ST. STEPHEN'S HOUSE ( GLOUCESTER ROAD ) LIMITED COMPANY LIMITED BY GUARANTEE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2025 Company Registratlon Number- 3892644 Charlty Re8iStration Number- 1079138
ST. STEPHEN'S HOUSE I GLOUCESTER ROAD ) UMITED COMPANY LIMrrED BY GUARANTEE Company Re8i5tration Number- 3892644 Charity Reglstratlon Number- 1079138 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2025 CONTENTS PAGE Company Information Trustees ond Directors Report Audltor's Report Statement of Financlal Actlvltles io Balance Sheet li Notes to the Financial Statements 12- 21
ST. STEPHEN'S HOUSE { GLOUCESTER ROAD ) LIMITED COMPANY LIMITED BY GUARANTEE Company Registration Number- 3892644 Charity Registration Nurnber - 1079138 COMPANY INFORMATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2025 REGISTERED OFFICE St Stephen's Vestry St. Stephen's Church Gloucester Road Southwell Gardens London. SW7 4RL TRUSTEES AND DIRECTORS Roger Martln Howell Preece James Edward Dav Erlc Fripp l appolnted 21101120251 Zarina Membery (Retlred 17, June 2025) Jack Ralph Hodsoll James Alexander Fox SECRETARY Roger Martin Howell Preece Mark Hod8in CAF BANK LIMITED GENERAL MANAGER BANKERS 25, Kings Hill Avenue Kin8s Hill West Mailing KENT ME19 4JQ Kojo & Co Llmited 118-120, London Road Mitcham ACCOUNTANTS Surrey. CR4 3LB Adomako Basoah & Co. AUDITORS Chartered Certified Accountants Reglstered Auditors 45. Tindale Close Sanderstead South Croydon Surrey. CR2 ORT page I
ST. STEPHEN'S HOUSE ( GLOUCESTER ROAD ) LIMITED Dirertors and Trustees. Annual Report for the year ended 31st December 2025 Company Registration Number- 3892644 Charity Registration Number- 1079138 The Trustees who are also the Directors of the charity present their annual report together wlth the audited financial statements for the year ended 31, December 2025 BASIS OF ACCOUNTS PREPARATION The financial statement have been prepared under the historic cost convention with Items recognised at C05t 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 fieportin8 Standard applicable in the Unlted Kingdom and Republic of Ireland l FRS 1021 and the Companies Act 2006. Second Edition, effectlve from I, January 2019. The flnonclal statements have been prepared In accordonce with the accountlng puIILi¥s sel uul iii NuLe 2 lu LIIEse dLLuuiIIs, ¢iiid iii accordaiice wilh tlie goveriiiiig document of the Company GOVERNING DOCUMENT AND OBJECTIVE The governing document of the Charitable company is its Memorandum and Artlcles of A550ciation. The purpose of the Charltable 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 vlcar and parochlal church council to achleve Its objectives. In striving to achieve its objective5, the Trustees always glve careful consideration to the Charity Commlsslon's general guidance on public beneflt. The trustees confirm that the Charitable company Is a publlc beneflt entity as defined by FRS 102. FUNCTION5 OF THE CHARITY The main function of the charitable company is to provide a church hall and a150 make regular and ad hoc grants at the discretion of the Board to St. Stephen's Church, Gloucester Road, London 5W7 4RL. STRucfuRE, GOVERNANCE AND MANAGEMENT The charitable company is managed and governed through Its Board of Dlrectors who are also Trustee5 of the charitable company. The Board meets a minimum of three time5 a year, includlng at least one meetin8 to appoint it5 chairman and Directors. Much of the day to day admini5tratlon and book-keeping functions of the Charitable company are delegated to third party providers, as required. The Charitable company itself ha5 no employees. The Directors who are a150 Trustee5 receive no salary nor any other fee5 or remuneration for their work. Expenses may be reimbursed however. TRuEE$ The Trustees of the Charity are elected at the Annual General Meeting, and earh Trustee retires after a term, usually no longer than three years after which they may stand for re-election if they W15h to continue to serve. The board attempts to have a broad base of experience and diversitv appropriate to a charity of its size and functlon- and it has an open and inclusive recruitment policy. page 2
ST. STEPHEN'S HOUSE { GLOUCESTER ROAD I LIMITED Dirertors and Trustees, Annual Report for the year ended 31st December 2025 I Contlnued ) Company Re8lStration 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 (retired 17th June 20251 James Alexander Fox Jack Ralph Hodsoll Eric William Burtin Fripp lappoinled 21st January 20251 REVIEW OF AcfiviTIES ANO ACHIEVEMENTS DURING THE YEAR The Charitable company made grant5 during the year of £117,000 12024 - £114,126) to St, Stephen's church. The total 8rants of £117,00012024 support grants - £105,OW I were all Support 8rants wherea5 the £114,126 grant5 in 2024 included £9,126 of other grants. In previous years the Company has helped to facilltate a new programme of major refurblshment and development at the church, IncludinB a new lighting and sound system, and durin8 the current year has provided further SUPPOrt, working closely wlth the Vlcar and Parochial Church Council. The support Grant has allowed the church to expand Its own charitable purposes and role in the locallty. The Charity's property situated at 48-50, Emperor's Gate was profe551onally revalued durin8 the year at £4,160,000. The revaluation of the property shows a decreased in value of £440,000 compared to the previous year. 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 to last a number of years. The Company Is committed to providing resources and asslstance here In addltlon to other activitie5 already Supported, subject to availability of funds. The Trustees are oware that there will be further work I notably on some of the church fabric I that will require further support over the comin8 years. FINANCIAL REVIEW The Charitable company made a net income of £77,367 12024- £90,587) before net Investment revaluation deficlt of £10,85512024- gain £45.1671, prior-year adJustment of £400,000 I deficit l and revaluatlon loss of E40,00012024- £0 l in the year under conslderation. The prior-year adjustment, and the revaluation loss arose from the revaluation of the property situated at 48-50 Emperor's Gate The balance on the unrestricted funds at 31 December 2025 was £5,422,00512024- £5,795,493). This includes the value of the Fixed Assets of £5,063,87112024- £5,529,926) thereby leaving o net liquid balance of £358,13412024- £265,817) for the general running of the Charitv. The Board considers this is adequate to fulfil the charitable company's objectives. page 3
ST. STEPHEN'S HOUSE ( GLOUCESTER ROAD I LIMITED Dlrertors and Trustee5' Annual Report for the year ended 31st December 2025 ( Continued ) Company Registration Number- 3892644 Charity Reglstratlon Number- 1079138 INVESTMENT POLICY It Is the policy of the Charitable company to consider the suitability of all its investments in terms of soclal, ethical, and environmental impact, and always 5trive5 to adhere to standards of best practice in these areas and selects its investment managers accordingly. Resem Policy The Trustees endeavour to molntaln sufnclent Reserves to ensure that the Charitable companyls on a "Boing concern" basis at all times. The Charity'5 General Fund (Unrestricted fund) balance at the end of the year was £5,422,005 12024- £5,795,493). The value of the Charity's fixed assets I both tangible fixed assets and flxed assets investments) included in the general fund figure of £5,422,005 Is £5,063.871 thereby leaving a net Ilquld balance of £358,134 for the general running of the companv. Our re5eryes policy is to ensure available sufficient resources to provide a su5talnable platform for future charitable grants over the longer term, as well as maintaln Its physical assets in good condltion 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 aftd consistent approach over the longer term. Th15 may entail runnin8 either a deficit or surplu5 in any one particular financial period, as necessary. Golns Concern We consider that we have adequate financial reserves to continue to deliver our plans, and that we have reasonable expectation that we will have adequate resources to continue in operatlonal existence for the foreseeable future and that there are no material uncertaintie5 that call into doubt the charity's abllity to continue. We have concluded that the golng concern basls remalns an approprlate basis for the preparatlon of these financial slatements. Rlsk Assessment The charlty has a risk register, where major potential rlsk factors are Identified, quantlfSed and a55essed. Mitigation factors are a150 considered. The Board regularly reviews this register to ensure it is kept up to date and relevant. Actlon Is taken appropriately as a result of any perceived weakness . All bank transfers requlre a minimum of two authorisations, and no cash is typically ever physically held. Stitement of TNstees' Responsibilities. The Trustee5 are responsible for preparlng the Trustee5' report and account5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountin8 Practice). The law applicable to charitie5 in England and Wales requires the Trustees to prepare accounts for each Financial year which give5 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 preparin8 these account5, the Tru5tee5 are required to- select sultable accountinB policies and then apply them con515tentlv. 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 2025 ( Continued } Company Registration Number - 3892644 Charity Re8lStration Number - 1079138 make judgements and estimates that are reasonable and prudent. state whether appllcable accounting standard5 have been followed. subject to any materlal departures di5c105ed and explained in the accounls. and Prepare the accounts on a golng concern basis unless it is inappropriate to presume that the charity wlll continue in operation. The Trustees are responsible for keeplng sufficlent accountinB 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 Charltles Act of 2011, the approprlate Charity Accounts and Reports Regulatlolls and the provi51on5 of the governing document. They are also responsible for safeguardin8 the assets of the Charity and hence for taking reasonable 5tep5 for the prevention and detection of fraud and other irre8ularities. So far as the indlvidual trustees, and all the trustees as a body are aware, there is no relevant information that they ou8ht to have disclosed to the Charlty Audltors that they have not done and they further believe that o115teps have been taken that OU8ht to have been taken to make the Auditor5 aware of any such relevant information. Post Balance Sheet Events The Tru5tee5 and Dlrectors are not aware of any p05t balance sheet events whlch could materlally affect these financial statements. Thls report has been prepared in accordance wlth the provisions applicable to companies entitled to the Small companies exemption5 Approval This report was approved by the Charlty Trustees and Directors on and signed on their behalf by - 2026 IAMES EDW AY. Director and Trustee page 5
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. STEPHEN'S HOUSE { GLOUCESTER ROAD I LIMITED UNQUALIFIED OPINION We have audited the flnanclal statements of St. Stephen'5 House l Gloucester Road l Limited I the "charitable company" I I for the year ended 31, December 2025, which comprise of the Statement of Financial Activities, the Balance Sheet, and note5 to the flnancial statements, Includin8 a summary of significant accounting policies. The flnanclal reporting framework that has been applied in their preparation is applicable Law and Unlted Kingdom Accounting Standards, including Financial Reporting standard 102, "The Finonciol Reporting Standard applicoble in the United Kingdom ond the Republic of Irelond" l United Kingdom Generally Accepted Accounting Practice) In our opinion the financial Statements Ive a true and fair view of the state of the charitable company's affalr5 as at 31, Oecernber 2025 and of its incoming resource5 and application of resources. Includlng Its Income and expendlture, for the year then ended; have been properly prepared in accordance wlth Unlted Kln8dom Generally Accepted Accountin8 Practice,. and have been prepared in accordance wlth the requlrements of the Companies Act 2006, BASIS FOR OPINION We conducted our audit In accordance with International Standards on Auditing l UK I IISA5 IUKI and applicable law. Our responsibilities under those standards are further described In the Auditor's responsibilities for the audit of the financial statement5 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 financlal statements in the UK, includin8 the FRC'S Ethlcal Standard. and we have fulfilled our other ethical respon5ibilitie5 in accordance wlth these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide basis for our unqualified opinion. CONCLUSIONS RELATING TO GOING CONCERN In audltlng the financial statements, we have concluded that the trustees, use of the 8oln8 concern basls of accountlng In the preparatlon of the financial statements is appropriate. 8ased on the work we have performed, we have not identifled any material uncertalntles relatln8 to events or condStlons that, individually or collectively. may cast slgnlficant doubt on the entity's ability to continue a5 a going concern for a perlod of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. OTHER INFORMAnoN 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 rbot express any form of assurance page 6
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST. STEPHEN'S HOUSE I GLOUCESTER ROAD ) LIMITED { continued ) conclu51on thereon. Our responsibility is to read the other Information and, in doing so. consider whether the other informatlon Is materially inconsistent with the financial statements or our knowledge obtained In the tour5e of the audit or otherwise appears to be materiallv misstated. If we Identify such material inconsistencies or apparent material misstatements. 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 material misstatement of this other information, we are required io report that fact. We have nothin8 to pOrt in this regard. OPINIONS ON OTHER MArrERS PRESCRIBED BY THE COMPANIES Acr 2006 In our opinion . based on the work undertaken in the course of the audlt '.
the information 8lven in the trustees, report, whlch includes the dlrectors, report prepared for company law purpose5, for the fln3nclal year for which the financlal statements are prepared 15 consistent with the financlal statements: and the dlrectors, 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 Ilght of the knowledge and understanding of the charitable company and its environment obtalned 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 followin8 matters in relation to which the Companles Act 2006 requires u5 to report to you if, in our oplnion . adequate accountin8 records have not been kept, or returns adequate for our audlt have not been received from branches not visited by us , or the financial statements are not in agreement with the accountlng records and returns,. or .> certain disc105ure5 of trustees, remuneratlon specified by law are not made,. or We have not recelved all the Informatlon and explanations we requlred for our audlt: or the trustees were not entltled to take advantage of the small companies, exemptlons In preparlng the trustees, report and from the requlrement 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 pa8es 4 and 5, the Trustees I who are also 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 5atlsfied 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. In preparing the financial statements. the trustees are responsible for assessing the Charitable company's èbility to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accountlfl8 unless the tru5tee5 either intend to liquidate the Charitable company or to cease operation5, or hove no realistic alternative but to do 50. page 7
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST. STEPHEN'S HOUSE { GLOUCESTER ROAD ) LIMITED I continu8d I AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS. Our objectives are to obtain reasonable assurance about whether the financial 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 15 a high level of assurance, but is not a guarantee that an audit conducted in accordance with 1SAs I UK I will alway5 detect a material misstatement when it exists. Mlsstatements can arise from fraud or error and are Considered material if, individually or in aggregate, they could reasonably be expected to influence the economic declsions of users taken on the basis of these financlal statements. The extent to which our procedures are capable of detectlng irre8ularities, including fraud is detailed below.. Discussions were held with, and enquiries made of, management and those charged with governance with o view to identifying those laws and regulations that could be expected to have material impact on the financial statements. During the engagement team briefin8, the outcomes of these dlscusslons and enqulrles were shared with the te41rri, 445 well d5 LU115iJeidliuii as to where and how fraud may occur In the entity. The followin8 laws and regulations were Identified as being of significant to the charitable company..
Those law5 and re8ulations consldered to have a direct effect on the financial statements including UK financlal reporting standards, Company Law, Tax and pensions leglslation, It is considered that the are no laws and regulatlons for whlch non-compliance may be fundamental to the operatlng aspects of the buslness. Audit procedures undertaken In response to the potentlal risks relating to Irregularities I whlch Include fraud and non-compliance with laws and regulations) comprlsed of .' enquiries of management and those charged wlth governance as to whether the charitable company complies with such law5 and regulations; enquiries with the same concerning any actual or potential litigation or claim5,. Sn5pectlon of relevant legal correspondence,. review of board meeting mlnutes; testing the appropriateness of entries in the nominal ledger, Including journal entrle5' revlewing tran5action5 around the end of the reporting perlod, ond performance of analyrical procedures to Identify unexpected movements In account balances which may be indicative of fraud. No instances of material non-compliance were Identlfied. However the likellhood of detecting irre8ularitle5, includin8 fraud, is limited by the inherent difficulty in detectlng IrreBularities, the effectiveness of the entity'5 coritrols, and the nature, timing and extent of the audit procedures performed. Irre8ularities that result from fraud might be inherently more difficult to detect than irregvlarities that result from error. As explained above. there 15 an unavoidable risk that material mlsstatements may not be detected, even thou8h 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'. //www.frc.org.uk/auditorre5pon5ibilitie5. This description forms part of our Auditor's report. Page 8
INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF ST. STEPHEN'S HOUSE ( GLOUCESTER ROAD ) LIMITED ( Continued ) USE OF OUR REPORT This report is made solely to the Charitable company's members, as a body, in accordance with Chapter 3 of Part 16 ofthe CompaniesAct 2006. Our audit work has been undertaken so that we might State to the Charitable company's members those matters 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 ihe charitable company and the charitable company's members as a body. for our audit work, for this repor or for the opinlons we have formed. It> . 2026 Charles Ado ko Ba50ah Senlor Statutory Audltor 45, Tindale Close Sanderstead South Croydon Surrey. CR2 ORT For and on behalfof Adomako Basoah & Co. Statutory Audltors Pa8e 9
ST. STEPHEN'S HOUSE ( GLOUCESTER ROAD ) LIMITED STATEMENT OF FINANCIAL AcfiviTIES INCORPORATING INCOME AND EXPENDITLIRE ACCOLINT FOR THE YEAR ENDED 31. DECEMBER 2025 Company Re8lStration number- 3892644 Note 2025 Unrestricted Unrestricted 2024 INCOME Investment income 253,032 249,920 Other Income TOTAL INCOME 321018 325 761 EXPENDITURF Expenditure on Raisin8 Fund5 Expenditure on Charitable Activltles Other 91,851 136,600 104,454 130.720 4.2.3 TOTAL RESOURCES USED 243 651 235 174 NET INCOME FOR THE YEAR Before Revaluatlons, 77,367 90,587 Losses on revaluation of fixed Assets for the charitV'5 own use -60,000 Galn on Investment a55ets 20,000 Net investment Revaluation {lossl I galn NET INCOME RECONCILIATION OF FUNDS: 26,512 135.754 BALANCE BROUGHT FORWARD 5 795 493 659 739 BALANCE CARRIED FORWARD 5 822 005 5 795 493 All activities are derive(I from continulng operations Theie are no further recognised gains other than the income for the above financial years, The notes to the financial statements form an integral part of these financial statements. page 10
ST. STEPHEN'S HOUSE ( GLOUCESTER ROAD } LIMITED BALANCE SHEET ASAT31, DECEMBER 2025 Note FIXED ASSETS 2,025 unrestrlcted 2,024 unrestricted Tanglble Fixed Assets 1,104,800 Fixed Assets Investments 3,959,D71 5,529,926 Total Flxed Asset$ 5,063.871 5,529,926 CURRENT ASSETS Debtors Bank and cash balances 12,144 385 956 20,382 279 719 398,100 300,101 CREDITORS.. Amounts fallln8 due wlthln one year io TOTAL NET CURRENT ASSETS 358 134 26 TOTAL ASSET5 LESS CURRENT LIABILITIES AND TOTAL ASSETS FUNDS Unrestrlcted Funds li 5 422 005 5 795 493 TOTAL FUNDS 5 422 005 The notes to the financial statements form an Integral part of these financial statements. Approved by the Directors and Trustees on and signed on eir behalf by . 2026 JAMES EDWARD Director / Trustee ROGER MA N HOWELL PREECE Director / Trustee Company ReEistratlon number- 3892644 The Company is a private company limited by Buarantee, registered in England and Wale5. page 11
ST. STEPHEN'S HOUSE { GLOUCESTER ROAD ) LIMITED NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2025 I. BASIS OF ACCOUNTING 1.1 The financial statement have been prepared under the historlc cost convention with item5 recognised at cost or transaction value 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 IFRS 1021 and the Companies Act 2006, Second Edition, effective from I, January 2019. The financial statements have been prepared In accordance wlth the accounting ptslicies set out in Note 2 to these accounts, and In occordance 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 RE50URCE5 2.1 Recognltlon of Income Income are reco8nised and included in the Statement of Financlal Activlties I SOFA I wh¢n'.
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 sufficlent reliability. 2.1.1 Rent Rent from the Company's investment property Is reco8nlsed In the SOFA on the basis of the rent receivable a5 per the rental agreements. 2.1.Z Servlce Char8e Income Service Charge income is recognlsed In the SOFA when the service charge account which form5 the basis of the service charge Income has been certified and approved by the Oirectorsnrustees. 2.2 Offsett5ni There has been no offsetting of assets and Ilabllities, or Income and expenses. unless required or permltted by the FRS 102 SORP or FRS 102 2.3 Grants and Donatlons Grants and Donations are only Included in the SOFA when the general Income recognitlon 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 05 an item of other Income in the SOFA. 2.6 Inrome from Interest, Royaltles and Dividends This 15 included in the accounts when receipt is probable and the amount receivable can be measured reliably. 2.7 Investment gains and losses Thi5 include5 any realised or unrealised gains or105ses on the Sale of investments and any gain or1055 resultinE from revaluing investment5 to market value at the end of the financial year. page 12
5T. STEPHEhl'S HOUSE I GLOUCESTER ROAD ) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2025 I continued I APPLICATION OF RESOURCES. 2.8 Liability Recognltlon Liabilities are reco8nised 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 obli8ation can be measured wlth rea50nable certainty- 2.9 Grants Payable. Grant5 and donations are accounted for when paid. FIXED ASSETS. 2.10 Lon8 Leasehold land and bulldlngs Long Leasehold land and buildings are accounted for at orlglnal Cost or subsequent valuation basls. Tangible Fixed A55et5 These are the Company's flat and the Church Hall, ond are accounted ft>r at orlglnal c05t or subsequent valuatlon ba515. Fixed Asset Investment This is the property situated at 48-50, Emperors Gate, South Kensington. London SW7 4HJ mana8ed by the company with the view to 8enerate Income. It also includes the long term investment held with the CCLA Investment Management Llmlted. The Lon8 Leasehold land and building mentioned above is shown in these accounts at ori8lnal c05t or subsequent valuation. 2.11 CAPITALISATION All land and building costs and other fixed assets In excess of £1,000 In the year concerned are capltallsed. Otherwise such costs are written off In the year of the expenditure. 2.12 DEPRECIATION. Depreclable Lon8 Leasehold bulldlng values are depreclated at a rate calculated to write off the cost, less residual value over their expected useful lives. No Depreciation Is provlded on Long Leasehold land. No Depreciation is provided on Investment properties Tangible Leasehold buildin85 are depreciated at 2.5% on Straight Line basis. OTHER ACCOUNTING POLICIES 2.13 Funds Unrestricted fund5 represent funds 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 Going Concern At the time of approving the financial statements, the trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thu5 the trustees have therefore continued to adopt the going concern basis in preparing the Company'5 financial statements. page 13
ST. STEPHEN'S HOUSE I GLOUCESTER ROAD I LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31, DECEMBER 2025 I continued I 2.15 Taxatlon In the opinion of the trustees, the Company is exempt from the United Kingdom Taxation on its incomirbg re50Lbrtes for the year. 2.16 Accountln8 estlmates and judgements In the application of the Company's accounting pollcles, rhe trustees are requlred to make jud8ement5, estimates, and a55umption5 about carrying amount of assets and liabilities that are not readily apparent from other resources. The estimates and a550ciated a55umption5 are based on historic experience and other factors that are considered to be relevarst. Artual re5uIt5 may differ from these estimate5. The estimates and underlyin8 assumptions are reviewed on an on80in8 basis. Revision5 to accounting estimates are reco8nised in the period in which the estimate is revised where the revision affects only that perlod, or in the period of the revision and future periods where the revision affects both current and future periods. The most 518nlflcanr e5tlmote5 and as5umptlons whlch affect the carryln8 amount of assets and liabilities in these accounts relate to Useful Economlc Llve and Revaluatlon of the property sltuated at 48-50 Emperor's Gate, South Kensington, London SW7 4HJ. 2.17 Expenditure Apportioned Between Artivities. Governance and Other Costs are apportioned between Activltles I Charltable and Expenditure to raise funds l on the basis of each activity's direct cost5 in the year in lation to each other. This pollcy excludes any exceptlonal and non-recurring Items. page 14
5T. STEPHEN'S HOUSE I GLOUCESTER ROAD ) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2025 I continued I 3 INCOMING RESOURCES 2025 Unrestricted Funds 2024 Unrestricted Funds 3.1 Investment Income Rental Income Bank Interest Recelved 245,000 8,032 245,0 4,920 253,032 249,920 3.2 Other Income Service Char8es 67,986 75,841 4 RESOURCES EXPENDED 4.1 EXPENDITURE ON RAISING FUNDS 4.1.1 DIRECT SPENDING Properties Repairs and Maintenance Property Insurance Property Light and Heat Property Cleanin8 Other Property Expenses Accountancy charges 32,749 15.619 18,484 ,425 2.995 1,200 79,472 39,653 17,499 24,693 8,350 1,000 91,195 4.1.2 GOVERNANCE COSTS Mana8ement Fees Accountancy Charges Audit Fees Bank Charges Sundries 8,845 1,628 1,548 38 320 12,379 9,771 1,732 1,555 33 168 13,259 4.1.3 SUMMARY OF EXPENDITURE ON RAISING FUNDS Direct 5pendin8 79,472 91,195 Support for charitable actlvltles 12,379 13,259 91,851 104,454 4.2 EXPENDITURE ON CHARITABLE AcfiviTIES 2.1 DIRECT SPENDING Repairs and Maintenance Grant5 and Donations 1,188 117 000 118 188 114 126 page 15
ST. STEPHEN'S HOUSE { GLOUCESTER ROAD I LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2Q25 I continued I 2025 Unrestricted Funds 2024 Unrestrirted Funds 4.2.2 SUPPORT FOR CHARITA8LE ACTIVITIES 4.2.2. Governance c05tS Management Fees Audit Fees Accountancy Fees Bank Charges Others 13.155 2,422 2,302 57 476 12,229 2,168 1,945 41 72 4.2.3 SUMMARY OF EXPENDITURE ON CHARITA8LE ACTIVITIES Dlrect Spending 118,188 114,126 Support for charitable activities Governance 45 130 581 4.3 OTHERS Depreclatlon 5 REVALUATION IDEFICITI /GAINS 5.1 Materlèl Investment Holdings 6. GRANTS 6.1 ANALYSIS OF GRANT5 PAID I Included In the cost of Charitable Actlvities I ANALYSIS 8rants to institutions grants to Individua15 Total General Support 117 000 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 I GLOUCESTER ROAD ) UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, OECEMBER 2025 I continued I 7. FIXED ASSETS 7.1 TANGIBLE FIXED ASSETS COST OR VALUATION Land and Buildings Balance as al 1 January 2025 Transfer from Fixed Asset5 Investment I,ioo,000 Revaluatlon Gain Balance as at 31, December 2025 1120 000 DEPRECIATION Balance as at 01, January 2025 Charge for the year Balance carried forward N B V 31, DECEMBER 2025 N B V 31, DECEM8ER 2024 7.2 INCOME FROM MATERIAL INVESTMENT HOLDINGS Market value at 3111212025 3,040,TrJO Income for the year. Investment Propertv Material Investment Holdin8S TOTAL 245,000 3 959 071 245 000 The Company holds"CBF Church of England Investment Fund- Accumulat5on Shares.. The trustees have advised that When the company invested in the CCLA, it had the option to purchase either "accumulation units or dividend bearinE unlts. The company chose the accumulation unlts. The company does not therefore receive dividends. It has never received dividends. DEPRECIATION Depreciation is provided at a rate to write off the Tan8ible Fixed Assets buildin8s over their expected useful economic lives less their sIde values Rate 2.50% Method Straight Line method page 17
ST. STEPHEN'S HOUSE I GLOUCESTER ROAD I LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2025 { continued I FIXED ASSETS 7.3 FIXED ASSETS INVESTMENTS COST OR VALUATION Land and Buildings Material Investment Holdings TOTAL Balance as at l January 2025 4,600,000 929.926 5,529,926 Prlor year revaluation deficlt .400,¢lXI -400,000 RevaluatSon Deficlt -60,WO -10,855 -70,855 Tronsfer to Tan8ible Fixed As5etS -1 IOO CNJO N B V at 31, December 2025 919 071 959 071 N B V at 31, December 2024 4 6CNJ 000 929 926 The Lon8 Leasehold property is situated at 48.50, Emperor's Gate, South Kensln8ton, London SW7 4HJ. The Company holds a 999 years lease I from 31, December 19991 from the Number l Trust Fund on the above property. The property15 stated at valuation in these financial statements. The property was professionally revalued at £4,160,OCO by AMJ Wimbleton l FRICS l of Aspect Surveyors Limited on 20, May 2025 on a falr value basis. The above mentioned property had, hitherto, been treated as an Investment property in these accounts. The Trustees have revlewed thls posltlon this year and based on thls year's revaluation report, have decided that the property ha5 "Mixed Use" and consequently. 'mixed use" treatment of the property is appropriate. Hence the value of the Church Hall and the value of the Flat have been se8re8ated and transferred to Tan8ible Fixed Assets. 5 529 926 2025 unrestrlcted 2024 unrestrlcted 8. DEBTORS Prepayments 9. BANK AND CASH BALANCES 2025 unrestricted 2024 unrestricted CBF Deposlt CAF Current AccoLbnt 212,313 173 643 104,639 175 080 279 719 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 overdraft5 are shown within borrowing5 in current liabilities. page 18
ST. STEPHEN'S HOUSE I GLOUCESTER ROAD ) LIMITED NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2025 I continued I ID. CREDITORS: Amountsfalllng due wlthin oneyear 2025 Unrestricted 2024 Unrestrlcted VAT Liability Service Charge Creditor Sundry Creditors and Accruals 13,117 12,779 14.284 10,259 11 FUNOS UNRESTRICTED FUNDS 2025 2025 2024 2024 Balance Brought Forward Prior- Year Adjustment 5,795,493 -400 000 5 395 493 5.395.493 321,018 -243,651 5,659,739 325.761 -235,174 Incomin8 Resources Resources Expended Revalvation L055 on fixed 155ets for the charity's use Revaluation Gain on investment property Net Gain on Investment Revaluation -60,000 20,000 Balance Carried Forward 5 422 005 Unrestricted funds represent funds which are expendable at the discretlon of the Company in the furtherance of Its objects and which have not been desi8nated for other purposes. 795 493 12. PRIOR-YEAR ADJUSTMENT The prior-year adjustment repre5entS the accumulated losses In the value of the property situated at 48-50, Emperor's Gate between 26, May 20201 the previous revaluation date l and 31, December 2024. Whereas the property was revalued at £4,600,000 on 26, May 2020, it5 value at 31, December 2024 was stated at £4,200,000 13. EMPLOYEES Average number of employees The Company employs no staff 14. POST BALANCE SHEET EVENTS The Trustees and Directors are not aware of any post balance sheet event which could materially affect these financial statements. 15. RELATED PARTY TRANSACTIONS The Irustees confirm that there were no related party transactions during the year. page 19
ST. STEPHEN'S HOUSE I GLOUCESTER ROAD I LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2025 I continued I 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 sufficient resources to provide a 5UStainable 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 conslstent approach over the longer term. Thls may entall runnlng elther a deficit or surplus in any one particular financial period, as necessary 17. VOLUNTEER CONTRIBUTION The charltv 15 reliant on volunteers who contribute their skills, time, money and their resources in the furtherance of the work of the company. Principally, this contribution 55 by servln8 on commlttees of the Company that deal with finance, policy, grants, developments. etc etc. The contrlbution of volunteers is not included within the income of the Companv. The trustees are 8rateful to all of them for their help and commltment, 18. MEMBERS LIABILITIES. Every member of the charlty 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 whlle he or shels member or within one year after he or she ceases to be a member, for payment of the charlty's debt5 and Ilabllltles contracted before he or she ceases to be a member, and of the costs, char8es and expenses of windln8 up, and for the adjustment of the rlght5 of the contributories among themselves. 19. FINANCIAL INSTRUMENTS All the Charity's financial instrument5 qualify as baslc flnancial instruments In accordance with section 11 of FRS 102 and are recognised on the following basis 11 Cash and cash equlvalent represent bank balances and deposlts held in Sterling 111 Investment5 are measured at market value at the balance Sheet date lill Debtors are measured at the transactlon prlce less any provi51on for doubtful debt5 iv) Creditors a measured at the transaction prlce. page 20
ST. STEPHEN'S HOUSE I GLOUCESTER ROAD ) LIMITED NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31, DECEMBER 2025 I continued I 20. EXPENDITURE APPORTIONED BETWEEN ACTIVITIES Governance and Other Costs are apportioned between Activities I Charitable and Expenditure to raise funds 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. Total charitable activities Expenditure to raise fund5 DIRECT COSTS Management Fees Accountancy Charges Audit Fees Bank Char8es Others 22.0 4,050 3.850 95 795 13,155 2.422 2,302 57 476 8,845 1,628 1,548 38 The Charlty does not recelve any charltable income. All its income in the year are derived from 5eThlces it provides ie il Rent from the renting of the charlty's property 111 Contribution by tenant5 towards the c05t of runnin8 the property. However, the charity incurs charltable costs by donating some of the non-charitable income it recelves. The most appropriate basis of allocatin8 SUPPORT COSTS l Governance and Others I between Charitable Activities, and Expendlture to Raise funds therefore, Is to apply the Oirect costs of each activity. 21 DETAILS OF CERTAIN ITEMS OF EXPENDITURE 2025 2024 Audit Fees page 21