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
0￿b￿ry
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 De￿rnber 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