl 2023 Totsl 2022 a) DonatioL¥ alld legaci&% 26.Y)8 1.(KX).(KX) 1.026.908 Lewdci £26.￿8 £1,(KKI,(M)0 £1,026.908 £23,61M All of the £23.604 recognised in 2022 related to un￿stricted fiuMIs. Tolal 2022 Funds 2023 b) Charttable activitses Reading room sales £2,787 £Nil £2,787 £4,086 All of the £4.086 recognised in 2fj22 rdated to unrestricted fimds. Unrestricted F￿d0}vMcnt T(tsl FuD(Ls 2023 Total 2022 c) Inveslment income Rents Divide￿ and iEkter&st from listeAI investments Bank dysit interest 28.788 28.788 35.417 468 603 468 98 £29.859 £Nil £29.859 £35.515 All of the £35.515 recognisd in 2022 r¢lat¢d to unrestricted fimds. 15- ELEVEiYfH CHURCH OF CHIUST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2023 Continued RAISING FUNDS Idertaken SuptM)rt Total 2023 Totsl 2022 £Nil £316 £316 £Nil All of the exFnthth in 2023 reRateA to ￿dOWment expendable full(L EXPENDITURE ON Activities Totsl 2022 2023 Reading RIM)m £30.(MO £114.183 £144223 £134.2(Kl S. ANALYSIS OF EXPENDITURE ON Total 2022 2023 Sal￿145 and HonordTia Musician f￿3 Service charges Reading room purchas¢s 5,015 14.156 9,124 14,139 14.156 19.879 10,869 (1.191) {1,191) 138 138 12.515 12.515 10.071 10,071 11,654 11.654 7265 7265 4.042 4.042 2,550 1550 569 569 855 855 2.910 1910 3.791 3,791 805 805 24J51 11,828 8.175 6295 988 310 8.704 9,006 12,469 19.879 10,869 Electricity Insurdlll Legal fees Accountancy 2554 1500 478 424 2,612 3.549 952 1,500 195 10.1 Bank charges Compuler c(&sts Telephone Public lectures Committee on ￿thI1(￿tI( Advthising and pmmotional Sundry 331 331 . Fixtll￿ and fitting3 - Frtthold propety Irrecoverable VAT 4218 21.IMX) 3.657 4218 21.(X)O 3.657 4,984 21.(KlO 1.326 £30.(MO £114,183 £144,223 £134.2 All of the ex[￿nd1￿jre in 2022 and 2023 related to unre8tricteAI fund& 16- NOTES TO THE FINANCIAL STATEl¥fENrs FOR THE YEAR ENDED 31 o￿oBER 2023 Continued 6. TANGtBLE FIXED A&SETS Furnitur and fiuings Reading Land and Buildings Church Total Cost At l Novenkber 2022 Addttions 3240,094 86,721 19,499 3,346,314 At 31 October 2023 3240.094 86.721 19,499 3,346,314 At l November 2022 Charge forthe y 116.t194 21.(KKI ).911 3.888 17.668 330 194.673 25218 At 31 (ktober 2023 137.094 64.799 17.998 219,891 Net B(M)k Val At 31 October 2023 £3.103.(MXI £21.922 £1.501 £3.126.423 At 31 October 2022 £3.124.(XM) £25.810 £1.831 £3.151,641 ThÈs represents the c05t of fNe fi￿Y paid £1.￿ shar&8 registered severally in the names of the Chll￿b Board of Tn￿te¢s. 8. INVESTMENT PROPERTY 2023 FAIR VALUE At l November 2022 and at 31 Octotw 2023 £1.6(M).(M)O NET BOOK VALUE At l November 2022 aJMI at 31 Octoiw 2023 £1.600.(MX) 9. DEBTORS 21Y23 2022 Prepayments AccrLEed income Other debtOTS 8,193 3,432 6,857 7,613 467 £18.482 £8,080 17- ELEVEiYfH CHURCH OF CHR￿T, SCIENfisT. LONDOIY NOTES TO THE FINANCIAL STATEMEN13 FOR THE YEAR EIWED 31 ocfoBER 2023 Contialled I￿ Investrnents 2023 2022 Listed Investments A￿ulsitiOnS at cost Disp)sals at EM)ok value Net gain l (10&8) on revaluation 250.1 Mthet value ca￿led forward 250.IKM) 190.884 £440,884 £Nil Htstoriul cost of listed investments Investment Income Listed investments Cash deposits £468 £Nil InV￿tment maDagement ftts £316 £Nil 11. CREDITORS: Amounts falb4g dDt witlthi ye 2023 2022 A¢cr[￿lS Taxation and social s￿lty 132 19.713 80 6.0(K) 22.636 £22.716 £25,925 12. CREDfTORS: Amounts falling thie after more than one year 2023 2022 £Nil £498.8C Repaymellt of the WastmitL* Fund loao has been d¢fenEd indefinitely by the lender and intera8t w&5 charged at a Tate of 20/D per amiutrL The loan were se£ured via a first and sewnd kgal charge over the church Jrnises. The lk value of the land and buildings. and fair Vah￿ of the investment property. Th¢ extKndable endowment fimd of £l,(KM).IMXI was recetved during the year. Out of this £I.000.(K>O. £498.8￿ w&s used to rq)ay the loan received from the Westminster Fund in full and the rest wer¢ inv*d ill full as a CUTreot inyesthients as per the deed of gmt with the donor. Comparative inforniation for the movellvit in Unrestricted fim(Ls in the previous year is tts follows". Blfwd at l Nov2021 Trdnsf Clfivd at tncome Ex￿ndituTe between fimds 31 Oct 2022 General fund Designated fund (397.485) 4.745.(KM) 63205 (1132(Ki) (21.(XK)) (447,480) 4.724,O¢X> £4.347.515 £63205 (£1342W) £Nil £4276.520 -20_ IYOTES TO THE FINANCIAL STATEIKENIS FOR THE YEAR ENDED 31 OCTOBER 21123 Continued 16. ANALYSIS OF NET ASSEIS BETWEEN FUNDS Ullrtstricted Endowment Fund Fund Funds TaTtgible fixed assets tnvestments InVeStn￿lt propety Net current assets Creditots due after more than one year 3.126,423 3.126,423 i.(U).(KK) (25,777) 1,600.1 465,107 4￿,884 As at 31 Iktober 2023 £4.7(M).651 £490.884 £5,191.535 Comparntive infonn&ion for th¢ analyms of net assets between fimd8 in the pwious year is as follows.. Fund Funds Tangible fix¢d a&sets 3,151.641 3,151.641 tnvestmellt prowty Net current assets Creditors due after more than one year 1.61K).( 23.674 (498.8￿) 1.6(K>.(KK) 23.674 (498.800) As at 31 October 2022 £4276.520 £Nil £4276.520 17. coNfiNGENf ASSETS The amount of fimding awaTded to the Church but not r¢cogDised * 31 (ktober 2023 was £Nil (2022 ' £1 million). 21