ST. STEPHEN'S HOUSE { GLOUCESTER ROAD ) LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2024 Company Registration Number- 3892644 Charity Registration Number - 1079138
ST. STEPHEN'S HOUSE { GLOUCESTER ROAD ) LIMITED COMPANY LIMITED BY GUARANTEE Company Registration Number - 3892644 Charity Registration Number- 1079138 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2024 CONTENTS PAGE PAGE Company Information Trustees and Directors Report 2to5 Auditor's Report 6t09 Statement of Financial Activities 10 Balance Sheet li Notes to the Financial Statements 12to20
ST. STEPHEN'S HOUSE ( GLOUCESTER ROAD ) LIMITED COMPANY LIMITED BY GUARANTEE Company Registration Number - 3892644 Charity Registration Number- 1079138 COMPANY INFORMATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2024 REGISTERED OFFICE St Stephen's Church Gloucester Road Southwell Gardens London. SW7 4RL TRUSTEES AND DIRECTORS Roger Martin Howell Preece James Edward Day Jack Ralph Hodsoll (appointed 5th November 2024) Zarina Membery James Fox (appointed Ilth January 2024) SECRETARY Roger Martin Howell Preece GENEIL4L MANAGER Mark Hodgin BANKERS CAF BANK LIMITED 25, Kings Hill Avenue Kings Hill West Mailing KENT ME19 4JQ Kojo & Co Chartered Certified Accountants 118-120, London Road Mitcbam Surrey. CR4 3LB ACCOLtNTANTS AUDrtORS Adomako Basoah & Co. Chartercd Certified Accountants Registered Auditors 45. Tindale Clos¢ South Croydon SuTrey. CR2 ORT page I
ST. STEP16EN'S HOUSE ( GLOUCESTER ROAD > LIMITED Dirertors and Trustees, Annual Report for the year ended 31st December 2024 Company Registration Number- 3892644 Charity Registration Number - 1079138 The Trustees who are also the Directors of the charity present their annual report together with the audited financial statements for the year ended 31, December 2024 BASIS OF ACCOUNTS PREPARATION The financial statement have been prepared under the historic cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant rules to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities. and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland l FRS 102) and the Companies Act 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 accounts, and in accordance with the governing document of the Company GOVERNING DOCUMENT AND OBJECTIVE The governing document of the Charitable company is its Memorandum and Articles of A550ciation. The purpose of the Charitable company is to support the work of St Stephen's church at Gloucester Road, London SW7 4RL. The support includes provision of a church hall as well as wider financial support. The Charitable company works closely with the vicar and parochial church council to achieve its objectives. In striving to achieve it5 objectives, the Trustees always give careful consideration to the Charity Commission's general guidance on public benefit. The trustee5 confirm that the Charitable company is a public benefit entity as defined by FRS 102. FUNCTIONS OF THE CHARITY The main function of tha charitable company Is to provide a church hall and also make regular and ad hoc grants at the discretion of the Board to St. Stephen's Church, Gloucester Road, London SW7 4RL. STRUCTURE, GOVERNANCE AND MANAGEMENT The charitable company is managed and governed through its Board of Directors who are also Trustees of the charitable company. The Board meets a minimum of Ihree times a year, including at least one meeting to appoint its chairman and Directors. Much of the day to day administration and book-keeping functions of the Charitable company are delegated to third party providers, as required. The Charitable company itself has no employees. The Directors who are also Trustees receive no salary nor any other fees or remuneration for their work. Expenses may be reimbursed however. TRUSTEES The Trustees of the Charity are elected at the Annual Genera5 Meeting, and each Trustee retires after a term, usually no longer than three years after which they may stand for re-election if they wish to continue to serve. The board attempts to have a broad base of experience and diversity appropriate to a charity of its size and function., and it has an open and inclusive recruitment policy. page 2
ST. STEPHEN'S HOUSE { GIOUCESTER ROAD ) UMITED Directors and Trustees, Annual Report for the year ended 315t December 2024 ( Continued I Company Registration Number - 3892644 Charity Registration Number- 1079138 The current Trustees and those who served during the year are Roger Martin Howell Preece James Edward Day Zarina Membery James Fox (appointed Ilth January 20241 Jack Ralph Hodsoll (appointed 5th November 2024) REVIEW OF ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR The Charitable company made grants during the year of £114,126 which represented a decrease of £82,620 compared to the previous financial year's total of £196,746. In previous years the Company has helped to facilitate a new programme of major refurbishment and development at the church, including a new lighting and sound system. and during the current year has provided further support here to allow completion of the recent phase of the project, working closely with the Vicar and the Parochial Church Council. The support Grant has allowed the church to expand its own charitable purposes and role in the locality. MAIN GOALS FOR THE COMING YEAR St. Stephen's Church has now completed the first phase of programme of major development, which overall is scheduled lo last a good number of years. The Company is committed to providing resources and assistance here in addition to other activities already supported, subject to availability of funds. The trustees are aware that there will be further work ( notably on some of the Church fabric ) that will require further support over the coming years. FINANCIAL REVIEW The Charitable company made a net income of £90.837 12023 - deficit- £1,163 1 before net investment revaluation gain of £45,16,712022 - £98,764), in the year under consideration The balance on the unrestricted funds at 31 Dember 2024 was £5,795,743 { 2023- £5,659,739). This includes the value of the Fixed Assets Investment of £5,529,926 (2023 - £5,484,759) thereby leaving a net liquid balance of £265,817 (2023 - £174,980) for the general running of the Ch'arity. The Board considers this is adequate to fulfil the charitable companrfs objectives. INVESTMENT POLICY It is the policy of the Charitable company to consider the suitability of all its investments in terms of social, ethical, and environmental impact, and always strives to adhere to Standards of best practice in these areas and selects its investment managers accordingly. page 3
ST. STEPHEN'S HOUSE { GLOUCESTER ROAD ) LIMITED Directors and Trustees, Annual Report for the year ended 31st Decembe ( Continued ) Company Registration Number - 3892644 Charity Registration Number- 1079138 Reserva Pollcy The Trustees endeavour to maintain sufficient Reserves to ensure that the Charitable company is on a 'going concern basis at all times. The Charity's General Fund (Unrestricted fund) balance at the end of the year was £5,795,493 { 2023 £5,659,739). The value of the Charity's fixed assets I both tangible f ixed assets and fixed assets investments) i ncl uded in the general fund figure of £5,795,493 is £5,529,926, thereby leaving a net liquid balance of £265,567 for the general running of the com pany. Our reserves policy is to ensure available sufficient resources to provide a sustainable platform for future charitable grants over the longer term, as well as maintain its physical assets in good condition over the longer term, The Board is aware that application for grants may vary from year to year, and Is mindful of the need to provide a secure and consistent approach over the longer term. This may entail running either a def icit or surplus in any one particular flnancial perlod, as necessary. Goln8 Concern Includln8 the Impact of Covld-19 We consider that we have adequate f inancial reserves to continue to deliver our plans, and that we have rea50nable expectation that we will have adequate resources to contlnue in operational existence for the foreseeable future and that there are no material uncertainties that call into doubt the charity's ablSity to continue. The effect of COVID-19 pandemic has been limited due to the fact that much of the administration of the Charity, including banking, can be performed remotely. The Charity's income and revenue has not been adversely affected by the pandemlc during the last twelve months. We have concluded that the golng concern ba515 remains an appropriate basis of preparation for these financial statements. Rlsk Assessment The charity has a risk reglster, where major potentlal risk factors are identif led, quantifled and assessed. Mitigation factors are also consldered. The Board regularly reviews this register to ensure it is kept up to date and relevant, Action is taken appropriately as a result of any perceived weakness All bank transfers require a minimum of two authorisations, and no cash is typically ever physically held. Statement of Trustee5' Responslbllltles. The Trustees are responsible for preparing the Trustee5' report and accounts in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities In En8land and Wales requires the Trustees to prepare accounts for each Financial year which gives a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resource5 of the Charity for that year. In preparing these accounts, the Trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. page 4
ST. STEPHEN'S HOUSE ( GIOUCESTER ROAD ) LIMITED Dirertors and Trustees, Annual Report for the year ended 31st December 2024 { Continued ) Company Registration Number- 3892644 Charity Registration Number - 1079138 make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts- and Prepare the accounts on a going concern basis unless It is inappropriate to presume that the charity will co ntinue in operation. The Trustees are responsible for keeping SLJfficient accounting records that disclose, with reasonable accuracy at any time, the financial position of the Charity and that enables them to ensure that the accounts comply with the Charities Act of 2011, the appropriate Charity Accounts and Reports Regulations and the provisions of the governing document. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. So far as the individual trustees, and all the trustees as a body are aware, there is no relevant information that they ought to have disc105ed 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 affect these financial statements. This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemptions Approval This report was approved by the Charity Trustees and Directors on and signed on their behalf by 2025 JAMES EDWR AY. Director and Trustee page 5
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. STEPHEN'S HOIJSE { GLOUCESTER ROAD ) LITrAITED REPORT ON THE FINANCIAL STATEMENTS UNQUALIFIED OPINION We have audited the financial statements of St. Stephen's House l Gloucester Road l Limited I the charitable company I I for the year ended 31, December 2024, which comprise of the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including a surnmary of significant accounting policies. The financial reporting fra mework that has been applied in their preparation is applica ble Law and United Kingdom Accounting Standards, including Financial Reporting standard 102, "The Financial Reporting Standord applicL7ble in the United Kingdom and 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 section, the financial statements . give a true and fair view of the state of the charitable company's affairs as at 31, December 2024 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 Kingdom 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 Wimbleton 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 was reported on the basis of "material valuation uncertainty in line with RICS guidance. We conducted our audit in accordance with International Standards on Auditing l UK I {ISAs IUKI and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable company in accordance INith the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical respon51bilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate 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 basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant 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 authori5ed for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. page 6
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST. STEPHEN'S HOUSE I GLOUCESTER ROAD I LIMITED ( continued ) OTHER INFORMATION The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on 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 a nd, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit orotherwise appears to be materiallv misstated. If we identify such material inconsistencies or apparent material m isstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we a re 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 statements; and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the followlng matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion adequate accounting record5 have not been kept, or returns adequate for our audit have not been received from branches not visited by u5 - or the financial statements are not in agreement with the accounting 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 audit,. or the trustees were not entitled to take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. RESPONSIBILITIES OF THE TRUSTEES FOR THE FINANCIAL STATEMENTS. As explained more fully in the Trustees, Responsibilities Statement set out on pages 4 and 5, the Trustee51 who are a150 the directors of the charitable company for the purposes of Company Law I are responsible for the preparation of the financial Statements and for being sat15fied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement. whether due to fraud or error. pa8e 7
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST. STEPHEN'S HOUSE ( C)LOUCE5TER ROAD I LIMITED ( continued ) In preparing the financial statements, the trustees are responsible for assessing the Charitable company'5 ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going co ncern basis of accounting unless the trustees eithe r intend to liquidate the Charita ble co m pa ny or to cease operations, or have no rea listic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS. Our objectives are to obta i n reasonable assurance about whether the f i na ncia I statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 misstatement when it exists. Misstatement can arise from fraud or error and are considered material if, individually or in aggregate, they could reasona bly be expected to influence the econo mic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those law5 and regulations that could be eKpected to have a material impact on the financial Statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws a nd regulations were identified as being of Significant to the charitable company:
Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, Tax and pensions legislation. It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business. Audit procedures undertaken in response to the potential risks relating to irregularities I which include fraud and non-compliance with laws and regulations) comprised of - enquiries of management and those charged with governance as to whether the charitable company complies wlth such laws and regulations; enquiries wlth the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence. review of board meeting minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period, and performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified, However the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detectin8 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. A5 explained above, there is an unavoidable risk that material mi55tatement5 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 webslte at :https'. //www.frc.org.uk/auditorresponsibilities. This description forms part of our Auditor's report. Page 8
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF 5T. STEPHEN'S HOUSE I GLOUCESTER ROAD ) LIMITED ( conlinued ) USE OF OUR REPORT This report 15 made solely to the Charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable company's members those matter5 we are 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 charitable company and the charitable company's member5 as a body, for our audit work, for this report, or for the opinions we have formed. 2025 Charles Adom 0 8asoah Senior Statutory Auditor 45, Tindale Close Sanderstead South Croydon Surrey. CR2 ORT For and on behalf of Adomako Basoah & Co. Statutory Auditors Page 9
ST. STEPHEN'S HOUSE { GLOUCESTER ROAD ) LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDEO 31, DECEMBER 2024 Company Registration number- 3892644 Note 2024 Unrestricted 2023 INCOME Unrestricted Investment income 249,920 245,339 Other Income TOTAL INCOME 325 761 331538 EXPENDITURE Expenditure on Raisin8 Funds Expenditure on Charitable Activities 104,454 130 720 235 174 116,955 215 746 332 701 4.2.3 TOTAL RESOURCES USED 90,587 (1,163) NET INCOME FOR THE YEAR Before investment Revaluation Gain Net Investment Revaluation l Deficit1/ Gain 135,754 97,601 NET INCOME RECONCILIATION OF FUNDS: BALANCE BROUGHT FORWARD 5 659 739 5 562 138 BALANCE CARRIED FORWARD 5 795 493 5 659 739 There are no further recognised gains other than the surplus for the above financial year. The notes on pages 12 to 20 the financial statements form an integral part of these financial statements. page 10
ST. STEPHEN'S HOUSE { GLOUCESTER ROAD ) LIMITED BALANCE SHEET AS AT 31, DECEMBER 2024 Note FIXED ASSETS 2024 unrestrictad 2023 unrestricted Investments 5,529,926 5,484.759 Total Fixed Assets CURRENT ASSETS Debtors Bank and cash balances 5,529,926 5,484,759 20,382 279 719 34,633 161 Q86 300,101 CREDITORS: Amounts falllng due wlthin one year 195,719 10 TOTAL NET CURRENT ASSETS 265 567 174 980 TOTAL ASSETS LESS CURRENT LIABILITIES AND TOTAL ASSETS 579549 5 659 739 FUNDS Unrestricted Funds AND Total Fi Unrestricted Funds 5,795,493 5,659,739 11 TOTAL FUNDS 5 795 493 5 659 739 The notes on pages 12 to 20 the financial statements form an integral part of these financial statements. Approved by the Directors and Trustees on . and signed on their behalf by 2025 JAMES ÉDWARD DAY Director/ Trustee ROGER MART NHO PREECE Director / Trustee Company Registration number- 3892644 The Company 15 a private company limited by guarantee, registered in England and Wales. page 11
ST. STEPHEN'S HOUSE I GLOUCESTER ROAD I LIMITEO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. BASIS OF ACCOUNTING 1.1 The financial statement have been prepared under the historic cost convention with items recognised at cost or transaction va lue unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice .' Accounting and Reporting by Charities, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 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 accounts, and in accordance with the governing document ofthe 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 Recognltlon of Income Income are recognised a nd included in the Statement of Fina ncial Activities I SOFA I when:
The Company becomes entitled to the resource5,' It 15 more likely than not that the trustees will rece ive the resource , and The monetary value can be measured with sufficient reliability. 2.1.1 Rent Rent from the Company's investment property is recognised in the SOFA on the basis of the rent receivable as per the rental a8reement, 2.1.2 Service Charge Income Service Charge income is recognised in the SOFA when the service charge accounts which form the basis of the service charge income have been certified and approved by the Directorsnrustees. 2.2 Offsetting There has been no offsetting of assets and liabilities, or Inco me and expenses, unless required or permitted by the FRS 102 SORP or FRS 102 2.3 Grants and Donations Grants and Donations are only included in the SOFA when the general income recognition criteria as stated above are met. 2.4 Volunteer Help The value of any voluntary help received is not included in the accounts. 2.5 Settlement of Insurance Clalms Insurance claims are only included in the SOFA when the general income recognition criteria are met, and are included as an item of other income in the SOFA. 2.6 Income from Interest, Royalties and Dividends This is included in the accounts when receipt is probable and the amount receivable can be measured reliably. 2.7 Investment gains and105ses This includes any realised or unrealised gains or losses on the sale of investments a nd any gain or Ioss resulting from reva luing investments to market value at the end of the financial yea r. page 12
ST. STEPHEN'S HOUSE { GLOUCESTER ROAD ) UMITED NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31. DECEMBER 2024 APPLICATION OF RESOURCES. I continued I 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 ofthe obligation can be measured with reasonable certaintv. 2.9 Grants Payable. Grants and donations are accounted for when paid. FIXED ASSETS. 2.10 Long Leasehold land and buildings Long Leasehold land and buildings are accounted for at original Cost or subsequent valuation basis. Tangible Flxed Assets These are office equipments Used by the company and accounted for at original cost or Subsequent valuation basis. Fixed Asset Investment This is the property Sltuated at 48-50, Emperors Gate, South Kensington, London SW7 4HJ managed by the company with the view to generate Income. It also includes the long term investment held with the CCLA Investment Management Limited. The Long Leasehold land and building mentioned above is shown in these accounts at valuation. 2,11 CAPITALISATION All land a nd building costs and other fixed assets in excess of £1,000 in the year concerned are capitali5ed. Otherwise such cost5 are written off in the year of the expenditure. 2.12 DEPRECIATION. Depreciable Long Leasehold building values a re depreciated at a rate calculated to write off the cost, less residual value over their expected useful lives. No Depreciation is provided on Long Leasehold land. No Depreciation 15 provided on Investment properties OTHER ACCOUNTING POLICIES 2.13 Funds Unrestricted funds represent funds which are expendable at the discretion of the company in the furtherance of its objects and which have not been designated 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 Going Concern At the time of approving the financial statements, the trustees have a reasonable expectation that the Company ha5 adequate resources to continue in operational existence for the foreseeable future. Thus the trustees have therefore continued to adopt the going concern basis in preparing the Company's financial statements. page 13
ST. STEPHEN'S HOUSE I GLOUCESTER ROAD I LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2024 I continued I 2.15 Taxation In the opinion of the trustees, the Company is exempt from the United Kingdom Taxation on its incoming resources for the yea r. 2.16 Accounting estimates and ludgements In the application of the Company's accounting policies, the trustees are required to make judgefflents, estimates, and assumptions about carrying amount of a55ets and liabilities that are not readily apparent from other resources. The estimates and associated assum ptions are based on historic experience and othe r factors that a re considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing ba515. Revisions to accounting esti mates a re recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affect5 both current and future periods. The most significant estimates and assumptions which affect the carrying amount of assets and liabilities in these accounts relate to Useful Economic Lives and Revaluation of Fixed Asset Investments. 2.17 Expertditure Apportloned Between Activities. Governance and Other Costs are apportioned between Activities { Charitable and Expenditure to raise funds l on the basls 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 { GLOUCESTER ROAD ) UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EhlDED 31. DECEMBER 2024 I continued I 3 INCOMING RESOURCES Unrestricted Funds Unrestricted Funds 3.1 Investment income Rental Income Bank Interest Received 245,000 4,920 245,000 339 249,920 245,339 3.2 Other Income Service Charges 75,841 86,199 4 RESOURCES EXPENDED 4.1 EXPENDITURE ON RAISING FUNDS DIRECT SPENDING Properties Repairs and Maintenance Property Insurance Property Light and Heat Property Cleaning Accountancy charges 39,653 17,499 24,693 8,350 1,000 91,195 51,513 18,177 28,035 7,930 1,000 106,655 4.1.2 GOVERANCE COSTS Management Fees Accountancy Charge5 Audit Faes Bank Charges Ground Rent Sundries 9,771 1,732 1,555 33 111 57 13,259 7,734 1,301 1,230 26 10,300 4.1.3 SUMMARY OF EXPENDITURE ON RAISING FUNDS Direct Spending 91,195 106,655 Support for cha rita ble activities 13,259 10,300 104,454 116,955 4.2 EXPENDITURE ON CHARITABLE ACTIVITIES 4.2.1 DIRECT SPENDING Grants and Donations 114 126 196 746 page 15
ST. STEPHEN'S HOUSE ( GLOUCESTER ROAD ) UMITED NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2024 { continued I Unrestricted Funds Unrestricted Funds 4.2.2 SUPPORT FOR CHARITABLE ACTIVITIES 4.2.2.2 Governance costs Management Fees Audit Fees Accountancy Fees Bank Charges Olhers 12,229 2,168 1,945 41 72 14,266 2,270 2,399 48 17 4.2.3 SUMMARY OF EXPENDITURE ON CHARITABLE ACTIVITIES Direct Spending 114,126 196,746 Support for cha ritable activities Governance 130 581 5 REVALUATION GAINS 5.1 Material Investment Holdings 6. GRANTS 6,1 ANALYSIS OF GRANTS PAID I Included in the cost of Charitable Activities I ANALYSIS grants to institutions grants to individuals Total Support General Support 114 126 114 126 6.2 GRANTS MADE TO INSTITUTIONS NAME OF INSTITUTION PURPOSE St. Stephen's Church In support of the church's mission and charitable activities. page 16
ST. STEPHEN'S HOUSE ( GLOUCESTER ROAD ) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2024 { continued I 7. FIXED ASSETS 7.1 FIXED ASSETS INVESTMENTS COST OR VALUATION Land and Buildings Material Investment Holdings TOTAL Balance as al 1 January 2024 4,600,000 884,759 5.484,759 Revaluation Surplus Balance as at 31, December 2024 4 600 000 929 926 5 529 926 The Long Leasehold property is Sltuated at 48-50. Emperor's Gate, South Kensington, London SW7 4HJ. The Company holds a 999 years lease { from 31, December 1999) 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 { FRICS I 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 was reported on the basis of materia I valuation uncertainty in line with RICS guidance. 7.2 INCOME FROM MATERIAL INVESTMENT HOLDINGS Market value at 31112/2023 Income for the year. Investment Property 4,600,000 Material Investment Holdings 884 759 TOTAL 5 484 759 The company holds "CBF Church of England Investment Fund - Accumulatlon Shares" The trustees have advised that When the company invested in the CCLA, it had the option to purchase either "accumulation 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 245,000 245 000 Investment held { units I Market Value per share at 31, December 2024. 2024 unrestricted 14 816.65 6 276.22 ence 2023 unrestricted 8. DEBTORS Prepayments Service Charge Debtor 20,382 13,479 page 17
ST. STEPHEN'S HOUSE I GLOUCESTER ROAD ) LIMITEO NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31. DECEMBER 2024 I continued ) 9. BANK AND CASH BALANCES 2023 unrestricted 2023 unrestricted CBF Deposlt CAF Current Account 104,639 175 080 loo,000 279 719 Cash and cash equivalent includes cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank Overdrafts are shown within borrowings in current liabilities. 10. CREDITORS: Amounts falling due withln one year 2024 Unrestricted 161086 2023 Unrestricted VAT Liability Service Charge Creditor Sundry Creditors and Accruals 14,284 10,259 7,822 11 FUNDS UNRESTRICTED FUNDS 2024 2023 Balance Brought Forward 5,659,739 Incoming Resources 325,761 Resources Expended -235,174 Net Gain/ (Deficit) on Investments Revaluation 5,562,138 331,538 -332,701 Balance Carried Forward 5 795 493 Unrestricted funds represent funds which are expendable at the discretion of the Company in the furtherance of its objects and which have not been designated for other purposes. 12 OETAILS OF CERTAIN ITEMS OF EXPENDITURE 2024 5 659 739 2023 Audit Fees 13 PAID EMPLOYEES There were no employees during the year (2023- Nil ) 14. POST BALANCE SHEET EVENTS The Trustees and Director5 are not aware of any post balance sheet event which could materially affect these financial statements. page 18
ST. STEPHEN'S HOUSE ( GLOUCESTER ROAD ) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECE I continued I IS. RELATED PARTY TRANSACTIONS The trustees confirm that there were no related party transactions during the year. 16. RESERVE POLICY The Trustees endeavour to maintain sufficient Reserves to ensure that the Charity is on a going concern" basis at all times. Our reserves policy is to ensure sufficlent resources to provide a sustainable platform for future charltable grants over the longer term, as well as maintain its physical assets in good condition over the longer term. The Board 15 aware that application for grants may vary from year to year, and is mindful of the need to provide a secure and consistent approach over the longer term. This may entail running either a deficit or surplus in any one particular financial period, as necessary. 17 VOLUNTEER CONTRIBUTION The charity is reliant on volunteers who contribute their skills, time, money and their resources in the furtherance of the work of the company. Principally, this contribution may be made by serving on committees of the Company that deal with finance, policy, grants, developments etc, or otherwise, and as appropriate, all as agreed by the Board. The contribution of volunteers is not included within the income of the Company. The trustees are grateful to all of them for their help and commitment. 18. 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 charity's debts and liabilities contracted before he or she ceases to be a member, and of the costs, charges and expenses of windlng up, and for the adjustment of the rights of the contributorie5 among themselves. 19. FINANCIAL INSTRUMENTS All the Charity'5 financial instruments qualify as basic financial instruments in accordance with section 11 of FRS 102 and are recognised on the following ba51S i) Cash and cash equivalent represent bank balances and deposits held in Sterling ill Investments are measured at ma rket value at the balance Sheet date iiil Debtor5 are measured at the transaction price less any provision for doubtful debts iv) Creditors are measu red at the transaction price. page 19
ST. STEPHEN'S HOUSE I GLOUCESTER ROAD ) LIMITED NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31. DECEMBER 2024 I continued I 20. APPORTIONMENT OF SUPPORT COSTS AMONGST ACTIVITIES. Charitable Expenditure Activities o raise funds Charitable Activities Expenditure to raise funds GOVERNANCE Audit 1,945 1,555 2,270 1,230 Accountancy 2,168 1,732 2,399 1,301 Management Fees 12,229 9,771 14,266 7,734 Bank charges 41 33 48 26 Ground Rent 139 iii Others 72 57 17 Governance and Other Costs are apportioned between Activities I Charitable and Expenditure to raise funds l on the basis of each activity's direct cost5 in the year in relation to each other. This policy excludes any exceptional and non-recurring items. page 20