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2024-12-31-accounts

Charity number: 1138630

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST STEPHEN'S CHURCH, SOUTH LAMBETH

known as ST STEPHEN'S CHURCH, SOUTH LAMBETH

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

ST STEPHEN'S CHURCH, SOUTH LAMBETH

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 - 25

ST STEPHEN'S CHURCH, SOUTH LAMBETH

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees Rev Canon Stephen Coulson, (Priest)
Penny Elvin, (Church Warden)
Rosalie Grant, (Church Warden)
Nusi Amade-Jaji, (Deanery Synod Rep)
Comfort Idowu-Fearon, (Deanery Synod Rep)
Rosalind Hallifax, (Treasurer/Electoral Roll Officer)
Eric Mamah-Djiman, (Elected PCC member)
Vanessa Reid, (Elected PCC member) (appointed 19 May 2024)
Ighofose Emuveyan, (Elected PCC member)
Tina Valcarcel, (Elected PCC member)
Charity registered
number
1138630
Registered office
19A Richborne Terrace
London
SW8 1AS
Independent Examiner
TWP Accounting LLP
Chartered Accountants and Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

Page 1

ST STEPHEN'S CHURCH, SOUTH LAMBETH

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The PCC members present their annual report together with the financial statements of the St Stephen's Church, South Lambeth for the year 1 January 2024 to 31 December 2024. The Annual Report serves the purposes of a PCC members report. The PCC members confirm that the Annual Report and financial statements of the charitable PCC comply with the current statutory requirements, the requirements of the charitable governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

The PCC Standing Committee comprised the Incumbent (Rev Stephen Coulson), Church Wardens (Rosalie Grant and Penny Elvin) and Treasurer (Rosalind Hallifax).

St Stephen’s had 28 people on the Electoral Roll as at 30th April 2024, down from 30 at the end of April 2023.

Objectives and activities

a. Policies and objectives

St Stephen’s Church South Lambeth PCC is responsible for supporting the Priest in Charge, Rev Canon Stephen Coulson, in promoting the parish and the mission of St Stephen’s Church to Welcome all, Love Jesus, and Make Him known. Rev Coulson is also vicar of our neighbouring parish church, St Mark’s Kennington.

The PCC is also responsible for maintaining the St Stephen’s church building at St Stephen’s Terrace, SW8 1DH.

In setting objectives and planning for activities, the PCC members have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running charity (PB2)'.

The PCC is committed to welcoming and enabling as many people as possible to worship as part of our church family, and to be active members of the St Stephen’s church family. The PCC supports the priest in charge in creating church services that involve as many groups as possible across our church family, including the Sunday School and Youth Groups. We also support a midweek small group, and regular prayer meetings jointly with St Mark’s Kennington.

b. Strategies for achieving objectives

Our regular Mothers Union meeting on Thursday evenings, became a a formal Mothers Union group in May 2024.

We also have activities reaching out to the community including a regular Tuesday coffee morning and table tennis on Tuesday. At Christmas we go carol singing around the parish. We use local WhatsApp groups and networks to invite people into our activities.

Roger Reid continues as joint Youth Pastor to St Stephn’s and St Mark’s, with employment costs being shared equally.

Page 2

ST STEPHEN'S CHURCH, SOUTH LAMBETH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Objectives and activities (continued)

c. Activities undertaken to achieve objectives

The priest in charge and PCC plan activities throughout the year that will support St Stephen’s Church mission statement of Welcoming all, Loving Jesus, and Making Him known. We aim to enable people to develop and live out their faith in Jesus Christ as their Saviour and Lord in their day-to-day lives through being able to worship together and learn about God’s plan for Christian living through the preaching of the Bible as God’s authentic Word.

We also support practical Christian pastoral care through our church activities, supporting and providing office space for Spinnaker Trust in their work with local schools, supporting a wide range of UK and overseas missionary activities, and enabling other church communities and charities with a Christian ethos to rent our buildings for their own worship services and other activities. In addition, we reach out to our local community with space for meetings and joint activities.

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

The main activity is the holding of regular church services (including Sunday School) and prayer meetings.

Achievements and performance

a. Main achievements of the charity

We continue to hold regular services and provide pastoral care to church members, as well as organizing events which build us as a community and reaching out into the wider community.

Financial review

a. 2024 Review

In general terms, giving has been up, mostly from direct payments to our account. In addition, we had an increase in rental income from churches using our building and from music rehearsals. However, our utility bills have had a major impact on our outgoings and we are looking to review these when the contracts end in March 2025. We drew down on our investment funds for the major cost of replacing our boilers.

b. Going concern

After making appropriate enquiries, the PCC members have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to 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.

c. Reserves policy

Our aim is to have sufficient reserves to cover our anticipated needs over the year, with some allowance for emergency works. The categories and amounts kept in reserve are shown in our annual accounts, and are regularly reviewed by the Treasurer on behalf of the PCC.

d. Investment policy

We are receiving professional investment advice for the monies received from the sale of land, and have an investment committee to oversee the management of these funds.

Page 3

ST STEPHEN'S CHURCH, SOUTH LAMBETH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

e. Risk assessment

The PCC regularly monitor financial and personnel aspects of church life that require risk cover, and ensure that appropriate insurance is in place.

Structure, governance and management

a. Constitution

St Stephen's Church, South Lambeth is registered as a charity under the Parochial Church Council Powers Measure (1956) as amended and Church Representation Rules.

b. Methods of appointment or election of Trustees

The management of the charity is the responsibility of the PCC members and Church Wardens who are elected and co-opted under the terms of the Church Representation Rules and Church Wardens’ Measure of the Church of England.

Statement of PCC member's responsibilities

The PCC members are responsible for preparing the PCC members Report and the financial statement .in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charities SORP requires the PCC members to prepare financial statements for each financial year. Under Charities SORP, the PCC members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming·resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the PCC members are required to:

The PCC members are responsible for keeping. adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities SORP. They are also responsible for safeguarding the assets of the charity 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 PCC on
_______
24 May 2025		 and signed on their behalf by:

Rosalind Hallifax Rosalind Hallifax (Jun 3, 2025, 2:07pm) Rosalind Hallifax Trustee and Treasurer

Page 4

ST STEPHEN'S CHURCH, SOUTH LAMBETH

INDEPENDENT EXAMINER'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Independent Examiner's Report to the Trustees of St Stephen's Church, South Lambeth ('the charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2024.

Responsibilities and Basis of Report

As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the section 144 of the Charities Act 2011 (the Act) and that an independent examination is needed..

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

Independent Examiner's Statement

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:

  1. accounting records were not kept in respect of the charity 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 accounting 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 charity's Trustees, 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 charity's Trustees 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 charity and the charity's Trustees as a body, for my work or for this report.

TWP Accountin LLP g Signed: Dated: 17 Jun 2025 Paul Hawksley (Jun 17, 2025, 3:05pm) Paul Hawksley FCA, MAAT, CTA

TWP Accounting LLP

Chartered Accountants and Statutory Auditors The Old Rectory Church Street Weybridge Surrey KT13 8DE

Page 5

ST STEPHEN'S CHURCH, SOUTH LAMBETH

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Voluntary income
3
Church activities
4
Investments
5
Total income
Expenditure on:
Missionary and charitable giving
6
Charitable activities
7
Total expenditure
Net income/(expenditure) before net
(losses)/gains on investments
Disposals
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
(Losses)/gains on revaluation of fixed
assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2024
£
1,058
-
-
1,058
-
872
872
186
-
186
-
186
3,080
186
3,266		 Unrestricted
funds
2024
£
33,846
38,480
61,181
133,507
7,060
103,627
110,687
22,820
(15,670)
7,150
(8,252)
(1,102)
460,314
(1,102)
459,212		 Total
funds
2024
£
34,904
38,480
61,181
134,565
7,060
104,499
111,559
23,006
(15,670)
7,336
(8,252)
(916)
463,394
(916)
462,478		 Total
funds
2023
£
29,946
30,834
11,270
72,050
6,300
106,523
112,823
(40,773)
531
(40,242)
16,425
(23,817)
487,211
(23,817)
463,394

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 8 to 25 form part of these financial statements.

Page 6

ST STEPHEN'S CHURCH, SOUTH LAMBETH REGISTERED NUMBER:

BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Investments
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 13,060
8,412
18,377
39,849
(3,103)		 2024
£
3,758
421,974
425,732
36,746
462,478
3,266
459,212
462,478		 7,792
32,377
22,432
62,601
(4,833)		 Restated
2023
£
5,621
400,005
405,626
57,768
463,394
3,080
460,314
463,394

The financial statements were approved and authorised for issue by the Trustees on _______ and signed on their behalf by: 11 Jun 2025 24 May 2025

Penny Elvin (Jun 11, 2025, 1:21pm) Penny Elvin Church warden

Rosalind Hallifax

Rosalind Hallifax (Jun 3, 2025, 2:07pm) Rosalind Hallifax Treasurer

The notes on pages 8 to 25 form part of these financial statements.

Page 7

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. General information

St Stephen's Church, South Lambeth is a registered charity in England and wales. The address of the registered ofice is given in the charity information on page 1 of these financial statement.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Church Accounting Regulations together with the Charities SORP (FRS 102).

The financial statements have been prepared on an accruals basis and under the historic cost convention, except for the valuation of investment assets which are shown at market value. The financial statements include all transactions, assets and liabilities for which the PCC is legally responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members.

2.2 Income

Incoming resources

Planned giving, collections and donations are recognized when received.

Gift aid claimable on income is recogized at the same time as the associated incoming resource.

Grants and legacies are recognized when the PCC is notified of its entitlement and the amount due.

Income in respect of hall hire or other fees is recognized in the period in which the event occurs.

Investment income is recognized when entitlement to such income arises.

All incoming resources are accounted for gross.

2.3 Funds

Unrestricted funds represent funds that are not subject to any restrictions regarding their use and are available for any purpose. These include the general fund and also funds designated for a particular purpose by the PCC.

Restricted funds represent funds where money is given for a specific purposes and the fund can only be used for those restricted objects

2.4 Expenditure

Grants and donation are accounted for when paid, or when awarded if that award creates a binding or constructive obligation on the PCC. The diocesan parish share is accounted for when due.

All other expenditure is generally accounted for when it is incurred and is accounted for gross.

All expenditure is inclusive of irrecoverable VAT.

Page 8

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.5 Tangible fixed assets and depreciation

Consecrated and beneficed property is excluded from the accounts by s10(2)(a) of the Charities Act 2011. No value is placed on moveable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers these to be inalienable property. All expenditure incurred during the year on consecrated or beneficed property and moveable church furnishings, whether maintenance or improvement, is written off as incurred.

Equipment used within the church premises is depreciated on a straight line basis over four years. Individual items of equipment with a purchase price of £1,000 or less are generally written off in the period in which the asset is acquired.

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 bases:

Office equipment - 4 years straight line
Premises equipment - 4 years straight line

2.6 Investments

Investments are valued at fair value with any revaluation gains or losses going through the Statement of Financial Activities.

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.

2.8 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.

2.9 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 charity 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.

Page 9

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. Voluntary income

Voluntary income
Donations (gift aid)
Donations (non gift aid)
Other income
Open offering (gift aid)
Open offering (non gift aid)
Planned giving (gift aid)
Planned giving (non gift aid)
Gift aid tax recoverable
Similar incoming resources
Youth group outings
Church outings
Collection for refugee children
MSG giving
Total 2024		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
10
-
11
-
5,178
-
96
-
13,320
-
8,596
-
5,393
300
-
-
1,125
115
117
643
-
1,058
33,846		 Total
funds
2024
£
10
11
5,178
96
13,320
8,596
5,393
300
1,125
232
643
34,904

Page 10

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. Voluntary income (continued)

Voluntary income
Donations (non gift aid)
Other income
Open offering (gift aid)
Open offering (non gift aid)
Planned giving (gift aid)
Planned giving (non gift aid)
Gift aid tax recoverable
Similar incoming resources
Youth group outings
Church outings
Collection for refugee children
Total 2023		 Restricted
funds
2023
£
-
-
-
-
-
-
-
-
114
114		 Unrestricted
funds
2023
£
106
100
4,292
11,902
8,737
4,060
210
425
-
29,832		 Total
funds
2023
£
106
100
4,292
11,902
8,737
4,060
210
425
114
29,946

4. Church activities

Unrestricted
funds
2024
£
Church lettings
38,318
Fees and sundry income
162
Total 2024
38,480
Unrestricted
funds
2023
£
Church lettings
30,707
Fees and sundry income
127
Total 2023
30,834		 Total
funds
2024
£
38,318
162
38,480
Total
funds
2023
£
30,707
127
30,834

Page 11

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. Investment income

Unrestricted
funds
2024
£
Income from portfolio income receivable
60,862
Bank interest receivable
319
Total 2024
61,181
Unrestricted
funds
2023
£
Investment portfolio income receivable
11,047
Bank interest receivable
223
Total 2023
11,270		 Total
funds
2024
£
60,862
319
61,181
Total
funds
2023
£
11,047
223
11,270

6. Missionary and charitable giving

Unrestricted
funds
2024
£
Mission Direct
400
Lambeth Street Pastors
500
Spinnaker Trust
800
Robes Project
300
Dr Glenn Miles
1,000
Relite Africa
1,000
Adetokunbo Salami
700
Global Inspiration Foundation (Nigeria)
1,000
SRCC (Uganda)
1,000
St Stephen's Childrens Centre
360
Total 2024
7,060		 Total
funds
2024
£
400
500
800
300
1,000
1,000
700
1,000
1,000
360
7,060

Page 12

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Missionary and charitable giving (continued)

Relite (Ghana)
Mission Direct
Lambeth Street Pastors
Spinnaker Trust
Robes Project
Dr Glenn Miles
Pleroma Ministries (Nigeria)
Global Inspiration Foundation (Nigeria)
SRCC (Uganda)
Total 2023		 Unrestricted
funds
2023
£
1,000
450
900
800
300
800
250
800
1,000
6,300		 Total
funds
2023
£
1,000
450
900
800
300
800
250
800
1,000
6,300

7. Analysis of expenditure on charitable activities

Summary by fund type

Diocese and church
Staff costs
People and groups
Management and administration
Governance costs
Total 2024		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
872
72,163
-
20,740
-
1,396
-
7,318
-
2,010
872
103,627		 Total
2024
£
73,035
20,740
1,396
7,318
2,010
104,499

Page 13

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Diocese and church
Staff costs
People and groups
Management and administration
Governance costs
Total 2023		 Restricted
funds
2023
£
1,400
-
1,440
-
-
2,840		 Unrestricted
funds
2023
£
75,839
19,191
954
5,689
2,010
103,683		 Total
2023
£
77,239
19,191
2,394
5,689
2,010
106,523

Summary by expenditure type

Diocese and church
Staff costs
People and groups
Management and administration
Governance costs
Total 2024
Diocese and church
Staff costs
People and groups
Management and administration
Governance costs
Total 2023		 Other costs
2024
£
73,035
20,740
1,396
7,318
2,010
104,499
Other costs
2023
£
77,239
19,191
2,394
5,689
2,010
106,523		 Total
2024
£
73,035
20,740
1,396
7,318
2,010
104,499
Total
2023
£
77,239
19,191
2,394
5,689
2,010
106,523

Page 14

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Analysis of expenditure by activities

Diocese and church
Staff costs
People and groups
Management and administration
Governance costs
Total 2024		 Activities
undertaken
directly
2024
£
73,035
20,740
1,396
7,318
2,010
104,499		 Total
funds
2024
£
73,035
20,740
1,396
7,318
2,010
104,499
Diocese and church
Staff costs
People and groups
Management and administration
Governance costs
Total 2023		 Activities
undertaken
directly
2023
£
77,239
19,191
2,394
5,689
2,010
106,523		 Total
funds
2023
£
77,239
19,191
2,394
5,689
2,010
106,523

Page 15

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Analysis of expenditure by activities (continued)

Analysis of direct costs
DIocese - parish share
Church - maintenance
Church - quinquennial inspection
Church - fuel & water
Church - insurance
Church - equipment depreciation
Youth events
Church outing
Evangelism
Telephone and internet
Postage, stationery and website
Worship and service related
General expenses
Bank charge and interest
Investment management charges
Cleaner
Youth pastor
Total 2024
Diocese - parish share
Church - maintenance
Church - quinquennial inspection
Church - fuel & water
Church - insurance
Church - equipment depreciation
Youth events
Church outing
Evangelism
Telephone and internet
Postage, stationery and website
Worship and service related
General expenses
Bank charge and interest
Investment management charges
Accounting and independent examination
Cleaner
Youth pastor
Total 2024		 Diocese and
church
2024
£
12,717
42,828
(1,428)
13,726
3,329
1,863
-
-
-
-
-
-
-
-
-
-
-
73,035		 Staff costs
2024
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,180
14,560
20,740		 People and
groups
2024
£
-
-
-
-
-
-
233
1,128
35
-
-
-
-
-
-
-
-
1,396
Governance
costs
2024
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,010
-
-
2,010		 Management and
administration
2024
£
-
-
-
-
-
-
-
-
-
1,309
1,961
127
758
99
3,064
-
-
7,318
Total
funds
2024
£
12,717
42,828
(1,428)
13,726
3,329
1,863
233
1,128
35
1,309
1,961
127
758
99
3,064
2,010
6,180
14,560
104,499

Page 16

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Diocese - parish share
Church - upkeep & repairs
Church - new boilers
Church - upgrade electrical sockets
Church - quinquennial inspection
Church - fuel & water
Church - insurance
Church - equipment depreciation
Youth events
Youth group
Sunday school
Church outing
Evangelism
Telephone and internet
Postage, stationery and website
Worship and service related
General expenses
Bank charge and interest
Investment management charges
Cleaner
Youth pastor
Total 2023
Diocese - parish share
Church - upkeep & repairs
Church - new boilers
Church - upgrade electrical sockets
Church - quinquennial inspection
Church - fuel & water
Church - insurance
Church - equipment depreciation
Youth events
Youth group
Sunday school
Church outing
Evangelism
Telephone and internet
Postage, stationery and website
Worship and service related
General expenses
Bank charge and interest
Investment management charges
Accounting and independent examination
Cleaner
Youth pastor
Total 2023		 Diocese and church
2023
£
15,000
4,453
35,364
3,380
1,428
12,637
3,113
1,864
-
-
-
-
-
-
-
-
-
-
-
-
-
77,239		 Staff costs
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,775
13,416
19,191		 People and groups
2023
£
-
-
-
-
-
-
-
-
1,000
34
100
1,200
60
-
-
-
-
-
-
-
-
2,394
Governance costs
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,010
-
-
2,010		 Management and
administration
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
780
834
390
656
88
2,941
-
-
5,689
Total
funds
2023
£
15,000
4,453
35,364
3,380
1,428
12,637
3,113
1,864
1,000
34
100
1,200
60
780
834
390
656
88
2,941
2,010
5,775
13,416
106,523

Page 17

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. Independent examiner's remuneration

2024 2023
£ £
Fees payable to the charity's independent examiner for the independent
examination of the charity's annual accounts 2,010 2,010

10. Staff costs

Wages and salaries 2024
£
20,740
20,740		 2023
£
19,191
19,191

The average number of persons employed by the charity during the year was as follows:

2024 2023
Employees 2 2

The average headcount expressed as equivalents was 0.75 (1 half time and 1 quarter time).

Cleaner
Youth pastor		 2024
General
£
6,180
14,560
20,740		 2023
General
£
5,775
13,416
19,191

No employee received remuneration amounting to more than £60,000 in either year.

Expenses are reimbursed to certain PCC members for reasonable costs incurred on behlaf of the Church.

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL).

Page 18

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Tangible fixed assets

Cost or valuation
At 1 January 2024
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
Fixed asset investments
Cost or valuation
At 1 January 2024
Net movements
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Office
equipment
£
856
856
853
-
853
3
3		 Premises
Equipment
£
37,119
37,119
31,501
1,863
33,364
3,755
5,618		 Total
£
37,975
37,975
32,354
1,863
34,217
3,758
5,621
Listed
investments
£
400,005
21,969
421,974
421,974
400,005

13. Fixed asset investments

Page 19

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. Debtors

Due within one year
Other debtors
Gift Aid recoverable		 2024
£
8,041
5,019
13,060		 2023
£
4,019
3,773
7,792

15. Current asset investments

Restated
2024 2023
£ £
Cash and cash equivalents 8,412 32,377

During the year, the listed investment previously classified as a current asset was reclassified as a fixed asset investment.

16. Creditors: Amounts falling due within one year

2024 2023
£ £
Trade creditors 3,103 4,833

17. Prior year adjustments

A prior period adjustment has been processed to move the investments in the financial year ended 2023 of £400,005 from current assets to fixed assets. This is because the intention of the Trustees is to use these investments for long term gain and there is no intention to dispose of or spend them in total. This adjustment does not impact the Profit and Loss reserve brought forward.

Page 20

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
3,758
-
421,974
3,266
36,583
-
(3,103)
3,266
459,212		 Total
funds
2024
£
3,758
421,974
39,849
(3,103)
462,478

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
funds
2023
£
-
-
3,080
-
3,080		 Unrestricted
funds
2023
£
5,621
400,005
59,521
(4,833)
460,314		 Total
funds
2023
£
5,621
400,005
62,601
(4,833)
463,394

Page 21

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Provision for
major repairs (a)
Employee
reserve (b)
Mission giving
reserve (c)
General funds
General funds
Total
Unrestricted
funds
Restricted
funds
Women's
pastoral work (d)
Youth events (c)
St Stephen's
Children's
Centre (e)
Youth work (e)
MSG Giving
Total of funds		 Balance at 1
January
2024
£
12,000
6,000
-
18,000
442,314
460,314
251
-
114
2,715
-
3,080
463,394		 Income
£
-
-
-
-
133,507
133,507
-
300
-
115
643
1,058
134,565		 Expenditure
£
-
-
(7,060)
(7,060)
(103,627)
(110,687)
-
-
(114)
(115)
(643)
(872)
(111,559)		 Transfers
in/out
£
-
-
13,950
13,950
(13,950)
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
(23,922)
(23,922)
-
-
-
-
-
-
(23,922)		 Balance at
31
December
2024
£
12,000
6,000
6,890
24,890
434,322
459,212
251
300
-
2,715
-
3,266
462,478

Page 22

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Statement of funds (continued)

a) This is for major repairs and renewals that might be required, including repairs to the Church floor. (b) A reserve is maintained to enable the Church to be able to meet its employment commitments.

(c) An amount had been set aside to cover mission giving that was desired but hadn't yet been allocated or paid.

(d) This is the balance of donations in previous years towards women's pastoral work.

(e) This is grants received towards youth/children's work.

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Provision for
major repairs (a)
Employee
reserve (b)
Mission giving
reserve (c)
General funds
General funds
Total
Unrestricted
funds
Restricted
funds
Women's
pastoral work (d)
Church outings
(e)
Youth events (f)		 Balance at
1 January
2023
£
15,000
3,000
1,000
19,000
462,405
481,405
Balance at
1 January
2023
£
251
741
565		 Income
£
-
-
-
-
-
-
Income
£
-
-
-		 Expenditure
£
-
-
(6,300)
(6,300)
(31,747)
(38,047)
Expenditure
£
-
(741)
(565)		 Transfers
in/out
£
-
-
5,300
5,300
(5,300)
-
Transfers
in/out
£
-
-
-		 Gains/
(Losses)
£
-
-
-
-
16,956
16,956
Gains/
(Losses)
£
-
-
-		 Balance at
31
December
2023
£
15,000
3,000
-
18,000
442,314
460,314
Balance at
31
December
2023
£
251
-
-
Page 23

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Statement of funds (continued)

Statement of funds - prior year (continued)

St Stephen's
Children's
Centre (g)
Youth work (h)
Cold weather (i)
Total of funds		 Balance at
1 January
2023
£
-
2,849
1,400
5,806
487,211		 Income
£
114
-
-
114
114		 Expenditure
£
-
(134)
(1,400)
(2,840)
(40,887)		 Transfers
in/out
£
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
16,956		 Balance at
31
December
2023
£
114
2,715
-
3,080
463,394

(a) This is for major repairs and renewals that might be required, including repairs to the Church floor.

(b) A reserve is maintained to enable the Church to be able to meet its employment commitments. (c) An amount had been set aside to cover mission giving that was desired but hadn't yet been allocated or paid.

(d) This is the balance of donations in previous years towards women's pastoral work.

(e) This is the balance of a donation from a Church member to support future annual Church outings. (f) This is the balance of donations in the previous year towards the cost of attending Christian youth events..

(g) This is money collected for St Stephen's Children's Centre in November 2023 then paid on in 2024.

(h) This is grants received towards youth/children's work.

(i) This is a grant received towards fuel bills. It was received in late December 2022 and used in 2023.

Page 24

ST STEPHEN'S CHURCH, SOUTH LAMBETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Summary of funds

Summary of funds - current year

Designated
funds
General funds
Restricted funds		 Balance at 1
January
2024
£
18,000
442,314
3,080
463,394		 Income
£
-
133,507
1,058
134,565
Income
£
-
-
114
114		 Expenditure
£
(7,060)
(103,627)
(872)
(111,559)
Expenditure
£
(6,300)
(31,747)
(2,840)
(40,887)		 Transfers
in/out
£
13,950
(13,950)
-
-
Transfers
in/out
£
5,300
(5,300)
-
-		 Gains/
(Losses)
£
-
(23,922)
-
(23,922)
Gains/
(Losses)
£
-
16,956
-
16,956		 Balance at
31
December
2024
£
24,890
434,322
3,266
462,478
Balance at
31
December
2023
£
18,000
442,314
3,080
463,394
Summary of funds - prior year
Designated
funds
General funds
Restricted funds		 Balance at
1 January
2023
£
19,000
462,405
5,806
487,211

Page 25

Issuer

Issuer TWP Accounting Document generated Tue, 3rd Jun 2025 13:59:05 BST Document fingerprint b676397b199a19c8855b5439ffd3362b

Parties involved with this document

Document processed

Party + Fingerprint

Tue, 3rd Jun 2025 14:07:17 BST Wed, 11th Jun 2025 13:21:01 BST Tue, 17th Jun 2025 15:05:02 BST

Rosalind Hallifax - Signer (43cb1518caeb21d3e1cf38535fb2aced) Penny Elvin - Signer (e51aa10ef059f9f41f672e1026a0b442) Paul Hawksley - Signer (0099c9e10d0109445bd2baf637226b87)

Audit history log

Date

Action

Tue, 3rd Jun 2025 13:59:05 BST Envelope generated by Jonathan Graham (46.249.198.183) Tue, 3rd Jun 2025 13:59:06 BST Document generated with fingerprint b676397b199a19c8855b5439ffd3362b (46.249.198.183) Tue, 3rd Jun 2025 13:59:06 BST Document generated with fingerprint caba440d05f5b6ac171f5f082ba53618 (46.249.198.183) Tue, 3rd Jun 2025 14:01:20 BST Sent the envelope to Rosalind Hallifax (roshallifax@aol.com) for signing (46.249.198.183) Tue, 3rd Jun 2025 14:01:21 BST Document emailed to roshallifax@aol.com Tue, 3rd Jun 2025 14:01:50 BST Rosalind Hallifax opened the document email. (87.248.114.143) Tue, 3rd Jun 2025 14:02:02 BST Rosalind Hallifax viewed the envelope (89.241.113.61) Tue, 3rd Jun 2025 14:07:17 BST Rosalind Hallifax signed the envelope (89.241.113.61) Tue, 3rd Jun 2025 14:07:17 BST Sent the envelope to Penny Elvin (pennyjean@hotmail.co.uk) for signing (89.241.113.61) Tue, 3rd Jun 2025 14:07:18 BST Document emailed to pennyjean@hotmail.co.uk Tue, 3rd Jun 2025 14:19:00 BST Rosalind Hallifax opened the document email. (87.248.116.215) Tue, 3rd Jun 2025 14:30:08 BST Penny Elvin opened the document email. (31.94.73.36) Tue, 3rd Jun 2025 20:01:20 BST Rosalind Hallifax opened the document email. (172.226.183.25) Thu, 5th Jun 2025 7:22:12 BST Rosalind Hallifax opened the document email. (172.226.183.6) Tue, 10th Jun 2025 14:00:05 BST Document emailed to pennyjean@hotmail.co.uk Wed, 11th Jun 2025 13:16:15 BST Penny Elvin opened the document email. (80.40.57.187) Wed, 11th Jun 2025 13:19:41 BST Penny Elvin opened the document email. (80.40.57.187)

Wed, 11th Jun 2025 13:19:58 BST Wed, 11th Jun 2025 13:21:01 BST Wed, 11th Jun 2025 13:21:01 BST

Wed, 11th Jun 2025 13:21:02 BST Tue, 17th Jun 2025 14:01:07 BST Tue, 17th Jun 2025 15:04:44 BST Tue, 17th Jun 2025 15:04:44 BST Tue, 17th Jun 2025 15:04:50 BST Tue, 17th Jun 2025 15:05:02 BST Tue, 17th Jun 2025 15:05:02 BST

Penny Elvin viewed the envelope (80.40.57.187) Penny Elvin signed the envelope (80.40.57.187) Sent the envelope to Paul Hawksley (p.hawksley@twpaccounting.co.uk) for signing (80.40.57.187) Document emailed to p.hawksley@twpaccounting.co.uk Document emailed to p.hawksley@twpaccounting.co.uk Paul Hawksley opened the document email. (82.132.219.185) Paul Hawksley opened the document email. (82.132.219.185) Paul Hawksley viewed the envelope (82.132.219.185) Paul Hawksley signed the envelope (82.132.219.185) This envelope has been signed by all parties (82.132.219.185)