Charity rngistration number 236093 {England and Wales) ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON TRUSTEES. ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON LEGAL AND ADMINISTRATIVE INFORMATION Trustees C Lord H Patterson M Howe Q Jones (Appointed 22 January 2024) Senior management Dgphne Richardson Treasurer Charity number (England and Wales 236093 Principal address 11 St Chad's Street London VKC1H 8BG Auditor lfjngston Bu0S Auifft Ltd 308 Ewell Road Surbiton Surrey KT6 7AL Bankers HSBC Bank plc 90 Baker Street London W1U6AX CCLA Fund Managers Limited 80 Cheapside London EC2B 6DZ Solicito Stone lQng LLP Solicito Upper Borough Court Upper Borough Vvalls BAI IRG Ed Coe LLP 2 Str)ne Buildings Lincoln's Inn London WC2A 3TH Investment advisors Brewin Dolphin Limited 12 SmFthtleld Street London EC1A 9BD
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON CONTENTS Page Trustees, report Independent auditor's report statement of ffinanal aVitieS Balance sheet 10 Notes to the financial ststemenls 11-22
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 The trustses present their annual report and financial statements for the year ended 31 October 2024. The financial statements have been prepared in accordan¢e with the accounting policies set out in note 1 lo the financial statements and Comply with the charity's governing document, the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charitses SORP "A¢¢ounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance th the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102).. Obie¢tives and activities The Church's objective is to maintain, demonstrate, and spread the knedge of Tiuth, as set forth in the Bible and Sclence and Health with Key to the SCripre$ by Mary Baker Eddy, the Discoverer and Founder of Chrigtian Science. Achievements and perforn¢e Significant aGtivities and achieveftnents against objective5 The Church's activities are directed to the fulfjlment 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 seryices, provision of a Sunday School, maintenance of a Reading Room, and sponsorship of public lectures. The Church also shares its premises for the beneffit of the local community, and hosts meetings of committee8 whose work Ès integral to the activities in the UK of The Mother Church, Boston, Massachusetts, USA. A religious Servi is held every &Jnday at 10-.30 a.m. and a Sunday School is held at the same time for young people up to the age of 20_ Evèry Wèdnesday evening at 7 pm a meeting 15 held which includes an opportunity for members of the congregation to testify to the healing power of Christian Science and to Share experiences resulting trom the study and practice of the religion. A Thanksgiving Servicè is held annually on the fourth Thurs(iay in Novemb. Al our Services and testimony meetings are available online as well as being 'in pèrson, to enable those who are unable to get to our se¥vi¢es to benefft from the spiritttal inspiration. It also enables people to join from other countries and different parts of the UK if they do not have access to a church. The Church maintains at 11 St Chad's Street a Christian ScAence Reading Room and is currenlly open from 10.30am to 2.30 pm on Tuesdays, Thursdays and Fridays each week. Here the Biblè, the Christian Science textbook, S¢ien¢e and Health wth Key to the Seriplures, by Mary Baker Eddy, her other writings, also other literature publishèd or authorised by the Christian Science Publishing Society, are avaSlable to be read, borrowed or purchased. During the year 2023124 a Christian lecture was held for the publi¢ *) June given by Michelle Nanouche CS8 of Paris, France. We hosted an event for Christian Scientists in April ere speakers attended from The Mother Church in Boslon, Massachusetts. Our premises have been used by various mL¢s5¢al ¢harithe$ and individuals for teaching and concerts as rewired and O¢Gasionally by other local d)arities and community groups in the area for meetings. Financial review The Statement of Financial Activities on page 9 shows net incomlng resources for the year of £17,060 conwared to net incoming resources of £915,015 in 2023. This is malnly due to expendable endowment fund re¢eived of £1,000,000 in 2023. Out of this. £1,000,000, £498,800 Wds used to repay thè loan received from the Westminster Fund in fvll and the rest were invested in ftjll as a current asset investments as per the deed of grant with the donor. On the income side. the Church has received rental income from office space on the 1st and 2nd floors of the building of £54.885. At the year end the Church's unrestrbcted ndS amounted to £4,674,722, comprising of a designated fijnd of £4,582,000 iellecting the nel book value of the Chtjrch's freehold land and buildings and fair valuè of investment propety. Nel current assets at the year end were £6[,734 compared with £465,107 for 2023.
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 ocfoBER 2024 Reservgs policy The Church maintains a General Fund (uniestricted fvndsl to meet17nanclal needs as they arise. The church as of 31 October 2024 has reserves of £484,460 invested in a portfolio with Brewin Dolphin. This is the second year we hève accrued considerable reserves thich are in an unrestricted fund. This has enabled us to create a more solid ffinanaal basis for our charity following the development of our new church building. The interestldiwdends receivable each quarteT from the reserves are used to supplement our cashflow for the day to day activities of our Church. Athough we have Iwo thirds of our potential rèntal income from office lets, our donations from church services are very variable, hence the requirement to maintain an acceptable level of reserves. We will retain these reserves at a level of at least £400,000 for the n9Xt financial year to supplement our day to day income and as a Contingency asure to maintain the standard of repairs required for our building not only as a church, bLrt also for t17e offices thich are let on the upper three floors. Also to enable us to develop our outreach to the public via lectures and the promotion of our church services. We are currently in the process of expanding the activities of our Reading Room which will require increasing the hours we are open and providing the $ÈNices of a paid Librttrien dufing 202412025. Funding will al80 be used to athiethse our 8ervice3 and activities more widely in London. Investmgnt powers and policy The tharity looked to maxlmise the return in ter of both in¢ome and capital. The tsuslees have uniestricted powers of investment. Ats permitted by the charity's constilulion, the trustees have given the investment managers discretion to manage the portfolio within an aweed risk p¥ofie. Risk Management The Church depends on donations, and the ientsl income from the upper three lloors of th• Church building. for its financial sustenance. Financial reseeS are a¢¢umulated and invested in a COIF account and in a managed portfolio with BTewn Dolphin. The Treasurer prepares regular accounts for the Board and for the members. Al invoices are approved and checked by the Board and the Treasuiei. Direct debits are in Lise loi many aUnts. Approved involces are paid primarily by bank transfer or occaslonal by cheque. Cheques are signed by the Treasurer and either one or Board Members. In addttion to insurance covering contents and property assets, the Church cariies public and émployer's liability insurance. Trustees are also covered by speafic indemnity insurance. We have recenly undertaken a revaluation of buildlng costs for irtsurance purposes. Trnstaes, Going Concern Risk Assessment The ffinancial model vthich was proposed when the Church moved Inlo the new building, was that the long-lerm financial security would be ensured as tt)e result of the letting income from the offices on the first, second, and third floors. Thi5 contlnues to be our aim with adthtional investment income from our portfolio. We are also confident that other5 charltable OrganaonS in the Christian Science movement such as the Westminster Fund, will, if requiTed Nl the ftjture, support a London branch church which is very near to one of the largest transportation interchanges in Europe, and is a continuing provider of meeting spaces both for a number of Chiistian Science committees. as well as local communtty charities. The trustees and all members Continue lo support all the activities of the church in prayer, and they use the precedent of the tax demar)d made upon our Lord Jesus Christ described in the gospel of Mathew117.27) as an assurance that their play5 will always be answered in the future, just as they have in the past.
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Update on progress during financial year ending 31 October 2024 and plans for future periods Vvhèn planning activwties for Ihe year, the Board has considered the Charity Commission'8 guidance on public benefit and, in particular, the specifi¢ guidance on charities for the advan¢emenl of religion. Any activlty beyond that outlined above can only be undertaken as the result of a motion passed by simple majority of membèrs present at church meeting. Our rental income during the year was from the letting of floors of office space. We have tried to let the third floor, however this has proved more difficult due to the reduced demand in the office maiket and was not let in 20231 24. We ntinue to look for a satisfactory resolution so this floor can be put into effedive use. The generous donation from Third Church of Christ Scientist, London has been invested in a portfolio and the interest enhance8 our annual income. An application for Ihe rèmoval of the legal charge on the loan repaid is sljl with the Land Registy and we hope this completed in 2025. Our ffirEancial position is still secure and we are grateful for the donations rèceived from members in order to continue our actfvitses. Stwcturay govemance and m8nag•mgnt Legal and Administrative Inf0mtIon The Church is a Registered Charty, No. 236093, and is governed by a Constitution, by Church Rules. and also The Manual ofThe Mother Church by Mary Baker Eddy, Discoverer and Founder of Christian Science. Constitutional Inf0mtiOn 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 tfuth of the healing Christ as revealed to this age by Mary Baker Eddy. Trustees The trustees who served during the year and up to the date of Signatu ofthe )Inancial statements were.. Brian Blandford (Chair) Barbara Lord (Chair) Mèlwyn Howe Quentin Jones (Vice chair} Appointed as vice chair on 22 January 2024 Hazel Patterson Appointed on 22 January 2024 Resigned on 22 January 2024 Appointed as chair on 22 January 2024 Ading Clerk Brian Blandford until 22 January 2024 and Hazel Patterson sin¢e 22 January 2024 Treosurer Daphne L Blandford
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Recruitment and appointment of trustees The Churth is a branch of The Mother Church, The First Church of Christ Scientist, Boston, Massathusetts, USA, but 15 In it's government Complete independent, self-financed and self-govemed. Al branches of the Mother Church enjoy a congregational form of government. There are no hierarchies and there are no dergy. The foLtr Board Trustees are Church members who are elected annLsaly 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, however Trustees do attend appropriate courses where required and update legal and financlal knoedge regularty. They also consult with professional organisations foi regular support of the Trustees, role. Trustfjes are elected on a rotating basis, so that neY elected mèmbers of the Board are normalty serving Yth experienced wnembers. Al other Church officers are members, also appointed annually by the Board. Org8nisational structure The charity is an uninGoTporated charity. Funds held as ¢ustodian trustee Custodian T¥ustee.- The liue of the Church's freehold property at 11 St Chad's Street, LoTrdon WC1 H 8BG is held by The Official Custodian for Charities. statement of Thistees. responsibllltles The tiustees are responsible for preparing the Trustees, Report and the financial statements in ac¢ordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and leS requires the trustÉ@s to prepare financial statements for each financial year which give a true and fair view of the slate of affaiTS of the chaiity and of the incoming resources and application of resources ofthe charity for that year. In preparing these financial statements. the trustees are requiied to.. select suitable accounting policies and then apply them consistendy., obsewve Ihe methods and prin¢iples in the Charities SORP 2019 {FRS 102)., make judgements and estimates that are reasonable and prudent., stste whether applicable accounting standards have been folowed, subject to any material departures disdosed and explained in the financial statements., and prepare the financial statements on the going concern ba51s unless r( is inappropriate to presume that the charity wll continue in operation. The trustees are responsible for keeping sufficient accounting records that diselose with reasonable accuracy at any time the financial positson of the charity and enablè them to ensure that the financial statements comply with the Charities Acl 2011, the Charty (Accounts and Reports) Regulations 2008 and the PTOVlSions of the trust deed. They are also responsible for safeguarding the assets of the charty and hence for taknng reasonable steps for the prevention and detection of fraud and other irregularities.
ELEVENTH CHURCH OF CHRIST, SCIENTIST. LONDON TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Thè Truslees. was approved bytho Board ofTrustees. BCLord Q Jones Trustso
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON 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 (the '¢harity') for the year ended 31 October 2024 which Comprise the slatemer)t of financial activities. th& balance sheet and notes to the finandal statements, including significant a¢¢ounting policies. The finanLyal reporting framework that has been applied in their preparation is applicable law and Unf(ed Ktngdom Accounting Standards. induding Financial Reporting Standard 102 The Financial Reporting Standard applicable the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi¢&l- In our opinion. the ffinancial statements.. glve a true and fair view of the stat8 of the charity's affairs as at 31 October 2024 and of its incoming resources and application of resources, for the year then ended., have been propedy prepared in accordance with United lQngdom Generally Accepted Accounting Piacti¢e' and have been prepared in accordance 1th the ChalIe$Art 2011. Basis for opinion We conducted our audit in accordance wlth Intemational Stsndards on Audrting {UKI IISAS {UK)l and applicable law. Our responsibilities under those standards are fijrther described in the Audtior's responsibilities for the audi* of the finanual statements section of our report. are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financtal statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled oui other ethi¢al Tesponsibililies in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo providè a basis for our opinion. Conclusion$ rÈlating to going concem In auditing the financial statements, we have conduded that the Trustees, use of the going concern basis of acwunting in the preparation ofthe financial statements is appropriate. Basèd on the work we have performed, we have not idents.fied any malerial uncertainties relating to events or conditions that, individually or collectivety, may cast significant doubt on the charity's ability to continue as a going concern for a petiod of at least Iwelve months from when the fjnancial ststements are authorised for issue. Our responsibil"e8 and the responsibilthes of the trustees wth respe¢t to going concern are desc¥ibed in the relevant sections of this report. Other infom)ation The other information comprises the information induded in the annual report other than the financial ststements and our audilorfs report thereon. The trustees ale iesponsible the other infoimation contained within the annual report. Our opirbion on the ffinancial statements does not cover the other information and we do not express any foTrn of assurance conclusion thereon. Our responsibility is to read thè other information and, in doing so. consider whether the other information is materially inconsistent wth the financial statements or our knowledge obtained in the course of the audit, or othermse appears lo be materially mi5Stated. If we identify suth material inconsistenaes or apparent rnaterial misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on Ihe work we have performed. we ¢¢)nclude that there is a material misststemenl of this othe¥ information. we aTe required lo report that fact. We have nothuig to report in this regard. atters on which we are rÈquired to report by exceptlon We have nothing to report in respect of the followng matters in relation to which the Chaithes (Aecounts and Reports) Regulations 2008 requires us to ieport to you if, 7 our opinion.. the informatiM given in the ffinaniial statements i% inconstent In any matsrial respect wth the Tnjstees, report-, or sufficient accounting records have not been kept., or the financial statements are not in agreement Wtth the accounting records. or we have not received all the information and explanations we reqLtire for our audit.
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON Responsibilities ol trustee5 As explained more fully in the statement of Trustees, responsibilities, the trustees are responsible for the preparation of the finaneial statements and for being satisffied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable thè preparation of financial slalements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible ft>r assessing the charity's ability to continue as a going concern, disdosing. as applicable, matters related to going concern and ijsing the going concern basis of accounting unless the trustees etther inlend to ¢ease operations, or havè no realistic altemative but to do so. Auditorfs responsibilities forlhe audit of the financial 5taternents We have been appointed as auditoi under Section 145 of the Charities Act 2011 and report in ac¢ordanGe wth the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance abot*t whethèr the ffinancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 2uditor's report that includes tsur opinion. Reasonable assuran¢e is a high level of a55UTance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will athys detect a material misststement when it exists. Misstatements can arise from fraud or ertor and are considered material if, individually or in the aggregate, they COLtld reasonably be expected to influenoe the economic decisions of users taken on the basis of these fjnancial statements. Irregularities, including fraud, are ingtanees of non-compliance wth laws and regulations. We design wocedures in line with our responsibilities, 01ned above, to delect material misstatements in respect of irTegulaTities, including fraud. The extent to lCh our procedures are capable of detecting irtegularities. including fraud i8 detailed below.. Enquiry of management and those charged with governance about actual and potential litigation or claims and the identification of non-compliance wtth la and regulations. Reviewing minutes of meetings of those charged wth govemance. Reviewing financial statement disclosures and testing to supporting documentstson to assess oompliance th applicable laws and regulations. Auditing the risk of management override of controls, induding testing journal entries and other adjustmènts for appropriateness., assessing whether the judgements made in making aceounling estimales are indicative of a potential bias,. and evaluating the business rationale of any significant transactions that are unustjal or outside the noimal course of business. Perfr)rming analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement duè to fraud. Professional scepticism in courtse of the audit and with aud sampling in material audit areas. Beoause of the inherent limitations of an audit, there is a risk that we wll not detect all irregularthes, including those leading to a material mi5Statement in the financial statements or non-compliance wth regulation. This risk increases the more that corryliance wth a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of intstances of non-compliance. The risk is also greater regarding iegUlaritieS occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. A futher description of our responsibilities is available on the Financial Reporting Coun(il's website at.. https'.11 ww.trc.org.ukJauditorsresponsibilities. This description forms part of our audttoi's report. Useof our report This report is made solely to the d)arity's trustees, as a body, accordance with Part 4 of the Charities {A¢¢ourrts and Report$) Regulations 2008. Our audit work has been undertaken so that we might ststè to the charity's trustees those matters we are iequired 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 ¢harty and the charity's trustees as a body. for our audit work, for thls report, or for the opinions we have formed.
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON 6AL Klngston BuTrowes Audlt Ltd {Statutory Audltor) 308 Ewell Road Surbilon Surrey Kf6 7AL 25 June 2025 Kingston Burrowes Audit Ltd is eligible for appointment as auditor of the tharty by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 20LE.
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2024 Unrestricted Endowment funds funds 2024 2024 Total Unre5trithd Endowment funds funds 2023 2023 Total 2024 2023 Incoma frorn: Donations and legacies Charitable activities Investments 143,274 2,824 68,696 143,274 2,824 68,696 26,908 1.000,000 1,026,908 2,787 2,787 29,859 29,859 Total in¢ome and endowments 214,794 214,794 59,554 1,000,000 1.059,554 ExPendIre on: Raising funds Charitable activities 560 140,163 2,804 3,364 140,163 316 316 144.223 144.223 Total expÈnditure 140,723 2,804 143,527 144,223 316 144,539 Net gainslllosses) Dn investments 12 1100,0001 45,793 154,2071 Net incovnellexpenditurel (25,9291 42,989 17.060 (84,6691 999.684 915,015 Transfers betsveen fijrids 508,800 1508.8001 Net movement in funds (25,9291 42,989 17,060 424.131 490,884 915,015 Reconciliation of funds: Fund balances at 1 Novelnber 2023 4,700,651 490,884 5.191,535 4,276,520 4,276,520 Fund balances at 31 October 2024 4,674,722 533,873 5,208,595 4,700,651 490,884 5,191,535 The Statement of financial actniities in¢ludeg all gains and losses recogni¥ed in the year. Al incorne and expenditure derive from continuing activihes. The notes on pages 11 to 22 form part of these finanual statements.
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON BALANCE SHEET ASAT 31 OCTOBER 2024 Fixed ass•ts Tangible &8sets InveStnnt property Inv8Stments 14 15 3.101.856 1.500,000 3.128,423 i.eoo,c¥Jo 4,fj01.861 4.726A28 17 18 19 5,720 23,962 484,460 112.833 4.272 18,482 440.884 24.185 Debto Investments Ch at bank and in hatwj 626,975 487.823 Crodltors: amounts falllwd due one year {20,2411 (22.716) 606.734 465,107 Totst 4#8éts I$ current Ilabilltl•s 5,208,595 5,191.535 The fun(Is ofthw ¢h•rlty Endowmentfvnds Unrestrirkni ftlnd 23 533,8n 4,674,722 490,884 4,700,651 5.208.595 S.19135 notss on pages 11 to 22 forn pariof th8S8 financial statsments. finanrial statsmgnts were approved by trust on .... BCLord Q Jon¢$ Tru$tae 10-
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies Charity inf0mtIOn Eleventh Church of Christ, &ientist, London 15 a registered charity, No. 236093, and is governed by a Conslitijtion, by Churd) Rules. and the Manual. The principal office address ghjen in the Legal and Administrative Information page. 1.1 Accounting convention The financial statements have been prepa¥ed in accordance wth the charhy's gtsverning document, the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Chariues SORP "Accountir)g and Reporting by Charities.. Ststemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Repong Standard applicable in the UK and Rewblic of Ireland (FRS 102)" The charity is a Public Benefft Entity as de)Ined by FRS 102. The charity has taken advantage of the provisions in the SORP for chartties not to prepare a statement of cash flows. The financial statèments have departed from the Charibes (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved followng the Statement of Recommended Piactice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The )Inancial statements ale prepared in steding. which is the fijnclional currency of the charity. Monetsry amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the histoiical cost convention modified to include the revaluation of investment properhes and certain financial instruments at fail value. The pririapal awounting poliaes adopted are set out below. 1.2 Going con¢ern At the time of approving the ffinancial slatements, the trustees have a reasonable expectstion that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus tt)e trustees continue lo adopt the going concem basis of accounting in preparing the ffinancial statements. 1.3 Charitable funds Unrestricted funds arè available for use at the discretion of the tsijstees in furtherance of their charitable objective8. Restricted funds are subject to Speciffic conditions by donors or wantofs as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the ffinanryal ststemenls. Endowment ndS are subject to specific condlinS by donors that the capitsl must be maintained by the charity. 1A Incomg Income is recognised when the chaiity is legally entided to it after any performance condrtions have been met. the amounts can be measured reliably, and il is probable that cOMe wll be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notiffied f thè donation, unless perfoiman¢e conditions require defeiral of the amount. Income tax recoverable in relation to donations recetved under GIftd or deeds of covenant is recognised at the time of the donation. 11
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 A¢¢ounting policies (Continued) Legacies are recognlsed on receipt or othemse if the charity has been notified of an impending distributlon. the amount is known, and receipt is expected. If the amount is not known. the lega¢y is treated as contingent asset. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic beneffit to third party, it is probable that a transfer of economi¢ benefits will be required in setllement, and the amount of thè obligation can be measured reliably. Expenditure is dassi)led by acbvity. Tha costs of each actiwty are made up of the lotsl of direct costs and shared ¢osts, induding support CO515 involved in undertaking each activity. Direct wsts attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support eosts which are not attributable to a single activity are apportioned between those activities on a basis consislent with the use of iesources. Central staff costs are allocated on the basis of time spenL and depreciation charges are allocated on the poOn of the assel's use. 1.6 Tangib fu(ed assets Tangible ffixed assets are initially measured at cost and subseqLFendy measuied at cost or valuation, net of depreciation and any impairment losses. Depreciation recognised so as to w¥lte off the Cost or valuation of assets less their ie&dual values over their usefvl lives on the following bases.. Freehold land and buildin95 Excluding the estimated c05t of land and its estimated residual value is depreciated over a period of 50 years 15 % reducing balance and 25°h reducing balance Fixtures alld fjltings The gain or loss arising on the disposal of an asset is detèrmined as the difference between the sale proceeds and the caywng value of the asset, and is recognised in the statement of financial activities. 1.7 Investment property Part of the charFty's freehold propeity is let for the purpL)se of garning r6ntal income. The property was measured inthally at cost and subsequenly has been valued informally by a Chartered Surveyor and is includèd in the )Inancial statements at fair value with changes in fair value recognised in net gainslllosses) on investments on the statement of Financial Activities. 1 Fixed asset invesknènts Fixed asset investments are inilJaNy measured at transaction price excluding transadion Costs, and are subsequently measured at fair value al each repong date. Changes in fair value are recognised in net incomellexpenditure) for the year. Transaction costs are expensed as incurred. Income from unlisted secuithes is accounted for in the year it ts receivable and when it can be measured reliably by the ftjnd. Income from deposits is accrued in to the year for which il is due. Investment income includes all tax recoverable since the fund is not liable to tax on income that is used for ¢haritable putposes. 1.9 Impaimwn* ol fixed assets At eath reporbng end date, the charity revlews the carrying amounts of its tsngible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the exlent of the impairment loss (if any). 12-
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Ac¢ounting policies (Continued) 1.10 Slo¢ks Stocks are ststed at the lower of cost and estimated selllng prS¢e less costs to complete arFd sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to theiT present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and $t. Net realisable value is the estimated selling price less all estimated costs of ColetiOn and costs to be incurred in markèting, selling and distribution. 1.11 Cash and cash eqUivalts Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments wlh original nwturities of three month¥ or less, and bank overdrafts. Bank overdrats are shown within boriowings in current liabilities. 1.12 Financtal instruments The charity hag elèrted to apply the piovisions of Section 11 'Basic Financial Instruments, and Section 12 'other Finan¢tal Instruments Issue5, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity be¢omes paty to the contractual provisions of the instrument. Finanaal assets and liabilitses are offset, Yth the net amounts presented in the ffinancial statèments, when theie is a legally enforceable right tr) set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneousty. Baslc finanelal assets Basic financial assets, which include debtor8 and cash and bank balances, are initially measured at transaction price induding transa¢tion costs and are subsequently Carried at am0ed cost using the effective interest method unless the arrangement constitutes a financing transa(*on, where the transaction is measured at the piesent value of the fvtUTe receipts di5¢0untsd at a market rate of tereSt. Financial assets classified as receivable within one year are not amorti8ed. Inancial liabilities Basic financial liabilities, Including ¢redf(ors and bank loans are initially r8eognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the prèsent value of the future payments discounted at a market rate of interest. FinanLYal liabilities Glassi)led as payable thin one year are not amorised. Debt instruments are subsequently carried at amortised cost. using the èffective interest rate method. Trade creditors are obligations tr) pay for goods or services that have been acquired in the ordinary course of operab.ons from supplièrs. Amounts payable are classified as Current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltl¢ of financlal liabilities Financial liabilities are derecognised the ch8rity'$ contrathal obligations expire or are distharged or cancelled. 13
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies {Continuedl 1.13 Employee beneftts The cost of any unused holiday entitlement is recognised in the peiiod in which the employee's seryi¢es are received. Termination benefits are recognised immediately as an expense when the charity r6 demonstrably committed to tsiminate the employment of an employee or to promde teminalion benefits. 1.14 Retirement benèfts Payments to defined contribution retirement benefft schemes are charged as an expen8e as they fall due. Critical accounting èstimates antl judgements In the applicafjon of the charity's accounting policies, the trustees are requiTed to make judgements, estimates and assumptions about th@ carrying amount of assets and liabilities that are not readily apparent from otheF sources. The estimates and associated assumptions are based on historical experience and other fa¢tois that are considered to be relevant. Actual results may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to a¢eounting estimates are recognised in the period in thich the estimate is revised Uthere the revision affects only that period, or in the period of the revision and future periods where the revision affects both curtent arsd future periods. Incomg from donations and legacies Unrestricted Endowment funds funds 2024 2024 Totsl Unrestricted Endowment funds funds 2023 2023 Total 2024 2023 Donations and gifts Legacies 44,250 99,024 44.250 99,024 26,908 1,000,000 1,026,908 143,274 143,274 26,908 1,000,000 1,026,908 Incomè from charitable activities Unrestricted Unrnstricted funds funds 2024 2023 Reading Room salgs Sale of goods 2,824 2,787 14-
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Income from investsnents Unrestrfcled Unrestricted funds funds 2024 2023 Rentsl income Income from unlisted Invesknents Irrterest receivable 54,885 13,434 377 28,788 468 603 68,696 29,859 Expenditure on raising funds Unrestricted Endovmient funds funds 2024 2024 Tt)tal Unreslri¢ted EndovAnent funds funds 2023 2023 Total 2024 2023 Fundraising and publicity A(fvertising 560 560 Investment management 2,804 2.804 316 316 Total costs 560 2,804 3,364 316 316 Expènditure on Charitable activitie5 Reading Roorn expenses 2024 Reading Room axpen5es 2023 Direct costs Staff costs Reading room purchases Musi¢ian fees 1,100 5,030 12,401 5,015 10,869 14,156 18,531 30,040 Share of support and governance costs (see note 8) Support 121,632 114.183 140,163 144,223 Analysis by fund Unrestllcted funds 140,163 144,223 15
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Support costs allocated to activities 2024 2023 staff costs Depreeiation Operating lease charges Insurance Committee on publi¢ation Electricity, telephone and water rates Computer costs Repairs and maintenance Irrecoverable VAT Public lectures Bank charges Sundries Stattoneries, Books and publications, Printing and Reproduct£on, Postage and Delivery Governance costs 11,855 24,567 35,513 12,179 464 21,738 1,256 228 690 3,538 407 493 9,124 25,218 31,167 10.071 805 15,791 855 11,191) 3,657 3.791 569 331 {1,0381 9,742 138 13,857 121,632 114,183 Analysed betweèn: Reading Room expenses 121,832 114,183 Nel rnovemènt in funds 2024 2023 The nel movemènt in fijnds is stated after chargingl(crediting)'. Fees payable for the audit of the charty's financial statements Depreaation of owned tangible fixed assets Operating lease charges 2,831 24.567 35,513 2,550 25,218 31,167 10 Trustees A gross salary of £40012023 .' £1,600) was paid to a trustee, Quentin Jones, in respect of his role as Reader to the Church during the year. A gross salary of £23312022 '. £Nill was paid to a trustee (from January 20241, Hazel Patterson. In respect of her role as Reader to the Church during the year. A gross salary of £1,20012022 - £Nil) vras paid to a trustee, Barbara Lord, in re$pe¢t of her role as Reader to the Church during the year. The amount of donations recelved from trustees wthout conditions during the year was £8,682 12023 £7,732). No trustees expenses were reimbursed or paid by the ¢harty during the year and the previous year.
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 11 Employe The average monthly number of employees during the year was= 2024 Number 2023 NumbeT Administration Church activities Totsl Employment costs 2024 2023 Wages and salaries other pension costs 12,955 14,110 29 12,955 14,139 There were no employees Ose annual remuneration was more than £60,000. Remuneration of key management personnel The remuneration of key management personnel was as follows.. 2024 2023 Aggregate compensation 2,000 2.000 12 Gains losses on investments Unrestrlcted Endowrne funds funds 2024 2024 Total Unrestricted Endowment funds funds 2023 2023 Total 2024 2023 Gainsl{losses) arising on: Revaluation of investments Revaluation of investh)ent properties 45,793 45,793 1100,000) {ioo.000) 1100,0001 45,793 (54207) 13 Taxation The charity is exempt from tsxation on its aclivthes because all its income is applied for charitable purposes. 17
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 14 Tangiblo fLYed assets Freehold land FÉxtu¥es and and buiklinus fittings Totél Cost At 1 Novembei 2023 3,240,094 106,220 3,346.314 At 31 October 2024 3,240,094 106,220 3,346,314 Depreciation and impairn)ent At 1 November 2023 Depreciation charged In the year 137,094 21,000 82,797 3,567 219,891 24.567 At 31 October 2024 158,094 86,364 244.458 Carying amount At 31 Oetober 2024 3,Q82,000 19,856 3,101,856 At 31 October 2023 3,103,000 23,423 3,126,423 15 Inveslmènt property 2024 Fair value At 1 Noven*er 2023 Net gains or losses through fair value adjustments 1.600,000 (100,0001 At 31 October 2024 1.500,000 Investment propety comprises 1st Floor and 2nd Floor. 11 St Chad's Streèt, London WC1 H 8BG. The fair value of investment prop&ity has been arrived on the basis ol an informal valuation carried out in 2025 by David Coskne from Wfright and Partners, Chartered Surveyors, who are not connected with the charity. The valuation was made on an open market value basis by reference to market evidence of transaction price5 for similar Ixoperties. 16 Fixed assel investments Elen1St Syndicate Sharns Cost or valuation At 1 November 2023 & 31 Octob8r 2024 CaTrying an)Unt At 31 Octobei 2024 At 31 Octobei 2023 18-
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 16 Ftxed asset inv8Stment5 (Continued) This represents the cost of fve fully paid £1.00 shares registered Severally in the names of the Church Board of Trustees. 17 Stocks 2024 2023 Finished goods and good5 for resale 5,720 4,272 18 DebtOTS 2024 2023 Amounts falling duè within one year. Other debtors Prepayments and ac¢wed income 1,611 22,351 6,857 11.625 23,962 18,482 19 Currènt asset investrnents 2024 2023 Unlisted investments 484,460 440,884 20 Creditors: amounts falling due within one year 2024 2023 Notes Other taxation and social Se(rity Deferred income Tra¢Je crethlors lkncruals 107 11,587 1,083 7,464 80 21 22,636 20,241 22,716 21 Dèf•rrod income 2024 2023 Other deferred income 11,587 Deferred Income is induded in the financial ststements as followB'. 19-
ELEVENTH CHURCH OF CHRIST, SCIENTIST. LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 21 Deferred income {Continuedl 2024 2023 Deferred income is included wthin.. Current liabilthes 11,587 Movements in the year.. Deferred in¢ome al 1 November 2023 ReSoUrS deferrèd in the year 11,587 Deferred income at 31 O¢tober 2024 11,587 Deferred income of £11,58712023 £Nil) included above relates to rent and rentsl services income received during the year but relating to lutttre aecounting periods. 22 Retirement benefit schemes 2024 2023 Defined contribution schen Chargè to profit or loss in respect of deffined contribution schemes 29 The charity operates a deffined ¢ontribution pension s¢heme for all qualifying employees. The assets of the Scheme are held separately from those of the charity in an independenfty administered fund. EndOvMt funds Endowment funds represent expendable endowment (providing the ability to spend fvnds wthout having to distinguish belween capital and income of the investment). Income arising on the endowment tunds can be used in accordance with the objects tsf the charity and is included as unrestricted income. Any capital galns or losses arising on the assets form part of the fund. At1 November 2023 Incoming resources Resources expended Transfe15 Gains and At 31 October losses 2024 Expendabla endowments 490,884 12,804) 45,793 533,873 Previous year: At1 November 2022 Incoming Resources resources expended TM$f•rs Gains At 31 October losse5 2023 Expendable 1,000,000 {316) 1508,800} 49U,884
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 24 UnrestrKted funds The unrestricted ndS of the Charity comprise fhe unexpended balances of donations and grants which are not subject to specifjc conditions by donors and grantors as to how they may be used. These include designated fund5 lch have been set aside out of unrestrlcted fvnds by the Irustees for specific purposes. At1 November 2023 Incom9 Resources resources expended Tmsfers Gains and At 31 October 2024 The deSiated ftjnd General lunds 4.703.000 12,349} 121,000) 1119,723) (100,000) 100,000 4.582,000 92,722 214,794 1100,t)00) 4.700,651 214,794 (140,7231 1100,000) 4,674.722 Prevlous yèar: At1 November 2022 Incoming resources Resources expendèd Transfe Gains and At 31 October losses 2023 The designated fund General funds 4.724,000 1447,4801 {21,000) (123,223) 4.703,000 {2,3491 59,554 508,800 4,276,520 59,554 (144,223) 508,800 4,700,651 25 Analysls of net assets belween funds Unrestricted Endowment funds funds 2024 2024 Total 2024 At 31 Octobor 2024: Tangible assets Investment properties Investments Current assetsllliabllltles) 3,101,856 1,500,000 3,101,856 1.500,000 72,861 533,873 606,734 4.674.722 533,873 5,208,595 21
ELEVENTH CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 25 Analysis ol nat assets between funds (Continued) Unrestricted Endowment funds fvnds 2023 2023 Total 2023 At 31 October 2023: Tangible assets Investment properties Investments Current assetsloiabllities) 3,126,423 1,600.000 3,126,423 1,600,000 {25,777} 490,884 465,107 4,700,651 490,884 5.191,535 26 Operating lease ¢ommitinents Lèssee At the year end and previous year end, the chaiity had no annual commrtments under operating leases. 27 Related party transaction5 There were no other disclosable related party transactions during the year12023- none).