First Church of Christ Scientist Financial Statements Year ended 31 March 2024 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements First Church of Christ Scientist Statement of Financial Activities Year ended 31 March 2024 2024 Unrestricted funds Total funds 2023 Total funds Note Income and endowments Donations and legacies Investment income other income 10,864 285 2,178 10,864 285 2,178 23,944 970 3,408 Total income 13,327 13,327 28,322 Expenditure Expenditure on charitable activities Total expenditure 23.201 23,201 23,763 23,201 23,201 23.763 Net (expenditure)lincome and net movement in funds (9,874) (9,874) 4,559 Reconciliation of funds Tolal funds brought foNard Total funds carried forward 557,756 557,756 547.882 553,197 547,882 557,756 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 7 to 13 form part of these financial statements. First Church of Christ Scientist Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets 14 358,711 365.146 Current assets Stocks Cash at bank and in hand 15 1,026 188,145 189,171 1,246 191,364 192,610 Net current assets 189,171 192,610 Total assets less current liabilities 547,882 557,756 Funds of the charity Unrestricted funds= Aid fund Maintenance fund Other unrestricted income funds 1,000 28,310 518,572 1,000 28,310 528,446 557,756 Total unrestricted funds 547,882 Total charity funds 16 547,882 557,756 These financial statements were approved by the board of trustees and authorised for issue on 21 May 2024, and are signed on behalf of the board by.. D . LJDVKQr. Mr D Walker Trustee Mr M Boyd Trustee The notes on pages 7 to 13 fonn part of these financial statements. First Church of Christ Scientist Notes to the Financial Statements Year ended 31 March 2024 General information The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is Unit 2, Leslie Office Building, 393 Holywood Road, Belfast, BT4 2LS. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102}l and the Charities Act (Northern Ireland) 2008. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainlies about the charity's ability to continue. Disclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. No cash flow statement has been presented for the charity. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectation5 of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. First Church of Christ Scientist Notes to the Financial Statements (¢onfinued) Year ended 31 March 2024 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donatect goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the ¢harity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reftecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. First Church of Christ Scientist Notes to the Financial Ststements (continued) Year ended 31 March 2024 Accounting policies (contlnued) Tangible assets (conllnued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain. in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Fixtures and fittings 10 % straight line Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generaling unit to which the asset belongs. The cash-generating unit is the smallest identifiable grotjp of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other asset5 or liabilities of the charity are assigned to those units. Stocks Stocks are measured at the lower of c05t and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument. Basic financial instnjments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. First Church of Christ Scientist Notes to the Financial Statements (¢ontinuedJ Year ended 31 March 2024 Accounting policies (continued) Financial instruments fcontinued) Where investments in shares are publicly traded or their fair value can olhewise be measured reliably. the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate. in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately. to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Church collections Donations Gift Aid Income Tax Refund on Gift Aid Donations - General 4,577 4,260 1,102 126 4,577 4,260 1,102 126 4.680 4.385 1,208 184 4,680 4,385 1,208 184 Legacies Legacies 799 799 13,487 13,487 10,864 10.864 23,944 23,944 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable - General fund 285 285 970 970 10 First Church of Christ Scientist Notes to the Financial Statements (continued) Year ended 31 March 2024 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Sales of literature etc 2,178 2,178 3,408 3,408 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Library Fund Support costs 2,588 20,613 23,201 2,588 20,613 5,414 18,349 5,414 18,349 23,201 23,763 23,763 Expenditure on charitable activities by activity type Activities undertaken directly Support Total funds costs 2024 Total fund 2023 General Fund Library Fund 20,613 20,613 2.588 18,349 5,414 2,588 2,588 20,613 23,201 23,763 Analysis of support costs Analysis of support costs Total 2024 Total 2023 Premises Communications and IT Finance costs Governance costs Support costs - Other costs type 1 8,387 917 69 1,806 9,434 8,387 917 69 1,806 9,434 5,031 1,069 78 1,488 10,683 20,613 20,613 18,349 10. Net (expenditure)lincome Net {expenditure)lincome is stated after chargingl(crediting)'. 2024 2023 Depreciation of tangible fixed assets 6,435 6,435 First Church of Christ Scientist Notes to the Financial Statements (contlnued) Year ended 31 March 2024 11. Independent examination fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements 1.806 1,488 12. Staff costs No salaries or wages have been paid during the year. 13. Trustee remuneration and expenses No Trustees were in receipt of Honorarium payments during the year. 14. Tangible fixed assets Land and Fixtures and buildings fittings Total Cost At 1 April 2023 and 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 350,457 60,841 411,298 46,152 6,435 52,587 46,152 6,435 52,587 Carrying amount At 31 March 2024 350,457 8,254 358,711 At 31 March 2023 350,457 14,689 365.146 15. Stocks 2024 2023 Raw materials and consumables 1,026 1,246 12 First Church of Christ Scientist Notes to the Financial Statements (continued) Year ended 31 March 2024 16. Analysis of charitable funds Unrestricted funds At Expenditure 31 March 2024 At 1 April 2023 Income General funds Sunday School account Lecture Fund account Library Account Aid Fund Maintenance Account 525,663 369 209 2,205 1,000 28,310 8,026 (18,718) 514,971 369 209 3,023 1,000 28,310 2,123 3,178 {2,123) (2,360) 557,756 13,327 {23,201) 547,882 Al Expenditure 31 March 2023 Al 1 April 2022 Income General funds Sunday School account Lecture Fund account Library Account Aid Fund Maintenance Account 519.259 369 209 4,050 1,000 28,310 24,914 (18,510) 525,663 369 209 2,205 1,000 28,310 3,408 (5.253) 553,197 28,322 123,7631 557,756 17. Analysis of net assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assets Current assets 358,711 189,171 358,711 189,171 Net assets 547,882 547,882 Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets 365,146 192,610 365,146 192,610 Net assets 557,756 557,756 18. Financial instruments For financial instruments measured at fair value, the basis for determining fair value must be disclosed. Vvhen a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be d isclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this musl also be disclosed. 13