2020-12-31-accounts - Parochial Church Council Of The Ecclesiastical Parish Of St Mary-Le-Bow, Cheapside

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11 St le Bow Church Il Annual Report 2020 l)l)l j:

PAROCHIAL CHURCH COUNCIL OF ST MARY-LE-BOW

Registered Charity No. 1130098

ANNUAL REPORT FOR THE YEAR ENDED 31st December 2020

St Mary-le-Bow | Annual Report | 2020

The Rector

You won’t need one more analysis of the deleterious effects of COVID on an institution like ours; both as a local (if unusual) parish, diocesan and national church. But at the end of 2020 all was not lost by any means. I was heartened that although our usual crop of Carol Services was unsurprisingly decimated, a number of livery and commercial outfits were keen to prepare for Christmas with a liturgy which was in varying degrees online and in person. Numbers attending in this way (and generous donations received in consequence) were comparable with ‘normal’ years. This demonstration of loyalty and interest built upon a steady sense of continued engagement even during the first lockdown at its deepest. St Mary-le-Bow has a large circle of supporters, friends and of course the congregation, and it has not been difficult to plumb into that desire to keep in touch with each other and with the priest! Indeed there have been moments when I have felt that, freed from some immediate demands of engagements and deadlines, I have been more in touch than in previous years. A case in point has been Thursday online Evening Prayer; a considerable learning curve to deliver a liturgy which holds spiritual attention and equally surmounts the technical hazards, yet it has remained popular with always 20 participants (often more) and a perhaps a constituency of 40 or more. These are the largest attendances at regular services in my time as rector! Even when regular Eucharists are restored (at whatever frequency and times) this online Office will surely remain.

Of course measures of adherence are not the true gauge and I have been even more encouraged that individually and together we have been navigating these strange times – the risks of contagion and our responsibility, the fear of illness for us and our loved ones, the

need to craft our days, the complete uncertainty of the future and of our plans – with common faith and trust in God’s good purposes. This hasn’t been the moment to hone our critical instincts or trim our loyalty but to trust God and our life together. So my first happy duty is to thank you for your personal support and many enquiries for me. I think we have had a memorable advantage (and not one that the wider church measures) in having a resident priest; we have been able to be open when that has been safe and lawful and have kept compliant and the building in reasonably assiduous monitoring.

Others will comment in these pages on our finances (robust and ready for renewal) and the building (in good order although with some singular issues) but perhaps I have concentrated over much on such things in the past. We shall now need considerable flexibility to rebuild our place in a community which will be completely different in personalities, confidence and purpose. What seems most likely is that, even where footfall is restored, individuals will be in the City far less frequently. We profoundly hope that the businesses with which our life is entwined (and more than just financially) – Shoeshine, Bobby’s Flowers, the Café Below, the Taberna Etrusca and Bow Wine Vaults will survive and prosper. We hope that our musical associations and notably the Academy will revive and we are confident that JustShare will grow its audience in the hybrid world of the online and actual. And we shall need to concentrate on reviving a sustainable pattern of devout liturgy and pastoral offices (in which weddings already look promising).

And finally we shall need to be leaner; much leaner because it will be a while

before we will rebuild a programme of events and the financial capacity which goes with it. Inevitably the COVID emergency has had an impact on staff. All of those employed have been furloughed and flexibly so when that became lawful. We are in a good position administratively. But Matthew Power after thirteen years of sterling, committed and thorough service has decided that this is the moment to seek other opportunities and will be voluntarily redundant from some time in 2021; we are especially grateful to him for his flexibility in this regard. Richard Swann, after thought, has decided that he will not remain to pick up Matthew’s responsibilities and will leave at the end of January 2020. Thomas Allery (Director of Music) and Shehana Udat (JustShare Coordinator) remain in post as does Michael Byrne as consultant Finance Officer. We will look to recruit someone for the office as and when we know what we need! G.R. Bush

St Mary-le-Bow | Annual Report | 2020

Clerk of Works

The last 12 months have seen the use of the church building of St Mary-le-Bow being greatly reduced on account of the pandemic. The period has encouraged us to think afresh as to what we mean by ‘Church’ as a worshipping community. Yet connection through streamed Evening Prayer and other services directly from the church building for those unable to attend in person has acted as a powerful reminder of how worship is aided by our beautiful church building, even if viewed remotely on a computer screen, a building which we have continued to enjoy with great affection.

Nevertheless, and in the circumstances, the amount of maintenance and repair works to the fabric has over the last 12 months been scaled back considerably. Works have been confined to routine maintenance items in accordance with our existing Quinquennial Report.

Examples include the ongoing monitoring and photographic record of salts efflorescence in the undercroft in order to ensure that these effects continue to be minimised, and arranging a programme for the renewal of some of the mortar; and work on the west steps involving the Sesame lift access system, where the stone is showing breaks and damage and which we are looking to renew.

We have appointed a new Quinquennial Architect, Alex Sherratt of Matthew Lloyd Architects LLP, who has been proactive and most helpful in all respects. We are most grateful for his assistance.

We continue to receive financial support in respect of our marvellous heritage building from City organisations based locally as well as from the City Churches Grants Committee, for which we are grateful. Antoine West

St Mary-le-Bow | Annual Report | 2020

In January the Archbishop of Canterbury gave his charge to the new Bishop of Hereford, the Rt Revd Richard Jackson, formerly Bishop of Lewes, at the Confirmation of his Election by the Court of the Vicar General

clockwise from top left Bishops and ecclesiastical lawyers assemble in the vestry; the Vicar General, Mr Timothy Briden, in his new wig; the new Bishop in his cathedral; hymn singing in the sanctuary

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St Mary-le-Bow | Annual Report | 2020

Parochial Church Council

During 2020 the membership of the PCC was: the Revd George Bush (Chair), Oliver Boundy, Aaron Burchell, Margaret Burtt (Honorary Secretary), William Dempster, Giles French, Daniel Hedley (Churchwarden), Robert Hancock (left in September 2020), Alan Hovell (Deanery Synod Representative, left in October 2020), Ian Hawking (Deanery Synod Representative, left in March 2020) Daniel Ryan, James Sanders (Treasurer), David Saunders, Victoria Snow, Michael Wainwright and Antoine West (Churchwarden, Clerk of Works). At the APCM on 29 October 2020 Daniel Hedley stood down as Church Warden and David Saunders was elected to take over the role. At that meeting Daniel Hedley and Daniel Ryan were elected as the Church’s Deanery Synod representatives to replace Ian Hawking and Alan Hovell.

The PCC met on 6 occasions during the year. Much of the Council’s work was inevitably centred round coping with the situation created by the pandemic, and included:

A New way of working – the January 2020 meeting of the Council was the only one during the year in which members met face to face. In March following the imposition of the lockdown we met by teleconference and subsequently all PCC meetings took place by Zoom video conference. This resulted in excellent attendance rates as members were able to participate remotely. It is planned that, when lockdown restrictions end, all Council meetings should continue to enable

members to attend in person or take part remotely through Zoom.

COVID 19 – The PCC received continued updates on risk assessment, church opening, worship and communication from the Rector and others. Apart from the period of the first lockdown, the Church has remained open.

• Church Finances – the Council kept a close watching brief on the Church’s financial position, and received regular detailed breakdowns on the Church accounts from Michael Byrne, the Finance Administrator. There was agreement that the Church should pursue a conservative approach with anticipated losses from Voluntary Rate contributions, licence fees and investment income. At the end of the year it was felt that the Church’s financial position was relatively stable and the Church recorded a small surplus in its annual accounts.

Risk Register – the PCC carried out its annual review of the Risk Register noting that all areas listed under ‘financial’ had been affected and the risk status was heightened as a result of the current crisis.

• Safeguarding – PCC members are encouraged to undertake basic safeguarding awareness training provided by the Diocese and the Church has a dedicated Safeguarding Officer. During the year, at the request of the Bishop, Churches were required to conduct an audit of safeguarding cases in their Parish since 2007. Following the Rector’s consultation with some longstanding members of the Congregation, the Council agreed to

his proposal that he submit a nil return to the Bishop. The Safeguarding Policy itself was reviewed and approved at the November PCC meeting.

Health and Safety Policy – the PCC reviewed and approved the Health and Safety Policy, revised to include COVID-19 risk assessments.

• Environmental Policy – the Environmental Policy was reviewed and agreed in January 2020. The Church is continuing to work towards ECO Church silver status. In order to qualify, the Church is required to ascertain that the environmental status of its investments is considered satisfactory. The answers to a series of questions made to the diocesan investment managers by the Rector and Daniel Ryan, a member of the PCC, were deemed to be sufficiently cogent in this respect.

Mission Action Plan 2018-2013 – progress on the MAP was reviewed at the January 2020 meeting.
Other Policies – during the year the PCC also reviewed and approved the following policies: Social Media, Privacy, Equal Opportunities (Staff), Equal Opportunities (Public), Safer Recruitment, Recruitment of Ex-offenders, and Rector’s Expenses.
Quinquennial Inspecting Architect – at its August meeting the PCC agreed to a recommendation from the small appointments panel appointed for the purpose by the PCC that Alex Sherratt of Matthew Lloyd Architects be appointed the new Quinquennial Inspecting Architect. Margaret Burtt

clockwise from left

Building of the new boarding house at St Paul’s Cathedral School got underway – you can see the covered scaffolding on the right; Bobby’s Flowers continued business in the Churchyard until Covid-19 lockdowns intervened; the Rector was again one of the judges on the London Festival of Architecture’s competition to design innovative benches

St Mary-le-Bow | Annual Report | 2020

Safeguarding

opposite page clockwise from top left The Rector attended Derby Cathedral on a blustery day in September for the priesting of the Revd James Milwain (centre); a faithful worshipper since the 1960s was Ray Duffy (1932-2020), whose funeral rites were the last liturgy to take place here before the closure of churches; deputy steeple keeper Ben Meyer married Jemma Mills in February and there was much bell ringing!

In terms of the last year, the majority of services have been virtual services so the church has not been open for people to visit for worship and social interaction. So the opportunity for people to physically ‘look out for’ each other and safeguard each other has been relatively small. Safeguarding however is something very much on the agenda in terms of making sure the training is rolled out and updated for members of the staff group and the PCC. The details of which members have attended safeguarding courses is kept on record.

There have been no specific incidents reported to the St Mary le Bow safeguarding email in the past year and this email address is regularly tested to

ensure that it is effective. Nor have there been any requests for support or guidance relating to safeguarding matters in the parish in the last year.

As the country comes out of Lockdown and we reopen, the church will have an important role to play in safeguarding people by checking in with people, reducing isolation and thinking about people’s emotional and mental health. The last year has placed huge personal pressure on people socially, financially and some have lost loved ones in the pandemic. So the church is mindful of these things and ready to welcome people and support them back into the church. Joanne Forster

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St Mary-le-Bow | Annual Report | 2020

Steeple Keeper

The year started with the usual flurry of services to ring for and regular practices and peals on the bells with plenty of bookings for the remainder of 2020 and beyond. During this period two peals and two quarter peals were rung.

Since lockdown in March there has been no ringing, but thankfully the carillon and chimes have continued to announce the presence of the church, albeit with various elements not working as desired. The financial strain of the tower work had put the replacement of the carillon mechanism and the refurbishment of the sound control shutters firmly on hold and the challenges of the Covid pandemic seemed to be pushing these ever further over the horizon.

However, some inspired activity by the Rector towards the end of the year has secured funding for the carillon and we are currently planning for the replacement to be completed in the first quarter of 2021, something that was quite unexpected.

And more recently the Rector has been thinking about other sources of funding that might pay for the replacement of the sound control so we are finalising the necessary information for this as well. Alongside these activities we have been fortunate to secure a donation to replace the flag which was in bad need of refreshing.

Throughout the period of restrictions it has been unattractive to travel into the City, but we have managed to check on the tower and bells twice. Everything appeared to be in order on both occasions. The work on the carillon will provide an opportunity during the early part of 2021 to again check up on everything but there is no reason to believe there will be any issues. We cannot, however, confirm that nothing has deteriorated during the period of inactivity – bells, like most mechanical things, do not do well to be left unused. Let’s hope we can get back to ringing before too very long. Simon Meyer

left from top

A drone survey of the neighbouring building works afforded us some unusual images of the tower, and illustrated the emptiness of the City during lockdowns compared to more normal times photos Mekdem Ltd, JohnnyMP Photography below

Safety notices and deserted surroundings soon became commonplace during 2020

St Mary-le-Bow | Annual Report | 2020

Liturgical Music

Live music, both liturgical and in concert, is one of the many obvious casualties of the coronavirus pandemic. As I write, it was almost a year to the day when we contacted the singers booked for the Lady Day mass to cancel the service. In 2020 St Mary-le-Bow, along with so many churches, has experienced a silence from music, but there are still a number of pieces of news to report here as the crisis has presented new opportunities for growth and initiative.

A liturgical and musical highlight of the St Mary-le-Bow year is the cantata series

I first met Alan (organist here) at St Mary-leBow, on the stairs in the Rectory, on 6 February 1992, only two months after I’d arrived in the country to embark upon what I hoped would be a dazzling career as a liturgical/ Early Music specialist soprano. Alan invited me to sing a service with him the following Thursday evening. Through him I felt immediately at home in the St Mary-le-Bow community – a new spiritual home for me so far from my own, and my family.

I don’t have one single special memory from my years there, rather a haze of happiness from many years of singing my best with other like-minded, liturgically sensitive musicians to create what, for me, were consistently deeply spiritual and incredibly special experiences over nearly 30 years. Combined with the general spirituality of the place and people, those experiences ensured that St Mary-le-Bow was and always will be my spiritual home. It is with great sadness that I concede that through insurmountable geographical impediment I can no longer play an active role in the ministry there. You will all always be firmly in my heart.

in Advent and Lent. In Lent 2010 there was due to be a series of cantatas drawn from Dietrich Buxtehude’s Membra Jesu Nostri with Suzanne Wilson (soprano). It was with great sadness that Suzanne, having managed to travel to her native Australia on one of the last flights there at the start of the pandemic, decided to sell up in London and remain there permanently. It is particularly sad that we have not had the opportunity to give a musical farewell and public thanks to Suzanne to mark her 28 years of service here. Suzanne sends greetings to everyone at St Mary-le-Bow, writing:

passionate organists. When Alan left, I thought we’d never see his like again, but I was proved wrong instantly on the appointment of Tom. The music in fact went from strength to strength, finding new heights of expression through Tom’s warm, encouraging and innately musical leadership and through the quality of musicians he engaged, to which I know he gave great consideration. The word ‘joy’ re-entered my vocabulary, through our collaborations! Thank you for that gift.

The personal relationships enjoyed over many years with George, Matthew and Nick served to enrich my time there too, and I remain grateful for these, each treasured in their own way.

Highlights were the Bach cantatas – an incredible privilege to perform iconic repertoire sensitively and intimately with mature musicians who thrilled with me to every nuance; and the Parish Carol Service, from which I’ll never forget Alan’s double descant to O come, all ye faithful – I think we even went triple for his last one! ‘So wrong it was right.’ Suzanne Wilson

I had the privilege of working with not one but two delightful, committed and

St Mary-le-Bow | Annual Report | 2020

The summer usually sees a cluster of big liturgies for the choir at the livery company services. This year the Rector and the Director of Music put into practice their newly found streaming skills to present a service for the Worshipful Company of Arbitrators and City of London Solicitors, with organ and soprano. The service was hugely appreciated over zoom and gave us confidence to tackle a season of carol services in December (albeit shorter than usual), also delivered online. It was good to be able to offer some work to our singers and to connect with some of the companies musically.

2020 marked the 10-year anniversary of our Tickell organ, and a series of eight recitals was planned through the autumn to mark this milestone. A decision was made to postpone the series until 2021, but the Director of Music performed a celebratory recital on 27 October to a busy live audience (the church was more or less full with social distancing). He performed works by C.P.E. Bach, Alain, Howells, Pachelbel and Buxtehude. The recital was recorded and put on YouTube and has received a further 340 views

there. Subsequently, a series of other organ videos (recorded at church) have been uploaded onto my You Tube channel [ https://tinyurl.com/3542d7za ].

Church music was briefly allowed to continue during the latter part of 2020, and it was good to see the Academy of St Maryle-Bow in church a few times for informal recordings and rehearsals. I was delighted to join them to lead a session on Corelli’s Christmas Concerto (op.6, no.8) in December. This, along with so many other project ideas which were given chance to briefly come to life before the next lockdown, is something that I hope may find a performance opportunity in 2021. Baroque chamber group Ensemble Hesperi (the harpsichordist of which is Director of Music Thomas Allery) were very grateful to have been able to give two streamed concerts in the church at the end of 2020. The acoustics of the church work very well for baroque repertoire and being able to stream from a large space meant that all four core members could rehearse and perform together for these concerts. Thomas Allery

Hauptwerk

The Hauptwerk Virtual Pipe Organ enables those with a suitable digital organ console at home to download virtual sound copies of historic and renowned organs and (with the right audio equipment) create a startlingly realistic impression of the actual instrument.

available since 2019. One is of the organ exactly as it is; the second is a carefully extended version, based entirely on the sampled pipework, which virtually enlarges the organ to a three-manual instrument. Licence fees pad to us for purchases in 2020 amounted to £512. Matthew Power

Two ‘sample sets’ of the 2010 Tickell organ of St Mary-le-Bow have been

St Mary-le-Bow | Annual Report | 2020

clockwise from top left

Suzanne Wilson, our regular soprano and cantor, emigrated to her native Australia after spending the first lockdown there with her family; Ensemble Hesperi (Thomas Allery is their harpsichordist) presented innovative early music programmes on You Tube including some from a farm in Suffolk; Tom also recorded organ music for Christmas and other services which was very much appreciated by those unable to come to church

St Mary-le-Bow | Annual Report | 2020

Treasurer

In last year’s report which, unusually was prepared in the autumn rather than the spring, I said that I was still not sure how our finances for 2020 would work out but that they didn’t look rosy! It is, therefore, with a great deal of pleasure that I am pleased to report that, all things considered, St Mary-le-Bow’s finances are in a satisfactory state.

Obviously 2020 was not a ‘normal’ year – anything but! – and the direct effects of the present situation will extend well into 2021 and the indirect effects for many years after that. However, it is somewhat satisfying to report that, before gains/losses on revaluation, we made a surplus of £32,718 during the year. The accounts show an overall loss of £122,577 but this is because of a loss on the value of our endowment fund. However, this is an unrealised loss and the fund is expected to recover in value in due course (and at the time of writing has already recovered by £58,000).

During 2020, you will be unsurprised to hear that we received only £13,000 (2019: £43,000) of licence fees from local businesses. In addition, we only received voluntary rate totalling £5,000 (2019: £46,000 (£17,000 restricted to fabric only)). In ordinary years, these two sources of income contribute approximately 44% of our unrestricted income and these fees and rates are, therefore, very important to the finances of the parish. It remains to be seen how many people return to work in the City on a regular basis and how well the hospitality sector recovers, so we cannot be certain that the amount of licence fees that we receive will return to previous levels. As always, we are extremely grateful to those businesses which supported the work of the church by paying the voluntary rate, and we hope and pray that these and other businesses are able to start up again in

due course. Since we usually need money to fund spending on fabricrelated matters, the restricted nature of some of the voluntary rate does not cause us any problems, although your Treasurer would be very pleased if such expenditure on fabric-related matters was not necessary. Although many of those businesses have not been able to pay in 2020 we must also record our thanks yet again to Andrew Goodhart (a member of the Worshipful Company of Grocers, one of our Patrons) for the time and effort that he contributes in converting the records held by the City of London Corporation into the requests for voluntary rate payment. The smooth running of the levying of the Voluntary Rate is an essential part of our financial stability and usually(!) gives us continued confidence in our income streams.

Despite the unrealised loss reported in the accounts, the endowment fund continues to assist in funding the salaries of our staff and we continue closely to monitor our ongoing expenditure to ensure that we cover our costs.

Our ordinary expenditure was, inevitably, very much down on 2019 (£124,000 compared to £260,000) and we had to reduce our direct contribution to the Common Fund to £35,052 from £72,100 because of the reduction in income. The full contribution equates to the full cost of one stipendiary priest and, in line with the Diocese’s guidelines that parishes should bear the cost of their incumbent and the proportional share of Diocesan and other expenditure, we have paid the full cost for many years until 2020. We intend to resume paying the full cost in 2021. In addition, although we are entitled to income from the Dame Margaret Slaney Fund ( c. £1,000 pa ), we direct that this is paid to the Diocesan Stipend Fund for use to pay stipends in poorer parishes in the diocese.

The Tower Project has been completed and the financial situation at completion is not as bad as at one stage it appeared that it might be.

The Clerk of Works’ report also refers to some other important, albeit less expensive, matters which were dealt with during the year. The old adage of ‘a stitch in time saves nine’ is well applied to dealing with the fabric of an ancient building such as St Mary-le-Bow and all these small items are just as important as the bigger eye-catching ones.

As always, we must thank the Worshipful Company of Grocers, one of our patrons, for their continued and continuing support of the Parish both financially and non-financially. The former includes their paying for the insurance premium in respect of our silver which is kept securely for us at Grocers’ Hall. We must also thank the City Churches Grants Committee for paying the insurance premium in respect of our wonderful and historic building.

Thanks are also due to certain individuals who have given us very generous donations during the year which have greatly assisted us in remaining financially stable. They would not wish their names to be made public but they know who they are and their generosity is much appreciated.

Finally, I cannot finish this report without expressing my thanks to Michael Byrne for his hard work in running our finances and producing the accounts. James Sanders

St Mary-le-Bow | Annual Report | 2020

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We celebrated the marriage of Andrew and Dinika in August, with a sociallydistanced congregation limited in size. It was also the first service to be livestreamed across the globe for their extended family

opposite from left

Although some of our Christmas Carol Services were not able to go ahead, the Arbitrators and City Solicitors and also our Patrons the Grocers’ Company, both enjoyed live streaming and a small congregation in church

St Mary-le-Bow | Annual Report | 2020

JustShare

JustShare is a coalition of churches, charities and other organisations committed to equal global development and social justice. JustShare uses its base in the City of London to drive discussion and promote change, always actively seeking to promote a just share of the world’s resources for everyone.

From mid-March to November 2020 the JustShare Co-ordinator was furloughed due to the pandemic. This meant that all JustShare events had to be cancelled and postponed during this period. Since December 2020 the events have moved online until things can go back to normal. The pandemic meant that for 2020 JustShare could hold only a small line-up of events. We welcomed high-level expert speakers that came from a range of backgrounds and led discussions that were informative and engaging for our audiences.

The Plastic Waste Crisis: Protecting our

Future – 14 January

Plastic pollution has become one of the most pressing environmental issues, as rapidly increasing production of disposable plastic products overwhelms the world’s ability to deal with them. Our speakers covered this problem and discussed the critical need for solutions.

Speakers: Carmel McQuaid – Head of Sustainable Business, Marks and Spencer; Ed Gemmell – Director, Believers Against Climate Change; Michael Stephen – Commercial Director and Deputy Chairman, Symphony Environmental Technologies.

The Future of Fairtrade – 4 March 2020 Fairtrade changed the way we shop. But major companies have started to abandon it, threatening the very idea of fair trade. Is it an ethical and sustainable model? Our speakers discussed this issue and more: Tim Aldred – Head of Policy Fairtrade Foundation; Sophi Tranchell – Group CEO of Divine Chocolote Ltd; Trishna Shah – Food & Nutrition Consultant, Euromonitor International; Fredrik Galtung – Founder, CEO of TrueFootPrint.

Laudato si’ – Care for our Common

Home – 7 December 2020

A Christian Social and Political Thought talk by Ed Gemmell, Founder of Believers Action on Climate Change, talked about the Climate Crisis and the Pope’s encyclical Laudato Si’ urging us to care for our common home. Beginning with an update on the current Climate Crisis position, the talk moved on to consider the Pope’s urgent call to action and ecological conversion. Shehana Udat

St Mary-le-Bow | Annual Report | 2020

Boyle Lecture

The 2020 Boyle Lecture was given at St Mary-le-Bow by the Revd Professor Christopher Cook, and by a vote of thanks proposed by the Revd Professor Fraser Watts.

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The Rector looks at the Boyle Medal with the Revd Sam McNally-Cross, who later gave a vote of thanks to the Mercers’ Company for hosting the reception; the audience arrives including Rupert Uloth (Master Grocer) and Xenia Dennen (Master Mercer)

opposite, clockwise from top left Professors Watts and Cook after the lecture; Chairman of the board of trustees of the Boyle Lecture, the Rt Hon. the Earl of Cork and Orrery presents the Boyle Medal to Professor Cook; the Master Mercer addresses guests at Mercers’ Hall photos courtesy of Harris Wiseman

The Boyle Lecture has been an annual event at St Mary-le-Bow since its reestablishment in 2004. Each year we ask a distinguished scientist or theologian to consider some aspect of the relationship between theology and science. Over the last 16 years the Boyle Lectures have gained a strong international reputation and they are regularly published in the academic journal Zygon . The Boyle Lectures have become a well-established and prestigious annual event, and St Mary-leBow often receives honourable mention for hosting them. They are now convened by the International Society for Science and Religion.

The 17th Boyle Lecture was held on 18 February 2020. Our lecturer this year was

the Revd Professor Christopher Cook, Professor in the Dept of Theology at the University of Durham, who spoke on ‘Mental Health and the Gospel’. Professor Cook is a Psychiatrist and, to the best of our knowledge, it is the first time a medic has given the Boyle Lecture. A vote of thanks was proposed by Professor Fraser Watts, Executive Secretary of ISSR, who now convene the Boyle Lectures. The lecture was followed by a reception at Mercers’ Hall and we record our sincere gratitude to the Master and Wardens of the Mercers’ Company for their kind hospitality. We are also grateful to the Grocers’ Company and a number of individual funders for their very welcome financial support. Fraser Watts

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St Mary-le-Bow | Annual Report | 2020

Communications

Press and Publicity

Some history of St Mary-le-Bow and in particular Bow Bells featured on BBC Radio London in January, including an interview with our Steeple Keeper Simon Meyer. Listen here: https://tinyurl.com/xu88c2a9

Websites, Social Media and Information Technology

The St Mary-le-Bow website has experienced a technical problem this year which is undergoing investigation. Although most of the site functions normally, our ability to edit it has been limited though we have found ways to work around this and still provide up-to-date information. Improvements are planned in 2021.

The St Mary-le-Bow email bulletin subscription list is up 2% on last year at 401 subscribers (this reflects those who unsubscribed as well as joined). It has proved a valuable way for the Rector to keep in touch with parishioners especially during lockdown. Online weekly Evening Prayer on Thursdays has proved popular with an average of four times the number of regular attendees. We will consider investing in equipment that will enable us to continue live streaming in 2021 with better quality, and whether that is a sensible plan.

The JustShare email bulletin, which mainly announces upcoming events, had 1,015 subscribers at the end of 2020. We continue to review our data collection and retention regularly and delete any

records which are unnecessary from both print and digital archives, in compliance with GDPR.

www.stmarylebow.org.uk

Since March 2020 there has been a significant drop in page views, but this mainly reflects the technical issues preventing editing, rather than an actual drop in visitors, which are still indicating similar patterns to previous years.

www.justshare.org.uk

During 2020 as expected there has been a drop in visitors to 1,300 (down from 1,450 in 2019). The JustShare website also experienced technical issues towards the end of 2020 and has been refreshed and is now fully functioning again.

@BowBellsChurch @justshareUK

Social media in the form of our Twitter account continues to grow followers steadily. St Mary-le-Bow has 1,054 followers, JustShare has 644. Twitter proves a useful way of flagging up events, mutually promoting others and generating live comment. We launched our account in 2014.

James White continues to manage our IT remotely with great efficiency and cheerfulness. Occasional visits to the church deal with any hardware issues. Our digital storage was successfully migrated to the cloud at the end of 2020 and proves to be a more reliable and secure solution, especially with increased remote working. Matthew Power

St Mary-le-Bow | Annual Report | 2020

Young Homeless Project

I expected to be writing a gloomy, disagreeable report, in the midst of this virus, telling you the young people have become depressed, recalcitrant, difficult. But they are all calm; I expect they think they have been through far worse times, and they may be right. Some of them have even retained their jobs at a time when so many in their areas of work have not.

The best of all things was being able to guarantee them jobs at Pret a Manger. This has been successful for 13 years. By ‘success’ we mean that 60% of the young people stayed in their jobs for between six months and four years, unprecedented in the UK. The scheme has been suspended, as have most Pret outlets. But one of our young people has just been confirmed, in one of the few open shops, as permanent. He was thrilled, and Pret put on a ‘graduation’ ceremony that this boy never could have imagined he would be attending.

Another got a job working in Highdown Prison showing prisoners how to make coffee and to service and repair their coffee machines. As he has a criminal record from when he was a teenager, he knows what gaol is like. Another works for the NHS.

The difference this virus has made is that now we help the young people with the necessities of life, as well as to independence and their own flats. We’ve always helped them by paying much of the gas and electricity, water and rates, things they could never afford, and by teaching them the most difficult of things, budgeting. We provide new furniture when it’s needed. We renovate the flats and source clothes for the young people. Up until now, we have helped them to their own flats in shared houses, assisting with the deposits and starting up.

Because £800 a month for a room is unaffordable, we changed emphasis and now help with food and the vital things for life. My colleague takes the young people shopping and teaches them to get cheap things. We continue to help them into work, and they try hard to get jobs, both for occupation rather than boredom and for some money rather than depending on the State. The main thing with them all during this pandemic is that they have not entirely lost confidence. They came with little enough of it, and my colleague spends a lot of time bolstering them. We stay as we have for 30 years – two staff, two to three flats, helping a dozen or so young homeless over the course of a year. Michael Kenny

above

St Mary-le-Bow at the heart of a deserted City during the Covid-19 lockdown photo Mekdem Ltd

St Mary-le-Bow Church Cheapside, London EC2V 6AU

020 7248 5139 | info@stmarylebow.org.uk www.stmarylebow.org.uk | @BowBellsChurch

St Mary- le- Bow Church Annual Accounts 2020

ST MARY-LE-BOW REFERENCE AND ADMINISTRATIVE INFORMATION AS AT 31 DECEMBER 2020 Charity Numb&r 1130098 Objects and Public Benefit The purpose of the Church is pronioling in the parish the whole mission of the Church. The PCC members have taken full recognition of the requirements of section 17 01 the Charities Act 2011 in regard to publiG benefit. Governing Document The Church is governed by the Parochial ChUh Councils (Powers) Measure 1956 las amer)dedl and the Church Representation Rules lconlained in Schedule 3 to the Synodical Government Measure 1969 as amended). Members of the Parochial Church Council IPCCI Rector & Chair.. The Revd George R. Bush (ex officio) Churchwardens. Antoine Wesl lex officio,. also Clerk of Works) David Saunders lèx offi¢iol Dan Hedley lex officio,. term ended October 20201 The churchwardens were elected on 29 October 2020 and seTve lor one year. Representative lo the City Desnery Synod.. Dan Ryan ILJntil 20231 Dan Hedley lunlil 20231 Alan Hovell Ilerm ended October 2020) Elected Members.. Oliver Boundy lunlil 20211 Margaret Burtl lunlil 2022,. PCC Secretary & Electoral Roll Officerl Michael Wainwright lunlil 20221 Aaron Burchell lunlil 20231 William Dempsler lunlil 20231 Giles French lunlil 20231 Dan Hedley lunlil 20231 Dan Ryan lunlil 20231 Jarnes Sander5 (Hon. Treasurer.. until 20231 Vicky Snow lunlil 20231 lan Hawking (resigned March 2020) Alsn Hovell (did not seek re-election in 20201 Rob Hancock Idid not seek ro-eleclion in 20201 Parish Officers Parish Secreiary & Pastoral Assislanl.. Verger & Oparalions Officer.. Matthew Power Riehard Swann

ST MARY-LE-BOW REFERENCE AND ADMINISTRATIVE INFORMATION (continued) AS AT 31 DECEMBER 2020 Office Address Cheapside London EC2V 6AU Bankers HS8C City of London Branch 60 Queen Victoria Street London EC4N 4TR Independent Examiner Nik Fisher Simia Wall Devonshire House 582 Honeypot Lane Middlesex HA7 1JS Quinquennlal Inspecting Architect Alex Sherratt Matthew Lloyd ArchilÈcls LLP 18 The Hangar Perseverance Works 38 Kir)gsland Road London E2 8DD

ST MARY-LE-BOW PCC REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Responsibilities of the Parochial Church Council IPCCI in relation the Financial Statements The PCC is responsible loi preparing the Annu81 Report and the financial slalemenls in accordance with applicable law and United Kingdom Accountin9 Standards (United Kingdom Generally Accepted Ac¢oLJnling Practice.) The Church Accounting Regulations 2006 ancl the law applicable lo Charities in England and Wales require the Members of the PCC lo prepare financial slalernenls for each liTran¢ial year which give a true and fsii view of the stale of the affairs of the PCC and of the incoming resources and application of resources of the PCC lor th81 period. In preparing Ih65e financial slatemenls, the PCC are required lo.. select suitable acwunling policies and then apply them consistently., observe the rnelhods and principles in the Charities SORP., make judgements and estimates that are responsible and p¥udenl', slate whether applicable UK ac¢ounting standards have been followed, subjecl to sny mal&rial departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern unless il is inappropriate to presume that the charity will continue in business. The Membefs are responsible for keeping ac¢ounling records which disclose with reasonable accuracy at any lime the financial position of the PCC and enable them to ensure that the financial statemenls comply with The Chur¢h Accounting Regulations 2006 and S,145 of the Charities Act 2011. They are also responsible for sa*eguarding the assets of the PCC and hence for taking reasonable steps for the prevention and detéction of fra(Id and other irregularities. Risks The Trustees have reviewed the risks of St Mary-le-Bow during the year ?nd beliève that existing controls and procedures are best suited lo meet its objectives. Approved by the PCC on 25 March 2021 and signed on ils behalf by.. James Sanders Hon. Treasurer

INDEPENDENT EXAMINER'S REPORT TO THE PCC OF ST MARY-LE-BOW I report on the accounts of Sl Mary-le-Bow for the year ended 31 December 2020. which comprise the Slalemenl of Financial Aclivilies. Balance Sheet and related notes. Respective Responsibllltles of the PCC and Examiner As members oflhe PCC you are responsible for the preparation of the accounts. The charity's Iruslees consider that an audit is not required for this year under Section 144121 of the Charities Ad 2011 Ilhe 2011 Act) and that an independent examination is needed. It is my fesponsibilily lo.. examine the accounts under Section 145 of the 2011 Act". follow the procedures laid down in the general dire¢tions gwen by the Charty Commission under Section 14515llbl of the 2011 Act., and slate whether particular matters have come to my attention. Basis of Indep¢ndent Examiner's Report My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the PCC and a comparison of the accounts presented with those records. 11 also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Iruslees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as lo whether the accounts present a 'true and fair view" and the report is limited lo those matters sel out in the slalemenl below. Independent Examiner's Statement In Connection with my examination. no matter has come lo my attention.. which gives me reasonable cause lo believe that in any material respect the requirements to keep accounting records in accordance with Section 130 of the 2011 Act," and lo prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been mel., or 21 lo which, in my opinion. attention should be drawn in order lo enable a proper understsnding of the accounts lo be reached. Nik Flsher SIMIA WALL Independent Examiner Chartered Accounlanls Date.. S-Q

ST MARY-LE.BOW STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR-ENDED 31 DECEMBER 2020 Note Unrestricted Reslri¢ted Endowment Funds {£) Funds (£1 Funds 1£) TOTAL 2020 1£) TOTAL 2019 It) INCOME Voluntary income 58,265 58,265 63,065 Investment incorlle 5.385 36,907 42,292 51,480 Other income 31,610 24.951 56,561 167,332 TOTAL INCOME 95,280 61,858 157,118 281,877 TOTAL EXPENDITURE 161,996) 162,4041 1124,4001 1260,4691 NET INCOME BEFORE REVALUATIONS & TRANSFERS 33,264 {5461 32,718 21,408 Gainsl Ilossesl on investment revaluation 12.311 1158,7001 1146,3891 158,574 NET MOVEMENT IN FUNDS BEFORE EXCEPTIONAL ITEM 45,575 15461 1158,7001 113,671 179.982 Exceptional items (Tower Projeell (8,9061 (8,9C61 1346.3261 NET MOVEMENT IN FUNDS AFTER EXCEPTIONAL ITEM 45.575 19,4521 1158,7001 1122,5771 1166,3441 Total Funds as al 1 January 2020 244.650 36,344 914,791 1.195,785 1,362,129 Total Funds as al 31 D¢cember2020 290,225 26,892 756,091 1.073,208 1,195,785

ST MARY-LE-BOW BALANCE SHEET AT 31 DECEMBER 2020 Note 2020 2019 Fixed Assots Tangible assets 127 Investments 947,425 1,093,814 947,426 1,093,941 Current Assets Debtors 2,684 6,205 Cash al bank 125.689 103,761 128,373 109,966 Currènt Liabilities Creditors. Amounts falling due wilhin one year 12,5901 18, 1211 Net Current Assets 125,783 101,845 TOTAL FIXED ASSETS AND NET CURRENT ASSETS 1.073,208 1,195,786 Parish Funds General funds 290,225 244,651 Restricted funds 26,892 38,344 Endowment funds 756,091 914,791 TOTAL FUNDS 1.073,208 1.195,786 Approved by the Parochial Church Council and aulhorised for issue on 25 March 2021 James Sande Hon. Treasurer

ST MAR Y.LE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES The principal accounting policies which are adopted consistently in the preparation of the financial slalements are sel out bek)w'. Basis of accounting The financial slalemenls have been prepared in accordance with Ihe Church Accounting Regulations 2006 together with applicable accountin9 standards and the current Slalemenl of Recommended Practice. Aecounling and Reporting by Charities and applicsble accounting slanclard FRS102. Th8 financial slalemenls have beet) prepared under the historical cost convention ex¢epl lor the valuation of investment assets, which are shown al market v81ue. The financial st8lements include all Iransaclions, assets and liabilities lor which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation lo another body, nor those thal ar& informal gatherings of church members. Incoming resources Planned giving. collections and donations are recognised when received. Tax refunds are recognised when the incoming resource lo which they relate is reived. Grants and legacies are accounted lor when the PCC is legally enlilled lo the amounts due and they can be quantified with reasonable certainly. All other income Is recognised when il is receivable. All incoming resources ale accounted for gross. Resources expended Grants and donations are accounted for when paid over, or when awarded, if that award creates a blinding Of constructive obligation on the PCC. The diocesan parish share is accounted for when due All other expenditure is generally recognised when it is incurrèd and accounted for gross, and is allocated tween 8¢tivilies on the basis of the resources used. Movable Church turnishlngs Movable chLJrch furnishings held by the rector and churchwardens on special trust for the PCC and which require a lacully for disposal are inalienabl@ property, listed in the church's inventory, which can be inspected lal any reasonable lim61. For anything acquired prior lo 2000 there Is insufficient cost information available and therefore such assets are not valued in the financial statements. Sub5equenlly, individual items costing more than £1,000 are capilalised and depre¢ialed evenly over 10 years. Consecrated land and buildings Conseeraled land and benefice property is excluded from the financral statements under S10.2 of the Charities Act 2011.

ST MAR YIE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES Icontinuedl Equipment, fixtures and fittings Equipment used within the church premises is depreciated on a slraighl line basis over three years. Individual Items of equipment with a purchase price of £500 or less are written off when the asset is acquired. Investments Investments are staled al market value al 31 December 2020. Any gains or lossos arising r)n revaluations are transferred lo the Slalemenl of Financial Aclivilies. Cash is held on deposit with HSBC and Unity Trust lo be used in church business on a continuing basis. Fund accounting Endowment funds are funds, the capital of whh musl be maintained.. only income arising from investment ol the endowment May be used either as reslricled or unrestricted funds depending upon the purpose for whifjh the endowment was established. Reslricled funds represent (al income from trusts or endowments which may be expended only on those reslricled objects provided in the terms of the trust or bequest: and Ibl donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on th8 specific object for which they were given. Any balance remaining unspent at the end ol the year musl be Carried forw8rd as a balance of that fund. The PCC does not usualty invest separ8lely for eseh fund. Unrestricted funds are general funds which can be used for PCC ordinary purposes.

ST MARY-LE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Incoming Funds Unrestricted Restricted fund$ Funds Total 2020 Total 2019 Voluntary income Regular congregation81 giving Colle¢lions (open platel Grants Donations. appeals Collection boxes Gift Aid and VAT recovered 26,670 2,701 4,250 11,257 2,499 10,888 26,670 2,7C>1 4.250 11.257 2,499 10,888 22,983 9,676 4,250 12,488 8.576 5.092 Total voluntary in¢ome 58,265 58,265 63,065 Income from investments Bank interest and dividends Other investments 25 5.360 25 42,267 432 51,048 36,907 Total inveslmenl income 5,385 36,907 42,292 51,480 Other incoming resources Sundry income Parish fees Christmas card commission Voluntary church rates lunreslficledl Music income Licence fees City Par(Khial Fund Just Share Rector's Discretionary Fund Olh&r Reslri¢led incomè Inon-Towerl 5,834 1,945 1,622 4.974 3,167 12.772 1,296 5,834 1,945 1,622 4.974 3.167 12,772 1,296 8,529 3,624 12,798 12,474 10 2,015 29,131 4,925 43,350 1,296 8.623 4.352 61,156 8,529 3,624 12,798 Total other income 31.610 24.951 56,561 167,332 Total excluding Tower income 95,280 61,858 157,118 281,877 Towor Project income 3.671 3.671 109,719 Total Including Tower ineome 95.260 65,529 160,789 391,596 As explained in Note 3 below, and consislenl with the Ire?tmenl adopted in 2019. income arising from the Tower project has been characterised as an Exceptional Item in the Slaternenl ol Financial Activities Ilhe Income-and-Expenditure accounll. 10

ST MARY-LE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Funds Expended Unrestricted Restricted funds Funds Total 2020 Total 2029 Common Fund Parish expenses MaioT repairs Repairs & renewals Rates & water Ele¢lri¢ily & gas Office Gosts Music expenses Sacristy Depreciation Legal. professional & examiner lees Bank charges & intereyl Just Share Rector's Discretionary Fund Other restri¢led expenses Inon-Toweil 35,052 3,471 1,962 935 459 6.402 5,029 1,421 508 127 2,707 387 35,052 3,471 1,962 935 459 6,402 5,029 1.421 508 127 2,707 367 5.643 1,522 18,332 72.100 5,595 5,562 5,721 434 7,245 7,722 3,594 1,743 127 5,395 563 9,375 3,244 67,020 5,643 1,622 18,332 Verger & Finance Officer Costs Other staff costs & employer Nl 16,537 20,370 16,537 23,926 24,886 40,343 3.556 Total excludlng Tower expenditure 61,996 62.404 124.400 260,469 Tower Project exp@ndilure 12,577 12,577 456,045 Total including Tower &xpendlture 61,996 74.981 136,977 716,514 As explained in Note 3 below. and consislenl with the Irealmenl ?dopled In 2019. expenditure incurred on the Tower proje¢l has been characterised as an Exceptional Item in thè Statement of Financial Activities Ilhe Income-and-Expendilure accounll.

ST MAR Y-LE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEM8ER 2020 Tower Projfi¢t The church has been engaged since 2017 in a project lo undertake essential iepairs to ils lower. Because of the size and unusual nature ol the sums involved, all Income and expenditure relating to the Tower Project has been shown as an Exceptional Item on the Slalemenl of Financial Aolivilies Ilhe Income-and-Expendilure account). The cash income and cash expenditure associated with the Tower Project are managed through a wholly separate b8nk acoounl, Income Ibolh cash and a¢crued income) associated with the Towel Piojecl lolalled £3,671 in the urrenl year 12019.. £109,719). Towor Project expenditure Ibolh cash and accruedl lolalled £12,5771£2019. £456,045). Licence Fees During the year li¢ence fee payments of £11,36912019'. £48,2691 were received from the Café Below, Bow Wine Vaults, Taberna Etrusca. the Coptic Orthodox Church, the flower ané shoeshine stalls, and a number of other groups. Staff Costs 2020 2019 Wages and salaries Pension (Nestl 26,717 1,686 50,067 1,549 28.403 51,616 The salaries stated here exclude that of the Just Share officer, whose Salary is wholly charged against 8 specific re8tri¢ted fund. However they include all of the the Verger's salary although his salary is charged in part against another specifK reslricled *und las explained below). The costs are staled net of subventions received during the year from HMRC under the Job Retention Scheme. That scheme was d6sign6d lo part-fund the salaries of employees who were furloughed due lo the covid pandemic. The numbers for 2019 have been slightty reslaled to ensure year-on-year comparability. Voluntary Rate part-furEding of the Verger's salary Voluntary Fate incorne of £4,974 was realised in the current year12019.. £46,102). In previDUS years certain donors have slipulaled that their voluntary rale contributions should be reslricled lo fabric-fèlaleQ expenditure and, by convention, 27.50/0 of th& Vergerfs anntjal salary has been charged agaillst those reslriGl&d conlribulions. In this year. however. none ol the voluntary rate receipts were reslricled in this way. This has created a deficit balance on the relevant restricted fund but that balance has been carried fotwaid into 2021 in expectation of being reversed by future voluntary rate contributions. 12

ST MARY-LE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Sale of Silver Fund income and Government Job R&tention Scheme Income realised from the Sale of Silver Fund during the year tolalled £36,907 (2019.. £45,721) As noted above. subventions against staff salaries were received during the year from the Government's Job Relenlion Scheme. These reduced the cost of that part ol the Verger's salary not charged against Voluntary Rate income lo £5,93712019.' £11,186). The Finance Officer was ineligible for any such subvention bul volunteered lo work fewei hours from May 2020.. this reduced his fee to £10,60012019'. £13,500}. Both of the above payments, lotalling £16,537, are eonsidered lo be restricted expendiluie covered by the reslricled income of £36,907 arising from the Sale of Silver Fund. The remaining Income from the Sale of Silver Fund1£20,3701 was then used to characleiise part of the 'Olher Staff Costs, as reslricled expenditure. Payments to PCC Members An immaterial portlon of the expenses paid to the inoumbent may have related lo his serrfices as chairman of the PCC. No other paymenls or expenses were paid lo any other PCC member. persons connected with lttem or related parties. There were 412018. 4) employees al Sl Mary-le-Bow in 2020. Tangible Fixed Assets Equipment FixtLires & Fittings Movable Church Furns Tolal Cost Al 1 January 2020 and al 31 December 2020 7,452 3,016 10,468 Depreciation Al 1 January 2020 7,452 2,889 10,341 Provision for the year 127 127 Al 31 December 2020 7,452 3.016 10.468 Nel book value Al 1 January 2020 127 127 At 31 December 2020 Fund details The reslricled funds include 4,465 units of the Sale of Silver fund which are subjected lo dire¢lion frc>m the Court and therefore are not permitted lo be wilhdr3wn. The endowment fund includes the balance of units on Ihe Salè of Silverfund150,620 unilsl whi¢h are used lo fund salaries and related expenses of the Verger. They may also be used on a discretionary basis for the larIeS of othey members of staff

ST MARY-LE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Investments - UK 2020 2019 Market value 811 January 2020 Net gain Ilossl on revalLJalion 1.093,814 935,240 1146,3891 158.574 Al 31 December 2020 947,425 1,093,814 Managed funds Cash 947,425 1.093,814 947,425 1,093,814 Historical cost of the managed lunds at 31 December 2020 was £229,25812019'. £229,258). Debtors 2020 2019 Other debtors 2,682 6,205 10. Amounts falling due within one year 2020 2019 Other creditors and accrued expenses 2.590 8.121 11. Unrestricted funds General fund5 Balance at Incoming Resources Revaluationl Balance at 01-01-2020 Resources Expended Transfers 31-12-2020 Unwstricted fund 244,650 107,26Q {61,9961 12,311 302,225 12. Restricted funds Balance at Incomlng Resources Revaluatlonl Balance at 01-01-2020 Resources Expended Transfers 31-12-2020 Reslricled funds 36,344 65,529 174,9811 26,892 The Consistory Court directed in April 2009 that the proceeds of the Sale of Silver Fund may be used ID indemnify the PCC for employing persons lo do the work of a verger and other functions. Since that dale in no single year has the income of the fund exceeded the expenses of relevant salaries. 14

ST MARY-LE-80W NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 13. Endowment Funds: Balance at Incoming Resources Revaluatlonl Balanee at 01-01-2020 Resources Expended Transfers 31-12-2020 Sale of Silver Fund 914,791 1158,7WI 756,091 14. Commitments under operating loases Al 31 Decon7ber 2020 the Parochial Church Council had an annual commitment under operating legse in respect of a photocopier a5 follows.. 2020 2019 Expiry dale.. 2 - 5 yea 1,512 15. Funds held as Custodian Trustee Al the ye8r-end the church held amount ol US$ 2d,030 on behalf of the Trinity Church in New York for the puipose of contributing towards Ibe cost ol c0nlererTrS and meetings with similar Ghurch leaders 16. Charitable donations Ch8rilable donations made by Sl Mary-le-Bow are recorded within 'Re51ricled Expenditure,. Th church lakes up collections on behalf of third party charities, records them as restricted income on Golleclion, and then further records them as reslricled expenditure when the relevant payments are made to the charities. In 2020 Sl Mary-le.Bow made payménts ol £1,15412019.. £9,993110 external eharilies in this way. The Young Homeless Project received £18912019.. £3,8891. The chaTilies will have beer* eligible lo ckim a further 25'kn in Gift Aid on those sums.

St Mary- le- Bow Church Annual Accounts 2020