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2023-12-31-accounts

Charity number: 1129326

St Stephen's Church South Dulwich

Unaudited

Members' report and financial statements

For the year ended 31 December 2023

St Stephen's Church South Dulwich

Contents

Page
Reference and administrative details of the PCC, its Members and advisers 1
Members' report 2 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 23

St Stephen's Church South Dulwich

Reference and administrative details of the PCC, its Members and advisers For the year ended 31 December 2023

Members The Reverend Canon Bernhard Schünemann, Incumbent and Chair
Tomos Reed, Curate (resigned 31 January 2023)
Reuben Akitunde, Elected member
Eleanor Bracken, Elected member. Re-elected Church Warden 23 April. Appointed
Vice-Chair 8 June 2023
Maria Branchini, Elected Member
Martin Davies (resigned 23 April 2023)
James Fraser, Elected Member
Peter Frost, Elected Member. Re-appointed Treasurer 8 June 2023
Joan Penny Fuller, Ex Officio, Deanery Synod. Re-appointed Principal
Safeguarding Officer 8 June 2023
Barney Hearnden, Elected Member. Re-elected Church Warden 23 April 2023
Steven Hicks, Elected Member. Re-appointed Secretary 8 June 2023
Olivia Holmes, Elected Member. Re-appointed Assistant Warden and Electoral Roll
Officer 8 June 2023
Michael Jenkins, Ex-Officio , Deanery Synod (died 16 December 2023)
Trot Lavelle, Reader Emeritus. Elected Member
Caroline Lenton-Ward, Elected Member
Wayne Nelson, Elected Member
Susan Patterson, Ex Officio, Deanery Synod
Sandra Potter, Ex Officio, Deanery Synod
Ovidiu Precup, Elected Member
Temple Sambo, Elected Member. Re-appointed Assistant Warden 8 June 2023
Heather Savini, Elected Member
Matthew Shirley, Elected Member
Rosemary Waweru, Elected Member
Charity registered
number 1129326
Principal office St Stephen's Church
College Road
London
SE21 7HW
Accountants Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
Bankers National Westminster Bank Plc
209 Lower Addiscombe Road
Croydon
CR0 6RB

Page 1

St Stephen's Church South Dulwich

Members' report For the year ended 31 December 2023

The Members present their annual report together with the financial statements of the PCC for the year 1 January 2023 to 31 December 2023.

Objectives and activities

a. Policies and objectives

Our aim is to be a broad and inclusive church valuing formal liturgy, challenging preaching and fine music, while aiming also to serve our community and parish, striving to make Christ’s presence real in our community. Such objectives incorporate a pro-active approach to diversity and multi-faith activity. In setting these objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance “Public benefit: running a charity (PB2)”.

b. Strategies for achieving objectives

Our strategy and objectives have continued during 2023 and have been accelerating with a full range of activities following the removal of COVID and other restrictions experienced in previous years. These have included:

c. Activities undertaken to achieve objectives

d. Main activities undertaken to further the PCC's purposes for the public benefit

Page 2

St Stephen's Church South Dulwich

Members' report (continued) For the year ended 31 December 2023

Objectives and activities (continued)

Achievements and performance

a. Other Main achievements of the PCC

Financial review

a. Going concern

After making appropriate enquiries, the Members have a reasonable expectation that the PCC has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The reserves maintained by the Church, other than those represented by restricted funds, consists of Designated Funds for Repairs and for a Church Fabric and Mission Fund as well as the General Fund (all of which are Free Reserves).

The PCC decides each year on the transfer, if any, between these three funds based on the actual and anticipated expenditure appropriate to each fund, consistent with maintaining sufficient in the General Fund to meet possible fluctuations in operating income and expenses.

Page 3

St Stephen's Church South Dulwich

Members' report (continued) For the year ended 31 December 2023

At 31 December 2023, the amounts allocated were as follows:

Designated Funds:
Repairs £150,000
Church Fabric and Mission £137,679
--------------
£287,679
General Fund £54,218
--------------
Total Unrestricted Funds £341,897 (2022: £365,758)
=======

The PCC believes that having made provision in the Designated Fund for possible future repairs, the free reserves necessary to sustain its operations is in the order of £50,000.

Total restricted funds as at 31 December 2023 were £178,841 (2022: £192,562).

Structure, governance and management

a. Constitution

St Stephen's Church South Dulwich is a registered charity, number 1129326, and is constituted under a Charity Commission Scheme.

b. Methods of appointment or election of Members

The management of the PCC is the responsibility of the Members who are elected and co-opted under the rules and regulations governing the charity.

Statement of Members' responsibilities

The Members are responsible for preparing the Members' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the PCC and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Members are required to:

Page 4

St Stephen's Church South Dulwich

Members' report (continued) For the year ended 31 December 2023

Statement of Members' responsibilities (continued)

The Members are responsible for keeping adequate accounting records that are sufficient to show and explain the PCC's transactions and disclose with reasonable accuracy at any time the financial position of the PCC and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity Commission Scheme. They are also responsible for safeguarding the assets of the PCC and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Members and signed on their behalf by:

The Reverend Canon Bernhard Schünemann

Incumbent and Chair Date: 7 April 2024

Page 5

St Stephen's Church South Dulwich

Independent examiner's report

For the year ended 31 December 2023

Independent examiner's report to the Members of St Stephen's Church South Dulwich ('the PCC')

I report to the charity Members on my examination of the accounts of the PCC for the year ended 31 December 2023.

Responsibilities and basis of report

As the Members of the PCC you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the PCC's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the PCC has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the PCC as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the PCC's Members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the PCC's Members those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the PCC and the PCC's Members as a body, for my work or for this report.

Signed: Dated: 7 April 2024

James Peach FCA

Kreston Reeves LLP Chartered Accountants Springfield House Springfield Road Horsham, West Sussex RH12 2RG

Page 6

St Stephen's Church South Dulwich

Statement of financial activities For the year ended 31 December 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net expenditure
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
5,989
-
-
5,989
20,402
20,402
(14,413)
692
(13,721)
192,562
(13,721)
178,841		 Unrestricted
funds
2023
£
148,994
85,299
6,648
240,941
263,495
263,495
(22,554)
(692)
(23,246)
365,758
(23,246)
342,512		 Total
funds
2023
£
154,983
85,299
6,648
246,930
283,897
283,897
(36,967)
-
(36,967)
558,320
(36,967)
521,353		 Total
funds
2022
£
168,024
80,662
914
249,600
357,560
357,560
(107,960)
-
(107,960)
666,280
(107,960)
558,320

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 9 to 23 form part of these financial statements.

Page 7

St Stephen's Church South Dulwich

Balance sheet As at 31 December 2023

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds		 12,311
382,136
394,447
(45,014)		 2023
£
171,920
171,920
349,433
521,353
521,353
521,353
178,841
342,512
521,353		 25,431
418,935
444,366
(64,106)		 2022
£
178,060
178,060
380,260
558,320
558,320
558,320
192,562
365,758
558,320

The financial statements were approved and authorised for issue by the Members and signed on their behalf by:

The Reverend Canon Bernhard Schünemann

Incumbent and Chair Date: 7 April 2024

The notes on pages 9 to 23 form part of these financial statements.

Page 8

St Stephen's Church South Dulwich

Notes to the financial statements For the year ended 31 December 2023

1. General information

St Stephen's Church South Dulwich is a registered charity, number 1129326. The constitution of the charity is that laid down by the laws relating to the Church of England. The principal office of the Church is as detailed on page 1.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

St Stephen's Church South Dulwich meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the PCC has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the PCC has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the PCC, can be reliably measured.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 9

St Stephen's Church South Dulwich

Notes to the financial statements For the year ended 31 December 2023

2. Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the PCC's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the PCC; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

2.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 10

St Stephen's Church South Dulwich

Notes to the financial statements For the year ended 31 December 2023

2. Accounting policies (continued)

2.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the PCC anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.9 Financial instruments

The PCC only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.10 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straightline basis over the lease term.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Members in furtherance of the general objectives of the PCC and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Members for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the PCC for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 11

St Stephen's Church South Dulwich

Notes to the financial statements For the year ended 31 December 2023

3. Income from donations and legacies

Donations
Legacies
VAT recovery
Donations
Legacies
Grants		 Restricted
funds
2023

£
5,989
-
-
5,989
Restricted
funds
2022
£
4,603
-
3,000
7,603		 Unrestricted
funds
2023
£
129,008
3,227
16,759
148,994
Unrestricted
funds
2022
£
134,421
26,000
-
160,421		 Total
funds
2023
£
134,997
3,227
16,759
154,983
Total
funds
2022
£
139,024
26,000
3,000
168,024

4. Income from charitable activities

Wedding fees
Funeral fees
Church and hall
Mobile Aerial Rent		 Unrestricted
funds
2023
£
6,371
5,577
56,899
16,452
85,299		 Total
funds
2023
£
6,371
5,577
56,899
16,452
85,299

Page 12

St Stephen's Church South Dulwich

Notes to the financial statements For the year ended 31 December 2023

4. Income from charitable activities (continued)

Wedding fees
Funeral fees
Church and hall
Mobile Aerial Rent		 Unrestricted
funds
2022
£
12,745
6,155
46,268
15,494
80,662		 Total
funds
2022
£
12,745
6,155
46,268
15,494
80,662

5. Investment income

Unrestricted
funds
2023
£
Interest received
6,648
Unrestricted
funds
2022
£
Interest received
914		 Total
funds
2023
£
6,648
Total
funds
2022
£
914

6. Analysis of expenditure on charitable activities

Summary by fund type

Ministry
Property
Fabric and mission		 Restricted
funds
2023
£
14,262
6,140
-
20,402		 Unrestricted
funds
2023
£
173,874
87,072
2,549
263,495		 Total
2023
£
188,136
93,212
2,549
283,897

Page 13

St Stephen's Church South Dulwich

Notes to the financial statements For the year ended 31 December 2023

6. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Ministry
Property
Fabric and mission		 Restricted
funds
2022
£
7,710
6,140
-
13,850		 Unrestricted
funds
2022
£
179,810
41,364
122,536
343,710		 Total
2022
£
187,520
47,504
122,536
357,560

7. Analysis of expenditure by activities

Ministry
Property
Fabric and mission		 Activities
undertaken
directly
2023
£
163,299
91,261
2,549
257,109		 Support
costs
2023
£
24,837
1,951
-
26,788		 Total
funds
2023
£
188,136
93,212
2,549
283,897
Ministry
Property
Fabric and mission		 Activities
undertaken
directly
2022
£
166,775
45,563
122,536
334,874		 Support
costs
2022
£
20,745
1,941
-
22,686		 Total
funds
2022
£
187,520
47,504
122,536
357,560

Page 14

St Stephen's Church South Dulwich

Notes to the financial statements For the year ended 31 December 2023

7. Analysis of expenditure by activities (continued)

Analysis of direct costs

Depreciation
Diocesan Quota
Music and choir
Other musicians
Music licences and tuning
Sanctuary
Clergy expenses
Wedding expenses
Funeral expenses
Donations
Water
Gas
Electricity
Repairs and renewals
Cleaning
Security
Insurance
Waste management
Janitorial
Gardening
Fabric and mission - Sound project
Professional fees
Lay ministry
Choral scholars expenses
Ouseley Church Music Trust expenses
Youth work
Music and Choir expenses - restricted		 Ministry
2023
£
-
97,000
22,953
2,040
749
3,190
3,860
3,796
4,264
7,420
-
-
-
-
-
-
-
-
-
-
-
5,692
321
670
1,649
4,059
5,636
163,299		 Property
2023
£
6,140
-
-
-
-
-
-
-
-
-
1,346
22,104
5,644
31,208
7,595
2,655
6,301
2,153
1,420
4,695
-
-
-
-
-
-
-
91,261		 Fabric and
mission
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,549
-
-
-
-
-
-
2,549		 Total
funds
2023
£
6,140
97,000
22,953
2,040
749
3,190
3,860
3,796
4,264
7,420
1,346
22,104
5,644
31,208
7,595
2,655
6,301
2,153
1,420
4,695
2,549
5,692
321
670
1,649
4,059
5,636
257,109

Page 15

St Stephen's Church South Dulwich

Notes to the financial statements For the year ended 31 December 2023

7. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Depreciation
Diocesan Quota
Music and choir
Other musicians
Music licences and tuning
Sanctuary
Clergy expenses
Wedding expenses
Funeral expenses
Donations
Water
Gas
Electricity
Repairs and renewals
Cleaning
Security
Insurance
Waste management
Janitorial
Gardening
Fabric and mission - Sound project
Fabric and mission - Lighting project
Fabric and mission - Stained Glass project
Organ repairs
Lay ministry
Choral scholars expenses
Managed concert expenses
Dulwich Woods primary school expenses
Music enhancement expenses
Ouseley Church Music Trust expenses
Fabric and mission - Electronic organ
Youth work		 Ministry
2022
£
-
105,000
18,214
4,120
854
2,345
11,284
6,293
3,432
2,316
-
-
-
-
-
-
-
-
-
-
-
-
-
828
309
1,496
671
2,700
943
1,900
-
4,070
166,775		 Property
2022
£
6,140
-
-
-
-
-
-
-
-
-
192
8,224
6,131
5,020
6,726
2,449
5,801
1,843
1,417
1,620
-
-
-
-
-
-
-
-
-
-
-
-
45,563		 Fabric and
mission
2022
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
40,087
41,999
21,500
-
-
-
-
-
-
-
18,950
-
122,536		 Total
funds
2022
£
6,140
105,000
18,214
4,120
854
2,345
11,284
6,293
3,432
2,316
192
8,224
6,131
5,020
6,726
2,449
5,801
1,843
1,417
1,620
40,087
41,999
21,500
828
309
1,496
671
2,700
943
1,900
18,950
4,070
334,874

Page 16

St Stephen's Church South Dulwich

Notes to the financial statements For the year ended 31 December 2023

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Photocopying
Secretarial
Printing
Telephone
General expenses
Professional fees
Bank charges
IT support
Payroll agency
Caretaker
Independent examiner's fee
Photocopying
Secretarial
Printing
Telephone
General expenses
Caretaker
Independent examiner's fee		 Ministry
2023
£
2,245
10,148
1,241
4,569
506
2,587
582
140
179
-
2,640
24,837
Ministry
2022
£
2,222
7,017
1,175
7,040
861
-
2,430
20,745		 Property
2023
£
-
-
-
-
-
-
-
-
-
1,951
-
1,951
Property
2022
£
-
-
-
-
-
1,941
-
1,941		 Total
funds
2023
£
2,245
10,148
1,241
4,569
506
2,587
582
140
179
1,951
2,640
26,788
Total
funds
2022
£
2,222
7,017
1,175
7,040
861
1,941
2,430
22,686

8. Independent examiner's remuneration

2023 2022
£ £
Fees payable to the PCC's independent examiner for the independent
examination of the PCC's annual accounts 2,640 2,430

Page 17

St Stephen's Church South Dulwich

Notes to the financial statements For the year ended 31 December 2023

9. Members' remuneration and expenses

During the year, one member of the PCC received remuneration of £3,060 (2022: £2,400) as a professional singer for junior choir tuition. No other member received any remuneration or other benefits during the year (2022: £NIL)

During the year ended 31 December 2023, expenses totalling £12,600 were reimbursed or paid directly to 8 Members (2022 - £11,593 to 3 Members). These were expenses incurred by the clergy, lay ministry and PCC members in the performance of their duties.

10. Tangible fixed assets

Cost or valuation
At 1 January 2023
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
Debtors
Due within one year
Other debtors
Prepayments and accrued income
Tax recoverable		 2023
£
-
10,934
1,377
12,311		 Freehold
property
£
307,000
307,000
128,940
6,140
135,080
171,920
178,060
2022
£
16,067
7,046
2,318
25,431

11. Debtors

Page 18

St Stephen's Church South Dulwich

Notes to the financial statements For the year ended 31 December 2023

12. Creditors: Amounts falling due within one year

2023 2022
£ £
Trade creditors 45,014 64,106

13. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Total
Analysis of net assets between funds - prior year
Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2023
£
171,920
6,921
-
178,841
Restricted
funds
2022
£
178,060
14,502
-
192,562		 Unrestricted
funds
2023
£
-
387,526
(45,014)
342,512
Unrestricted
funds
2022
£
-
429,864
(64,106)
365,758		 Total
funds
2023
£
171,920
394,447
(45,014)
521,353
Total
funds
2022
£
178,060
444,366
(64,106)
558,320

Page 19

St Stephen's Church South Dulwich

Notes to the financial statements

For the year ended 31 December 2023

14. The use to which the various funds can be put

Designated funds

The Repair fund is a designated fund held to assist with major repairs that arise on the fabric of the Church and Hall.

The Fabric and Mission fund is a designated fund held to provide for the anticipated significant expenditure to enhance the church's lighting, audio/visual and related capabilities to support its mission.

Restricted funds

The Millenium Hall fund represents funds raised to build the church hall, the cost of which is being written down in accordance with the accounting policy on freehold property.

The Curate's fund represents monies donated to assist with the Curate's rent of a suitable property.

The Choral Scholars' fund represents a grant for a choral music project.

The Ouseley Church Music Trust fund represents a grant to support the church choir.

The Dulwich Wood Primary School grant is to support children's singing in the school.

The New Organ fund represents donations to purchase a new Organ for the church.

Page 20

St Stephen's Church South Dulwich

Notes to the financial statements For the year ended 31 December 2023

15. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Repair Fund
Fabric and Mission Fund
General funds
General Funds
Total Unrestricted funds
Restricted funds
Millennium Hall Fund
Curate's Fund
Music Enhancement Fund
Dulwich Woods Primary School
Ouseley Church Music Trust
Fund
New Organ Fund
Total of funds		 Balance at 1
January
2023
£
150,000
120,242
270,242
95,516
365,758
178,060
3,555
2,955
2,100
5,892
-
192,562
558,320		 Income
£
-
19,986
19,986
220,955
240,941
-
-
169
-
820
5,000
5,989
246,930		 Expenditure
£
-
(2,549)
(2,549)
(260,946)
(263,495)
(6,140)
(615)
(766)
(1,700)
(5,489)
(5,692)
(20,402)
(283,897)		 Transfers
in/out
£
-
-
-
(692)
(692)
-
-
-
-
-
692
692
-		 Balance at
31
December
2023
£
150,000
137,679
287,679
54,833
342,512
171,920
2,940
2,358
400
1,223
-
178,841
521,353

Page 21

St Stephen's Church South Dulwich

Notes to the financial statements For the year ended 31 December 2023

15. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Repair Fund
Fabric and Mission Fund
General funds
General Funds
Total Unrestricted funds
Restricted funds
Millennium Hall Fund
Music Enhancement Fund
Curate's Fund
Music Enhancement Fund
Managed Concerts Fund
Dulwich Woods Primary School
Ouseley Church Music Trust Fund
Total of funds		 Balance at
1 January
2022
£
150,000
226,778
376,778
83,310
460,088
184,200
1,087
10,938
1,496
671
1,800
6,000
206,192
666,280		 Income
£
-
26,000
26,000
215,997
241,997
-
2,811
-
-
-
3,000
1,792
7,603
249,600		 Expenditure
£
-
(132,536)
(132,536)
(203,791)
(336,327)
(6,140)
(943)
(7,383)
(1,496)
(671)
(2,700)
(1,900)
(21,233)
(357,560)		 Balance at
31
December
2022
£
150,000
120,242
270,242
95,516
365,758
178,060
2,955
3,555
-
-
2,100
5,892
192,562
558,320

Page 22

St Stephen's Church South Dulwich

Notes to the financial statements For the year ended 31 December 2023

16. Summary of funds

Summary of funds - current year

Designated funds
General funds
Restricted funds		 Balance at 1
January
2023
£
270,242
95,516
192,562
558,320		 Income
£
19,986
220,955
5,989
246,930
Balance at
1 January
2022
£
376,778
83,310
206,192
666,280		 Expenditure
£
(2,549)
(260,946)
(20,402)
(283,897)
Income
£
26,000
215,997
7,603
249,600		 Transfers
in/out
£
-
(692)
692
-
Expenditure
£
(132,536)
(203,791)
(21,233)
(357,560)		 Balance at
31
December
2023
£
287,679
54,833
178,841
521,353
Balance at
31
December
2022
£
270,242
95,516
192,562
Summary of funds - prior year
Designated funds
General funds
Restricted funds
558,320

17. Operating lease commitments

At 31 December 2023 the PCC had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
2,150
3,224
5,374		 2022
£
2,150
5,374
7,524

18. Related party transactions

The PCC has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the PCC at 31 December 2023.

Page 23