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← The Parochial Church Council Of The Ecclesiastical Parish Of St Stephen With St Thomas, Shepherd's Bush

2023-12-31-accounts

wph•• THE PAROCHIAL CHURCH COUNCIL OF St STEPHEN and St THOMAS LONDON W12 Registered Charity No. 1133759 ANNUAL REPORT OF THE TRUSTEES and FINANCIAL STATEMENTS for the Year Ended 31" December 2023

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St Stephen and St Thomas Church ANIYUAL REPORT for the Year Ended 3]" December 2023 Charity Details Name.. St Stephen and St Th01n￿ Church Registered charity number: 1133759 Principal AddT¢SS: St Stephen's Vicarage I Coverdale Road Shepherd's Bush London W12 8JJ Independent Ex*mlner Olufemi L&deinde ACMA. CGMA 8 Gate Sireel London WC2A 3HP Bankers St Siephen andsr Thomof HSBC plc 21 Kings Mall King Street London W6 OQF Administrative inforniation The P4rochi41 Church Council (PCC) is constituted under the Parochial Church Councils (Powers) Measure 1956 as amende( as the body charged with rurffting the activities of the Parish church and promoting in the parish the whole mission of the Church. The Pa￿￿hla1 Church Council is registered as a charity with the Charity commissio￿ The ￿gIStered 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 Fuibam, which is in the Area of the London Diocese under the Bishop of Kensington. The Kensington Area eontsins the 5 Borough5 of the Ar¢hdea￿nry of Middlesex. The corresrthdence address is St Stephen's PaTish Offic< I Coverdale Road, IAin(k)n, W12 8JJ. The PaTo¢hial Church Council met six time5 during the year. Members of the PCC are either ex otricio, elected by the Annual Paro¢hial Church Meeting (APCM) in accordance with the Church Representation Rules. OT ¢O-OPte(L PCC Memb￿ who have served from the Isi January 2022 to the dale this Teport was approved are: Ineumbent.. Rev Denis Adiik Ex Offieio members of the Paroclhi•l Church CouDeil: None Churchwarden: Bary Clarke. Suzi Maskell

Deaoery s￿0d Reprnwn¢•ilv¢s: taurn Rort Guy Walker School Foundatiom GovernorL. Rebecca Ellis Other Ekc¢ed membern {from Aprll 2023).. Damien Lard(yJK Oliver Cantor, Lilia Ayzatulin4 Nadine Talalla, Toby Barrow, Laura C(rttam. t￿lSe Jon¢& Jason Jame& Paul Harrison. Julia M&%terton-Smith. AlberEO Pellizzalo. Rey. Dr. Cheryl Freeman Deputy Churchwardens: RelYLca Fai%r. Natslia Cassel c￿Trea￿VrerS'. Non¢ SafeguArdiMg Offl¢tr: Alex Seab(Yn¢ Elertoral Roll O(fi¢er. Nort Baokers.. HSBC, 21 Kings M811. King StreeL tA)ndon W6 (￿F Structur& governance and management The method of appointment of PCC membets is set out in the Church Rewesentation Rules. All Church aoendees are enccwaged to register on the Ekctornl Roll and stand forelection to th¢ PCC. The PCC Standin8 Committee meets a5 necessary EeThveen full mc¢tin8s of the PCC. Th¢ Standing ComJnittee is required by law; ii h&$ the EM)wcr to transact the busTn¢ss of the PCC between itg meetin8S. generally when immediate deciSiLmS ￿ au¢knrities #re reguir¢d. The Stsnding Committee is compos¢d of the In¢umIK￿ the ChuTchwar(kn and deputy warden4 the lay VI￿ Chair, the School Foundation Governor and thc Treasurer. Objectives and Activities The prirn8ry object of the PCC is to pr(note the Gospel of our l￿d Jes￿$ Christ according to the doctrines and prdCti¢¢s of the Chuwh of England. Th¢ PCC for the Pish of St ste￿en and St Thom8s has the responsibility of COthQWating with the VKar in ￿orn011n￿ in the ecclesiastical parish the whol¢ mission of the Churc14 pastor81. evangeli&K ￿tal and ¢cu￿nICal. At St St¢phen and Si Thom4 the parish has Kesp)nsibility for th¢ thurch. the ehurch hall. a key worker flat {Glebe FlaL I A Coverdale Ro4 W12 8JJX CUJTently kl and a house (35 B1(￿mfOnteln Aveau< W12 7BJk also currenrfy kt. Review of the year, 2023 2023 wa5 a settled yeaT with very little variance in altenthce and no unexpect&l events. We continued to have two servi￿. iKAh of which gmv in Rumkr as the pandemi¢ ¢ondi¢ions lifted. Our earfier service maintatned a Tradition￿ 4pwoach while the mid-morning s¢rvicr gave more room for ministy to youftg children. their familie& and folks n¢w to faith. IA the Parlsb We continu¢ to strive to be a Christ-¢eRtrc(I liturgically based. EuChari5t-f￿uSed churth. serving our local community inside and outside the church family. Cornp&wioDate. C¥e8tiv¢ and Courngeous. We have also remained commitd to our weekty outrwh wograme ¢ach M￿)daY. our Silver Screening Club with Lunch and a film for the ¢l(krly, and our partnersh4) with Streetlytes, who serve hot meal with a film for home1￿$ people and hostsl dw¢llcr5 in the evffjing. In addition. we hosted a Toddler wup in the morning on Wedn￿dayS knd a y￿tIl group which meets on Friday evenings. Our relationship with St Steph¢n's School remains strlmg with beginningand end￿f-ternl services and assemblies each week. We also have had services across the yew to mat special occasions in the church and scknl calend8T. Many of the sch(K>l families are xtively inwjlved in the church.

The challenges for the year 20242025 The main challenges for the fOrth￿rnIng 2 years remain the sarne. These are that the financial outlook for St Stephen's hinges on two main things. The fitst is the strength and sustsinability of its incomelfundraising streams. and the se¢￿d 15 th¢ assessment of whether that incornc maiches the core and aspiralional mission objectives. Traditionally. St Steph¢n's has been able to susiain it5 mission. serving the community in Shepherd's Bush through prdy¢r and acts of service. Our partnership with other organisaiions has also allowed for fruitful mission to happen at a lower financial cost. However. the increase in chU￿h attendance numbers over the previous dec&le ¢oupled with the flourishing of the neighbouring school means ihat that mission has had to tske a new sh4x: what we do as a thurch is now increasingly mi)tr financially demanding than in pr¢vious years. With an increase in the attendance of children and young fafftilTe5 in the ¢hurch. it has been necessary to hire Iiew staff and increase the working hour5 ofthose already present. These costs will need to be managed and met with increased income. 2024-25 will need us to strengthel) our stewardin8 and fundrnising so thai growth in the ￿llgregatiOn can also be refkcted in regular giving so that our mi55ional aspirations can be matched. We will also b¢ working trustees to ensure much better long-terni fore¢￿1￿8 and budsetin8. Electoral Roll and Worship numbers The electoral roll (2023 revisioo) MumbeTS: I I I Worshtp Numbers .' 80 (Average aduli anendanc¢) Sunday S¢hool Attendance Numbers: 95 (Average attendanc) Financial Review Durin8 2020 congregational glving reached a new level as Parishioners generously took on ihe responsibility of increasin8 their giving to make up the shortfall in other Church income due to the impact of the Covid_19 pandemic. Ov¢r 21r21. the cumulative increase ixgan to plateau and we have endeavoured to encournge the growing congregants to givc. Over 2022 that plateau turned into a gentl¢ d¢clille as the trdnsition between the families who ffloved and the ones who joined the church ￿¢W continued. 2023 saw a ¢￿tinUEd drop in giving. We continue to encourage the giving as part of our a(Is of worship so that new and continuing congregation mem￿rS are engaged in this crucial part of Church life. The Parish continues to benefit frorn inci)me Tecetved through the HMRC Gift Aid scheme, at chU￿h also claim for Gift Aid Small t)onation5 (GASDS) payments. Amoun(s owed to us by HMRC in respect of pending claims for net payments rectivrf #re included within these a￿OUnts as part of"tkbtors-. The income from church hall lettings continu¢s to grow. One of the ¢I￿llenge5 we frdee is to M￿lMIse this over 2024. The rental income from our investment property at 15 Bloemfonletn Avenue, remained slrong with the propKrty being re-ld ￿ th¢ start of the year following the departurt of the previou5 teilants. There are, however, necessary improvement and maintenan works that will need cèr¢ful managern￿t to ensure we are financially stable. Our Common Fund payment to the Diocese of Ll￿￿On represents our most Signifi￿nt item of regular expenditure. For the 2023 financial yedr. we a8reed a Common Fund Contribution of £58.200. St Stepln and St Tl)mas Clw¢h 2023 AnThA Re￿¥¢& final &aÉements

Reserves policy It was PCC policy to try to maintain a balance (•) unresthct¢d funds which equated to approximately six months unrestrithed payments. to cover emerg¢ncy 51tuations that may have arisen from tim¢ to time. This was equivalent to £67.OCKI. This Amouni had within it a historically desIgn￿ed porti<)n for work on the prope￿ at Blc£mfontein Avenue which had been aP[￿loned with the pendin8 gift aid claim in view. Our adual cash balance was thus much lower the amount indicafrd thus lirniting our acc¢ss to capitol funds. The P.C.C. h1 also voted to utilise some of the reserve to facilitat¢ the completion of the roof funds. The numeri￿1 dI￿repa￿¢Y w missed during the su¢cessive hand-overs tthveen treasurers. Over 2023 the P.C.C. voted to remove the designalion of the JEclaimed gift aid and simultsnwusly T¢duce ihe reserve5 policy to £35.000 thus liberating funds which could be better managed to fvnd mission and ￿aggered work5 on the Blo¢mfonteiTr Avenue prO￿ty. The Reserves p)licy will Ir reviewed as the 2024-25 P.C.C. review the budget for 2025. It is PCC policy to invest funds ¢arn)arked St Stephen's Hall, and for the church's r(M)f restoration fund with the CBF CofE Deposit Fund through CCLA Investm￿1 Management Ltd. The funds belonging to the EW Wright Endowment aTe tnainly inve￿ed in a bank dew5it ¢ount. the funds belonging to the Mission Hall Charity are invested in the CBF CotE Investment Fund through CCLA Inv¢stm¢ni M•a8ement Approved by the P￿hla1 Church Council and signed on its iKha]f by: Rev DenisAdide. Chair thte: July 6114 2024 igmal ￿8￿edCopY reiairnl l￿ffi1e. st SrfwplEn of￿ St TIAxn&s Ghwch 2¢f23Anwal Rewt & FwKx81Stafenrts

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF St STEPHEN and St THOMAS l. I report on the accounts for the year e￿ 31st December2023. which are set out on pages6to 10 2. RtSP¢¢tTv¢ responsibililies of the irnstee5 and the txamlner The eharity's trnmees are ruponsibk forthe prcparntion of the accounts in accordance with the ChaTities ACA 2011 ("theAct"). The charity's trustee5 consider that an a￿111 is N)t required for this year undet section 144 ofthe Act and that an independent examination is needed. li is my responsibility to: examine th¢ a¢¢ovnts under section 145 of the Charities ACL to follow the applicable Directio￿ given by the Chariry Commission (under section145(5Mb) of the ACL to stsfr whethw particular mattels hav¢ come ￿ my a¢￿tIOn 3. Basls of the Indeptndenl exmler's stttment 4. My examination was Ca￿led out in acCordat￿e withgeneral Dire￿I0n$81VenbYthecharity Commission. An examination I￿lUdeS a reviw of the x￿inting records kept by the chan'ty aTrJ a comparison of the accounts presented with thse records. It also includes consideration of any unusual items or disclosures in IIK a¢￿U01S, and s¢¢king explanations from the trU￿e¢S concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audiL and consequently no opinion is given 2S to whetherthe accounts p￿sent a'true and fair. view and the report is limited to those matters set out in the siatement below. Independent examiner's sttement In ¢onne¢tion with my examination. no TnaieTial Thal*rs have come to my attenlion which gives me cause to believe that in, any mateTial respect: the accounting records were kept in a¢cordw with se£tion 130 of the Charities ACL or the accounts did not accord with the accounung re¢orO&" or the accounts did not comply with the applicable requirements concerning the forni and content of accounts set out in the Chariti¢s (A￿ounts and Rwrts) R¢gulatiorns 2(N)8 other than any requirement that the accounts give a 'true and fair. view which is not a matter ¢onsidered as pan of an independent examinaiion. I have no concerns and have come acro&s no other matters in connection with the examiThation io which attention should be drawn in this report ID order to enable a proper understanding of the a¢¢ounts to be reached. Signed: thte: Au9USt 7th: 2024 Olufemi Ladcinde ACM& CGMA 8 Gate Street London WC2A 3HP Chartered Insiitirte of Mana8enxm Accounta￿5. mem1￿$h4> No: 1.3MZ80L

Receipts amd Payments Accounts Unrestrlcted Re5tiicted Funds 2023 Funds 2022 R¢¢elpts I'olunt•n' Re¢elpts 42fjl8 9.843 143 54.&)4 42.618 9.843 6239 S8.7QO 45.124 8j12 4(a) 56.fA8 Investmenl bcome (Rent) Church Actlirfttes (Caurrh Hau Elre) Other Etttome 4(b) 35.tsm 44.121 1688 35N44 44.121 1688 45.57J 5.198 191J25 46929 30266 2l.542 4{t) 1.024 Trallster ollto Ernpioyee Expew C*rdJ Twl Recelpts 5.198 107.035 Pa)Ine•l$ Cburcb activide$ 58200 18.796 67.100 4236 4.898 153 3S.035 582C 13.975 96.516 4.957 5.950 179 597 12.50? Clergy and staffmg costs Cbwch Hal costs 18.790 61801 4236 4{d) 4(e) Transfer offjo FAWoyee EyeD5e CaTds Totsl PaymeDts Excess of liece¥ts ovcr Pa 148J91 38,035 4298 Cash at bauk at 01 Januxy Casb at bank at 31 Deeejnb Cash ID transit et Mov•mert ln Cash 35.457 72.671 35.457 73,492 48.018 35.450 3W 38JI35 822 38 035 12

Statement of Assets and Liabllltles 20•J 20*2 F#Dds Cask Bank Curerrt Ac(tXIts 73.iu 35.(K 756 1.027 Cash th Ha￿l 74 Ol&er >lollelu> Assets 1091 28,561 075 PAIT ttxes recoveralle 29 Assd$ relained for ¢hMrch use 35 BloeJnfix5tthAiern Glebe ts( H21 85QlXI) 850.( LIab￿¢S Rwf loan 9.107 307 950 950 2023 ￿V0￿e5 exFQ4W the

Notes to the Ffinancisl Statements for the year ended 311t December 2022 l. Blsts of ￿1￿cial ststemelts These financial ststements hove iwi pr¢pard in accordanc¢ with the Church Accounting Regulations 2(M)6 using the Receipts and Payments basis. The presentstion currency of the financial ststements is Pounds Sterling (£) 2. Fixed Assets The value of the inveslment property at 35 Bloemfontein Avenue was obtained by valuation carried out by the PCC'S cotstr&t￿ wopty manager in 2016. The Glebe Flat and Churcb Hall & Rooms are conligw 8&8ets within the curtilage of St Stephen's ChurcK and are church pr(yerty. 3. FuAds 3 (a) u￿r￿lrI¢ledF￿nds aTe funds that are available to be spent on t￿ trustees. general purp)ses in [urthe￿ of the ii)jectives of tk charity. 3 {b) Resthcted Funds compTi5e revenue donati(Yng or grants for a sp￿lfi¢ activity intended by the donor. Any balance within a particular restricted fund remaining at yearénd is carried forward within that fimd. Soundof Worship: This ful￿ represents donations and relat¢d aid r¢ceiv¢d for the of pur¢h&sing new audio equipnent. in order to grow and support the church'g worship tram. Glebe Hoxse Repairs." This fund repTesents dottai￿ forthe pwp)se of kKrforniing repairs to the Glebe House property. Dishwashér." This fund represents tk Ik)naili￿ received in onler to purchase a new dishwasher f(* the ¢hurch. The movements ID restridd during the yearwere: Bli ts Trn¥￿T Bil rM•d 19¢9 Sm4 of Wu5b U45 2.5 375 349 5.120 322

  1. Further Analysis of Recelpts and Payments A¢¢ounts 2022 Fumds Fwnds Finds Reteipts ) All other ￿￿n1fvoI￿Dt1lw ttcelpts Card d￿￿tion9 Swthy Sixe8 672 618 343 511 416 45? 018 343 511 Donation fro￿ Sin8 S(ty her onto Ea Glebe House Rep Sollnd of Wornhip Douatioo Oth¢r &MJalions 43S 1.796 1.796 3( 1709 2.143 ffjJ39 b) l]we5tment Intome Relli Bbxmfotrtem Rd Reni GJ¢be House 27.044 ?7.044 8.0(M) 35 374?9 9500 ) Other kneou 2.117 250 Wttkettd At Hol￿t Di0¢o¢ lo￿ for roof VAT R¢b8ts ftx rewi its • fthted 10.000 8.600 2.641 I)￿str&￿ed Rtttthied Fttds 21) FWMIS 2022 P)weDts d) chU￿b Dd Hall Costs )4.794 17.695 7.743 6.943 2.756 53.048 22.206 6.995 3.538 3.265 2.108 3.092 2.013 249 Utditie$ 17.695 7.743 6.943 Mitsce]knJe(th Admm Costs Costs of Setiices 2.232 369 329 Expelldth on new 8nMII assets Pr￿￿tillI. a￿1 CJ7ft1 369 3)9 Rcpan tD Okbt Ho￿¢ SowLd Sy5taii New D1th1￿$b￿ 2.000 1.949 349 2.000 1.949 349 07.10• e) ¥h don•llons ?.466 711 35? 287 2?0 3.251 61 1.147 Alphg supplies 557 787 Sih'ts Scrta) Bfy) 108 4230 St step1￿ and St T7￿MaS Clmwch 2023Annual Raiyt & FYanc￿l &at8rn9

  2. Employtts and Stsfflng The parish had two cmploytts over the coutse of 2023, a Parish Administrattyr and a Childrni's Worker. Clcrgy and StatTJr4 costs Incl￿1¢ Pe￿￿￿e] Costs, vicar's expenses and teatn n￿lIs. Apart from the above and dutie5 performed by volunteers, services were provided to the PCC by individuals acling as seif_ernployed contractors, as follows.. Church and Church Hall cleaning Organ Playing8nd musical direction

  3. Glft Ahl Rtcover*ble There were gift aid claims outststhg with HMRC with relation to charitable donations in relation to 2020-2023. Estimates for the amouDts receivable for these years are approxin)ately £3,(KJO.
  4. Rooliwi There is a loan outstanding witb the Di(Kcse in relation to the roof repairs. The original amount of the loan was £IO,(XK). This loan will ￿ repaid over 33 months, starting in (ktober 2022 with nK)ntMy repaymenl amounts of £278. The amowit of the loan outstanding at 31 Decemitr 2023 was £6.111. 10