**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:
- Opening the church for longer periods and developing further links with local schools, other bodies and the
- community in general;
- Communicating our message as widely as possible;
- Continuing with the Diocesan Safeguarding Policy in promoting a safer Church and responding to
- domestic abuse;
- Building on our clergy support team and volunteer groups to provide the human resources needed to run a
- successful church.
## **c. Activities undertaken to achieve objectives**
- Meetings of our Standing Committee and PCC five times during the year when existing initiatives and new
- ideas are debated and progressed in accordance with our objectives;
- Rebuilding our Worship and Mission group to provide a constant flow of ideas;
- Developing our digital giving platforms to provide a wider range of ways in which parishioners and others
- can support the church and its activities;
- Enhancing the range and depth of music and singing including significantly developing our junior choir
- whilst utilising funds received from parishioners, the Church of England, Southwark Diocese, the Ouseley Church Music Trust and the Garfield Weston Foundation;
- Supporting a trainee Reader and a theological student on placement to work with and learn from our
- clergy.
## **d. Main activities undertaken to further the PCC's purposes for the public benefit**
- Running regular Sunday services including on-line streaming, attracting not only our regular congregation
- but those from the wider community;
- Running an initial service in German and setting up a bible study group in Mandarin attracting participation
- from those in the area speaking these languages;
- Hosting concerts and recitals given by a variety of local and other musical groups;
- Significantly enhancing our lighting, sound and broadband to ensure services and musical activities can be
- enjoyed by as many as possible;
- Continuing to maintain the fabric of the church at a high standard and commissioning a small stained
- glass window;
- Promoting the use of our upgraded piano and progressing plans to replace our existing defective organ
- with a new pipe organ, all to encourage greater participation and enjoyment of our music;
- Supporting our local primary school in enhancing the singing capabilities of the schoolchildren;
- Running a young musicians competition attracting children from schools in the area;
- Continuing to support teaching English to residents on the local housing estate whose English is limited
- (many of whom are women);
- Supporting the Robes project which provides shelter and welfare for homeless people;
Page 2
**St Stephen's Church South Dulwich**
## **Members' report (continued) For the year ended 31 December 2023**
## **Objectives and activities (continued)**
- Financially supporting the Christians Against Poverty (CAP) initiative
- Retaining a youth worker to work with younger people covering the role of both Sunday School
- Coordinator and Youth Club Facilitator;
- Holding interfaith events such as hosting regular meetings of the Council of Christians and Jews and
- participating in interfaith tree planting;
- Running a regular Tuesday evening childrens’ choir for some 30 children;
- Providing a venue for Pilates sessions, concerts, an AA women’s group and weekly cubs meetings;
- Providing a free venue for struggling professional musicians to practise and record their work for
- auditions;
- Putting on social events through the activities of the ”Out and About Club” and through other events such
- as a quiz night, a “Bring and Share Lunch” and a pancake party to encourage participation by those who are otherwise isolated;
## **Achievements and performance**
## **a. Other Main achievements of the PCC**
- Maintaining a congregation at above the average of other churches in the diocese;
- Assisting with the collection of donations for other charities.
- Paying a substantial sum to the diocese in excess of that needed to maintain the vicar and vicarage, in
- order to support poorer parishes in the diocese.
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the PCC will continue in business.
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:
- Freehold property 2% straight line
## **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