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 Gr0￿r$, 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