St Mary- le- Bow Church Annual Accounts 2024
ST MARY-LE-BOW REFERENCE AND ADMINISTRATIVE INFORMATION AS AT 31 DECEMBER 2024 Charity Number 1130098 Objects and Publlc B•neflt The purpose of Ihe ¢hur¢h is promoting in the parish the whole mission of the Church. The PCC members h8ve taken full recognition of the requirements of section 17 of the Charltles Act 2011 In regard to publi¢ benefit. Governlng Document The Church is governed bythe Parochial Church Councils (Powers) Measure 1956 (as amended) and the Church Representation Rules (contained In Schedule 3 to Ihe Synodical Government Measure 1969 (as amended)). Members of the Parochlal Church Council {PCC> Rector & Chair: VaGant Churchwardens: Glles French (ex officio) Davld Saunders (ex officlo) The churchwardens were elecled In 2024 and serve for one year. Clerk of Works: Antoine West (unlil 2027) Representatlves to the Clty Oeanery Synod: Alan Hovell (untll 2026} Dan Ryan (untll 2026) Elected I Co-opted Members: Margaret Burtt (untll 2025) - PCC Secr8t8ry & Electoral Roll Officer Michael Walnwright (until 2025) Aaron Burchell (untll 2026) Jacqueline Harkin (untll 2026) Dan Hedley (untll 2026) Alan Hovell (until 2026) Dan Ryan (until 2026) James Sanders (until 2026)- Hon. Treasurer Vlcky Snow (until 2026) Andrew Mtslry (until 2027) Parish Offlcers Operatlons Officer.. Director of Music: Danniella Downs Thomas Allery
ST MARY-LE-BOW REFERENCE AND ADMINISTRATIVE INFORMATION (contlnued) AS AT 31 DECEMBER 2024 Office Address Cheapside London EC2V 6AU Bankers HSBC 1-3 Bishopsgale London EC2N 3AQ Independent Examlner Nik Fisher Simla Wall Devonshire House 582 Honeypot Lane Middlesex HA7 1JS Qulnquennlal Inspecting Architect Alex Sherratt Matthew Lloyd Architects LLP 1B The Hangar Perseverance Works 38 Kingsland Road London E2 8DD Surveyor Bob Wilson Edwards Wilson The Gallery Sl Margarèt Pattens Rood Lane London EC3H 1 HS Tower Captain Simon Myer Steeple Keep¢r Andrew Meyer
ST MARY-LE-BOW PCC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Responslbilltles of the Parochial Church Council (PCC) in relatlon the Financlal Statements The PCC is responslble for preparing Ihe Annual Report and the financlal slatements in accordance with applicable law and United Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.) The Church Accounting Regulations 2006 and the law applicable to charities in England and Wales require the Members of the PCC to prepare financial statements for each financlal year which give true and fair view of the stale of Ihe affairs of the PCC and of the incoming resources and application of resources of Ihe PCC for Ihat period. In preparing these financial statements, the PCC are required to: select suitable accounting policies and then apply them consistently. observe the methods and prlnciples In the Charities SORP; make judgements and estimates that are responsSble and prudent.. st8te whether applicable UK accounting standards have been followed, subject lo any material departures dlsclosed and explained in the financial statemenls., prepare the financial statements on the going concern unless it is inapproprlate to presume that the charity will continue In buslness. The Members are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the PCC and enable them to ensure thal Ihe financial statements comply with The Church Accountlng Regulations 2006 and S.145 of the Charities Act 2011. They are also responsible for safeguarding the assets of Ihe PCC and hence for taking reasonable steps for the prevention and detectlon of fraud and other irregularilies. Risks The Trustees have reviewed Ihe risks of Sl Mary-le-Bow during the year and belleve thal exisling controls and procedures are best suited to meet its objectives. Approved by the PCC on and slgned on its behalf by.. James Sanders Hon. Treasurer
INDEPENDENT EXAMINER'S REPORT TOTHE PCC OF ST MARY-LE-BOW I report on the accounts of St Mary-le-Bow for the year ended 31 December 2024, which comprise Ihe Statement of Financial Actlvllles. Balance Sheet and related notes. Respectlve Responslbllllies ot the PCC and Examiner As members of the PCC you are responslble for the preparation of the accounts. The charity's trustees consider Ihat an audil ig not requlred for Ihis year under Section 144(2) of the Charitles Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to- examine the accounls under Section 146 of the 2011 Act. follow the procedures laid down in the general dlreclions given by the Charity Commission under Sectlon 145(5)(b) of the 2011 Act,. and state whether particular matters have come to my attentlon. Basls of Independent Examlner's Report My examination was carried out In accordance wilh the General Directions given by the Charity Commisslon. An examination includ8s a review of the accountlng records kept by the PCC and a comparison of the accounty presented wlth those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeklng explanations from you as trustees conGernlng any such malters. The procedures undertaken do not provide all Ihe evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair vie and the report is Ilmlted to those matters set out in the statement below. Independent Examlner's Statement In connection with my examination. no matter has come to my attention: 1) which gives me reasonable cause to believe thal in any material respect the 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 comply with the accounting requlrements of Ihe 2011 Act have not been met. or 2) to which, in my opinion, altentlon should be drawn in order to enable a proper underslandlng of the sccounts to be reached. Nik Flsher SIMIA WALL Independent Examiner Chartered Accountants Oevonshire House 582 Honeypot Lane Stanmore. Middlesex HA7 IJS Tel. 0208 132 5500 5 Email.. mail@simiavjall.co Date,. /4 ZOLS
ST MARY-LE-BOW STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR-ENDED 31 DECEMBER 2024 Note Unrestricted Restricted Endowment Funds (£) Funds (£) Funds (£} TOTAL 2024 {£) TOTAL 2023 (£) INCOME Voluntary Income 73,292 73,292 83,385 Investment Income 11,628 49,576 61,204 57,844 Other income 78,083 45,859 123,942 131,920 TOTAL INCOME 163,003 95,435 258,438 273,149 TOTAL EXPENDITURE {126,675) {102,355> (229,030) (274.339) NET INCOME BEFORE REVALUATIONS 36,328 (6,920) 29,408 (1,190) Galnsl (losses) on Investment revaluatlon 4,832 20,608 25,440 (722) NET MOVEMENT IN FUNDS BEFORE EXCEPTIONAL ITEM & TRANSFERS 41,160 (6,920) 20,608 54,848 (1,912) Exceptional items (Lodglng Project) 2{a) 161,282 161,282 (30.737) Transfer 2(b) (16,014) 16,014 NET MOVEMENT IN FUNDS AFTER EXCEPTIONAL ITEM & TRANSFERS 25,146 170,376 20,608 216,130 {32,649) Total Funds as at 1 January 2024 456,462 5,769 790,464 1,252,695 1,285,344 Total Funds as at 31 December 2024 481,608 176,145 811,072 1,468,825 1,252,695
ST MARY-LE-BOW BALANCE SHEET AT 31 DECEMBER 2024 Note 2024 2023 Flxed Assots Tanglble assets Investments 1,027.018 1,001.578 1,027,018 1,001,578 Current Assets Deblors 618 13,757 Cash at bank 442.337 241.033 442,955 254,790 Current Liabllitles Creditors.. Amounts falling due within one year (1,148) {3,673) Net Current Assets 441,807 251,117 TOTAL FIXED ASSETS AND NET CURRENT ASSETS 1,468,825 1,252.695 Parlsh Funds General funds 481,608 458.462 Restricted funds 176,145 5,769 Endowment funds 811.072 790,464 TOTAL FUNDS 1,468.825 1,252,695 Approved by the Parochlal Church Coun¢ll and authorised for issue on James Sanders Hon. Treasurer
ST MARY-LE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES The prln¢ipal accounting policies which are adopted consistently In the preparation of the flnanclal statements are set out below.. Basls of accountlng The financlal statemenls have been prepared in accordance wlth the Church Accounting Regulations 2006 together with applicable accounting standards and the current Statement of Recommended Practice. Accounting and Reporting by Charities and appllcable accounting slandard FRS102. The financial statements have been prepared under the hlstorical cost convenlion except for the valuation of investment assets, whlch are shown at market value. The financlal stalements include all transactions, assets and liabilities for whlch the PCC Is responslbl8 In law. They do not include the 8ccounts of church groups that owe their main afflliatlon to another body, nor those that are Informal gatherings of church members. Incoming resources Planned giving, collections and donations are recognised when received. Granls and legacles are accounted for when the PCC is legally entitled to the amounts due and they can be quantified wlth reasonable Certainty. All other income Is recognised when it is receivable. All incoming resources are accounted for gross. Resources expended Grants and donations £re accounted for when pald over. The dlocesan parish share Is accounted for when due. All other expenditure is generally recognised when 5t Is Incurred and accounted for gross, and18 allocated between aotivities on the basis of the r8source5 used. Movable church furnlshlngs Movable church furnlshings held by the rector and churchwardens on special Irust for the PCC and which require a faculty for dispos81 are inalienable property, listed in the church's inventory, which can be inspected (at any reasonable lime). For anything acqulred prior to 2000 Ihere Is Insufficlent cosl Informatlon avallable and therefore such assets are not V8lued In the financlal statements. Consecrated land and bulldings Consecrated land and benefice property is excluded from the flnanclal statements under S10.2 of Ihe Charitles Act 2011.
ST MARY-LE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (contlnued) Equipment, fixtures and fittings Equlpment used wilhln the church premises is depreciated on a straight line basis over Ihree years. Individual items of equipment with a purchase price of £500 or less are written off when the asset is acquired. Investments Investments are stated at market value at 31 December 2024. Any galns or losses arising on revalualions are reflected in the Statement of Financlal Activities. Cash is held on deposil with HSBC. Unity Trust and Metrobank to be used in church business on a continuing basis. Fund accountlng Endowment fLsnds are funds, the capilal of whlch must be mainlained. only income arising from investment of Ihe endowment may be used either as restricted or unrestricted funds depending upon the purpose for whlch the endowment was established. Restricted funds represent (a) Income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest, and (b) donations or grants received for a specific object or invited by the PCC for a specific object. Tha funds may only be expended on the specific objecl for which they were given. Any balance remaining un8penl at the end of Ihe year must be carried forward as a balance of fihal fund. The PCC does not usually invest separately for each fund. Unreslricled 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 2024 1. Incomlng Funds Unrestricted Restricted funds Funds Total 2024 Total 2023 Voluntary Income Regular congregational giving Collections (open plate) Grants from Livery Companies Donatlons, appeals & legacies Collection boxes Gift Ald and VAT recovered 26,441 6,125 7,250 16,005 8,269 9,202 26,441 8,125 7,250 16,005 8,269 9,202 27,455 6,660 10.250 15.753 9.043 14.224 Total voluntary Income 73,292 73,292 83,385 Income from Investments Bank interest and dividends Other inveslments 5,768 5,860 5,768 55,436 4,975 52,869 49,576 Total investment income 11,628 49,576 61,204 57,844 Other Incomlng resources Sundry income Parish fees Voluntary church rates Music Income LIc8nce fees Other grants Just Share Rectorfs Discretionary Fund Other Restricted Income 6,625 578 8,693 2,603 54,627 4,957 6,625 578 9.220 2.603 54,627 4.957 765 338 44,229 5,792 1,414 9,868 1,909 48,169 1,296 6,945 4,164 52.563 527 765 338 44,229 Tolal other Income 78.083 45,859 123,942 131,920 Total income excluding Exceptlonal Projects 163,003 95,435 258,438 273,149 Lodglng Project 221,025 221,025 Total Income Includlng Exceptlonal ProSgCts 163,003 316,460 479,463 273,149 10
ST MARY-LE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Footnotes to Note 1: Grants Grants of £7,250 {2023: £4,250) were received from the Grocers, Company and the Mercers. Company. In previous years part of thls Income was applied to the ReGtor's Discretionary Fund. a restrlcted fund. In the absence of a Reclor during most of 2024. however, the Rectorfs Discretionary Fund was frozen and the whole of each granl is therefore reflected this year in General Funds. We record our gratitude to both Companies for thelr continued support. Other grants were received from the Schedule Vll CSty Church Fund {£1.296), the City Burial Ground Fund {£2,500) and the A8hton-Young Charitable Trust (£1,161). We are most grateful for Ihis support. Funds ralsed for her charities 'Other reslricted Income, of £44,229 Includes £1,888 (2023.. £2,309) collected at varlous services and evenls for the benefit of other charities and subsequently disbursed to them. 2{a}. Lodglng Project (Exceptlonal Item) Tenders were sought durlng 2024 for rebulldlng the Rectorfs Lodglng in anticipaiion of a new Rector taking office during 2025. The tender process has now concluded and the project is scheduled to begin in Jsnuary 2025. Funds were received in 2024 from a number of sources and wlll contlnue to be received during 2025 to finance this project. We record our gratitude to the City Churches Grants Committee which has awarded the parish a grant of £600.000, of which the first £200,000 was received durlng 2024. Due to Ils exceptlonal size and nature, the project is treated in these accounts (as it wa5 In previous years) as an Exceptlonal Item. Preliminary expendilure on this project In 2022 and 2023 was expensed to General Funds. In 2024, with formal PCC confirmation that Ihe project would proceed and external fundlng solicited, all funding received (£221,025) and expended (£59,743) has been accounted for in specific restrlcted fund. 2(b). Correctlon to Openlng Balances on Restricted and General Funds Last year's closing balance on General Funds was stated as £456,462 and the closing balance on Reslricted Funds was stated as £5,769. A detalled analysls of indivldual Restricted Funds (excluding that relatlng to the Lodglng Project) has indicated that the Restricted Fund balance should have been shown 88 £21,783 and that of G8neral Funds as £440.448, A transfer between funds of £16,104 has been made to correct this misstatement.
ST MARY-LE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Funds Expended Unreslricted Re5trlcted funds Funds Total 2024 Total 2023 Common Fund Parish expenses Major repalrs Repairs & renewals Rates & water Electricily & gas Office costs Muslc expenses Sacristy Depreciation Legal, professional & examiner fees Bank charges & interest Just Share Rector's Discretionary Fund Other restrlcted expenses Verger & Finance Officer costs Other staff costs 77,000 7,707 3,732 3,094 649 9,208 6,117 3,927 1,661 77.000 7,707 3,732 3,094 649 9,208 6,117 3,927 1,661 74.100 8.509 27.241 1,520 596 10,796 6,322 3.746 1.095 3,604 281 3.604 281 3,230 324 8,147 4,002 68,667 43.370 12.674 5,985 46.793 38,168 11,409 5,985 46,793 46,399 12,873 8,231 1,464 Total expendlture excluding Excepllonal Projects 126,675 102,355 229,030 274,339 Lodging Project 59,743 59,743 30.737 Total éxpendlture Including Exceptlonal Projects 126,675 162,098 288,773 305,076 Llcence Fe8S LiGence fee payments of £55,627 (2023; £48,168) were received from the Café Below, Balfour at Bow. Taberna Etrusca, the flower and shoeshine stalls, the Fidelity choir, St Stephen Walbrook, and a number of other groups. (The £54,627 showing Sn these accounts is after reverslng £1,000 of accrued Ilcence fee Income from the prevlous year). 12
ST MARY-LE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Staff Costs 2024 2023 Wages and salarles Penslon (Nest) 43,508 1.591 42,015 1,386 45,099 43,401 The salary and pension costs stated here Include those of Ihe Operatlons Offlcer, the Director of Music, and the Church Cleaner. The salary and penslon costs Stated here exclude Ihose of the Flnance Officer, who Is paid on an involce-rendered basis. Fees involced by the Flnance Offlcer came to £14,300 (2023: £12,800). This included a one-off payment of £1,500 for documenting the church's financial procedures. Sale of Sllver Fund Income Income realised from Ihe Sale of Sllver Fund durlng the year totalled £49,576 (2023: £47,098). As Note 1 shows, Ihls Income has been categorised as restricted because the church Is permilted to offset certain staff costs against the Income reallsed from the Sale of Sllver Fund. Note 3 in turn shows that certaln staff costs (totalling £49,576) have been categorlsed as reslri¢ted expenditure to match the Sale of Silver Fund income. Payments to PCC Members No payments were made to any PCC member. persons connected with them or related parties. There were 2 (2023: 2) employees al St Mary-le-Bow as at 31 December 2024. 13
ST MARY-LE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Tanglble Flxed Asgets Equlpment Flxtures & Flttlngs Movable Church Furns Total Cost At 1 January 2024 and at 31 December 2024 7.452 3,016 10.468 Depreciation At 1 January 2024 7,452 3,016 10,468 Provision for the year At 31 December 2024 7,452 3.016 10,468 Net book value At 1 January 2024 At 31 December 2024 Investments 2024 2023 Market value at 1 January 2024 Net gain (loss) on revaluation 1.001,578 25,440 1,002,300 {722) At 31 December 2024 1,027,018 1,001,578 Managed funds Cash 1,027,018 1,001,578 1,027,018 1,001,578 The year-end balance of £1,027.018 (2023: £1.001.578) was held with M&G Charifund (the Sale of Silver Fund) and valued at £811.072 (2023: £790,464), and In a CCLA Capital Fund valued at £215,946 (2023: £211,114). Historlcal cosl of the managed funds at 31 December 2024 was £229,258 (2023: £229,258). Debtors 2024 2023 Debtors 618 13,757 14
ST MARY-LE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Amounls falllng due wlthln one year 2024 2023 Creditors and accrued expenses 1,148 3.673 10. Unrestricted funds Balance at Incomlng Resources 01-01-2024 Resources Expended (1) Revalsl Balance at (2>Tfrsl 31-12-2024 (3) Ex Items Unrestricled fund 456,462 163,003 (126,675) 4,832 (16,014) 481.608 11. Restricted funds Balance at Incomlng Resources (1) Revalsl Balance at 01-01-2024 Resources Expended (2) Tfr81 31-12-2024 13) Ex Items Restricted funds 5,769 95.435 (102,355) 176,145 16,014 161,282 12. Endowment Funds: Balance at Incomlng Resources {1) Revalsl Balance at 01-01-2024 Resources Expended {2) Tfrsl 31.12-2024 {3) Ex Items Sale of Silver Fund 790,464 20,608 811,072 The Conslslory Court dlrecled In Aprll 2009 that the proceeds of the Sale of Sllver Fund may be used to Indemnify the PCC for employlng persons to do the work of a verger and other functions. 13. Dame Margaret Slaney Fund Two letters from the Church Commissioners to the Gr0r$, Company acknowledge a gift from Ihe Company of £4,024 In 1978 whlch was subsequently dlrected to the London Diocesan Fund to be held 'as capital to provide income for the stipend of the incumbent of thls partlcular benefice Isl Mary-le-Bow]'. That 'Dam8 Margaret Slaney, fund is held by the dlocese and used to offset a proportlon St Mary-le-Bow's annual contribution to Common Fund. 15
ST MARY-LE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Analysis of Fund Assets and Llabllltles Géneral Restrlcted Endowment Funds Funds Funds Total Funds Investments 215,946 811,072 1,027,018 Cash at Bank 266.192 176,146 442,338 Net deblors l {creditors) (530) (530) Total 481,608 176,146 811,072 1,468,826 15. Funds held as Custodlan Trust•e At the year-end the Church held an amount of US$22,777 on behalf of the Trinity Church In New York for the purpose of contrlbuting towards the Cost of conferences and meetlngs with similar church leaders. 16