As amused to above, Free chlorine (FC) is a measure of three components - hypochlorous acid (HOCl), hypochlorite anion (OCl-), and chlorinated cyanurates (chlorine atom bound to a molecule of CYA).
HOCl = powerful oxidizer and a fast sanitizer; it does all the heavy lifting.
OCl- = middling oxidizer, slow sanitizer; it reacts with UV light and gets turned into oxygen gas and chloride salt
HCyCl = neither a sanitizer nor an oxidizer but the chlorine bound to it can be released quickly and while it is bound to the CYA molecule it is fully protected from UV.
HOCl and OCl- exist in an equilibrium (like a see-saw in a kids park) that is pH specific. At a pH of 7.5, the concentrations of HOCl and OCl- are equivalent. When either of those chemicals react with something (oxidize or sanitize), they get used up and turn into water and salt (Cl-). When that happens, the chlorine from the CYA is released because it too is in equilibrium and tries to maintain a constant concentration balance. Roughly 95% of the chlorine in a pool is locked up by CYA and held in reserve when the pH is 7.5 and your FC/CYA ratio is 7.5%. The chlorine is there and ready to go, it’s just waiting in reserve.
Unfortunately the only thing you can measure with the test kits that are available to pools is the FC value. There is no way to measure any of the quantities separately. This is why TFP recommends always maintaining an FC/CYA ratio rather than a specific FC value. Doing so ensures that your water is always sanitary with enough disinfectant to handle most bather loads.