CHARITY NUMBER 241062
ST STEPHEN'S CHURCH ENDOWMENT FUND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2020

ST STEPHEN'S CHURCH ENDOWMENT FUND
GENERAL INFORMATION
Name
The Fund forthe ErKlowm8nt of the Living of St. Stsphen's, S¢￿th Kensington, London is more
generally known by its working name of St. Stephen's Church Endowment Fund. On 22 May
1997 tho Charfty Commls8loners sealed a Schema wherèby the Income of Ihe fund 8ubloct to
the trusts of the 1937 Deed was thenceforth to ￿ applied for the purposes of the 1960 Deed
las varied or affected by the Scheme) and other matters were provided for.
The Trusta
Mr J M Randolph (Chairman)
Mr P Rodier
Mr D H Colville
Mrs D Simpson
Charlty Numbor
241052
Inv8stm8nt Managers
Cazenove Capital Management
1 London Wall Place,
London
EC2Y SAU
Solicitorn
Charfes Russell Speechlys LLP
5 Fleet Place
London
EC4M 7RD
Addr•
Saint stephen's Churth
Southvftll Gardens
London
SW7 4RL
Independent Examin•r
Tina Allison FCCA
Chartered Certtfied A¢¢ountant
Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
Bankern
Lloyds Bank plc
70-71 Cheapside
London
EC2V 6EN

ST STEPHEN'S CHURCH ENDOWMENT FUND
TRUSTEES, REPORT
YEAR ENDED 310ECEMBER 2020
OBJECTS
The Trust Is registered as a charfty under number 241052. It was estsblished by a Trust Deed
dated 2 April 1937 to promote, aid and further tho obiact$ of the Churth of England in the
Parish of St. Stephen, South Kensington in the DI0￿$e of London by the endowment of the
living of the incumbent for the time being of saNI parish and extended by a Dedaralion of Trust
dated 21 March 1960.
ORGANISATIONAL STRUCTURE
St. Stephen's chU￿h Endowment Fund (the Ttust) is managed by Trustees vtho have
aLrthority for overseeing the actiVit￿S of the Trust. There are no sub-committees or staff
consKlered to be part of the key management structure. The original Trustees were appointed
at the Inception of the Trust. subsequent Trustees being elected by current Trustees.
PRINCIPAL ACTivrriES AND REVIEW OF THE YEAR
The Trustees have managed the Trust's investments to assist in the provision of income to
the clergy and parish sL3ff of the parish and to pay incidental expenses.
ACTIVITIES AND ACHIEVEMENTS
Objectives and achievements
The Trust plays an important role in the work of St Stephen's Church for the public benefrt.
The Trust supports the work of a Church of England parish church, with religious ServI￿S
available to all who wish to attend. The church adopts a policy of keeping church doors open
as far as possible, and the clergy or lay helpers maintain a preseno during day for visitors
wishing to Speak to them.
There is a strong sense in which the church provides comfort and security to the communty.
In the case of St Stephen's a signrficant proportion of the community is transient and therefor8
needful of such benefits.
The Trust plans to o)ntlnue the above actfvltles for the foreseeable future.
The Twstees have had due regard to the Charity Commission's guKJance on public benefrt
when conshlering the Trust's actNlties and objectives.
Flnan¢lal r•vlow
The Twst's income arises mainty from investment income and is applied by way of grants.
Investment in(x)me lotalled £34,517 [2019.. £36,303) covering grants of £34.500 12019..
£34.0001 in the year. During the year Ihere were net gains on investments of £30,604 (2019..
gains of £75.210).
The Trust's funds Increased by £14,525 In the year to 31 De￿rnber 2020, resulting in funds
carried forward of £893,300 (2019.. £878,775).

ST STEPHEN'S CHURCH ENDOWMENT FUND
TRUSTEES, REPORT
YEAR ENDED 31 DECEMBER 2020
RESERVES POLICY
Tha Trustees have 0)n$￿er8d tho reserves held by the Tru8* a8 of 31 Def*mber 2020. It 18
the Trustees, policy to achreve in the medium to long temi unrestricted reserves at least equal
to 12 months, grant expenditure. Grant expenditure in the year lo 31 De￿mber 2020 was
£34,500, and at the balance sheet dale unrestricted ￿serveS stood at £31,531.
The Trustees expect to maintain grants to St Stephen's Church during 2021 at a level at least
the same as was the case in 2020. The Trustees expect investment Incorr￿ received during
2021 to be sufficient to enable the maintained grants to be patd without having recourse to
reserves.
INVESTMENT POWERS, POLICY AND PERFORMANCE
The Trustees, investment powers are govemed by the Tnjst D88d and the Trustee Act 2000
which permit the Trustees to invest in such slock. shares and investments as they see fit. The
Tru8tees' policy is to seek retums over the long term to..
provide for real Increase in annual income,. and
preserve the capital base of the Trust in real terms.
This policy invofves investing some of the Twst's assets for long temi growth rather than to
maximise short tenn Inco￿￿. The Trust's investments are held through the Cazenove Charity
Multi-Asset Fund, which is managed by Schroder Unit Trusts Limited and whi¢h operates in
confomiity wilh the Trust's policy.
Stock markets Nvere volatile in 2020 as the Covid-19 pandemic developed but the overall
perfomaneé was satisfactory, as the sharp falls in a&8el prices in the earlier part of the year
were more than made good during the remaining months. As indicated in Note 5 to the
accounts, the unlts of the Cazenove Charity Multi-Asset Fund were valued at 57.62p each at
31 December 2020,. this compares with 56.04p at 31 Decen￿er 2019.
RISK ASSESSMENT
The Trustees have examined the princlpal areas of the Trust's activity and considered the
major risks which may arise. In the opinion of the Trustees the Trust has established a process
and reviewed systems which. under normal O)rKlit￿)ns, shoukd allow the major risks identtfpd
by them to be managed to an acceptable level.
The Trustees continue to monitor the level of income expected to be re￿Ived from th8 Trust's
investmnts given the possibility of renewed market uncertainty against the background of the
continuing Covid-19 pandemic. As indicated above, the Trustees expect incorr£ in 2021 to be
sufficient lo wver grants payable. The position viill be kept under reV￿W so far as ￿n￿rnS
2022 and future periods.
GRANT MAKING POLICY
This year the Trust awarded grants of £34,500 (2019.. £34,000) from Unrestrict￿ funds in
accordance with its long tem commitment to assist with the funding of salaries, running costs
and other recurring expenses of th8 clergy and Parish SL￿ of the parish of St Stephen, South
Kensington.

ST STEPHEN'S CHURCH ENDOWMENT FUND
TRUSTEES. REPORT
YEAR ENDED 31 DECEMBER 2020
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The Trustees are responsible for preparing the TNstees' Annual Report and the financkql
stalemenls in accordan￿ with applicable law and United Kingdom Generally Accepted
Accounting Practice (United Kingdom Ac¢ounting Standards).
The law appllcable to charities In England and Wales requires the Trustees to prepare
financial slatements for each financial year which give a true and fair view of the state of
affairs of the charity and of the incoming resources and application of resour¢e$ of the
Charity for tr¢at ￿riod. In preparing these financial statements, the Trustses are required to:
select suitab18 accounting poliC￿S and then apply them consistentw;
obsenrfe the rr￿th￿l$ and principles in the applicable Charities SORP,.
make judgments and e8tlmat88 that are reasonab￿ and prudent;
state w￿ther applicab￿ accounting standards have been followed, subject to any
material departurès disclosed and explained in the financial statements"
prepare the financial statéments on the going conc6m basis unless bl is inappropriate to
presume that the charity will contlnue In buslnes8.
The Trustees are responsible for keeping adequate accounting records that are sufficient
to show and explain the charity's transactions, disclose with reasonable accuracy al any
time the financial position of the charity and enab￿ them to ensure that the financial
statements compty with the Charities Act 2011, Ihe Charities (Accounts and Reports)
Regulations 2008 and the provisions of the charity's constitution. They are also
responsible for safeguarding the assets of the charity and hen￿ for takirKJ reasonable
steps for the prevention and detection of fraud arKI other irregularities.
Approved by the Trustees onl8 Syk&4•lr￿02l and signed on their behalf by..
Trustee
Trustee

Independent examinerfs report to the trustees of St Stephen's Church
Endowment Fund
I report to the trustees on my examination of the accounts of the St Step￿n's Church
Endowment Fund {the Trust) for the year ended 31 De￿rn￿r 2020, which are set t)ut on
pages 6 to 14.
Thi8 r8POrt is made $018ly to the charfty's Iruslees, as a body, in accordance with section
154 of the charit￿s Act 2011. My independent examine￿8 I+￿}rk has been undertaken 30 that
I might stste to the charity's trustees those mattets l am required lo state lo them in an
independent examinerfs report and for no other purpose. To the fullest extent pemiitted by
law. I do not accept or assume responsibility to anyone other than the charity, the charity's
members as a body and the ¢harity's Irustees as a body for my independent examinerfs
work, for this report, or for the opinion¥ I have formed.
Responsibilitie8 and basi8 of report
As the charfty trustees of the Trust you are responsible for the preparation of the accounts in
accordance viith the requlrements of the Charities Act 2011 {'the Act'i.
I report in respect of my examination of the Trust's accounts carried out under sectron 145 of
the 2011 Act and in carying out my examination I have followed all the applicable Directrons
given by the ChaTity Commission under secth)n 145(5)(b) of the Act. IndepeThJent examinerfs
statement
Indep•ndent examlner'8 Statement
I have completed my examinalion. I confim that no material 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 Trust as required by section 130
of the Ad,. or
2. the accounts do not accord wth those records; or
3. the accounts do not comply with the applicable requirements ¢onceming the fom
and content of accounts set out in the charit￿5 (Accounts and Reports) Regulations
2008 other than any requ1￿ment thal the accounts give a 'true aThJ fair view ¥thich ts
not a matter considered as part of an independent examination.
I have no concems and hav8 come across no other matters in conn8etion wth the
examination to which attention should be drawn in this report in order to enable a proper
understanding of the accounts to be read)ed
Tina Alli80n
FCCA
Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
20 September 2021

ST STEPHEN'S CHURCH ENDOWMENT FUND
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2020
Year ended 31 December 2020
prtor
Period
Total
Fund8
2Q79
Endowment
Fund8
Unrestrlctsd
Funds
Total
Fund8
Notes
INCOME &
ENDOWMENTS
Voluntary Income
Income from investments
Other income
500
34,517
17
500
34,517
17
36,303
Total Income and
ondowmonts
35,034
35,034
36,303
EXPENDITURE
Expendlture on:
Ra181ng fund8
Investment manage18 fee8
Finance and other costs
Charltablè actlvitié8
Provision of support to
parish of St Slephen's
9,297
9,297
10,391
345
7,316
34,5(Ki
41,816
42,930
Totsl expendilurg
16,613
34,5Crf)
61,113
53,666
Net operatlng deflclt for
the year
{16,813)
534 (16,079) (17,363)
Net gain on inveslment
30,604
30,604
75,210
Net Pknvomant In fund8
13,991
534
14,625
57,847
Raconclllatlon of fund8
Total funds brought forward
at 1 January 2020
847.778
30.997 878,775 820.928
Total fvnd6 carrled
forward
at 31 Decenibor 2020
861,769
31,631 893,300 878, 775
There are no gains and losses other than as re¢oJnised above. All activitl8s ar8 contlnuSng.
The notss on pages 9 to 14 form part of these flnanclal 8tatsments

ST STEPHEN'S CHURCH ENDOWMENT FUND
BALANCE SHEET
AS AT 31 DECEMBER 2020
Notes
2020
2019
FIXED ASSETS
Investments
863,724
871,422
CURRENT ASSETS
Ca•h at Bank and In Hand
Current account
Cash hekl by investment managers
2,380
1,338
34.917
13,036
CREDITORS: Amounts lalllng du• wlthln
one year
AccNaFs
(6,341)
(5,683)
NET CURRENT ASSETS
NET ASSETS
893 300
878, 775
THE FUNDS OF THE CHARITY
Endowment funds
Unrestricted funds
861,769
847, 778
30,997
Total Charity Funds
893 300
878 775
Approved by the Truslees and authorised for issue on i 8 S4ptlX4•b•th 2021
and Sign￿ on their beha￿ by
Trusl
Trustee
Th• notss on pagm 9 to 14 forni part of th880 ftnanclal $tatsm•nt•

ST STEPHEN'S CHURCH ENDOWMENT FUND
sTATEmE￿r OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2020
Statement of ush Ilov
2020
2019
Cagh flows from operatlng actfvlt￿8.
Net cash used in operating activities
Cash flows from investlng activitie8:
Dividends and interest from investments
Management fees pa￿ from endowment funds
Purchase ol Investmenls
Proceeds from sale of investments
Net cash providgj by investing activities
34.517
(9,297)
{20,110)
36,303
(10,391)
Change in cash and cash equivalents in the reporting
period
Cash arKI cash equivalents at Ihe beginning of the
reporting period
Cash and cash equivalents at the end of the reporting
perich
21,881
(2,016)
13,036
15,052
34,917
13,036
A. Reconclllatlon of not Incom• to net u•h flow from
operating actlvltles
Net incomollexpondltur•lfor the reportlng perlod
Adjustments for..
(Gains} on investments
Dividends and interest from investments
managen￿nt fees pard from endowment funds
Dec￿aSe in debtors
{De¢￿ase)/ increase in creditors
Not cash provided by {u8ed in) operating activitle8
(30,604)
{34,517}
9,297
(75,210)
(36,303)
10.391
342
480
Analysls of cash and cash 8qulvalents
Cash in hand
Cash held by investment manager
Totsl cash and cash equivalents
2,380
1.338

ST STEPHEN'S CHURCH ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS
AS AT 31 DECEMBER 2020
ACCOUNTING POLICIES
al B••i• of Accounllng
The Trust is a registered charity in England and Wales and as such is a Public Benefit
entity. Govemed by its Trust Deed dated 2 April 1937 and extended by a Declaration of
Trust dated 21 March 1960. The Trust's Charity Commission registration number is
241052 and its registered address is St. Stephens Church, Southwell Gordens, London,
SW7 4RL
The financial statements have been prèpared under the historical cost convention as
modified by the revaluation of investments and in accordance with the Financial
Reporting Standard applicabb in the UK and Republic of Ireland IFRS1021 and the
Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with th8 Financial Reporting Standard 8pplIcab￿ in the UK and Republlc of
Ireland (FRS 1021- effective 1 January 2015.
The financial statements have been prepared to give a 'true and fair, view and have
departed from the Charities (Account8 and Reports) Regulations 2008 onty to the extent
required to provide a 'lrue and fair view,. The departure has arisen because charities are
now required to prepare their accounts in accordan￿ with the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 1021 issued on 16 July 2014
rather than the Accounting and Reporting by Charities.. Statement of Recommend￿1
Practice effective from 1 April 2¢X15 which has since been wthdravén.
The Trustees remain of the opinion that tt)e tharity has adequate resources to continue
its activities for Ihe foreseeable future, although the Truslees will continue to keep the
18vel of grants paid under review in the light of future investment income r￿1ved. The
Trustees aG￿rdIng[Y continue to adopt the going o)ncem basis in preparing the financial
8tat8m8nts as outlined in the Statement of Trustaes, Rosponslblllties on pag8 4.
b) Critical accounting judgements and kèy 8our¢o$ of gstimation uncertainty
In the application of the charity's accounting poliaes, which are described in this note,
TNstees are required to make judgements, estimates, assumption8 about the carying
values of assels and liabilities that are not readity apparent from other sources. The
eslimates ar)d underlying assumptions are based on histori￿1 experien￿ and other
factors that are considered to be relevant. Actual results may differfrom these estimates.
The estimates a￿1 underfying assumptions are reviekn*d on an on-going basis.
Revisions to accounting estlmates are recognisad in the period In whith the estimate is
revised rf the revision affects only that period, or in th8 period of the r8vision and future
pericds.

ST STEPHEN'S CHURCH ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS {Contlnued)
AS AT 31 DECEMBER 2020
In the view of the Trustees, no assumptions conceming the futur8 or estimation
uncertalnty affecting assets and liabilities al the balan¢a sheet date are Ilkely to rerjult in
material adjustment to their ¢arying amounts in the next financial year.
The principal accounting policies adopted, judgements arKI key souros of estimation
uncertainty in the presentation of the financial statements are as follows..
c) Inv08trnent Income
Investment income 18 aC￿Unted for on an accruals basis as eamed and is all derived
from listed investwEnls and bank interest receivable.
d) Charltable A¢tlvltlos
Charitable a￿1VitieS comprise all costs which are directly attributabte to the objects of the
charity. Grants and other expenses are recognised when a ¢onstfUCtive or legal
obligation to the rècipient has been created by the charity.
èl Governanc8 Costs
Govemance costs comprise the Costs of statutory compliance. Including legal advi￿,
independent examinatron fees and the ¢xsts of preparing the statutory ac￿unIs.
Portfollo Managèment Fees
The c£)st of managing the Trust's investment portfolio is met from Endowment Funds.
g) Flxgd Asset Investments
Fixed asset investments are staled al mid-market value at the balan￿ sheet date.
The Statement of Financial Activities includes the aggregate of realised and unr8alised
gains and losses during the year.
h) Flnanelol In•trum•nt8
The Trust has finanaal assets and finaneial liabilities of a kind that qualfy as basic
finanGial instruments.
Basic financial instruments are initlally recognised at transaction value (in¢lL￿ing
transaction costs) and are subsequentw re-measured where applicable at amortised
¢ost. Financial assets hekl at ajrortised cost Comprise cash at bank and in hand,
together With trade and other dektors. Financial liabilities comprise accruals, trade and
othèr creditors.
Investments, including bonds and cash hekl as part of an investrrpnt portfolio, are held
al fair value at the balance sheet dale, with income, gains and losses reo)gnised in the
Statement of Financial Activities.
10

ST STEPHEN'S CHURCH ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (Continued)
AS AT 31 DECEMBER 2020
Endowment Fund
The endowment fuThJ can be used for any activities of the charity that fall within its
charitable objects. Income arising from the assets held within the endowment fund is
therefore shown as unrestricted.
JI Taxallon
No corporation tax is payable by the Trust as it is able to make use of the tax exemptions
on income and capital gains available to charitie$.
INCOME
2020
2019
Donati¢)ns
Equtties
Cash
500
34,517
17
36,303
36,303
ANALYSIS OF TOTAL EXPENDITURE
Other Govemance
Costs
Grants
2020
Total
2019
Tot81
Expendlture on r•l8lng funds:
Finan￿ and other costs
Investment management fees
345
10,391
9,297
9,297
Expendlture on charltable
actlvltl•8:
Provision of support to parish of St
Stephen'8
7,318 34,500 41,816 42,930
Total expondlture
7316 34500 51113 53668

ST STEPHEN'S CHURCH ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (Continued)
AS AT 31 DECEMBER 2020
GOVERNANCE COSTS
2020
2019
Prof8ssional charg8$
Independent examinerfs fees
Accountancy seNic*s
2,616
3,133
1,567
4,380
3,033
1,517
No trustees received remuneralion or re-imbursement of expenses for their seNices in
the current or the preL*ding year.
FIXED ASSET INVESTMENTS
2020
2019
Market value at start of year
Addrf(ions
Disposals
Unrealised gains during the year
871,422
20,110
{58,842} {14,538J
31,034
811,079
Market value at end of year
871422
Cost at end of year
At the 31 De￿rnber 2020 the trust held 1,499,000 units in the Cazenove Charity Multi-
Asset Fund valued at $7.62 per unit. The most recent valuation of the Cazenove Charity
Multi-As$et Fund can b8 found at ¥Mvw.
ENDOWMENT FUNDS
2020
2019
Capital account
Balance at start of year
Movement during year
847,778
791,889
Balance at end of year
881789 847 778
The endovnnent funds consist of.the principal endowment fund established in 1937 and
the addttional end¢)wment fund ￿tablished in 1960. Th8 Trustees believe these are
pèmanent endowments, subject to a limited power to resort to capitsl.
12

ST STEPHEN'S CHURCH ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (Continued)
AS AT 31 DECEMBER 2020
ANALYSIS OF NET ASSETS BETWEEN FUNDS
2020
Investments
Nat Curronl
Assets
Total
Endowment fund
Unr8stri¢ted fund
863,724
(1.955)
31,531
861,769
31,631
863 724
893 300
2019
Investments
Net Currenl
Assets
Totsl
Endowment fund
Unrestricted fund
871,422
123,644)
30,997
847,778
30,997
871422
RELATED PARTIES
The￿ are rK) related paty transactions or balances which require disclosure vlthin the
financial statements during 2020. {2019- Nil).
13

ST STEPHEN'S CHURCH ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (Contlnued)
AS AT 31 DECEMBER 2020
10. COMPARATNE STATEMENT OF FINANCIAL ACTivrriES
Year ended 31 December 2019
Endowment Unrestrlctsd
Funds
Fund•
Totsl
Funds
INCOME & ENDOWMENTS
Income fmm Inveslments
Other income
36,306
36,306
Totsl Incomlng Resources
36,31
36,306
EXPENDFfuRE
Expendlture on:
Ralslng fund8
Investment managels fees
Finan￿ and other costs
Charltablo actlvltles
Provision of support to parish of St
Stephen's
10.391
10,391
345
345
8.930
34.000
42,930
Total Expendlture
19,321
34,345
63,666
Net operating deficit for the year
(19.321)
1,958
(17,363)
Net galn on inve8trnent
75,210
75,210
Net Movemont In funds
55,889
1,958
67,847
Reconclllatlon of fund8
Total funds brought fop•Mrd
at 1 January 2019
791,889
29,039
820 928
Total funds carried forward
at 31 Docembor 2019
14