Charity No. 241052 THE FUND FOR THE ENDOWMENT OF THE LIVING OF STEPHEN'S SOUTH KENSINGTON KNOWN AS (ST STEPHEN'S CHURCH ENDOWMENT FUNDI REPORT OF THE TRUSTEES AND UNAUDITED RECEIPTS ANQ PAYMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Crowe U.K. LLP Chartered Accountants Black Country House Rounds Gr8Èn Road 0bry W8St MidlaFyJs B69 2DG
THE FUND FOR THE ENDOWMENT OF THE LIVING OF STEPHEN'S SOUTH KENSINGTON KNOWN AS 1ST STEPHEN'S CHURCH ENDOWMENT FUNDI CONTENTS OF THE RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trusteès Independent Examiner's Report Receipts and payfflents accounts statement of assets and liabilities Notes to the Receipts and payment accounts
THE FUND FOR THE ENDOWMENT OF THE LIVING OF STEPHEN'S SOUTH KENSINGTON KNOWN AS (ST STEPHEN'S CHURCH ENDOWMENT FUND) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Registerod Charity number 241052 Prlnclpal addrass St Stephen's Church Soulhwell Gardens London SW7 4RL Trustees Mr J A Fox (appointed 25 May 2023} Ichaifflianl Mr J M Randolph (resigned 25 May 2023) (Chaimian to that datel Mr P Rodier (resigned 24 June 2024) Mr D H Colville Mr R M Shull {appoinled 25 May 2023) Mrs D Slmpson Ireslgned 24 June 2024) Independenl examlner Crowe U.K. LLP Chartered Accountants Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Investment Managers Cazenove Capital 1 London Wall Place, London EC2Y SAU Sollcltors Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD Bankers Lloyds Bank plc 70-71 Cheapside London EC2V 6EN Page 1
THE FUND FOR THE ENDOWMENT OF THE LIVING OF STEPHEN'S SOUTH KENSINGTON KNOWN AS (ST STEPHEN'S CHURCH ENDOWMENT FUND) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTS The Trust is registered as a charity under number 241052. It was 6Stablished by a Trust Deed dated 2 April 1937 to promote. aid and further the objecls of the Church of England in the Pansh of st. Stephen, South Kensington in the Diocese of London by the endowment of the living of the incumbent for the time being of said parish and oxtended by a Declaration of Trusl dated 21 March 1960. ORGANISATIONAL STRUCTURE st. stephen's Church Endowment Fund {the Trust) is managed by Trustees who have authority for overseeing the activities of the Trust. There are no sub-commiltees or staff considered 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 ACTIVITIES 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 staff and to pay incidental expenses. ACTIVITIES AND ACHIEVEMENTS Objectives and a¢hlevements The Trust plays an Important [016 In the work of St. stepher)'s church for the public benefil. The Trust supports the work of a Church of England parish church, wilh religious services open.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 presence during the day for visitors wishlng to speak to them. There is a strong sense in which the church provides comfort and security for the community. In Ihe Gase of St. stephen's a significant proportion of the community is transient and therefore needful of such benefits. The Trust plans to continue the above activities for the foreseeabla fulure. The Trustees have had due re9ard to the Charity Commission's guidance on public benefit when considering the Trust's activities and objectives. Summary of maln achievemonts The TrLSSt has provided grants to the value of £36,000 to contribule to th6 mèèllng the ongoing expenses of St. Stephen's parish. Page 2
THE FUND FOR THE ENDOWMENT OF THE LIVING OF STEPHEN'S SOUTH KENSINGTON KNOWN AS {ST STEPHEN'S CHURCH ENDOWMENT FUND) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal revlew Th8 Trusvs income arises mainly from inveslmenl income and Is applied by w8y of grants. Investment income totalled £36,200 {2022: £36,118) covering grants of £36,000 (2022.. £35,600) in the year. During the year there were net gain on Inveslments of £11.288 {2022.' losses of £87,428). The Trusvs investrnents stood at £825.178 at the year end with cash balances of £15,159. Reservos Policy The Trustees have considered the reserves held by the Trust as of 31 December 2023. It Is the Trustees, policy to achieve in the medium to long term unrestricted reserves at least equal to 12 months, granl expenditure. Grant expenditure in the year to 31 Dernber 2023 was £36,000, wth unrestricted reserv85 of £13,786. The Trustees expect to maintain grants to St Stephen's Church during 2024 81 a level at least the same as was the case in 2023. The Trustees expect Inv8Stment Incomé recelv6d durlng 2024 to be sufFIci8nt to enable the maintained grants to be paid without having recourse to reserves. INVESTMENT POWERS. POLICY AND PERFORMANCE The Trustees. investment powers 8re governed by the Trust Deed and the Trustee Act 2000 which permlt the Trustees to invest in such stock, shares and investments as they seé fit. The Trustaas, policy is to seek retums over the long term to: provide for real increase in annual income., and preseNe the capital base of the Trust in real terms. ThSs policy Involves Investing some of the Trust's assets for long temi growth rather than to maxlmlse short term Income. The Trust's investments are held through the Cazenove Charity Multi-Assel Fund, which is managed by Schroder Unit Trusts Limited and which operates in confomiity with th8 Trusvs policy. GRANT MAKING POLICY This year, 2023, the Trust awarded grants of £36,000 (2022.. £35.600) from unreslrict8d funds In accordance wSth its long-term commitment to assist with th8 funding of salaries, running costs and other rewrring expenses of the clergy and parish staff of the parish of St Stephen, South Kènslngton. Approved by order of the board of trust995 on and signed on its behalf by.. Mr J A Fox- Chairman Page 3
THE FUND FOR THE ENDOWMENT OF THE LIVING OF STEPHEN'S SOUTH KENSINGTON KNOWN AS 1ST STEPHEN'S CHURCH ENDOWMENT FUND) INDEPENOENT EXAMINER'S REPORT TO THE TRUSTEES OF ST STEPHEN'S CHURCH ENDOWMENT FUND I report on the accounts for tho year ended 31 December 2023 sel out on pages five lo eight. This report is made solely to the charitys Trustees. as a body, In accordance with Sectlon 145 of the Charities Act 2011 and regulations made under Section 154 of that Act. My work has been undertaken so thal I might state to the charity's Trustees those mallers l am required to stale 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 chaiity's Trustees as a body, for my work or for this report. Respective responsibllities of trustees and examiner The charity's trustees are responsible for the preparalion of the accounts. The charity's truste85 consider Ihat an audit Is not required for this year (under Section 144{2) of Ihe Charities Act 2011 (the 2011 Acl)) and that an independent examination is required. It is my responsibility to- examine the accounts urKler Section 145 of the 2011 Acl to follow the procedures laid down in the General Dlrecllons given by the Charily Commission (under Seclion 145{5llb) of the 2011 Act),. and to state whether particular matters have come to my attention. Basls of the Independent examinerfs report My examination was carried out in accordance wilh the General Directions given by the Charity Commission. An examination includes a Teview of the accounting records kepi by ihe charily and 8 comparison of the accounls presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such mallers. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion 15 given as lo whether the accounts present a 'true and fair view. and Ihe report is limited to those matters set out in the statements below. Independent examlner's statement In conneclion with rny examination, no malt8r has come to my allention.. (1) which gives me reasonable cause to believ8 that, in any material respect, Ihe requirements to keep accounting records in accordance with Section 130 of the 2011 Act., and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 AGI have not been met: or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Helen Blundell LLB FCA FCIE DChA Crowe U.K. LLP Chartered Accour)lants Black Country House, Rounds Green Road Oldbury,B69 2DG Date- l October 2024 Page 4
THE FUND FOR THE ENDOWMENT OF THE LIVING OF STEPHEN'S SOUTH KENSINGTON KNOWN AS (ST STEPHEN'S CHURCH ENDOWMENT FUNDI RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Endowment Unrestr5cted Fund Fund 2023 Total Funds 2022 Total Fund5 Recelpts Income from investments 36.200 36.200 36,117 As$et$ and Invostment Sale5 Recaipls from salg of invgstmenl 9,061 9,061 Total Recaipts Payments Investment managèr's fees Grants Legal costs Independent Examination Fees other 1,997 1,997 36,000 4,938 4.980 2.152 35,600 3.451 4,840 90 36,000 4,938 4.980 Total Payments Nel of roceiplsl{paymentsl 19.7181 12,6541 110.016) Transfer between fun(Is 113,000) 13,000 CASH FUNDS AT 1 JANUARY 2023 CASH FUNDS AT 31 DECEMBER 2023 Transfers The transfer from endowment fund represented cash transforred from capital to income, for working capital purposes as pemitted and agreed wllh the Trustees per Ihe Trusl Deed documenl. The notss form part of Ihese receipts and payments accounts Page 5
THE FUND FOR THE ENDOWMENT OF THE LIVING OF STEPHEN'S SOUTH KENSINGTON KNOWN AS (ST STEPHEN'S CHURCH ENDOWMENT FUND) STATEMENT OF ASSETS AND LIABILITIES AT 31 DECEMBER 2023 Endowment Fund Unre8trl¢ted Fund 2023 2022 Fixed Assets Investments 825,178 825,178 822,951 Cash Funds Cash al Bank Cash held by Investment managers 4,793 4,793 1,482 Current Llabllltlès Other Creditors and aoGruals The receipts and payments accounts were approved by the Board of Trustees on and were signed on its behalf by: Mr J A Fox- Chairman Page 6
THE FUND FOR THE ENDOWMENT OF THE LIVING OF STEPHEN'S SOUTH KENSINGTON KNOWN AS (ST STEPHEN'S CHURCH ENDOWMENT FUND) NOTES TO THE RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES The ae¢ounts have beèn prepared on a receipts and payments basis. The Trust has previously reported under Charity SORP. The Charities Act 2011 permits the Trust to prepare accounts on a receipis and payments basis and Ihe trustees have made the decisions to report under simplrfied receipts and payments method in order to allow for more of the Trust's funds to be applied for directly charitable purposes. The comparatives have been reslaled accordingly. Basis of preparation Trust is a registered charily in England and Wales and as such is a Public Benefit entity. Governed 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 reglstered address is St. Stephens Church, Soulhwell Gardens, London, SW7 4RL Income All Income is recognised in Receipts and Paymenls once the charity has received funds. Expèndlture All payments are recognised in the Receipts and Payments Accounts when il is paid. Taxatlon The charity Ss exempt from lax on its charttable activilies. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of Ihe general objeclives of the charity and which have not been designaled for other purposes. Endowment Fund The endowment fund can be used for any 8Ctivilies of the charity that fall within its charitable objecls. Income arising from the assets held wilhSn the endowment fund is therefore shown as unrestricted. The endowment fund consists of the principal endowmenl fund established in 1937 and Ihe additional endowment fund established in 1960. The Truste8s believe thal these are p6rmitt&d endowments subject lo a limited power lo resort to capital. Investment income. gains and losses are allocated to the appropriate fund. STAFF COSTS, TRUSTEES. REMUNERATION AND BENEFITS There were no employees during the year or prior year. There have been no remuneralion or expenditure paid to the trustees during the year or prior year. Page 7
THE FUND FOR THE ENDOWMENT OF THE LIVING OF STEPHEN'S SOUTH KENSINGTON KNOWN AS (ST STEPHEN'S CHURCH ENDOWMENT FUND) NOTES TO THE RECEIPTS AND PAYMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 FIXED ASSET INVESTMENT Market Value At January 2023 Additions Disposals GainllLoss} in value At 31 December 2023 822,951 (9.061) 11,288 Page 8