CHARITY NUMBER 241052
ST STEPHEN'S CHURCH ENDOWMENT FUND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022

ST STEPHEN'S CHURCH ENDOWMENT FUND
GENERAL INFORMATION
Name
The Fund for the Endowment ol the Living of St. Stephen's, South Kensington, London is more
generally known by ils working name ol Sl. Stephen's Church Endowtnenl Fund. On 22 May
1997 the Charity Comfflissioners sealed a Scheme whereby the income ol the fund subject lo
the trusts ol the 1937 Deed was Ihencelorth to be applied for the purposes ol the 1960 Deed las
varied or affected by the Scheme) and other matters were provided for.
Trustees
The Trustees who held ollice during the year and al the dale ol signature ol this report were as
follows..
Mr J M Fiandoipn Ichalrmanl
Mr P Rodier
Mr D H Colville
Mrs D Simpson
Charity Number
241052
Investment Managers
Cazenove Capital
1 London Wall Place,
London EC2Y SAU
Solicitors
Charles Russell Speechlys LLP
5 Fleet Place
London EC4M 7RD
Address
Saint Stephen's Church
Soulhwell Gardens
London SW7 4FIL
Independent Examiner
Tina Allison FCCA
Chartered Certified Accountant
Crowe U.K. LLP
55 Ludgale Hill
London EC4M 7JW
Bankers
Lloyds Bank plc
70-71 Cheapside
London EC2V 6EN

ST STEPHEN'S CHURCH ENDOWMENT FUND
TRUSTEES, REPORT
YEAR ENDED 31 DECEMBER 2022
OBJECTS
The Trust is regislered as a charity under number 241052. 11 was established by a Trust Deed
dated 2 April 1937 to promote, aid and further the objects of the Church ol England in the
Parish ol Sl. Stephen, South Kensington in the Diocese DI London by the endowment ol the
living ol the incurnbenl lor the lime being ol said parish and extended by a Declaration ol Trust
dated 21 March l 960.
ORGANISATIONAL STRUCTURE
Sl. Stephen's Church Endowment Fund Ilhe Trust) is managed by Trustees who have
authority lor overseeing the activities of the Trust. There are no sub-committees or slafl
considered lo be parl ol the key management slruclure. The original Trustees were appointed
al the inception ol the Trust, subsequent Trustees being elected by current Trustees.
PRINCIPAL ACTIVITIES AND REVIEW OF THE YEAR
The Trustees have managed the Trust's investments lo assist in the provision ol income lo
the clergy and parish stall of the parish and lo pay incidental expenses.
ACTIVITIES AND ACHIEVEMENTS
Objectives and achievements
The Trust plays an important role in the work ol Sl Stephen's ChLJrch lor the PLJblic benefit.
The Trust supporls Ihe work ol a Church ol England parish chLJrch, with religious services
available lo all who wish to attend. The church adopts a policy of keeping church doors open
as lar as possible, and the clergy or lay helpers maintain a presence during the day lor visitors
wishing to speak lo them.
There is a strong sense in which the church provides comfort and security lo the community.
In the case ot St Stephen's a significant proportion ol the community is Iransienl and therefore
needful ol such benefits.
The Trust plans lo continue the above activities lor the foreseeable future.
The Trustees have had due regard lo the Charity Commission's guidance on public benefit
when considering the Trust's activities and objectives.
Financial review
The Trust's income arises mainly from investment income and is applied by way ol g rants.
Investment income lolalled £36,118 12021. £35,176) covering graiils of £35,600 12021..
£35,050) in the year During the year there were nel losses on Investments of £87,42812021=
gains of £62,746).
The Trust's funds decreased by £105,457 in the year lo 31 December 2022, resulting In funds
carried forward 01 £835.27512021 .' £940.7321.

ST STEPHEN'S CHURCH ENDOWMENT FUND
TRUSTEES. REPORT
YEAR ENDED 31 DECEMBER 2022
RESERVES POLICY
The Trustees have considered the reserves held by the Trust as 0131 Decerrber 2022. 11 is
the Trustees. policy lo achieve in the mediLJm lo long term unrestricted reserves al least equal
to 12 months, grant expenditure. Grant expenditure in the year lo 31 December 2022 was
£35,600, and al the balance slieel dale unreslricled reserves stood al £32.084.
The Trustees expect to maintain grants lo Sl Stephen's Church during 2023 at a level al least
the same as was the case In 2022 The Trustees expect inveslmenl income received during
2023 to be sullicienl lo enable Ihe maintained grants la be paid without having recourse to
reserves.
INVESTMENT POWERS, POLICY AND PERFORMANCE
The Trustees, investment powers are governed by the Trust Deed and the Trustee Act 2000
which permit the Trustees lo invest in such stock. shares and Investments as they see fil. The
Trustees, policy is lo seek returns over the long term to..
provide lor real increase in annual income.. and
preserve the capital base ol the Trust in real terms.
This policy involves investing some ol the TrLJsI's assets for long lerffl growth rather than to
maximise short term income. The Trust's investments are held through the Cazenove Charity
Mulli-Assel Fund, which is managed by Schroder Unit Trusts Limited and which operates in
conlormily with Ihe Trust's policy.
Stock market conditions were challenging in 2022 laroely because ol the move by central
banks lo much lighter monetary policy as well as the continued conllicl in Ukraine. As indicated
in Note 5 to the accaunls, the units ol the Cazenove Charity Mulii-Assel FLJnd were valued at
54.90p each al 31 Decernber 2022. this compares with 61 .29p al 31 December 2021 . Overa11
there has been na material change in value since the year end,. al 4 May 2022 the unil price
stood al 54.17p.
RISK ASSESSMENT
The Trustees have examined the principal areas of the Trust's activity and considered the
major risks which may arise. In the opinion ol the Trustees the Trust has established a process
and reviewed systems which, under normal conditions. should allow the major risks identified
by them lo be managed lo an acceptable level.
The Trustees contin lo monitor the level ol Income expected lo be received from the Trust's
investments given the possibility ol renewed market uncertainty against the background
described above. As also indicated above, the Trustees expect income in 2023 10 be sufficient
lo cover grants payable. The position will be kept under review so lar as concerns lulure
periods.

ST STEPHEN'S CHURCH ENDOWMENT FUND
TRUSTEES. REPORT
YEAR ENDED 31 DECEMBER 2022
GRANT MAKING POLICY
This year, 2022, the Trust awarded grants of £35:60012021 '. £35.0501 from unreslricled funds
in accordance with its long term commitment lo assist with the funding of salaries, running
costs and other recurring expenses ol the clergy and parish stall ol the parish ol St Stephen,
South Kensington.
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The Trustees are responsible lor preparing the Trustees, Annual Report and the financial
slalemenls in accordance with applicable law and United Kingdom Generally Accepted
Accounting Practice Iuniled Kingdom Accounting Slandardsl.
The law applicable lo charities in England and Wales requires the Trustees lo prepare
financial slalem8nts far each financial year which give a true and lair view ol the slate of
allairs ol the charity and ol the incoming resources and application ol resources ol the
charity lor that period. In preparing these financial stalemenls, the Trustees are required to..
select suitable accounting policies and then apply therm consislenlly.,
observe the methods and principles in the applicable Charities SORP.,
make judgments and eslimales that are reasonable and prudenl..
slate whether applicable accounting standards have been followed, subject lo any
material departures disclosed and explained in the financial slalemenl5',
prepare the financial statements on the going concern basis unlèss it is inappropriate to
presume that the charity will continue in business.
The Trustees are responsible for keeping adeqLJale accounting records that are sufficient
lo show and explain the charity s Iransaclions, disclose with reasonable accuracy al any
lime the financial position ol the charity and enable them ID ensure that the financial
slalemenls comply with the Charities Act 2011 , the Charities IAccounls and Rèporlsl
Regulations 2008 and the provisions al the charity s conslilulion. They are also
responsible lor salegLJarding the assets of the charity and hence lor taking reasonable
steps lor the prevention and detection of fraud and other irregularities.
Approved by the Trustees on
2023 and signed on their behalf by:
Trustee
Trustee

Independent examiner's reporl lo the trustees of St Stephen's Church
Endowment Fund
I report lo the Iruslees on my examination ol the accounts ol the St Stephen s Church
Endowment Fund Ilhe Trusll lor the year ended 31 December 2022, which are sel out on
pages 6 10 14.
This report 15 made solely lo the charity's Iruslees. as a body, in accordance with section
154 01 the Charities Act 2011 . My independent examiner's work has been llnderlaken so that
I mig hl slate to the charity s trustees those mallers l am required lo stale lo Ihern in an
independent examiiier's report and lor no other purpose. To the lullesl extent permilled by
law. I do not accept or assume responsibility lo anyon8 other than the charity, the charity s
members as a body and the charity s trustees as a body lor my independent exarniner s
work. lor this report, or lor the opinians I have formed.
Responsibililies and basis of report
As the charity Iruslees ot the Trust you are responsible for the preparation of the accounts in
accordance with the requiretnen15 01 the Charilies Act 2011 I'lhe Act'l.
I report in respect ol my examination ol the Trust's accounts carried out under section 145 01
Ihe 2011 Act and in carrying oul my examination I have followed all the applicable Directions
given by the Charity Commission under section 14515llbl ol the Act. Independent examiner's
slalemenl
Independent examlner's statement
I have completed my examination. I conlirm that no material mallers have come lo my
allenlion in connection with the examination giving me cause lo believe that in any material
respect..
accounting records were not kept in respect ol the Trust as required by section 130
ol the Act, or
2. the accounts do not accord with those records-, or
3. the accounts do not comply with Ihe applicable requirements concerning the form
and conlenl of accounts set out in the Charities IAccoLJnls and Reportsl Regulations
2008 other than any requireinenl that the accounts give a 'lrLJe and lair view which is
not a maller considered as part of an independent examination.
I have no concerns and have come across no other mallers in connection with the
examinatioii lo which allenlion should be drawn IN this report in order lo eiiable a proper
underslanding ol the accounts to be reached
Tina Allison
FCCA
Crowe U.K. LLP
55 Ludgale Hill
London
EC4M 7JW
26 May 2023

ST STEPHEN'S CHURCH ENDOWMENT FUND
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBEFI 2022
Year ended 31 December 2022
Prior
Period
Total
Funds
20£1
Endowment Unrestricted
Funds
Funds
Total
Funds
Notes
INCOME &
ENDOWMENTS
In¢orne from investments
36,118
36,118
55,176
Total income and
endowments
36,118
36,118
35.176
EXPENDITURE
Expenditure on..
Raising funds
Investment manager's fees
Finance and other costs
Charitable activities
Grants
Governance Costs
10,458
10,458
91
9,904
91
35.600
35,600
7,855
35,050
5,536
7,855
Total expenditure
18,313
35,691
54,004
50,490
Net operating def icit for
the year
118,3131
427
117,8861 (15,314)
Net (Lossll gain on
investment
187,4281
187,428)
62. 746
Net Movement in funds
1105,7411
427 {105,314)
Reconciliation of f unds
Total funds brought forward
al 1 January 2022
909,075
31,657 940,732
893,300
Total funds carried
lorward
at 31 December 2022
803,334
32,084
835,418 940, 732
There are no gains and losses other than as recognised above. All activities are continuing.
The notes on pages 9 to 14 form part of these financial statements

ST STEPHEN'S CHURCH ENDOWMENT FUND
BALANCE SHEET
AS AT 31 DECEMBER 2022
Notes
2022
FIXED ASSETS
Investments
822,951
918,737
CUFIFIENT ASSETS
Cash at Bank and in Hand
Current account
Cash held by investment managers
1,482
2,060
17,813
27,829
CREDITORS.. Amounts falling due within
one year
Accruals
5,346
5,834
NET CURRENT ASSETS
NET ASSETS
835,418
940, 732
THE FUNDS OF THE CHARITY
Endowment funds
Unreslricled funds
803,334
32.084
909, 075
37,657
Total Charity Funds
835,418
940, 732
Approved by the Trustees and aulhorised lor issue on XS
and signed on their behalf by
2023
Truste
Trustee
The notes on pages 9 to 14 form part of these financial statements

ST STEPHEN'S CHURCH ENDOWMENT FUND
STATEMENTOF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
Statement ot cash tlows
2022
2021
Cash flows from operaling activities..
Nel cash used in operating a¢livilies
44.018
49,093
Cash tlows from investing activities..
Dividends and interest from investments
Management lees paid Irorm endowment funds
Proceeds from sale ol inve51menls
Net cash provided by investing activities
36,103
110,4581
8.358
35,176
(9,904)
7, 733
33, 005
Change in cash and cash equivalents in the reporting
period
Cash and cash equivalents al the beginning of the
reporting period
Cash and cash equivalents al the end ol the reporting
period
110,0161
(1,088)
27,829
34,917
17.813
27.829
A. Reconciliation of net income to net cash flow from
operating activities
Net (Deficitll income for the reporling period
Adjuslmenls for.
Lossl Igainsl on investments
Dividends and interest from investments
Management fees paid from endowment funds
Decrease in debtors
IDecreasel l increase in creditors
Net cash provided by (used in) operating activities
105.314
87.428
136.1031
10,458
(62, 746)
(35. 716)
9,904
488
493
Analysis ot cash and cash equivalents
Cash in hand
Cash held by investment manager
Total cash and cash equivalents
1,482
16.331
2,060
25, 769
27,829

ST STEPHEN'S CHURCH ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS
AS AT 31 DECEMBER 2022
ACCOUNTING POLICIES
al Basis of Accounting
The Trusl is a registered charity in Eng land and Wales and as such is a Public Benefit
enlily. Governed by ils Trust Deed dated 2 April 1937 and extended by a Declaration ol
Trust dated 21 March 1960. The Trust's Charity Commission registration number is
241052 and ils registered address is si. Stephens Church, Soulhwell Gardens, London,
SW7 4RL
The financial slalemenls have been prepared Ljnder the historical c051 convention as
odilied by the revaluation ol inveslmeiils and in accordance with the Fii)ancial
Reporting Standard applicable in the UK and Flepublic ol Irelaiid IFFIS1021 and the
Slalement ol Recommended Practice applicable lo charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and gepublic of
Ireland IFRS 1021 elleclive 1 January 2015.
The financial slalemenls have been prepared lo give a 'lrue and lair, view and have
departed from the Charilies (Accounts and Reporlsl Regulations 2008 only to the exlenl
required lo provide a 'lrue and lair view,. The departure has arisen because charities are
now required ID prepare their accoLsnls in accordance with the Financial Repofling
Standard applicable in the UK and Republic ol Ireland l FRS 1021 issued on 16 July 2014
rather than the Accounting and Reporting by Charities.. Slalemenl ol Recomfflended
Practice elleclive from 1 April 2005 which has since been withdrawn.
The Trustees remain ol the opinion that the charity has adequate resources to continue
ils activities for the foreseeable future. although the Trustees will continue lo keep the
level ol grants paid under review in the lig hi ol fLJture inveslrnent income received. The
Trustees accordingly continue lo adopt the going concern basis in preparing the financial
statements as outlined in the Slalemenl of Trustees, Responsibilities on page 4.
b)
Critical accounting judgements and key sources of estlmatlon uncertainty
In the application ol the charity's accounting policies: which are described in this note:
Trustees are required lo make judgements, estirnales, assumptions about the carrying
values ol assets and liabilities that are not readily apparent from other sources. The
eslimales and underlying assLJmplions are based on historical experience and other
laclors that are considered lo be relevant. Actual results may diller from these eslimales.
The estimates and underlying assumptions are reviewed on an on-going basis.
Revisions lo accounting eslimales are recognised in the period in which the estimate is
revised il the revision allecls only that period, or In the period of the revision and lulure
periods.

ST STEPHEN'S CHURCH ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (Continued)
AS AT 31 DECEMBER 2022
In the view ol the Trustees, no assumptions concerning the future or estimation
uncertainty allecling assets and liabilities al the balance sheet dale are likely lo result in
a material adjuslrnenl lo their carrying amounts in the next financial year.
The principal accounting poSicies adopted, judgements and key sources ol eslimalion
uncertainly in the presenlalion of the financial statements are as follows..
c) Investment In¢ome
Investment income is accounled lor on an accruals basis as earned and is all derived
Irorn listed investments and bank interest receivable.
d) Charitable Activities
Charitable activities comprise all costs which are directly altribulable lo the objects of the
charity. Grants and other expenses are recogn1sed when a conslruclive or legal
obligation to the recipient has been created by the charily.
e) Governance Costs
Governance costs comprise the costs ol stalulory compliance, inclLJding legal advice,
independent examination lees and the costs ol preparing the slalutory accounts.
f)
Portfolio Management Fees
The cost ol rnanaging the Trust's investment porilolio is mel from Endowment Funds.
gl Fixed Asset Investments
Fixed asset investments are staled al mid-warkel value al the balance sheet dale.
The Slalemenl ol Financial Activities includes the aggregate of realised and unrealised
gains and losses during the year.
h)
Financial instruments
The Trust has financial assets and financial liabilities ol a kind that qualify as basic
financial inslrumenls.
Basic financial instruments are initially recognised at transaction value (including
transaction costs) and are subsequenlly re-measured where applicable al amorlised
cost. Financial assets held at amorlised cost comprise cash al bank and in hand,
together with trade and other debtors. Financial liabilities comprise accruals, trade and
other creditors.
Inveslrmenls. including bonds and cash held as parl of an investment portfolio, are held
al lair value at the balance sheet dale, with income, gains and losses recognised in the
Slalement ol Financial Activities.

ST STEPHEN'S CHURCH ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (Continued)
AS AT 31 DECEMBER 2022
Endowment Fund
The endowrnent fund can be used lor any activities ol Ihe charily that lall within Ils
charitable objects. Income arising from the assets held within the endowment fund is
therefore shown as unrestricted.
Il Taxation
No corporation lax is payabSe by the Trust as il is able lo make use of the lax exemptions
on income and capital gains available lo chaiilies.
ANALYSIS OF TOTAL EXPENDITURE
Other Governance
Costs
Grants
2022
Total
2021
Total
Expenditure on raising funds:
Investment management lees
Finance and other costs
10.458
91
10,458
91
9,904
Expenditure on charitable
activities:
Governance Costs
Grant
Total expenditure
7,855
7,855
35,600 35,600
7,855 35,600 54 004
5,536
35,050
50.490
GOVERNANCE COSTS
2022
2027
Professional charges
Independent examiner's fees
Accountancy services
2,875
3,320
1,660
716
3.207
1,613
5.536
No Iruslees received remuneration or re-imbursement of expenses lor their services in
the current or the preceding year.

ST STEPHEN'S CHURCH ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (Continued)
AS AT 31 DECEMBER 2022
INCOME
2022
2021
Donations
Equities
Cash
36,103
15
35,176
35,176
FIXED ASSET INVESTMENTS
2022
2021
Market value al start of year
Additions
Disposals
Unrealised (Lossesll gains during the year
918,737
863, 724
18,358)
(7, 733)
62,746
Market value al end ol year
822 951
918,737
Cost a1 end ol year
823 024
823, 024
Al the 31 December 2022 the trust held 1,499.000 units in the Cazenove Charity MLJIti-
Asset Fund valued al 54.90 pence per unil. The most recent valLJalion ol the Cazenove
Charity Mulii-Assel Fund can be found al www.cazenoveca
ital.com/uklcharities
ENDOWMENT FUNDS
2022
2021
Capital account
Balance at start ol year
Movement during year
909,075
105741
861, 76g
47,306
Balance at end ol year
803,334
909, 075
The endowment funds consist of the principal endowrnent fund established in 1937 and
the additional 8ndowmenl fund established in 1960. The Trustees believe these are
permanent endowments. subject lo a limited power lo resort lo capital.

ST STEPHEN'S CHURCH ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (Continued)
AS AT 31 DECEMBER 2022
ANALYSIS OF NET ASSETS BETWEEN FUNDS
2022
Investments
Net Current
Asselsl
Total
Endowment fund
Unreslricled fund
822,951
119,6171
32,084
803,334
32,084
822 951
835,418
2021
Investments
Nel Current
Asselsl
Total
Endawmenl fLJnd
Unreslricled fund
918,737
19,6621
31,657
909,075
31,657
918 737
RELATED PARTIES
There are no related party transactions or balances which require disclosure within the
financial statements during 202212021. Nil).
13

ST STEPHEN'S CHURCH ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (Continued)
AS AT 31 DECEMBER 2022
COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
Year ended 31 December 2021
Endowment
Unreslricted
Funds
Funds
Total
Funds
INCOME & ENDOWMENTS
Income from investments
35,176
35,176
Total Incoming Resources
35,176
35,176
EXPENDITURE
Expenditure on:
Raising funds
Inveslmenl manager's lees
Charitable activities
Grants
Governance costs
9,904
9,904
35.050
35,050
5,536
5,536
Total Expenditure
15.440
35.050
50,490
Net operating def icit for the year
115,4401
126
{15,314)
Net gain on investment
62.746
62.746
Net Movement in funds
47,306
126
47,432
Reconciliation of f unds
Total funds brought forward
al 1 January 2021
861 769
31,531
893 300
Total lunds carried forward
al 31 December 2021
909 075
940 732