ST. STEPHEN'S HOUSE ( GLOUCESTER ROAD ) LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31, DECEMBER 2023 Company Reg15tratlon Number- 3892644 Charlty Re8lStratlon Number- 1079138
ST. STEPHEN'S HOUSE ( GLOUCESTER ROAD ) LIMITED COMPANY LIMITED BY GUARANTEE Company Registration Number- 3892644 Charity Registratlon Number- 1079138 FINANCIALSTATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2023 COFfl'ENTS PAGE PAGE Company Information Trusteè6 and Dlrectors Raport 2to5 Auditor'g Report 6tog statement of Financial Activitles io Balance Sheet li Notes to the Financlal Statements 12to19
ST. STEPHEN'S HOUSE { GLOUCESTER ROAD ) LIMITED COMPANY LIMITED BY GUARANTEE Company Registration Number- 3892644 Charity Registratlon Number- 1079138 COMPANY INFORMATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2023 REGISTERED OFFJCE St Stephen's Church Gloucester Road Southw¢ll Gardens London. SW7 4RL TRUSTEES AND DIRECTORS Roger Martin Howell Preece James Edward Day Scott Bundy - ( Resigncd 121 12023 ) Zarina Membcry - ( Appointcd 121 12023) James Fox (appointed Ilth January 2024) SF.CRETARY Roger Martin Howell Preece GENERAL MANAGER Mark Hodgin BANKERS CAF BANK LIMITED 25, Kings Hill Avenue Kings Hill West Mailing KENT MEI 9 4JQ Kojo & Co Chartered Certified Accountants 118-120, London Road Mitcham Surrey. CR4 3LB ACCOUNTANTS AUDITORS Adomako Basoah & Co. Chartered Certified Accountants Registcrcd Auditors 45. Tindale Close South Croydon Surrey. CR2 ORT page I
ST. STEPHEN'S HOUSE I GLOUCESTER ROAD ) LIMITED Directors and Trustees, Annual Report for the year ended 31st December 2023 Company Re8lStration Number - 3892644 Charity Registration Number - 1079138 The Trustees who are also the Directors of the charity presenl their annual report together with the audited financial $lalem8nts for tha year ended 31, December 2023 BASIS OF ACCOUNTS PREPARATION The financial statement have been prepared under the historlc c05t conventlon wlth items recognised at cost or transaction value unle55 Otherwise stated in the relevant rules to these accounts. The financlal statements have bgen prepared in accordance with the Statement of Recommended Prath'c8 .' Accounting and Reporting by Charities, and the Financial Reporting Standard applicable in the Unlled Kingdom and Republic of Ireland ( FRS 102) and the Companies Act 2006, sond Edition, effective from 1. January 2019. The financial statements have been prepared In accordance with the accounting policies set out in Note 2 to these accounts, and in accordance with the governing document of the Company GOVERNING DoèuMENT AND OBJECTIVE The Bovernln8 document of the Charltable company is Its Memorandum and Articles of Association. The purpose of the Charitable company is to support the work of St stephen's church at Gloucester Road. London SW7 4RL. The svpport includes provision of a church hall a5 well as wider financial Support. The Charltable company works closely with the vicar and parochial church council to achieve its objectives. In strlving to achieve its objective5, the Trustees always glve careful consideration to the Charity Comm155ion's 8eneral 8uidance on public beneflt. The trustees confirm that the Charltable cornpany Is a public beneflt entity as deflned by FRS 102. FUNCTIONS OF THE CHARITY The main functlon of the charilable company is to provide a thurch hall and also make gUlar and ad hoc grants at the dlscretion of the Board to St. Steph8n's Church, Gloucester Road, London SW7 4RL. STRUCTURE, GOVERNANCE AND MANAGEMENT The charltabae company is managed and governed through rt8 Board of Directors of whom a Trustees of the charitable company. The Board meets a minirnum of three times a year, including on8 meeb'ng lo appoint its chalrman and Directors. Much of the day lo day adminislration and book-keeping functlons of the Charita8 company a delegated lo thlrd party providers, as required. The Charilabl8 company itsew has no employees. The Dir8Gtors who are also Trustees receive no salary nor any olher fees or remuneration for their work. TRUSTEES The Trustees of the Charity are elected at the Annual General Meetin& and each Trustee retire5 fter a term usually no longer than three year5 after which they may stand for re-election if they W15h to continue to serve. The board attempts to have a broad base ofexperience and diver5itv appropriate to a charily of It5 size and fijnction,. and it has an open and inclusive recruitment policy. page 2
ST. STEPHEN'S HOUSE ( GIOUCESTER ROAD I LIMITED Directors and Tru5tees' Annual Report for the year ended 31st December 2023 I Conti nued I Company Registration Number- 3892644 Charity Registration Number- 1079138 The currentTrustees and those who served during the year are". Roger Martin Howell Preece James Edward Dav Zarina Membery lappointed 12th June 20231 Scott Bundy (resigned 12th June 20231 Jame5 Fox lappointed Ilth January 20241 REVIEW OF ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR Thè Charllable company made grants dijring the year of £196,746 which represented a decrease of £228,700 compared to the pravious financial year's total of £425,446. Oul of the £196,746, £100,000 was "support granl" 8nd the balance of £96,746 was development grant. Previously the Company has helped to facilitate a new programmo of major refurbishment and development al the church, including a new lighting and sound system, and during the currént year has provided further slgnlflcant support here lo allow complellon of the recent project, worklng closely wllh the Vicar and the Parochial Church Council. The support Grant has allowed the church to expand its own charitable purposes and role in the locallly. MAIN GOALS FOR THE COMING YEAR st. stephen's Church has lusl completed the first phase of prt)gramme of major d8velopment, which overall Is sche(luled to last a good number of years. The Company 15 committed lo providing resources and assistance here in addition io other aclivilles already supported. subject to 8vailabllity of funds. The Iruslees are aware Ihal there will be further work ( notably on some of the Church fabrlc I that will require further support over the coming years. FINANCIAL REVIEW The Charitable company made a net deficit of £1,163 12022- £218,174> before net investment revaluation gain of £98,76412022 -deficit £79,320), In the year under consideration The balance on the unrestricted funds at 31 December 2023 was £5,659,739 (2022 - £5,562,138) This indudes the value of ihe Flxed Assets Investment of £5,484,759 { 2022 - £5,385,994) thereby leaving a nel liquid balan of £174,980 12022 - £176,144) for the general running of the Charity. The Board considèrs thls is adequate to fulfil the charltable company's objectiv6s. INVESTMENT POLICY It is th8 policy of the Charitable company to consider the suilabillty of all ils inveslments in terms of soclal, ethical. and 8nvironmenlal irnpact, and always strives lo adhe to standards of best practice in these areas. page 3
ST. STEPHEN'S HOUSE { GLOUCESTER ROAD ) LIMITED Directors and Trustees, Annual Report for the year ended 31st December 2023 I Continued ) Compar)y Registration Number - 3892644 Charity Registration Number- 1079138 Re8eNe PollGy The Trustees endeavouf to maintain SLAfficient Reservés to ensure that the Charitable company is on a 'goin8 concern" basis at all times. The Charity's General Fund (Unrestricted fundl balance at the end of the year was £5,659,739 12022 - £5,562, 1381 The value of the Charity's fixed assets I both ta ngible fixed assets and fixed assets investments) included in the general fund figure of £5,659,739 is £5,484,759, thereby leaving a net liquid balance of £174,980 for the 8eneral running of the companv. Our reserve5 policy is to ensure available sufficient resources to provide a sustainable platform for future charitable grants over the longer term. as well as malntain its physical assets in good condition over the longer term. The Board is aware that appllcatlon for grants may vary from year to year, and is mSndful of the need to provide a secure and conslstent approach over the longer term. This may entail runnin8 either a deficit or surplu5 in any one particular financ5al period, as necessary. Golng Concern includlng the Impact of Covld-19 We consider that we have adequate financial reserves to contlnue to deliver our plans, and that we have reasonable expectation that we will have adequate resources to continue In operational existence for the foreseeable future and that there are no material uncertainties that call into doubt the cliarity's abllity to continue, The Effpct of COVIO-19 pandemlc has been Ilmlted due to the lactthat mucfv of the adminislratlon ol Ihe Cttarlty, Including banklng, cèn be pprfL)rmed remotely. The Charltys Income and revenue has not been adversely affected by the pandemic (iuring the last twolve months. We have concluded that the golng concern basls remalns an appropriate basls of preparation for these financial Statements. Rlsk Assessment The charlty has a risk reglster. where major potential risk factors are identified, quantif led and assessed, Mitigation factors are also considered. The Board regularly reviews this register to ensure it is kept up to date and relevant, Action is taken appropriately a5 a result of anv perceived weakness , All bank transfers require a minimum of two authorlsation, and no cash is typically ever physically held. Statement of Tru5tee5' Responsibilitles. The Trustees are responsible for preparing the Trustees, report and account5 in accordance with applicable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the fru5tees to prepare account5 for each Financiol year which gives a true and fair view of the state of affairs of the Charity and of the incomlng resources and application of resources of the Charity for that year. In preparin8 these accounts, the Trustee5 are required to- select suitable accountin8 policies and then apply them con515tently. observe the methods and principles in the Charities SORP. page 4
ST. STEPHEN'S HOUSE I GLOUCESTER ROAD I LIMITED Directors and Trustees, Annual Report for the year ended 31st December 2023 { Continued } Company Registration Number- 3892644 Charity Registration Number- 1079138 make judgements and estlmates that are reasonable and prudent. state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained In the account5; and Prepare the accounts on a Eoing Goncern basis unless it Is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient ocrounting records that disclose, with reasonable accuracy at any tirne, the financial position of the Charity and that enables them to ensure that the attounts comply with the Charities Act of 2011. the appropriate Charity Accounts and Reports Regulations and the provisions of the goveming document. They are also responsible for safeguarding the assets of the Charity and hence for takin8 reasonable steps for the prevention and detection of fraud and other irrÈgtslarities. So far as the individual trustees, and all the trustees as a body are aware, there is no relevant information that the.v ought to have disclosed to the Charity Auditors that they have not done and they further believe that all steps have been taken that ought to have been taken to make the Auditors aware of any such relevant information. Post Balance Sheet Events The Trustees and Directors are not aware of any post balance sheet events which could materially ffect these financial statements. This report has been prepared in accordance wlth the provlslons applicable to companles entitled to the Small companies exemptions Approval This report was approved by the Charity Trustees and Directors on and signed on their behalf by 2024 JAMfs EDWAR Director and Trustee page 5
INOEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. STEPHEN'S HOUSE { GLOUCESTER ROAD I LIMITED REPORT ON THE FlhlANCIAL STATEMENTS UNQUALIFIED OPINION We have audlted the financial statements of St. Stephen's House l Gloucester Road l Limited the "charitable company I I for the year ended 31, December 2023, which comprise of the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including a summary of significant accountlng policies. The financlal reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. "The Finuncial Reporting Stondard opplicable in the United Kingdom und the Republic of Ireland" l United Kingdom Generally Accepted Accounting Practice) In our opinion, except for the matter described in the basis for our opinion sectlon, the financial statements . give a true and fair vlew of the state of the charitable company's affair5 35 at 31, December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kin8dom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION EMPHASIS OF MATTER The Investment property of the charitable company was professionally revalued at £4,600,000 by AMJ Wlmbleton IFRICS l of Aspect Surveyors Limited on 26, May 2020 on a fair value basis. However, due to the unknown future impact that Covid-19 might have on the real estate market, the valuation wa's reported on the basis of "mat"erial valuation uncertainty" in line with RICS guldance. We conducted our audit In accordance with International Standards on Auditing l UK I IISAS IUKI and applicable law. Our responslbilitios under those standards are further described in the Auditor's responsibilities forf the audit of the financlal statements section of our report. We are Independent of the Charitable company In accordance with the ethical requirements that are relevant to our audit of the financial staternents In the UK, Sncludlng the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibilitles in accordance wlth these requirements. We believe that the audlt evidence we have obtained is sufficient and approprlate to provide a basis for our unqualified opinion, CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the trustees, use of the going concern basls of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertaintie5 relating to events or conditions that, indlvidually or collectively, may cast 518nificant doubt on the entity's ability to continue as a going concern for the period of at least twelve months from when the financial statements are authorised for i55ue. Our responsibilitie5 and the responsibilitles of the trustees with respect to going concern are described in the relevant Sections of th15 report. page 6
INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF ST. STEPHEN'S HOUSE { GIOUCESTER ROAD I LIMITED I conlinued I OTHER INFORMATION The other informatlDn comprises the information Included in the annual report other than the financial statements and our auditor'5 report thereon. The trustees are responsible for the other information contained within the annual report. OLAr opinion oh the financial statements does. not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information 15 materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appear5 to be materially mls5tated. If we identify such material inconsistencies or apparent material mi5Statement5, we are required to determine whether thi5 gives rise to a material misstatement in the financial statement5 them5elve5. If, based on the work we have performed, we conclude that there is material misstaternent of this Other information, we are required to report that fact. We have nothing to report in this regard. OPINIONS ON OTHER MArrERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion , based on the work undertaken in the course of the audit
the Information given In the trustees, report, which Includes the directors, report prepared for company law purposes, for the financial year for which the financial statements are prepared is consistent with the financial statement5,' and tlie directors, report included within the trustees, report has been prepared in accordance wlth applicable legal requirements. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the Ilght of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material rn isstatements in the Trustees, Report. We have nothing to report in respect of the followlnB matters in relation to which the Companies Act 21)J6 requires us to report to you if, in OUT opinion . adequate accountin8 records have not been kept, or returns adequate for our audit have not been received from branches not visited by us , or the financial staternent5 are not In agreement with the accountin8 records and returns; or .> certain disclosures of trustees, remuneration specified by law are not made,. or We have not received all the Information and explanations we required for our audlt,. or the trustees were not entitled to take advantage of the small companies, exemptions in preparing the tru5tees' report and from the requirement to prepare a strategic report. RESPONSIBILITIES OF THE TRUSTEES FOR THE FINANCIAL STATEMENTS. As explalned more fully in the Trustees, Responsibilities Statement set out on page 4, the Trustees I who are also the directors of the charitable company for the purposes af Company Law I are responsible for the preparation of the financial statement5 a nd for being satisfied that they give a true a nd fa ir view, and for such internal control a5 the trustees determine Is necessary to ena ble the preparation of the financial statements that are free from material mi55tatement, whether due to fraud or error. page 7
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST. STEPHEN'S HOUSE { GLOUCESTER ROAD ) LIMITEO I continued I In preparing the financial Statements, the trustee5 are responsible for as5e55ing the Charitable cornpany'5 ability to continue a5 a 80ing concern, disclosing, as applicable, fnatters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charitable company or to cease operations, or have no realistic alternative but to do 50. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS. Our objectives are to obtain reasonable assurance about whether the fi'nancial Statements as a whole are free from material misstatement, whether due to fraud or error, and to 155ue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS l UK I will always detect a material mi55tatement when it exists. Mlsstatement can arise from fraud or error and are considered material if, individually or in aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detectlng Irregularities, including fraud is detailed below: Discussions were held with, and enqulrles made of, mana8ement and those charged with governance with a view to Identifying those laws and regulations that could be expected to have material impact on the flnancial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as conslderation as to where and how fraud may occur in the entity. The following laws and regulations were Identified as being of significant to the charitable COTnpany-.
Those laws and re8ulation5 considered to have a direct effect on the financial statements Includin8 UK financial reportlng standard5, Company Law, Tax and penslons legislation. It is considered that there are no laws and regulations for which non-compliance May be fundamental to the operatin8 aspects of the business. Audit procedures undertaken in response to the potential risks relatlng to Irregularities I which include fraud and non-compliance with laws and regulations) Lomprised of .' enquirie5 of management and those charged with governance as to whether the charitable company complies with such laws and regulations,. enquiries with the same concernin8 any actual or potent5al litigation or clalms; inspectlon of relevant le8al correspondence,. review of board meetin8 minutes; testing the approprlateness of entries in the nominal ledger, including journal entrie5' reviewing transactions around the end of the reportln8 period, and performance of analytlcal procedures to identify unexpected movements in account balances whlch may be indicative of fraud, No instances of material non-compliance were identified. However the likelihood of detecting irregularities, including fraud, is limlted by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected. even though the audit has been planned and performed in accordance with ISAS (UK I. A further description of our responsibilities is located on the Financial Reporting Council's website at :https', /lwww.frc.org.uk/auditorresponsibilitie5. This description form5 part of our Auditor'5 report. Page 8
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST. STEPHEN'5 HOUSE ( GLOUCESTER ROAD ) LIMITED I continued ) USE OF OUR REPORT This report is made solely to the Charitsble company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006. Ouraudit work has been undertaken so that we might state to the Charitable tompany's rnembers those matters we aré required 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 eharltable company and the charitable company'5 members as a body, for our audit work, for this report, or for the opinions we have formed. // . 2024 Cha e5 Adomako Basoah Senior Statutory Auditor 45, findale Close Sanderstead South Croydon Surrey. CR2 ORT For and on behalf of Adomako 8a$oah & Co. Statutory Auditors Page 9
ST. STEPHEN'S HOUSE { GLOUCESTER ROAD ) LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31, DECEMBER 2023 Company Registration number - 3892644 Note 2023 Unrestricted 2022 Unrestricted INCOME Investment Income 245,339 245,323 Other Income TOTAL INCOME 331538 308 781 EXPENDITURE Expenditure on Raising Funds Expenditure on Charitable Actlvities 116,955 215 746 332 701 82,754 444 201 526 955 .4.2.3 TOTAL RESOURCES USED 11,163) (218,1741 NET INCOME FOR THE YEAR Before Investment Revaluation Gain Net Investment Revaluation l Deficit)/ Gain 97,601 (297,494) NET INCOME RECONCIUATION OF FUNDS: BALANCE BROUGHT FORWARD 5 562 138 5 8S9 632 BALANCE CARRIED FORWARD 5 659 739 5 562 138 There are no further recognised galns other than the Surplus for the above financial year. The notes to the financial statements form an integral part of these financial statements. page 10
ST. STEPHEN'S HOUSE I GLOUCESTER ROAD I LIMITED BALANCE SHEET AS AT 31, DECEMBER 2023 Note FIXED ASSETS 2,023 2022 unrestricted unrestricted Investments 5,484,759 5,385,994 Total Flxed Assets CURRENT ASSETS 5,484,759 5,385.994 Debtors Bank and cash balances 34.633 161086 26,270 175 360 195.719 201.630 CREDITORS: Amounts falling duo wlthln one year 10 TOTAL NET CURRENT ASSETS 17 TOTAL ASSETS LESS cuRREr LIABILITIES AND TOTAL ASSETS 5 659 739 5 562 138 FUNDS Unrestricted Funds AND Tolal Funds 5 582 138 The notes to the financi81 slatements form an Integrel part of Ihese financlal stat8m8nts Approved by the Directors and Truste88 on and signed on th ehalf by 2024 JAMES EDWARD DA Director / Trustee Director / Trustee Company Reglstration nurnber- 3892644 The Company is a private company limited by gurantee, registered in En8land and Wales, page 11
ST. STEPHEN'S HOUSE ( GLOUCESTER ROAD I LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2023 1. BASIS OF ACCOUNTING 1.1 The financial statement have been prepared under the historic cost convention with items recognised at cost or transaction value unless otheiSe stated in the relevant notes to these accounts. The financlal statements have been prepared in accordan with the Slatement of Recomfflended Practice .' Accounting and Rewrting by Charities. and the Financial Reporting Standard applicable in the United Kingdom 8nd Republic of Ireland (FRS 1021 and the Companies Acl 2006, Second Edition, effective from 1, January 2019. The financial statements have been prepared in accordance with the accounting policies set out in Note 2 to these account5, and in accordance with the goverr)ing document of the Company 1.2 The Company constitutes a public benefit entity as defined by FRS 102 1.3 No changes to accounting estimates have occurred in the reporting period. 2. ACCOUNTING POLICIES. INCOMING RESOURCES 2.1 Recosnition of Income Income are recognised and included In the Statement of Financial Activities I SOFA ) when:
The Company becomes entitled to the resources,, It is more likely than not that the trustees will receive the resource ,' and The monetary value can be measured with sufficient reliability. 2.1.1 Rent Rent from the Company's investrnent property 15 recogni5ed in the SOFA on the basis of the rent veceivable as per the rental agreement. 2.1.Z Service Charge Income Service Charge income Is reco8rii5ed in the SOFA when the service char8e accounts which form the basis of the service char8e income have been certified and approved by the Dlrectors/Trustees. 2.2 Offsettlng There has been no off5ettin8 of assets and liabllltles, or income and expenses, unless required or permltted-by the FRS 102 SORP or FRS 102 2.3 Grants and Donatlons Grant5 and Donations are only included in the SOFA when the general income reco8nition criteria as stated above are met, 2.4 Volunteer Help The value of any,.voluntary hqlp: received 15 not included In the accounts. 2.5 Settlement of Insurance Clalms Insurance claim5 are only included in the SOFA when the general income recognition criteria are met, and are included a5 an item of other income in the SOFA. 2.6 Income from Interest, Royaltles and Dlvldends This is included in the accounts when receipt Is probable and the amount recelvable can be measured reliably. 2.7 Investrnent gains and1055e5 Thi5 includes any realised or unrealised gains or losses on the Sale of investments and any 8aln or Ios5 resulting from revaluing investments to market value at the end of the financial year. page 12
ST. STEPHEN'S HOUSE { GLOUCESTER ROAD I LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2023 ( continued I APPLICATION OF RESOURCES. 2.8 Liability Recognition Liabilities are recognised where it is more likely than not that there is a legal or Constructive obligation committing the Company to pay out resources and the amount of the obligalion can be measured with reasonable certainty. 2.9 Grants Payable. Grant5 and donations are accounted for when paid. FIXED ASSETS. 2.10 Lon8 Leasehold land and bulldings Long Leasehold land a nd buildings are accounted for at ori8inal Cost or subsequent valuation ba515. Tanglble Fixed Assets These are office equiprnents Used by the company and accounted for at original cost or sybseqLAent valuation basis. Fixed Asset Investment Thi5 IS the property situated at 48-50, Emperors Gate, South Kenslngton, London SW7 4HJ managed by the company with the view to generate Incorne, It alsD includes the long term investment held with the CCIA Investment Management l.imited. The Lon8 Leasehold la nd and buildin8 mentioned above15 Shown in these accounts at valuation. 2.11 CAPITALISATION All land and buildlng costs and other fixed assets in excess of £1,000 In the year concerned are capitalised. Otherwise such costs are wrltten Off in the year of the expenditure. 2.12 DEPRECIATION. Depreciable Long Leasehold bulldln8 values are depreciated at a rate calculated to write off the cost, less residual value over their expected useful Ilves. No Depreciatlon Is provided on Long Leasehold land. No Depreciation Is provlded on Investment properties OTHER ACCOUNTING POLICIES 2.13 Funds Unrestrlcted funds represent fund5 which are expendable at the discretion of the company in the furtherance of its objects and which have not been deslgnated for other purposes. Restricted funds can only be used for specified purposes. The purpose of any restricted fund is noted in the financial statements. 2.14 Golng Concern At the time of approving the financial statements, the trustee5 have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable f uture. Thus the trustee5 have therefore continued to adopt the going concern basis in preparin8 the Company's financial statements. page 13
ST. STEPHEN'S HOUSE ( GLOUCESTER ROAD ) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2023 I continued I 2.15 Taxation In the opinion of the trustees. the Company is exempt from the U nited Kingdom Taxation on its incoming re50LJrces for the year. 2116 Accounting estlmates and Judgements In the 3pplication of the Company's accounting policles, the trustees are required to make ludgements, estimate5, and assumptions about carrying amount of assets and liabilities that are not readily apparent from other resources. The estlmates and a550ciated assumptions a re based on historic experience and other factors that are considered to be relevant, Artual results may differ from these estimates. The estimate5 and underlylng assumptions are reviewed on an ongoing basis. Aevisions to accountin8 e5timate5 a re recognised in the period In which the estlmate Is revised where the revision affects only that period, or in the period of the revision and future periods where the revlsion affects both current and future periods. The most significant e5tlmates and 35SUrnPtlons which affect the carrying amount of assets and liabilities In these account5 relate to Useful Economlc Lives and Revaluation of Fixed Asset Investments. 2.17 Expendlture Apportloned Between Actlvltles. Governance and Other Costs are apportioned between Activities { Charltable and Expenditure to raise fu nds l on the basis of each activity's direct costs in the year in relation to each other. This policy excludes any exceptional and non-recurring items. page 14
ST. STEPHEN'S HOUSE I GLOUCESTER ROAD I LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEfvIBER 2023 3 INCOMING RESOURCES 2 0 2 2 Unrestricted Funds Unreslricled Funds 3.1 Investmenl Income Renlal Income Bank Interest Received 245.000 339 245,000 323 245,339 245,323 3.2 Other Income Seryice Charges 86.199 63.458 4 RESOURCES EXPENDED 4.1 EXPENDITURE ON RAISING FUNDS 4.1.1 DIRECT SPENDING Propertlos Repairs and Mainlenance Property Insurance Property Light and Heal Property Cleaning Accounlancycharges 51,513 18,177 28,035 7.930 1.000 106,655 26,850 16,980 22,334 7,800 750 74,714 4.1.2 GOVERANCE COSTS Management Fees Accountancy Charges Audit Fees Bank Charges Sundrie$ 7,734 1,301 1,230 26 6,000 960 1.050 30 8,040 4.1.3 SUMMARY OF EXPENDITURE ON RAISING FUNDS Direct Spending 106.655 Support for fund rai5in8 activite5 Governance 74.714 8,040 116,955 4.2 EXPENDITURE ON CHARITABLE ACTIVITIES 4.2.1 DIRECT SPENDING Grants and Donations 196 746 page 15
ST. STEPHEN'S HOUSE I GLOUCESTER ROAD I LIMITED NOTES TO THE FINANCIAL 5TATEMENT5 FOR THE YEAR ENDED 31, DECEMBER Z023 2 0 2 2 Unrestricted Funés Unrestricted Funds 4.2.2 SUPPORT FOR CHARITABLE ACTIVITIES 4.2.2.2 Governance costs Managemant Fees Audit Feas AcccMJntancy Foe3 Bank Charges Olhers 14,266 2,270 2,399 48 17 14,000 2,450 2,240 65 4.2.3 SUMMARY OF EXPENDITURE ON CHARITABLE ACTIVITIES Dlrect Spending 196,746 425,446 Support for charitble attivites Governance 00 5 REVALUATION GAINS/IDEFiaTI 5.1 Material Investment Holdings 6. GRANTS 6.1 ANALYSIS OF GRANTS PAID ( Included in the cost of Charitable Actlvities I ANALY515 grants to grants to Support instltutions Indlvlduals Costs Total Geiieidl Supyui I 196 746 196 746 6.2 GRANTS MADE TO INSTITUTIONS NAME OF INSTITUTION PURPOSE St. Stephen'5 Church In support of the church'5 mi55ion ind charltable activities. page 16
ST. STEPHEN'S HOUSE ( GLOUCESTER ROAD > LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2023 I continued I 7. FIXED ASSETS 7.1 FIXED ASSETS INVESTMENTS COST OR VALUATION Land and Bulldings Material Investrnent Holdings TOTAL Balance as at 1 January 2023 4,600,000 785,994 5,385,994 Revaluation Surplus 765 Balance as at 31, December 2023 600 5 484 759 The Long Leasehold property is situated at 48-50. Emperor's Gate, South Kensin8ton, London SW7 4HJ. The Company holds a 999 years lease I from 31, December1999) from the Number 1 Trust Fund on the above property. The property is stated at valuation in these financial statements. The Investment property was professionally revalued at £4,600,000 by AMJ Wimbleton l FRICS I of Aspect SuNeyors Limited on 26, May 2020 on a fair value basis. However, due to the unknown future irnpact that Covid-19 might have on the real estate market, the valuation was reported on the basis of "material valuation uncertainty In line with RICS 8uidance. 7.2 INCOME FROM MATERIAL INVESTMENT HOLDINGS Market value at 31/1212023 Income for the year. Investment Property Materlal Investment Holdings TOTAL 4,600,000 884 759 5 484 759 245,000 The company holds "CBF Church of England Investment Fund - Accumulatlon Shares" The trustees have advlsed that When the company invested in the CCLA, It had the option to purchase either "accumulatlon" units or dividend bearing units. The company chose the accumulation units. The company does not therefore receive dividends. It has never received dividends. 7.3 MATERIAL INVESTMENT HOLDINGS Investments in CBF Church of England Investment Fund Investment held l units1 Market Value per share at 31, December 2023. 14 816.65 5 971.38 2022 Unrestricted nce 2023 unrestricted 8. DEBTOR5 Prepaymonts S8rvice Charge Debtor Sundry Debtors 13,479 21,154 13,512 11,568 page 17
ST. STEPHEN'5 HOUSE { GLOUCESTER ROAD ) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2023 I continued I 9. BANK AND CASH BALANCES 2023 unrestricted 2022 unrestricted CBF Deposit CAF Current Account 100,000 175 360 C85h and cash equivalent Includ8s cash in hand, deF*Jsits held al ¢all with banks. other short-term liquid investments with original maturlt18s of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 10. CREDITOR5: Amounts falling due wlthln one year 2023 Unrestricted 2022 Unrestricted VAT Liability Sundry Creditors and Accruals 7,822 13,018 11 FUNDS UNRESTRICTED FUNDS 2023 2022 Balance Brought Forward 5,562,138 Incoming Resources 331,538 Resources Expended -332,701 Net Gain/ (Deficit) on Investments Revaluation 5.859,632 308,781 -526,955 Balance Carried Forward 5 659 739 5 562 138 Unrestricted funds represent funds which are expendable at the discretion of the Company in the furtherance of its objects and which have not beers designated for other purposes. 12 DETAILS OF CERTAIN ITEMS OF EXPENDITURE 2023 2022 Audit Fees 13 PAID EMPLOYEES There were no employees during the year12022 - Nil ) 14. POST BAIANCE SHEET EVENTS The Trustee5 and Director5 are not aware of any p05t balance sheet event which could materially affect these financial statements. paEe 18
ST. STEPHEN'S HOUSE { GLOUCESTER ROAD I LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2023 I continued I 15. RELATED PARTY TRANSAcfioNS The trustees confirm that there were no related party trans8Ctions during the year. 16. RESERVE POLICY The Trustees endeavour to maintain sufficient Reserve5 to ensure that the Charity is on a "going concern" basi5 at all times. Our reserves policy 15 to ensure sufficient resources to provide a 5UStainable platform for future charitable grants over the longer term, as well as maintain its physical asset5 in good condition over the longer term. The Board is aware that application for grants may vary from year to year, and 15 mindful of the need to provide a secure and consistent approach over the longer term. This may entail runnin8 either a deficit or surplus in any one particular financial period, as necessary. 17 VOLUNTEER CONTRIBUTION The charity Is reliant on volunteers who contrlbute thelr skills, time, money and their resources in the furtherance of the work of the company. Prlncipally, this contribution Is bv serving on committee5 of the Company that deal with finance, policy, grants, developments, etc. The contribution of volunteers is not included within the income of the Company. The trustee5 are grateful to all of them for their help and commitment. 13. MEMBERS LIABILITIES. Every member of the charity undertakes to contribute such amount as may be required I not exceeding £10.00 I to the charity's assets If it should be wound up while he or she is a member or within one year after he or she ceases to be a member, for payment of the charlty's debts and liabilities contracted before he or she cease5 to be a member, and of the costs, charge5 and expense5 of winding up, and for the 3dju5tment of the ri8hts of the contributories among themselves. 19. FINANCIAL INSTRUMENTS All the Charity's financial instruments qualify as basic flnancial instruments in accordance with sectlOD 11 of FRS 102 and are recognised on the following basis . il Cash and cash equivalent represent bank balances and deposits held in Sterling ill Investments are measured at market value at the balance Sheet date 111) Debtors are measured at the transaction price less any provision for doubrful debts iv) Creditors are measured at the transaction price. page 19