THE PAROCHIAL CHURCH COUNCIL OF St STEPHEN and St THOMAS
LONDON W12
Registered Charity No. 1133759
REPORT OF THE TRUSTEES and
FINANCIAL STATEMENTS
for the Year Ended 31[st] December 2021
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St Stephen and St Thomas Church
ANNUAL REPORT
for the Year Ended 31[st] December 2021
Charity Details
Name: St Stephen and St Thomas Church Registered charity number: 1133759
Principal Address: St Stephen’s Vicarage 1 Coverdale Road Shepherd’s Bush London W12 8JJ
Independent Examiner
Alistair I. Wem BSc. FCA Wem & Co Chartered Accountants Savoy House Savoy Circus London W3 7DA
Bankers
St Stephen and St Thomas
HSBC plc 21 Kings Mall King Street London W6 0QF
Administrative information
The Parochial Church Council (PCC) is constituted under the Parochial Church Councils (Powers) Measure 1956 as amended, as the body charged with running the activities of the Parish church and promoting in the parish the whole mission of the Church. The Parochial Church Council is registered as a charity with the Charity Commission. The registered number is 1133759, and the date of registration was 26 January 2010.
The Parish of St Stephen and St Thomas is one of 20 Parishes in the Deanery of Hammersmith and Fulham, which is in the Area of the London Diocese under the Bishop of Kensington. The Kensington Area contains the 5 Boroughs of the Archdeaconry of Middlesex.
The correspondence address is St Stephen’s Parish Office, 1 Coverdale Road, London, W12 8JJ.
The Parochial Church Council met six times during the year. Members of the PCC are either ex officio, elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules, or co-opted. PCC members who have served from the 1st January 2020 to the date this report was approved are:
Incumbent : Rev Denis Adide
Ex Officio members of the Parochial Church Council: Churchwardens : Barry Clarke, Charles Wood Deanery Synod Representatives : Adrian James
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St Stephen and St Thomas Church 2020 Annual Report & Financial Statements
School Foundation Governors: Alex Legge
Other Elected members (from April 2021) : Shereen Bedassee, Damien Pattinson, Jessica Marshall, Mauricio Karam, Karen Hall, Juliet Byford, Damien Lardoux, Oliver Cantor, Lilia Aysatulina, Rebecca Faber, Nadine Talalla, Rebecca Ellis, Suzi Maskell.
Deputy Churchwardens : Rebecca Ellis, Charles Wood, Natalia Cassel, Rebecca Faber Co-Treasurers : Femi Ladeinde,
Safeguarding Officer : Alex Seaborne
Electoral Roll Officer : Shelly Nixon
Independent examiner : Alistair Wem, Wem & Co, Savoy House, Savoy Circus, London W3 7DA Bankers : HSBC, 21 Kings Mall, King Street, London W6 0QF
Structure, governance and management
The method of appointment of PCC members is set out in the Church Representation Rules. All Church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC.
The PCC Standing Committee meets as necessary between full meetings of the PCC. The Standing Committee is required by law; it has the power to transact the business of the PCC between its meetings, generally when immediate decisions or authorities are required. The Standing Committee is composed of the Incumbent, the Churchwarden and deputy wardens, the Lay Vice Chair, the School Foundation Governor and the Treasurer.
Objectives and Activities
The primary object of the PCC is to promote the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England. The PCC for the Parish of St Stephen and St Thomas has the responsibility of co-operating with the Vicar in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical.
At St Stephen and St Thomas, the parish has responsibility for the church, the church hall, a key worker flat (Glebe Flat, 1A Coverdale Road, W12 8JJ), currently let, and a house (35 Bloemfontein Avenue, W12 7BJ), also currently let.
Review of the year, 2021
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Though it eased as the year went on, Covid-19 coloured much of the way St Stephen’s functioned in the first few months of 2021. Emerging from a Christmas lockdown, much of church life was under the necessary restrictions, with few people able to attend church and a booking system in place alongside other measures to mitigate the numbers of attendees.
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Over the course of the year, however, small changes in the nature of the pandemic meant that a few of the functionally ‘normal’ modes of the church could return. The year would end with numerical restrictions in attendance lifted due to the success of the vaccine.
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We continued to provide two Sunday morning services; one traditional and the other contemporary.
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We were joined in the year by our Curate, Revd Dr Cheryl Freeman who was officially ordained into the priesthood on June 19, 2021.
In the Parish
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We continue to strive to be a Christ-centred, liturgically based, Eucharist-focused church, serving our local community inside and outside the church family, Compassionate, Creative and Courageous.
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Notwithstanding the impact of the Covid-19 pandemic, during periods of lifted social restrictions, we are committed to our weekly outreach programme each Monday: our Silver Screening Club with Lunch and a film for the elderly, and our partnership with Streetlytes, who serve a hot meal with a film for homeless people and hostel dwellers in the evening. In addition,
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St Stephen and St Thomas Church 2020 Annual Report & Financial Statements
we started a Toddler group in the morning on Wednesdays and a youth group which meets on Friday evenings.
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Our relationship with St Stephen’s School remains strong with beginning and end-of-term services and assemblies each week. We also have had services across the year to mark special occasions in the church and school calendar. Many of the school families are actively involved in the church.
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Work on the Church Roof finally began in November 2020 and was completed in September of 2021.
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The enlarged provision for children which was introduced in 2019 was paused as a necessity given the impact of the Covid-19 pandemic. However, these have been reintroduced in 2021 following the relaxation of restrictions and continue to offer age-appropriate sessions from 0 to 11+. This was further helped by the recruitment of our children’s worker, Elizabeth Hughes.
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Regular Alpha courses were offered throughout the year.
The challenges for the year for 2021-22
The main challenges for the forthcoming 2 years remain the same. These are that the financial outlook for St Stephen’s hinges on two main things. The first is the strength and sustainability of its income/fundraising streams, and the second is the assessment of whether that income matches the core and aspirational mission objectives.
Traditionally, St Stephen’s has been able to sustain its mission, serving the community in Shepherd’s Bush through prayer and acts of service. Our partnership with other organisations has also allowed for fruitful mission to happen at a lower financial cost. However, the increase in church attendance numbers over the previous decade coupled with the flourishing of the neighbouring school means that mission has had to take a new shape: what we do as a church is now increasingly more financially demanding than in previous years.
These challenges, however, were exacerbated and complicated by the impact of the Covid-19 pandemic. Over the course of the year with multiple national lockdowns, the makeup and mixture of income/fundraising has changed with a drop in income such as Church Hall hiring but an increase in Charitable giving from parishioners.
The challenge, therefore, lies in even more careful analysis of what specific areas of the wider mission of the Church we need to focus our investment in, in order to tactfully grow in a sustainable way. A secondary aspect of this is the assessment of the cost of such focuses in their various phases with a view to further developing our income stream/fundraising capacity to match and assessing whether this makeup has changed in a permanent way.
2022-23 will need us to strengthen our stewarding and fundraising so that growth in the congregation can also be reflected in regular giving so that our missional aspirations can be matched.
Electoral Roll and Worship numbers
The electoral roll (2021 revision) numbers 178 Worship Numbers : 107 (Average attendance)
Sunday School Attendance Numbers : 60 (Average attendance)
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St Stephen and St Thomas Church 2020 Annual Report & Financial Statements
Financial Review
During 2020 congregational giving reached a new level as Parishioners generously took on the responsibility of increasing their giving to make up the shortfall in other Church income due to the impact of the Covid-19 pandemic. Over 2021, the cumulative increase began to plateau and we have endeavoured to encourage the growing congregants to give. The Parish continues to benefit from income received through the HMRC Gift Aid scheme, and church also claim for Gift Aid Small Donations (GASDS) payments. Amounts owed to us by HMRC in respect of pending claims for net payments received, are included within these accounts as part of “Debtors”.
The income from church hall lettings slowly grew after the extended periods of national lockdowns and restricted social interactions. One of the challenges we face is to maximise this over 2022. The rental income from our investment property at 35 Bloemfontein Avenue, remained strong with the property being re-let at the start of the year following the departure of the previous tenants.
Fundraising towards the cost of major roof repairs at St Stephen’s continued with a variety of activities throughout the year. Upon reaching an intermediate target of £120,000 the Parish was eligible to seek funding support from relevant grant-awarding bodies.
Our Common Fund payment to the Diocese of London represents our most significant item of regular expenditure. For the 2021 financial year, we agreed, a Common Fund contribution of £58,200.
Reserves policy
It is PCC policy to try to maintain a balance on unrestricted funds, which equates to approximately six months unrestricted payments, to cover emergency situations that may arise from time to time. This is equivalent to £67,000. It is held to smooth out fluctuations in cash flow and to meet emergencies. As at 31/12/21, the cash balance held on unrestricted funds (including designated funds), together with the amounts payable to and by the PCC was £47,002 which is under this target. A decision was taken by the PCC to utilise a portion of the reserves to temporarily cashflow a portion of the costs on the Roof Repair Project. On signature date of this report, the balance has been increased by £5,000 to £52,000.
It is PCC policy to invest funds earmarked for St Stephen's Hall, and for the church’s roof restoration fund with the CBF CofE Deposit Fund through CCLA Investment Management Ltd. The funds belonging to the EW Wright Endowment are mainly invested in a bank deposit account; the funds belonging to the Mission Hall Charity are invested in the CBF CofE Investment Fund through CCLA Investment Management Ltd.
Approved by the Parochial Church Council and signed on its behalf by:
Rev Denis Adide, Chair Date: Oct 25, 2022
Original signed copy retained on file.
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St Stephen and St Thomas Church 2020 Annual Report & Financial Statements
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
OF THE PAROCHIAL CHURCH COUNCIL OF
St STEPHEN and St THOMAS
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I report on the accounts for the year ended 31st December 2020, which are set out on pages 6 to 16
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Respective responsibilities of the trustees and the examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (“the Act”).
The charity’s trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the applicable Directions given by the Charity Commission (under section 145(5)(b) of the Act, and
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to state whether particular matters have come to my attention
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Basis of the independent examiner’s statement
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My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
● Independent examiner’s statement
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did 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.
Signed:
Date:
………………………………….. ……………………………….
Alistair I. Wem BSc. FCA Wem & Co Chartered Accountants Savoy House, Savoy Circus London W3 7DA
Original signed copy retained on file.
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St Stephen and St Thomas Church 2021 Annual Report & Financial Statements
Statement of Financial Activities
| Unrestricted Designated Restricted Endowment 2021 2020 funds funds funds funds funds total funds |
|
|---|---|
| Income and endowments from: Donations and legacies Income from charitable activities Other trading activities Investments Other income Total income Expenditure on: Raising funds Expenditure on charitable activities Total expenditure Net income / (expenditure) resources before transfer Transfers Gross transfers between funds - in Gross transfers between funds - out Other recognised gains / losses Gains / losses on investment assets Gains on revaluation, fixed assets, charity's own use Net movement in funds Total funds brought forward Total funds carried forward |
81,521 — — — 81,521 68,312 21,556 — — — 21,556 17,941 9,106 — 118,485 — 127,591 42,795 26,166 — — — 26,166 34,631 |
| — — — — — — 138,349 — 118,485 — 256,833 163,679 — — — — — — 149,098 — 347,780 — 496,878 127,849 |
|
| 149,098 0 347,780 0 496,878 127,849 |
|
| -10,749 0 -229,295 0 -240,045 35,830 — 0 0 0 0 20,976 — 0 0 0 0 -20,976 0 0 |
|
| 0 0 0 0 0 3311 — 0 — 0 — — |
|
| -10,749 0 -229,295 0 -240,045 39,141 |
|
| 2,397,780 28,000 181,984 11,033 2,618,795 2,579,655 |
|
| 2,387,031 28,000 -47,311 11,033 2,378,751 2,618,796 |
The notes on pages 8 to 16 form part of these accounts
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St Stephen and St Thomas Church 2021 Annual Report & Financial Statements
BALANCE SHEET at 31[st] DECEMBER 2020
| Note | 2021 2020 |
|---|---|
| Fixed assets Tangible assets Current assets Debtors Investments Cash at bank and in hand Liabilities Creditors: Amounts falling due in one year Net current assets less current liabilities Total assets less current liabilities Total net assets less liabilities Represented by Unrestricted General fund STST 35 Bloe.Ave/Hall/Rooms/Glebe Designated 35 Bloem Ave refurbishment fund 2018 Restricted St Stephen Roof Fund St Stephen's Film Club STST E W Wright STST Misson Hall Agency collection Endowment STST E W Wright STST Misson Hall Funds of the church |
2,308,000 2,308,000 |
| 2,308,000 2,308,000 22,271 13,898 3,793 3,795 48,998 296,465 |
|
| 75,063 314,157 4,312 3,362 |
|
| 4,312 3,362 |
|
| 70,751 310,795 |
|
| 2,378,751 2,618,795 |
|
| 2,378,751 2,618,795 9,907 76,324 2,321,456 2,321,456 28,000 28,000 0 173,571 4,066 4,122 6,475 6,475 — — (2,185) (2,185) 11,032 11,032 — — |
|
| 2,378,751 2,618,795 |
Approved by the Parochial Church Council and signed on its behalf by:
Rev. Denis Adide, Chair Date: Oct 25, 2022
Original signed copy retained on file.
The notes on pages 8 to 16 form part of these accounts
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St Stephen and St Thomas Church 2021 Annual Report & Financial Statements
St Stephen and St Thomas
Notes to the Financial Statements
for the year ended 31[st] December 2020
1 ACCOUNTING POLICIES
1.1 Basis of financial statements
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared under the Church Accounting Regulations 2006, in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The parish of St Stephen and St Thomas constitutes a public benefit entity within the meaning of FRS 102. The financial statements include all transactions, assets and liabilities for which the trustees are responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body, nor to those that are informal gatherings of church members.
The presentation currency of the financial statements is Pounds Sterling (£)
1.2 Assets
Consecrated and benefice property
In so far as consecrated and benefice property of any kind is excluded from the statutory definition of ‘charity’ by Section 10(2) (a) and (b) of the Charities Act 2011 such assets are not capitalised in the financial statements.
Moveable church furnishings
These are capitalised at cost and depreciated over their useful economic life other than where insufficient cost information is available. In this case the item is not capitalised, but all items are included in the Church’s inventory in any case.
Tangible fixed assets for use by charity
These are capitalised if they can be used for more than one year, and cost at least £500. Electrical and electronic equipment is depreciated on a straight-line basis over 4 years; all other assets are depreciated at 15% on a reducing balance basis.
Investments
Investments quoted on a recognised stock exchange or whose value derives from them are valued at market value at the year-end. Other investments assets are included at PCC’s best estimate of market value.
Short term deposits
These are the cash held on deposit either with the CCLA or at the bank.
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St Stephen and St Thomas Church 2021 Annual Report & Financial Statements
1.3 Fund Accounting
Unrestricted Funds are funds that are available to be spent on the trustees’ general purposes in furtherance of the objectives of the charity.
Designated Funds are general funds set aside by the trustees for use in the future. Designated funds remain unrestricted, and the trustees may move any surplus to other unrestricted funds. The purpose of each designated fund is shown in Section 6(b) of these notes.
Restricted Funds comprise revenue donations or grants for a specific activity intended by the donor. Any balance within a particular restricted fund remaining at year-end is carried forward within that fund. The aim and use of each individually-material restricted fund is set out in Section 6(c) of these notes.
Endowment Funds comprise funds given to the trustees for longer-term retention rather than immediate spending. According to the donor’s intention at the time of the gift, the capital may be permanent (normally held indefinitely) or expendable (subject to a discretionary power to spend capital as income). Depending on the terms of the gift, income derived from the capital either may be spent on unrestricted purposes at the discretion of the trustees, or must be spent on specific purposes restricted by the donor. Full details of all such restrictions are shown in in Section 6(d) of these notes.
1.4 Incoming Resources
In principle, incoming resources are recognised when:
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the trustees become legally entitled to the benefit of use of the resources;
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their ultimate receipt is probable; and
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The monetary value can be measured with sufficient reliability.
Planned giving, collections and similar donations are recognised when received. Tax refunds are recognised when the incoming resource to which they relate is received. Investment income is accounted for when receivable. Grants and legacies are accounted for when the Trustees are entitled to the use of the resources, their ultimate receipt is considered reasonably certain, and the amounts due are readily quantifiable. Rental income arising from the letting of church premises and property is recognised when due. All incoming resources are accounted-for gross.
1.5 Resources Expended
All expenditure is accounted for on an accrual basis. Grants and donations are accounted for when paid over, or when awarded if that award creates a binding or constructive obligation on the trustees. The Diocesan Common Fund contribution expected to be paid over is accounted for when due. All other expenditure is generally recognised when it is incurred and is accounted-for gross.
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St Stephen and St Thomas Church 2021 Annual Report & Financial Statements
INCOME AND ENDOWMENTS
| Donations and legacies Gift Aid - Bank Gift Aid - Envelopes Giving through church boxes One-off Gift Aid gifts Tax recoverable on Gift Aid Other funds generated Total Income from charitable activities Fees funerals Baptisms,Banns and weddings Church hall lettings - objectives Film Club Fund Beulah Church Total Other trading activities Rent from Glebe Flat ST ST Roof fund raising Events in Church Refund Elec/Gas Total Investments Dividends Bank and building society interest Rent 35 Bloemfontein Ave. Total |
Total Unrestricted Designated Restricted Endowment 2021 2020 47,902 — — — 47,902 57,995 — — — — 0 20 906 — — — 906 — — — — — 0 1136 9,580 — — — 9,580 8,747 23,133 — — — 23,133 — |
|---|---|
| 81,521 — 0 — 81,521 67,898 — — — — 0 414 650 — — — 650 260 20,906 — — — 20,906 14,792 — — — — 0 1,389 — — — — 0 1,500 |
|
| 21,556 — 0 — 21,556 18,355 8,550 — — — 8,550 7,400 — — 118,485 — 118,485 35,320 — — — — 0 38 556 — — — 556 37 |
|
| 9,106 — 118,485 — 127,591 42,795 — — — — 0 — 66 — — — 66 1,031 26,100 — — — 26,100 33,600 26,166 — 0 — 26,166 34,631 138,349 0 118,485 0 256,835 163,679 |
|
| INCOME TOTAL |
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St Stephen and St Thomas Church 2021 Annual Report & Financial Statements
EXPENDITURE
| Expenditure on charitable activities Ministry parish share etc Salary of parish administrator Salary of service assistant Salary of childrens worker HMRC PAYE/NIC - Salary Costs Parish training and mission Church running - insurance Church office - telephone ChurchSuite costs Organist fees Church maintenance Cleaning Hall Cleaning Church Upkeep of services Administration Church running - electric Church running - gas Church running - water Church running - rubbish collection Hall running - electricity Hall running - gas Hall running - insurance Hall running - maintenance Hall running - Suppplies Governance costs examination/audit fee Church major repairs - structure PCC 35 Bloem.Ave upkeep(Willmotts) Film Club Hospitality Total |
Total Unrestricted Designated Restricted Endowment 2021 2020 58,200 — — — 58,200 58,200 7,361 — — — 7,361 2,392 7,925 — — — 7,925 — 2,250 — — — 2,250 — 1,283 — — — 1,283 — — — — — — 60 3,504 — — — 3,504 3,647 376 — — — 376 598 794 — — — 794 726 4,041 — — — 4,041 4,311 4,456 — — — 4,456 2,856 5,260 — — — 5,260 3,760 3,120 — — — 3,120 2,360 12,870 — — — 12,870 724 2,108 — — — 2,108 6,701 1,695 — — — 1,695 795 5,540 — — — 11,080 6,006 1,244 — — — 1,244 1,243 247 — — — 247 — 2,127 — — — 2,127 1,861 5,540 — — — — — 3,504 — — — 3,504 3,647 3,143 — — — 3,143 60 754 — — — 754 — 1,200 — — — 1,200 1,200 — — 347,724 — 347,724 19,800 10,555 — — — 10,555 6,557 — — 56 — 56 346 |
|---|---|
| 149,097 0 347,780 0 496,878 127,849 |
|
| EXPENDITURE TOTAL | 149,097 0 347,780 0 496,878 127,849 |
| GRAND TOTAL | -10,748 0 -229,295 0 -240,043 35,830 |
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St Stephen and St Thomas Church 2021 Annual Report & Financial Statements
4 STAFF COSTS AND EMPLOYEE BENEFITS
The Parish had three employees over the course of 2021, a Parish Administrator, a Service Assistant and a Children’s Worker.
Apart from the above and duties performed by unpaid volunteers, services were provided to the PCC by individuals acting as self-employed contractors, as follows:
St Stephen & St Thomas
Church and Church Hall cleaning
Church Hall bookings
Parish administration
Organ playing and musical direction
5 RELATED PARTIES
No other payments, expenses, or other benefits were granted to any PCC member, persons closely connected to them, or related parties.
Donations from related parties (PCC members) included £12,950 in the form of planned congregational giving and £1,522 specifically given to the St Stephen’s Church Roof Fund.
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St Stephen and St Thomas Church 2021 Annual Report & Financial Statements
6 FUNDS
6(a) Summary of Fund Movements 2021
| Opening Incoming Outgoing Transfers Gains/losses Closing |
|
|---|---|
| BloemAve18 - 35 Bloem Ave refurbi Designated Sub-total for BloemAve18 General - General fund Unrestricted Sub-total for General Roof - St Stephen Roof Fund Restricted Sub-total for Roof OpenCin - St Stephen's Film Cl Restricted Sub-total for OpenCin 35BAveH - STST 35 Bloe.Ave/Hal Unrestricted Designated Sub-total for 35BAveH Wright - STST E W Wright Restricted Endowment Sub-total for Wright None - Agency collection Restricted Sub-total for None Grand total |
28,000 — — — — 28,000 |
| 28,000 — — — — 28,000 76,324 138,350 204,766 — — 9,908 |
|
| 76,324 138,350 204,766 — 0 9,908 173,571 118,485 292,056 0 0 0 |
|
| 173,571 59,597 292,056 0 0 0 4,122 0 56 — — 4,066 |
|
| 4,122 0 56 — 0 4,066 2,321,456 — — — — 2,321,456 — — — — — — |
|
| 2,321,456 — — — — 2,321,456 6,475 — — — — 6,475 11,032 — — — — 11,032 |
|
| 17,508 — — — — 17,508 -2,185 — — — — -2,185 |
|
| -2,185 — — — — -2,185 |
|
| 2,618,795 197,947 496,878 — 0 2,378,751 |
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St Stephen and St Thomas Church 2021 Annual Report & Financial Statements
6(b) Designated Fund Details
The purpose of each of the designated funds is set out in this section.
STST35 Bloemfontein Avenue,
This fund has been set aside for the purposes of maintenance and upgrading of the property.
STST Fair Value Fund
This fund is designated for movement in fair value of property and is not distributable.
6(c) Restricted Fund Details
The purpose of each of the individually-material restricted funds is set out in this section.
St Stephen’s Film Club Fund
This fund represents donations and grants received for the purpose of setting up and running a Film Club at St Stephen’s for the benefit of marginalised groups such as the elderly and homeless.
St Stephen’s Roof Fund
This fund represents funds raised (and eventually) grants received for the purposes of complete renewal of the main roof at St Stephen’s Church.
STST E W Wright Fund
This fund contains income received from the E W Wright endowment.
STST Mission Hall Fund
This fund contains income received from the Mission Hall endowment.
6(d) Endowment Fund Details
STST E W Wright Fund
This is an expendable endowment fund containing a legacy received from the estate of EW Wright during the 1960s intended for the purpose of funding interior decoration of St Stephen’s church building. Use of the income received from the capital is restricted to the stated purpose. At the discretion of the PCC, part or of the capital may be used as income to be spent on the same purpose.
STST Mission Hall Fund
This is a permanent endowment fund containing the assets of the “Charity for a Mission Hall, in the Ecclesiastical Parish of St Stephen with St Thomas, Shepherd’s Bush, in the London Borough of Hammersmith, regulated by conveyance dated 5[th] June 1917”. The object of this Charity is to fund or contribute towards the provision of land or buildings to be used for furthering the religious and other charitable work of the Church of England in the Parish. The PCC is the appointed managing trustee of the Charity.
During 2020, the Diocese granted permission for these restricted funds to be transferred and put towards the funding of the works on the Church roof.
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St Stephen and St Thomas Church 2021 Annual Report & Financial Statements
7 FIXED ASSETS
7(a) Tangible Assets
| le Assets | |
|---|---|
| 35 Bloemfontein Avenue Glebe Flat, Church Hall & Rooms Total Tangible Assets |
2021 2020 Gain /Loss 2020 £ £ £ £ 850,000 850,000 0 850,000 1,458,000 1,458,000 0 1,458,000 |
| 2,308,000 2,308,000 0 2,308,000 |
The value of the investment property at 35 Bloemfontein Avenue was obtained by valuation carried out by the PCC’s contracted property manager in 2016.
The Glebe Flat and Church Hall & Rooms are contiguous assets within the curtilage of St Stephen’s Church, and are church property.
The comparative values for the revalued fixed assets have been adjusted in accordance with FRS 102.
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St Stephen and St Thomas Church 2021 Annual Report & Financial Statements
8 CURRENT ASSETS
8(a) Debtors (Unrestricted funds)
As at 31/12/21, the trustees were due to receive the following amounts to which they were entitled in relation to 2020 and 2021 activities:
| St Stephen & St Thomas HMRC Gift Aid claim for 2020 HMRC Gift Aid Claim for 2021 35 Bloemfontein Avenue rent Total Debtors |
2021 2020 £ £ 6,810 6,810 9,580 5,881 7,088 |
|---|---|
| £22,271 £13,898 |
9 LIABILITIES
9(a) Amounts falling due in one year (Unrestricted funds)
| Independent Examiner’s fees Cleaners’ fees Parish & Hall Administration Glebe Flat deposit Vicar Expenses Agency payments Total Liabilities |
2021 2020 £ £ 1,000 1,000 700 700 690 662 950 402 570 1,000 |
|---|---|
| £4,312 £3,362 |
Agency payments are monies held within Parish bank accounts that have been collected or aggregated on behalf of other organisations pending remittance. Such monies, which typically include charitable collections and fees payable to the Diocese, are not part of Church funds.
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St Stephen and St Thomas Church 2021 Annual Report & Financial Statements