FIRST CHURCH OF CHRIST. SCIENTIST, LONDON Charity No.- 238685 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Kingston Burrowes Audit Ltd 308 Ewell Road Surbi(on Surrey KT6 7AL
FIRST CHURCH OF CHRIST. SCIENTIST. LONDON Charty No.. 238685 EXECUTIVE BOARD'S ANNUAL REPORT FOR FINANCIAL YEAR TO 30 JUNE 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Governin Document First Church of Christ, Scientist, London, 8 Wrlghl's Lane, London W8 6TA, is a branch of The First Church of Christ, Scienlisl, ill Boslon, Massachusetts, USA, and is registered as a Church with the Charity Commissioners (No. 2386851. The govèrning instrument is the con5tilulion and Rules, together w(th the Manual of The Mother Church, The First Church of Christ, SGientisl, in Boslon, Massachusetts insofar as applicable to Branch Churches. anisational Structure and a oinlmenl of Executive Board The Church is democratically governed by the members whose wi8hes 8re put into effect by the Executive Board of five, elected annually by the rnembers to serve for a maximum of four years. The Board members up until June 2025 were Jeremy Bradshaw {Chairmanl, Stephen Eggins. Elizabeth Collison, Robin Harragin, and John Luke. The Board appoints the Clerk lo support the Board and act as Clerk lo Members, meetings. All decisions are taken by the Members through quarterly business meetings. The Board has dekgated powers lo carry out members, wishes and to Conduct the general administration of Church affairs and meèts 2 minimum of once a month except for August. Board members have access to a library of relevant literature and CDS issued by the Charity Commission, wfth a pack being prepared for each new Board member. Any spe¢iftc subj8Ct-relaled training is provided as and when necessary. Risk Mana ement As the building is open to the public the Trustees are aware of their responsibilities and obligations. The Health and Safely Committ* reports to the Board on the ongoing safety ehecks lor the building. This is overseen by an annual inspection by Mccarthys Group who identify outstanding matters in order that the church is in compliance with government regulations. OBJECTIVES AND ACTIVITIES The object of the church as staled in its nStItUtion and rules is 'To spread the understanding of Truth as set forth in the Bible and interpreted in Scisnce and Health with Key fo the Scriptures by Mary Baker Eddy, the discoverer and founder of Christian Science. Mrs Eddy defines Church as "the structure of Truth and Love,. whalev&r pmceeds and resls upon PrinGiple. The Church is that institution which affords proof of its ulilily and is found elevating the race, rousing the dormant undersfandtrng from material beliefs to the apprehension of spiritual ideas and the demonstration of divine Science, Ihereby casfring out devils, or error, and healing the sick,. The Church is not involved in fund-raising projects, but relies upon income frorn Sunday ¢olle¢lions, donations, legacies and rents to fund its activities. Members volunteer to help in the Reading Room and with other church aclivrfties, whilst salaries are paid to perform key roles. Sub-committees 8re appointed 8nnu811y lo carry out specific duties. The Trustees have referred lo the guidance contained in the Charity Commission general guiclance on public benefit when reviewing the Church's aims and objective8 and in planning future activf(iès.
FIRST CHURCH OF CHRIST, SCIENTIST, LONDON Charity No.. 238685 EXECUTIVE BOARD'S ANNUAL REPORT FOR FINANCIAL YEAR TO 30 JUNE 2025 Achievements and perfomianco Ovèrall.. First Church of Christ, Scientist, London, Ioc81ed off Kensington High Street, serves the community through Sunday Services and Wednesday Testimony Meetings, and through its Reading Room where literature is available lo buy or borrow. There are facilrties for priv8t8 Study. public lectures, Sunday School. a Zoom service and a church websit8_ The Church also supports two Prison Chaplains, one at HMP Wandsworth. and one at HMP Wormwood Scrubs. Services.. The Sunday SeNice comprises hyrnns, silent prayer and The Lord's Prayer, and selections frorn the Bible and the Christian Science textbook, ScEnce and Health with Key to the Scriptures by Mary Baker Eddy. The Wednesday evening service is similar bul provides an opportunity for the congregation lo testify of their own inspiration and healings. A warm welcome awaY(s a51 visitors and members alike. Zoom facilities are available to listen to every service. Sunday School.. In accordance with the founder of Christian Science, Mary Baker Eddy, the Church provides a Sunday Schwl for studènts up to the agè of 20 where leaching is from the Bible and Science and Health with Key to the SGriplures. Reading Room.. Reading Rooms were established by tha Founder of Christian SGience as an essential part of each church's community outreach. As well as offering Bible and denominational research resources, a free Lending Library, and book sales, il provides a quiet room for personal study and contemplation 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 Reading Room space in the Church foyer, visible from the street and easily accessible, is used for public lectures on Christian Science. The church sponsors Ihiee such lectures that are also presented via online services, and they achieve a wide range of viewers. Treasury and accounting. The Treasurer oversees thè 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 2025 FINANCIAL REVIEW The financial results for the year were satisfactory with an increase in income and continued growth in our investment portfolio. The sale of a commercial propety resulted in an increas¢ in funds under the management of our investment m8nagers_ The church currently maintains a b81anced portfolio of investments lo enable il to fund ils aGlivilies. These include investments in property, both GommerGial and residential.. a portfolio of stocks and bonds managed by a leading City Investment Management Company,, and cash he on deposit at CAF Bank. More details are given in the financial slalemenl. In a¢cordan¢e with the Church Constitution and Rules, church membèrship includes the expectation that members will make financial contributions lo support activities. RESERVES POLICY 11 is the Church's policy lo maintain adequate resetves lo permit il lo carry out its charitable objective well into the future. This demands that expenditure lor operational and capital purposes is prudently managed in the course of meeting its charitable objective. Details of reslricled funds are included in the Balance Sheet together with notes. INVESTMENTS The church leases one commercial propety,. in addition, il retains th8 freehold lo an adjacent building of long-5eased multiple apartments in Iverna Gardens. Where funds are p18ced under the management of a third party. the requiiemenl 18 that such party should b& regulated by the relevant UK regulatory body for investment management business. The Treasurer and Executive 808rd rèview the financial performance of the funds under management. The investment objeGtive is lo protect the capital of the Church in order for it lo fulfil ils charitable purposes. The investment philosophy is that the portfolio should be operate with a view to maximising total return consislenl with Capital preservation. The F)Ortfolio of invested funds by W1M Wealth Management Limited (previously known as Waverton Investment Management Limiledl performed salisfaclorily with maTkel value incrèasing on the previous year. RISK MANAGEMENT As 8 charty the Church is exempt from income lax and capital gains lax, Ghanges in tsx legislation are unlikely lo affect our finances. The investment portfolio is subje¢l lo market fluctuations. However, because the Chur¢h also holds freehold investments in offices and residential property it is seen as unlikely that all sectors will fail al the same lime.
FIRST CHURCH OF CHRIST, SCIENTIST. LONDON Charlty No: 238685 EXECUTIVE BOARD'S ANNUAL REPORT FOR FINANCEAL YEAR TO 30 JUNE 2025 PLANS FOR FUTURE PERIODS There are no major changes lo the church building being planned. The Boaid will continue lo negoliale with the lessee of the church's adjoining propety, for which we own the freehold, in an effort lo have the property yield an acceptsble income_ Thè Board will continue lo scrutinise adminislralTrie processes and responsibi1ilies to ensure that members understand and support them. TRUSTEES AND ADVISORS In addition lo the Executive Board, the Church has Holding Trustees in whose names all freehold properties of th8 charity are vested. The incumbents for this period are.. Mr Peter King, Mr John Luke, Ms Cai(lin Shannon and Mr Mark Tousey. The Church's bankers arè CAF Bank Ltd, Kings Hill, Wesl Malling. Kent ME19 4TA and National Westminster Bank pl¢, London Sloane Square Branch, Untt 5, The Willett Building, 2 Sloane Gardens, London. SW1W 8DL. The solicitor is Edwin Coe LLP, 2 Stone Buildings, Lincoln's Inn, London WC2A 3TH. The investment bankers are W1 M We8llh Management Limited, and the audf(ors are Kingston Burrowes Audit Ltd, 308 Ewell Road, Surbiton, Surrey, KT6 7AL, STATEMENT OF EXECUTIVE BOARD'S RESPONSIBILITIES The Executive Board is sponSible for preparing the Executive Board's Annual Report and the financial statements in accordance with applicabl& law and United Kingdom Accounting Standards (United Kingdom Generally A¢¢8Pted Accounting Praclicel. The law applicable to charities in England & Wales requires the Executive Board to prepare financial stalemerils for ea¢h financial year which give 8 true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial ststemenls, the Executive Board is required to.. select suitable accounting F>oliGie8 and then apply Ihern consistently,. observe the methods and principles in the Charities SORP 2015 (FRS 1021., make judgments and eslimales that are reasonable and prudent., stale whether appli¢able accounting standards have been followed. subject to ally materi$l departures disclosed and explained in the financial slalèments. prepare the financial slalemenls on the going eoneem basis unless il is inapproprlale to presume that the Charity will continue in operation. The Execulrie Board is responsible for kèeping proper accounting records that disclose with reasonable ac¢ur8¢y at any time the financial posrfcion of the ¢harity and to ensure that the financial statements comply with the Charities Ad 2011, the Charity IAccounls and Reports) Regulations 2008 and the provisions of th6 trust deed. 11 is also responsible for safeguarding the assets of thè charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the Executive Board Jere y Bradshaw, Chaitrnan Date". 2025
INDEPENDENT AUDITOR'S REPORT TO THE EXECUTIVE BOARD OF: FIRST CHURCH OF CHRIST, SCIENTIST, LONDON Opinion We have audited the financial slalemenls of First Church of Christ, Scientist London Ilhe 'charily'l foT the year ended 30 June 2025 which comprise the Slalement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of signrficanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢counting standards. including Financial Reporting Standard 102 The Financial Reporting Standard &ppliGabl8 in th6 UK 2nd Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stalemenls.. give a true and fair view of the state of the charity's affairs as at 30 June 2025, and of its incoming resources and applicalioll of resources, for the yèar then ended., have been properly prepared in accordance wrfth United Kingdom Generally Accepted Accounting Pr8¢lic8', and have been prepared in accord8ncÉ wrth the requirements of the Charities Act 2011. Basis for opinion We conducted our audlt in accordance with Inlemational Standards on Audfting IUKI IISAS IUKII and applicable 18w. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. Wè are independent Df the ¢harily In accordance wi(h the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRG'S Ethic81 Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going Concèrn In auditing the financial statemènts, we have concluded that the Iruslees, use of the going Concern basis of accounting in the preparation of the fin8n¢ial statèments is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions th8t, individually or collectively, may cast significant doubt on the charity's ability to continue as a going Concern for a period of al least twelve months from when the financial slalements are authorised for issue. Our responsibilities and the responsibilrfcies of the Iruslees with respect lo going concem are described in the relevant sections of this report. Other information The Iruslees are responsible for the other information. The other information comprises the information included in the Executive Board'8 8nnu81 report, other than the financial stslements and our audilorfs report Ihereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion theffon. In connection with our audit of the financial slalements, our responsibility is to read the other information and, in doing so, consider whether the other infomation is materially inconsislenl with the financial statements or our knowledge oblainecl in the audrt or otherwise app&8rs lo be materially misstated. If we identfy such m8teri81 inconsistencies or apparent material misslatemenls, we are required lo determine whether there is a material rnisslatement in the financial statements or a materi81 misslalement of the other information. If, based on the work we have performed, we conc5ude that there is a material misslatemenl of this other information, we are required to report that fact. We have nothing lo report in this regard.
INDEPENDENT AUDITOR'S REPORT TO THE EXECUTIVE BOARD OF: FIRST CHURCH OF cHFsT, SCIENTIST, LONDON Matters on which we are required to report by 8XC8Ption We have nothing to report in respect of the following matters in relation lo which the Charities {Accounts and Reports) Regulations 2008 quire us lo report lo you if. in our opinion.. the information given in the financial slalements is inconsislenl in any material respect with the trustees. report., or sufficient accounting records have not been kept,, or the financial slalemenls are not in agreement with the accounting records., or we have not received all th& information and explanations we require for our audl(. Responsibilities of trustees As explained more fully in the trustees, responsibilities slalemenl set out on pages 4 and 5, the Iruslees are responsible for the preparation of financial statements which give 8 true and fair view, and for such inlemal control as the Iruslees determine is neSSary to enable the preparation of financial slalements that are free from material misslalemenl. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or lo cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the flnancial $tstements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accord8n¢É with regulations made under section 154 of that Act. Our Dbjeclives are to obtain reasonable assurance about whèther the financial slalements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will afvays detect a material misslalemenl whèn il exists. Misslalements 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 taken on the basis of these financial stalemellts. Irregularrfcies, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. lo delect material misst81emenls in rospe¢t of irregularities, in¢luding fraud. The specrfic procedures for this engagement and the extent to which thes& are capable of detecting irregularities, in¢luding fraud is detailed below". Enquiry of Management and those charged with governance about actual and potential liligalton or ¢laims and the idenlrficalion of non-compliance with laws and regulation8. Reviewing minutes of meetings of those charged with governance. Reviewing financial slalemenl disclosures and testing to supporting documentation lo assèss compliance with applicable laws and regulations. Auditing the risk of rnanagement override of controls, including testing journal entries and other adjustments for appropriateness. Performing analytical procedures lo identify any unusual or un8xpe¢ted relationships that may indicate risks of material misslatemenl due lo fraud. Professional sceplicism in course of the audit and with audit sampling in material aud(( areas.
INDEPENDENT AUDITOR'S REPORT TO THE EXECUTIVE BOARD OF: FIRST CHURCH OF CHRIST, SCIENTIST, LONDON Icontinued... Because of the inherent limrtalions of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misslalernenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is rernoved from the events and transactions reflected in Ihtt financial statements. as we will be less likely to becorne aware of instances of nDn- compliance. The risk is also greater regarding irregularicies occurring due lo 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 slalements is located on the Financial Reporting Council's website at.. www.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report We communicate with those charged WTth govemance regarding, among other matters, the planned scope and liming of the audit and signrficanl audit findings, including any significant deficiencies in internal control that we identify during our audit. Use ofour Report This report is made solely lo the charity's trustees, as a body, in accordancé with Part 4 of the Charities IAccounls and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's trustees those mallers we are required to state to thern in an auditor's report and for no other purpose. TO the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the Charity and the charity's trustees as a body, for our audit wort<, for this report, or for the opinions we have formed. Kevin Fisher BA FCA CTA {Senior Slalulory Audilorl For and on behalf of Kingston Burrowes Audit Ltd 308 Ewell Road Surbilon Surrey rs 7AL Datè. Is-11- 2025 Kingston Burrowes Audit Ltd is eligible lo act as an auditor in terms of Section 1212 of the Companies Act 2006.
FIRST CHURCH OF CHRIST. SCIENTIST. LONDON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025 Total 2025 Total 2024 Notes Income and endowments fTOm: Donations and lega¢iés Charitable activities Investments 22,313 4,030 288.824 19,546 3,064 286,909 Total income 315,167 309,519 Expenditure on.. Raising funds - investment management fees Charfcable activities 56,434 273.068 44,071 253,538 Total expenditure 329,502 297,607 Net incomellexpenditurel before investment Ilossesllgains 114,3351 11,912 Nel lossesllgainsl on investments Gain on revalualionldisposal of investrnent properties Loss on disposal of fixed assets Foreign exchange gainlllossl 12 10 378,571 {2,7221 892.241 Net movemant in funds 361,514 904.153 Reconciliation of funds Fund balances brought forward 811 July 2024 14 12,613,841 11,709,688 Fund balances carrled forward at 30 June 2025 14 12,975,355 12,613,841 The Stslemenl of Financial Activities includes all gains and losses iecognised in the period. All income and expenditure relates lo unrestricted funds and derives from continuing activities. The notes on pages 11 10 17 fomi part of these Financial Ststemenls.
FIRST CHURCH OF CHRIST, SCIENTIST, LONDON BALANCE SHEET AT 30 JUNE 2025 Note 2025 2024 Fixed Assets Tangible fixed assets Investment properties 1,200,680 3,725,000 1,201,182 5,100,000 4,925,680 6,301,182 Current Assets Reading Room Stock Debtors Investment Portfolio Cash al bank 8nd in hand 4,719 3,882 8.008,450 78,882 4,772 39,544 6,238,222 8,458 12 8,095,933 6,350.996 CredStors'. amounts falling due within one year 13 46,258 38,337 Net Current Assets 8,049,675 6,312,659 Net Assets 15 12,975,355 12,613,841 Funds unstricted General Designated Fund- Youth Fund Designated Fund- Fixed Asset Fund Designated Fund- Building Fund 14 14 14 14 5,336,237 9.798 4,925.680 2.703,640 3,597,221 11,798 6,301,182 2.703,640 14 12,975,355 12,613,84fj Approved by the Executive B08rd on 2025 and signed on ils behalf by re Bradshaw. Chairman The notes on pages 1110 17 form part of these Financial Slaternenls.
FIRST CHURCH OF CHRIST, SCIENTIST. LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ACCOUNTING POLICIES Basis of aration and assessrnent of oin concern The ch8rrty Constitutes a public benefit enlily as defined by FRS 102. The financial slalements have been prepared in accordance with Accounting and Reporting by Charrties." Statement of Recommended Practice applicablè to charities preparing their accounts in accordance with the F1nancial Reporting standard applicable in the UK and Republ of Ireland issued in October 2019, the Financial Reporting Sl8nd8rd applicable in the United Kingdom and Republic of Ireland IFRS 1021. the CharitEs Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going Gonrn basis under the historical cost ¢onvenlion, modified to include certain items al fair value. The financi81 statements are presented in sterling which is the functional curreney of thè charity. The significant accounting policies applied in the preparation of Ihase financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise slated. Incomin reco nition olicies Items of income are recognised and included in the accounts when all of the following criteria are met". The charity has entitlemènt lo the funds., any performance conditions 8118ched to the itemlsl of income have been mel or are fully within the control of the charity. Iheie is suFfi¢ienl certainly that receipt of the income is considered probable- and the amount can be measured reliably. enditure reco nition Expenditure is re¢ognised once there is 8 legal or conslruclive obligation to make a payment lo a third party, tt Is probably that settlement will be required and the amount of the obligation Gan be measured reliably. Expenditure is classified under the following activity headings.. Costs of raising funds comprise the ¢osts associated with the management of the Charity's investmènts. Expenditure on eh8ritable activities includes the costs undertaken d1rectly to further the purposes of the Charity and their associated support costs. Tan ible Fixed Assets The freehold property occupieol by the Charity is stated at ils residual value which is not depreciated. However, all improvemènts lo the property are depreciated in line with the policy below. Other tangible fixed assets are depreciated as follows.. Property improvements 1 00/0 Straight line Office equipment 250/0 8traighl line Investmènt Assets Investment properties are initially recognised at cost and Subsequent reslaled at market value al the end of each aGGounling period. Revaluation g8ins and losses are recognised in the Slalement of Financial Activities. Formal valuations are not C8rried by appropriately qualified persons. Due lo the cost of obtaining professional valuations, these are carried out periodically bul not annually In the inleNening years the market value is delerrllined by the trustees taking into account the last formal valuation and their assessment of the property market. Listed invèslmenls are initially recognised al cost and subsequently reslaled at market value based on published stock exchange valuations al the erid of e3¢h accounting period. Gains and losses on revaluation and disposal 8re recognised in the Staternent of Financial Acttvilies.
FIRST CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (Continued) ACCOUNTING POLICIES (Continued) Taxation As the Chijrch is a registered Charty the results of ils normal activities are not liable for lax. Stock Stocks of reading materi818rè stated at cost. Pension costs The charity operates a defined contribution pension scheme. Contributions payable are recognised in the Statement of Financial Activities in the year lo which they relate. Debtors and creditors Debtors and creditors with no stated interest rale and receivable or payable wrf(hin one year are recorded al Irsnsaction price. Any losses arising from impairments are recognised in expenditure. DONATIONS AND LEGACIES Total 2025 Total 2024 Collections Donations Covenants Legacies 4,919 5,742 3,852 7,800 5,369 6,882 3.795 3,500 £22,313 £19,546 CHARITABLE ACTIVITIES Total 2025 Total 2024 Reading room $81es £4,030 £3,064 INVESTMENT INCOME Total 2025 Total 2024 Rent Dividends and interest 129,870 158,954 139,930 146,979 £288,824 £286,909
FIRST CHURCH OF CHRIST, SCIENTIST. LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (Continued) 5. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Direct Costs Grants funding Support costs Total 2025 Total 2024 Salaries Fees- organist and soloists Reading room purchases Le¢lures Gr8nlslsubsidies paid Inote 71 Church rnainlenance Telephone, light and heal Printing and stationery Insurance IT Support Bank charges Membeiship fees Investment property professional fees Investment property r&furbishment & maintenance Governance costs - Audit fees Depreciation of church builcling Depreciation of equipment 45,340 21,231 5,363 20,584 64,229 109,569 21,231 5,363 20,584 30,958 37,924 23,043 6,622 7,013 2,346 472 1,008 656 105,502 20,407 5,806 20,574 27,102 25,356 13.890 5,595 6,809 1,248 444 1,116 10,762 30,958 37,924 23,043 6,622 7,013 2,346 472 1,008 656 1,867 3,910 1,867 3,910 1,315 3,700 1.459 2.451 500 500 £92,518 £30,958 £149,592 £273,068 £253,536 6. ANALYSIS OF COMPARATIVE DIRECT AND SUPPORT COSTS BY ACTIVITY Direct osts Grant funding Support Costs Total 2024 Church activities £94,071 £27,102 £132,363 £253,536 7. ANALYSIS OF GRANTS Donations to InstStutions Donations to individuals Total 2025 Total 2024 Church activlcies £30,620 £338 £30,958 £27,102 Recipients of donations to inslilulions 2025 2024 Joint CS Reading Room {JCSRRUKI The Aid Fund UK CS Prison Chaplains TMC Emergency Relief Easter Camp Donation Sunrise of Africa Mounllands Trust Limvted Whilehaven Trust Limrted Bow Housing Society Wandsworth Prison Welfare Trust Focus DonationlJunior Focus 1,000 1,000 1,000 5.000 1,000 1,000 10,000 5,000 4,620 1,000 1,000 1,000 1,000 10,000 500 4.926 525 2,000 1,000 £30,620 £26,451 12
FIRST CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (Continued) 8. STAFF COSTS 2025 2024 Salaries and wag@s Social Security Cost8 Pension Costs 105,823 2,321 1,425 103,163 1,080 1,259 £109,569 £105,502 The average number of employees. analysed by function was., 2025 Numbe 2024 Numbe Church Services Reading Room Church Building Msnagém8nt and Administration Includes Church Officers No employee earned more than £60,000 in 2024125 {2023124." None). Total remuneration received by key management amounted to £Nil12024.. £Nill. 9. TANGIBLE FIXED ASSETS Fr8ehold Propèrty Church Building Offl¢e FtErniture & Equipment Property Improvemonts Total Cost or Valuation Balance al 1 July 2024 Additions in the period Disposals in the peiiod 1,200,000 978,323 107,121 2,285,444 Balance at 30 June 2025 1,200,000 978,323 107,121 2.285,444 De recialion Balan¢e at 1 July 2024 Charge for the periocl Eliminated on disposal 978,321 105,941 500 1,084,262 502 Balance at 30 June 2025 978.323 106,441 1,084,764 Net Book Value at 30 June 2025 1,20D,000 680 1,200,680 Net Book Value at 30 June 2024 1.200,000 1,180 1,201,182 13
FIRST CHURCH OF CHRIST, SCIENTIST. LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (Continued) 10. INVESTMENT PROPERTIES 2025 2024 Market Value at 1 July 2024 Additions al cost Disposal al Market Value 5,100.000 5,100,000 11,375,000) Market Value at 30 June 2025 3,725,000 5,100,000 Loss on disposal of Investment Properties Market Value Nel Sale Proceads 1,375,000 11,372,278) Loss on disposal £12,722) Anal sis of Investment Pro 6 Wrights Lane 51 Iverna Gardens 1561156A Fulham Road erties 3,625,000 100,OOQ 3,625,000 100,000 1,375,000 £3,725,000 £5,100,000 The properties were independently revalued al current market vslue as al March 2021 by Frost Meadowcroft SuNeyors LLP. In the opinion of the TrLJStees, the current value is not materially different. 11. DEBTORS 2025 2024 Prepayment and accrued Income Other debtors 3,882 39,544 £3,882 £39,544 12. WAVERTON INVESTMENT PORTFOLIO Listed Investments 2025 2024 Market Value 811 July 2024 Charity Propety Fund al 1 July 2024 6,118,468 119,754 5,123,411 126,856 6,238,222 1.686,729 1320,4651 403,964 5,250,267 791.077 1658,8591 855,737 Additions al cost Disposals al market value Unre81ised gainlllossl on marketable securities MaTket Value a130 June 2025 £8,008,450 £6,238,222 The historical cost of these investments amounts 10 £5,899.20012024'. £4,713,436). Analysis of investment galnslllo$sesl 2025 2024 Unrealised gainslllossl on revaluations Realised gainslllossesl on disposal 403,964 125.3931 855,737 36,504 £378,571 £892.241 14
FIRST CHURCH OF CHRIST, SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Icontinuedl 13. CREDITORS.. Amounts falling due within one year 2025 2024 Accruals Other creditors 42,304 3,954 30,830 7,507 £46,258 £38,337 Other Creditors includes £2,26312024.. £4,202) monies held for the Weare fund, which are not part of the main Church Activities. 14. UNRESTRICTED FUNDS Fixed Assets Fund G@neral Reserves Youth Fund Building Fund Total Balance al 1 July 2024 Surplus for the period Transfers between Funds 3,597,221 361,514 1,377,502 11,798 2,703,640 6,301,182 12.613,841 361,514 12,0001 11.375.502) Balance al 30 June 2025 £5,336,237 £9,798 £2.703,640 £4,925,680 £12,975,355 Fixed Assèts Fund General Reserves Youth Fund Building Fund Total Balance al 1 Juty 2023 Surplus for the period Transfers between Funds 2,689,158 904.153 3,910 11,798 2,703.640 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 The designated fixed 8SSet fund represents the net book value of tangible fixed assets and investment properties. The designated youth fund represents money due to be spent on youth in the future. TPie designated building fund represents the funds arising from the sale of the old ChuTch premises, held for major repairs or improvernenl works or the a¢quisilion of new buildings. Transfers between funds represent the movements on fixed assets. 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Fixed Assets Fund General Reserves Youth Fund Building Fund Total 2025 Fixed Assets Marketable Securities Other Nel Current Assets 4,925,68D 4,925,680 8,008,450 41,225 5,304,810 31,427 2.703,640 9,798 Balance 8130 June 2025 £5,336,237 £9,798 £2,703,64Q £4,925,680 £12,975,355 15
FIRST CHURCH OF CHRIST. SCIENTIST, LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Icontinuedl Comparative information for the analysis of net assets batween funds in the previous year is as follows.. Fixed Assets Fund General Reserves Youth Fund Building Fund Total 2024 Fixed Assets Marketable Securrties Other Net Current Assets 6.301,182 6,301,182 6,238,222 74,437 3,534,582 62,639 2,703,640 11,798 Balanoe at 30 June 2024 £3,597,221 £11,798 £2,703,640 £6,301.182 £12,613.841 16. RELATED PART]ES Theie have been no transactions with related parties during this period {2024 £Nill No Iruslees received any remuneration during the year or previous year. No trustees were reimbursed any expenses during the year or previous year.