FIRST CHURCH OF CHRIST. SCIENTIST, LONDON Charity No.: 238685 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Kingston Burrowes Audtt Ltd 308 Ewell Road Surbilon Surrey KT6 7AL
FIRST CHURCH OF CHRIST, SCIENTIST, LONDON Charity No.. 238685 EXECUTIVE BOARD'S ANNUAL REPORT FOR FINANCIAL YEAR TO 30 JUNE 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Govemin Document First Church of Christ, Scientist, London, 8 Wright's Lane, London W8 6TA, is a branch of The First Church of Christ, Scientist, in Boston, Massachusetts, USA, and is registered as a Church with the Charity Commissioners {No. 2386851. The govèrning instrument is the Constitution and Rules, tether with th@ Manual of The Mother Church, The First ChurGh of Christ, Scientist. in Boslon, Massachusetts insofar as applicable lo Branch Churches. Or anisational Structure and a ointment of Executive Board The Church is democratically governed by the members whose wishes are put into effect by the Executive Board of five, elected annually by the membeis to serve for a maximum of three years. The Board members up until th8 June 2024 were Jeremy Bradshaw (Chairman), Christine Bradshaw, Elvzabelh Collison, Robin Harragin, and John Luke. The Board appoints the Clerk lo support the Board and act as Clèrk lo Members, meetings. All decisions are taken by the Members through quarterly business meetings. The Board has delegated powers lo carry out members, wishes and to conduct the general administration of Church affairs and meets minimum of once a month except forAugust. B08rd membèrs hav8 access lo a library of relevant literature and CDS 185ued by the Charity Commission, with a pack being prepared for each new Board member. Any specific subjecl-related training is provided as and when necessary. Risk Mana emenl As the building is open to the public the Trustees are aware of their responsibilities and obligations. The Health and Safety Commillee reports to thè Board on the ongoing safety checks for the bLJilding. This is overseen by Tegular inspections by a specialist company who identify outslanding mallers in order that the church is in compliance with government regulations. OBJECTIVES AND ACTIVITIES The object of the church as stated in rfcs constitution and rules is To spread the understanding of Truth as set forth in the Bible and interpreted in Science and H88llh with Key lo the ScriptUs by Mary Baker Eddy, the discoverer and founder (rf Christian Scien. Mrs Eddy defines Church as the structure of Truth and Love,. whatever pedS and rests upon divine Princffple. The ChUh is that institution which affOS proof of ils utilily and is found elevating Ihe Ce, musing the dormant und8rslanding from material beliefs lo th 8pprehension of spiritual idgas and the demonstration of divine sCntre, thereby casting out dgvils, or error, and healing the sick,. The Church is not involved in fund-raising projects. but relies upon income from Sunday collections, donations, legacies 8nd rents to fund ils aclivilies. Members volunteer to help in the ReaLling Room and with oth&r church aclivtiies, whilst salaries are paid to perform key roles. SuWcommittees are appointed annually to carry out specifiG duties. The Trustees have referred to the guicjance contained in the Charty Commission general guidan on public benefrt when reviewing the Church's aims and objectives and in plannlng future aelivilies.
FIRST CHURCH OF CHRIST. SCIENTIST, LONDON Charity No: 238685 EXECUTIVE BOARD'S ANNUAL REPORT FOR FINANCIAL YEAR TO 30 JUNE 2024 Achievements and perfomiance Overall: First Church of Christ, Scientist, London, located off Kensington High Street, seNes the community thTough Sunday Servtces and Wedn8sday Testimony Meetings, and through its Reading Room where literature is available lo buy or borrow. The are facilities for private study, public lectures, Sunday School, a Zoom service and a church websrfce. The Church also supports a Prison Chaplain al HMP wormwo Scrubs_ Services.. The Sunday Service comprises hymns, silent prayer and The Lord's Prayer, and selections from the Bible and the Christian Science textbook, ScienGe and Hèsllh with Key to the Scnptures by Mary Baker Eddy. The Wednesday evening service is similar bul provides an opportunity for the congregation to testify of their own inspiration and healings. A wami welcome awaf(s all visi(ors and members alike. Zoom facilities are available to listen lo every service. Sunday School= In aceordance with the founder of Christian Science, Mary Baker Eddy, the Church aims to provide a Sunday School for studènts up to the age of 20 where teaching is from the Bible and Science and Health wilh Key to the Scriptures. This functions when there are pupils. Reading Room.. Reading Rooms were established by the Founder of Christian Science as an essential part of each church's community o(rtreach. As well as offering Bible and denominational research resources and book sales, it provides a quiet room for personal study and Gonlemplation open to all. A Librarian is available to answer questions as well as offering inspirational support for those in need. The Reading Room Is located on the ground floor of the Church building. Public Lectures.. The Rèading Room space in the Church foyer, visible from the street and easily accessible, is used for-our public lectures on Christian Sciènce. Our lectures are livestreamed on Zoom. Treasury and accounting.. The Treasurer oversees the Accounts Manager who carries out the transaction processing and book- keeping.
FIRST CHURCH OF CHRIST. SCIENTIST. LONDON Charity No: 238685 EXECUTIVE BOARD'S ANNUAL REPORT FOR FINANCIAL YEAR TO 30 JUNE 2024 FINANCIAL REVIEW CURRENT YEAR Since the membeTship of the Church elected last year to change the yèar end from 30th September to 301h June. the previous Financial Year shown in the accounts was Only 9 months. Thus the figures for last year and this year are not diredy comparable. RESERVES POLICY It 18 the Chur¢h'8 policy to maintsin adequate reseNes to pemit il to carry out ils charitable objective well into the future. This demands that expenditure for operational and capital purposes is prudently managed in the course of meeting ils charitable objective. Details of reslrided funds are included in the Balance Sheet together with notes. INVESTMENTS Thè Church maintains a balanced portfolio of investments lo en8ble it to fund its aclivilies. These include residential and commercial property as well a8 a portfolio of ethKal stocks and bonds managed by a leading City Investment Management Company. The equity portfolio at the end of June 2024 showed an incwease in value of 18.80A compared lo June 2023. The Nel Assets of the church increased by 7.7°h in the period.
FIRST CHURCH OF CHRIST, SCIENTIST, LONDON Charity No- 238685 EXECUTIVE BOARD'S ANNUAL REPORT FOR FINANCIAL YEAR TO 30 JUNE 2024 PLANS FOR FUTURE PERIODS There are no major changes lo the church building or activities being planned. The Board will continue lo scrulinise adminislratThie processes and responsibilities to ensure that members understand and support them. TRUSTEES AND ADVISORS In addition lo the Executivè Board, the Church has Holding Trustees in whose names all freehold properties of the charity are vested. The incumbents for this period 8re: Mr Peter King, Mr John Luke, Mrs Angela Wallace, and Mr Mark Tousey. The Church's bankers are CAF Bank Ltd. Kings Hill, Wesl Malling, Kent ME19 4TA and National Westminster Bank plc, London Sloane Square Branch, Unit 5, The Willett Building, 2 Sloane Gardens, London. SW1W 8DL. The solicitor is Coole Bevis LLP. Solicitors, 14 Carfax, Horsham, RH12 1 DZ. The investment bankers are Waverton Investment Management Limited, and the auditors are Kingston Burrowes Audit Ltd, 308 Ewell Road, Surbiton, Surrey, KT6 7AL. STATEMENT OF EXECUTIVE BOARD'S RESPONSIBILITIES The Executive Board is responsible for preparing the Executive Board's Annual Report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdo Generally Accepted Accounting Practice). The law applic8ble to charities in England & Wales requires the Executive Board to prepare financial slalements for each financial yèar which give a true and fair view of the slate of affaiFS of the charity and of the incoming resour$ and application of resources of the charity for that period. In preparing these financial statements, the Executive Board 18 required lo.. selèct suitable accounting policies and then apply them consistently., observe the methods and ptinciples in the Charities SORP 2019 IFRS 102}', make judgments and estimates that are reasonable and prudent.. state whether applicable accounting standards have been followed, sublect to any materiol departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate lo presumè that the Charity will conllnue in operation,
FIRST CHURCH OF CHRIST, SCIENTIST. LONDON Charity No.. 238685 EXECUTIVE BOARD'S ANNUAL REPORT FOR FINANCIAL YEAR TO 30 JUNE 2024 The Executive Board 18 responsible for keeping proper accounting records that disclose wth reasonable accuracy al any time the f5nancial position of the charity 8nd lo ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounls and Reportsl Regulations 2008 and the provisions of the trust deed. It is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps foT the prevention and detection of fraud and other irregularities. Signed on behaw of the Executive Board Jer y Bradshaw, Chairman Dale.. L2024
INDEPENDENT AUDITOR'S REPORT TO THE EXECUTIVE BOARD OF: FIRST CHURCH OF CHRIST. SCIENTIST. LONDON Oplnion We have audited the financial statements of First Church of Christ, Scientist London (the 'charty'l for the year ended 30 Junè 2024 which comprise the Stalèmenl of Financial Activities, the Balance Sheet and notes lo the financial statements, including a summary of significant accounting polieiès. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in th& UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi1. In our opinion the fin3ncial statements= give a true and fair view of the slate of the charity's affairs as al 30 June 2024, and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Praclice., and have been prepared in accordance with the requirements of the Charfcies Act 2011. Basls for opinion We conducted our audit in accordance with Inlemalional Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further descrlbed in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independent of the charity in accordance wf(h the ethical requirements that are rejevanl lo 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 wè have obtained is sufficient and appropri818 to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial 8tat&menls is appropriate. Based on the work we have performed. we have not identified any material uncertaintie8 relating to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to continue as a going concem for a period of at least twelv@ months from when the financial slalements are aulhorised for issue. Our responsibilrties and the responsibilf(ies of the trustees with respect to going concern are described in the relevant sections of this report. Other Information The trustees are responsib18 for the other information. The other information comprises the information included in tha Executive Board's annual report, other than the financial slalement8 and our auditorfs report thereon. Our Op]nn on the financial slalements does not cover the other information and, except to the extent otherwise explicitly slated 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 infomiation and, in doing so, consider whether the other information is materially inconsislenl with the financial slalements or our knowledge obtained in the audit or othenlSe appears to be materially misstated. If we identfy such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misslalement in the financial slalements or a matèrial misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misslalement of this othei information, we are required lo report that fact. We have nothing to report in this regard.
INDEPENDENT AUDITOR'S REPORT TO THE EXECUTIVE BOARD OF: FIRST CHURCH OF CHRIST, SCIENnsT, LONDON Matters on which we are required to report by excepllon We have nothing lo report in respect of the following matters in relation lo which the Chaiilies (Accounts and Reports) Regulations 2008 require us to report lo you if. in our opinion". the information given in the financial statements Is inconsistent in any material respect with the Iruslees, report., or sufficient accounting iecords have not been kept., or the financi81 statements a not in agreement with the 8ccounting records; or we have not retsived all the infom)ation and explanations we require for Dur audit. Responsibilities of trustees As explained more fully in the Iruslees, responsibilities slal@menl set out on pages 4 and 5, the trustees are responsible for the preparation of financial slalemenls which give a true and fair view, and for such inlemal control as the trustees determine is necessary lo enabl8 the preparation of financial slalements that aTe free from maleTial misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are Tesponsible 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 acwunting unless the Iruslees either intend lo liquidate the charty or lo cease operations, or have no realistic allern81ive bul lo do so. Audltor's responsibilitles for the audlt of the financlal statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in acwrdance wrf(h regulations made under section 154 of that Act. Our obj8clives are to obtain reasonable assurance abDuI whether the financial slalemenls as a whole are free from material misslalement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audi( conducted in accord8n¢e with ISAS IUKI will always delect a material misstatement when it exists. Misstalèmenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to Lfetecl material misslalements in respect of irregularities, including fraud, The specific procedures for this engagement and the extent lo which these are capable of delecling irregularities. including fraud is detailed below.. Enquiry of management and those charged with governance about actual and potential If(igation or claims and the idenlrfication of non-compliance with laws and regulations. Reviewing minutes of meetings of those charged w(th govemance. Reviewing financial statement disclosures and lesling to supporting dwumentation lo assess compliance w((h applicable laws and regulations. Auditing the risk of mana9ement overridè of controls, including testing journal entries and other adjuslmenls for appropriateness. Perfoming analytical procerRures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Professlonal $ptI¢l$M in course of the audit and with audf( sampling in material audit areas.
INDEPENDENT AUDITOR'S REPORT TO THE EXECUTIVE BOARD OF: FIRST CHURCH OF CHRIST. SCIENTIST, LONDON Icontinued... Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the ff nancial slalements or non-compliance with regulation. This risk increases the more that compliance with 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 instances of non- compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of financial statements is located on the Financial Reporting Coun¢il's website al.. www.frc.org.uklauditorsresponsibililies. This de5CriPtion forms part of our audito¢s report. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and signiffcant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 (Account5 and Reports} Regulations 2008. Our audit work has been undertaken so that we might stale to the charity's trustees those mallers we are required lo state to them in an auditor's report and for no other purpose. To the fullest extent pemiitled by law, we do not accept or assume responsibility to anyone other than the charlty and the charty's trustees as a body. for our audit work, for this report, or for the opinions we have formed. Kevin Fisher BA FCA CTA (Senior Ststutory Auditor) For and on behalf of Kingston 8urrowes Audit Ltd 308 Ewell Road Surbilon Surrey KT6 7AL Date.. 31 January 2025 Myrus Srnith is eligible to act as an auditor in terms of Sectson 1212 of the Companies Act 2006.
FIRST CHURCH OF CHRIST, SCIENTIST, LONDON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 Total 2024 Total 2023 19 rnonths} Notes Income and endowments from: Donations and legaeies Charitable activities Investments 19,546 3,064 286,909 10,878 2,143 225,016 Total income 309,519 238,037 Expenditure on: Raising fund8 - investment management fees Charitable activities 44,071 253,536 30,236 169,630 Total expendlture 297.607 199,866 Net incomellexpenditurel before investment (lossesllgains 11.912 38,171 Net lossesllgains} on investments Gain on revaluation of investment properties Loss on disposal of fixed assets Foreign exchange gainl{lossl 12 10 892,241 185,466 Net movement in funds 904,153 223,637 Reconciliation of funds Fund balances brought forward at 1 Juty 2023 14 11,709,688 11.486,051 Fund balances carrfed forward at 30 June 2024 14 12,613,841 11,709,688 The Statement of Financial Actwities includes all gains and losses recognised in the period. All income and expenditure relates to unrestri¢led funds and derives from continuing activities. The notes on pages 11 to 17 ft)rm part of these Financial Statements.
FIRST CHURCH OF CHRIST, SCIENTIST, LONDON BALANCE SHEET AT 30 JUNE 2024 Note 2024 2023 9 months) Fixed Assets Tangible fixed assets Investment propertl8S 1,201,182 5,100.000 1,205.092 5,100,000 10 6,301,182 6.305,092 Current Assets Reading Room Stock Debtors Waverton Investment Portfolio Cash 8t bank and in hand 4.772 39,544 6,238,222 68,458 4,655 8,767 5,250,267 173,282 12 6,350,996 5,434,971 Creditors: amounts falling due within one year 13 38.337 30,375 Ngt Current Assets 6,312.659 5,404,596 Nèt Assets 15 12,613,841 £11,709,688 Funds Unrestricted General Designated Fund- Youth Fund Designated Fund- Fixed Asset Fund Designated Fund- Building Fund 14 14 14 14 3,597,221 11,798 6,301,182 2,703,640 2,689,158 11,798 6.305,092 2,703,640 14 12,613,841 £11,7Q9,688 Approved by the Executive Board on lofvh 2024 and signed on its behalf by emy Br8dshaw, Chairm£n The notes on pages I 1 to 17 form part of these Financial Statements.
FIRST CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES Basls of aration and assessment of oin concern The charity Conslilules a public benefit entity as defined by FRS 102. The financial slalements have been prepared in 8¢cordance with Accounting and Reporting by Charities.. Statement of Recomrllended Practice applicable to Gharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK 8nd Republic of Ireland issugd in October 2019, the Financial Reporting standard applicable in the United Kingdom and Republic of Ire18nd (FRS 102}, the Charities Act 2011, the Companles Act 2006 8nd UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concetn basis under the historical cost convention. modified to include certain items al fair value. The financial stslements are presented in slerfing which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial slalements are set out below. These policies have been eonsistently applied to all years presented unless othenNise staled. Incomin reco nition olicies Items of income are recognised and included in the accounts when all of the following criteria are mel.. The chaty has entitlement to the fund8- any performance conditions attached to the ilemlsl 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 reliab. Ex enditura reco nition Expenditure is recognised once there is a legal or ¢onstructTrie obligation to make a payment lo a third party, il is probably that settlement will be required and the amount of the obligation can be me88ured reliably. Expenditure is classrfied under the following a¢tivily headings.. Costs of raising funds comprise the costs associated with the management of the Charity's investments. Expenditure on charitable activities includes the costs undertaken directly to further the purposes of the Charity and their associated support costs. Tan ible Fixed Assets The freehold property occupied by the Charity is stated al its residual value which is not depreciated. However, all improvements to the property are depreciated in line with the policy below. Other tangible fixed assets are depreciated as follows: Propety improvements Offic8 equipment 100/0 Straight line 25ts1o Straight line Investment Assets Investment properties are inf(i8lly recognised al cost and subsequently restated al market value at the end of each accounting period. Revaluation gains and losses are renised in the Statement of Financial Activf(ies. Formal valuations are not carried by approprialoly qualified persons. Due to the cost of obtaining professional valuations, thèse are ¢8rried out periodically bul not annually. In the intervening years the market value is determined by the Iruslees taking into account the last fomial valuation and their assessment of thè property market. Listed investments are initially recognised at cost and subsequently Teslaled al market value based on published stock exchange valuations at thè and of each accounting period. Gains and losses on revaluation and disposal are recognised in the Slalement of Financial Activities. 11
FIRST CHURCH OF CHRIST, SCIENTIST. LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (Continued) ACCOUNTING POLICIES Icontlnuedl Taxation As the Church is a registered Charity the results of ils normal activities are Not liable for tax. Stock Stocks of reading material are slated at cost. Pension costs The charity operates a defined contribution pension scheme. Contributions payable are rewgnised in the Slalement of Financial Activities in the year to which they relate. Debtors and creditors Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairments are recognised in expenditure. DONATIONS AND LEGACIES Totsl 2024 Totsl 2023 19 months) Collections Donations Covenants Legacies 5,369 6,882 3,795 3,500 3,418 3,961 3,501 £19,546 £10,878 CHARITABLE ACTIVITIES Total 2024 Total 2023 Reading room sales £3,064 £2,143 INVESTMENT INCOME Total 2024 Total 2023 Rent Dividends and interest 139,930 146,979 135,236 89,780 £286,909 £225,016 12
FIRST CHURCH OF CHRIST. SCIENTIST. LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (Continued} 5. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Direct Grants Support fundlng costs Total Total 2023 {9 months) Costs 2024 Salaries Fees- organist and soloists Reading room purGh8$0s Lèctures Granlslsubsidies paid (note 71 Church maintenance Telephone, light and heat Printing and stationery Insurance IT Support Bank charges Membership fees Investment property professional fees Investment property refurbishment & maintenance Miscellaneous expenses Govemance costs - Audit f8es Depreciation of church building Depreciation of equipmenl 47,284 20,407 5,806 20,574 58,218 105,502 20,407 5,806 20,574 27,102 25,356 13,890 5,595 6,809 1,248 72,043 14,107 5,814 9,122 16,985 13,409 8,970 2,485 5,128 1,088 410 1,120 7,269 27,102 25,356 13,890 5.595 6,809 1,248 444 1.116 10,762 1,116 10,762 1,315 1,315 793 56 3,600 4.376 2,855 3,700 1,459 2,451 3,700 1,459 2,451 £94,071 £27,102 £132,363 £253,536 £169,630 6. ANALYSIS OF COMPARATIVE DIRECT AND SUPPORT COSTS BY ACTIVITY Diract costs Grant funding Support Costs Total 2024 Church activities £59,749 £16,985 £92,8 £169,63Q 7. ANALYSIS OF GRANTS Donations Donations to individuals Total 2024 Total 2023 19 months) Institutions Church activities £26,451 £651 £27.102 £18,985 Reclpients of donations to institutions 2024 2023 19 months) awthome Trust Limited The Aid Fund Glass Door Homeless Charity TMC Emergency Relief Easter Camp Donation Sunrise of Africa Mountlands Trust Limf(ed Whitehaven Trust Limited Bow Housing Society Wandsworth Prison Weare TrLJSt Focus DonationlJunior Focus 5,000 1,000 1,000 1,000 1,000 1,000 5,000 1,000 1,000 1,000 1,000 10,000 500 4,926 525 2,000 1,OQO £26,451 £16,000 13
FIRST CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Icontinuedl STAFF COSTS 2024 2023 19 months) Salaries and Wages Social Security Costs Pension Cost8 103,163 1,080 1,259 70,476 732 835 £105,502 £72.043 The average number of employees. anatysed by function was- 2024 2023 19 months) Numbert Numbe Church SeNices Reading Room Church Building Management and Administration Include$ Church OffirS No employee earned more than £60.OOCt in 2023124 {2022123.' None). Total remuneration receivèd by key management amounted lo £Nil12023'. £Nill. g. TANGIBLE FIXED ASSETS Freehold Property Church Building Offieè Furniturè & Equtpment Property Improvements Total Cost or Valuation Balance at 1 July 2023 Addftions in the peril Disposals in the period 1,2C)O,000 978,323 107,121 2,285,444 Balance at 30 June 2024 1,200,000 978,323 107,121 2,285,444 ci Balance al 1 July 2023 Charge for the period Eliminated on disposal 976.862 1.459 103,490 2,451 1.080,352 3,S10 Balance at 30 June 2024 978,321 105,941 1,084,262 Nel Book Value at 30 June 2024 1,200,000 1,180 1,201,182 Nel Book Value at 30 June 2023 1,200,ODO 1,461 3,631 1,205,092 14
FIRST CHURCH OF CHRIST. SCIENTIST. LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Icontlnuedl 10. INVESTMENT PROPERTIES 2024 2023 19 months) Market Valu8 al 30 June 2024 and 30 June 2023 £5,100,000 £5,100,000 Anal sis of Investment Pro 6 Wrights Lane 51 Ivema Gardens 1561156A Fulham Road rties 3,625,000 100,000 1,375,000 3,625,000 1QO,000 1,375,000 £5,100,000 £5,1QO,000 The properties were independently revalu$d at current market value as at March 2021 by Frost Meadowcroft Surveyors LLP. In the opinion of the Trustees. the current value is not materially dlfferent. 11. DEBTORS 2024 2023 19 months} Prepayment and accrued Income Other debtors 39,544 5,647 1,120 £39,544 £6,767 12. WAVERTON INVESTMENT PORTFOLIO Listed Investments 2024 2023 g monthsl Market Value at 1 July 2023 Charty Propety Fund al 1 Juty 2023 5,123,411 126,856 4.913,317 152,133 5.250,267 5,065,450 Addf(ions at cost Disposals al market value Unrealised gainlllossl on marketable securities 791,077 1658,8591 855,737 980,478 {942,4451 146,784 Market Value at 30 June 2024 £6,238,222 £5,250,267 The historical cost of these investments amounts to £4,713,43612023.. £4,431,868). Analysis of invostment gainslllos5esl 2024 2023 19 month51 Unrealised gainslllossl on revalualions Realised gainsl{losse81 on disposal 855,737 36,504 146,784 38,682 £892,241 £185,466
FIRST CHURCH OF CHRIST, SCIENTIST. LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Icontlnuedl 13. CREDITORS.. Amounts falling due within one year 2024 2023 {9 months) Accruals Other creditors 30,830 7,507 23,380 6,995 £38,337 £30,375 Other credf(ors includes £4,20212023.. £4,235) monies held for the Welfare fund, which are not P8rt of the main Church Activities. 14. UNRESTRICTED FUNDS Fixed Assets Fund General Reserves Youth Fund Building Fund Total Balance at 1 July 2023 Surplus for the period Transfers between Funds 2.689,158 904.153 3,910 11.798 2,7D3,840 6,305,092 11,709,688 904,153 13,9101 Balance at 30 June 2024 £3,597,221 £11,798 £2,703.640 £6,301,182 £12,613,841 Fixed Assets Fund General Reserves Youth Fund Building Fund Totsl Balance at 1 October 2022 Surplus for the period Transfers bebNeen Funds 2,453,341 223,637 12,180 16,747 2.703,64CI 6,312,323 11.486,051 223,637 14,9491 17,231} Balance at 30 June 2023 £2,689.158 £11,798 £2,703,640 £6.305,092 £11,709.688 The designated fixed asset fund represents the nel book value of tsngible lixed assets and investment properties. The designated youth fund represents money due to be spent on youth in the future. The designated building fund r&pSentS the funds arising from the sale of the old Church promises, held for major repairs or improvement works or the acquisffion of new buildings. Transfers between funds represent th& movements on fixed assets. 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Fixed Assets Fund General Reserves Youth Fund Bulldlng Fund Total 2024 Fixed Assets Marketable Securities Other Nel Current Assets 6,3C11,182 6,301,182 6,238,222 74,437 3,534,582 62,639 2,7D3,640 11,798 Balan at 30 June 2024 £3,597,221 £11,798 £2,703,840 £6,301,182 £12,613,841 16
FIRST CHURCH OF CHRIST. SCIENTIST. LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 {Continued} ComparatThte infomiation for the analysis of nel asset$ between funds in the previous year is as follows.. Fixed Assets Fund General Reserves Youth Fund Bulldlng Fund Total 202319 months) Fixed Assets Marketable Securities Other Nel Curient Assets 6,305.092 6,305,092 5.250,267 154,329 2,546,627 142,531 2,703,640 11.798 Balance al 30 June 2023 £2,689,158 £11,798 £2,703,640 £6,305,092 £11,709,688 16. RELATED PARTIES There have been no transactions with related parties during this poriod {2023 - £Nill No trustees received any remuneration during the year or previous year. No trustees were reimbursed any expenses during the year or previous year. 17