St Mary- le- Bow Church Annual Accounts 2025
ST mARY.LEOw REFERENCE AND ADMINISTRATIVE INFORMATIOM AS AT 31 DECEMBER 2025 Charlty Number 1130098 obCts and Publ1¢ Benefrt The purpose of the church is pmmotirg in Ihe parish the whole missK)n of the ChLJrch. Thè PCC members have taken ftjll recognition of the requirements of section 17 oflhe CharibesAct 2011 in regard lo public benefrf(. Govarning Document The Church is governed by the Par(Khial Church Councils (Powers} Measure 1956 las amended) and the Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969 las amèndÈd))_ MernboTS of tho Parochial Church Council {PCC) Rector & Chair.. The Revd Dr Simon Curl (from 15 September2025J Chu¥chwardens.' Gli es Fnch lex off} Dawd Saundew5 lex offtK?) Thg churchwardens were elècted in 2025 and serve lorone year. PCC Secretary & Electoral Roll Officer. Margaret Burtt (until 2028) ofworks: Antoine West (until 202n Hon. Treasurer. Ja$ Sanders {until 2026) RepresenLHtives lo the City Deanery Synod: Alan Hovell {until 20261 Dan Ryan (until 20261 Other Elected I Ct>opted Members". Aarffl Buichell {unb"12026) JacqLJeline Harkin (until 2026) Dan Hedley (until 20261 Aan Hovoll (until 20261 Vicky Snow {until 2026) Andrew Mistry (until 202n m1 Wainwright (until 20281 Dan Ryan I)ed 24 July 2024 Parish Officers Operations Officer. Dannielja Downs Director of Music". Thomas Allery
ST MARYIE4OW REFERENCE AND ADMINISTRATIVE INFORMATION (continued AS AT 31 DECEMBER 2025 Office Addr&s$ Cheapside London EC2V 6AU 8ankers HSBC 1-3 Bishopsgate London EC2N 3AQ Independent Examiner Nik Fisher Simia Wall Devonshire House 582 Honeypot Lane Middlesex HA7 1JS Quinquennial Inspecting Architect ex Sherrati Matthew Lloyd Archrtecls LLP 1B The Hangar perseveran Works 38 lQngsland Road London E2 8DD Surveyor Ib Wilson Edwards Wilson The Gallery S Margaret Pattens Rood Lane Lendon EC3H 1HS Tower Captaln Simon Myer Steeple Keeper Andrew Meyer
ST MARY-LE-BOW PCC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Responsibilities of th• Parochial Church Counell IPCC) in rèlation tho FirnCIal Staternents The PCC 15 responsibk for preparing the Annual Repcrt and the financial statements in a¢¢ordance with applicable law and United Kingdom Attounting Standards (Unrted lthgdom Generally A¢¢epted Accounting Practice.) The Church Accounting Regulations 20{ and the law applicable lo charities in England and Wales require the Members of the PCC tl) prepare financial statements for each financial year which gtve tNe and frair view ofthe stsle of the afiairs of the PCC and of the incoming resources and applicatlDn of fEsources of the PCC for thaE period. In preparing these financial statements, the PCC are required lo.. select suitable accounting poli¢ies and Ihen appty them consistentty.. observe the m8thods and principles IT) Ihe charleS SORP., makejudgements estimales thal are responsible and prudent", state whether applicable UK accounting standards have en Wowed. su"eCt to any material departures disck)sed and explained in the financkal statements., prepare thè financial statements on tFE going conrn unless it inapprcyriate to PfEsume th* the charty wll Continue in buesS. The Mèmbers are responsible for keeping ac¢wnting records which di5Glose wth reasonable accuracy al any the financial position of the PCC and enable them to ensu tt)at the financial statements comply with The Church Accounting RegulatM)ns 2006 and S_145 of U)e charib.es Act 2011. They are also responsible for safeguarding the assets of the PCC and hence for taknng rea8able steps for the prevention and dete¢lion of fraud and other irregularibe5. Risks The Trustees have rewewed the risks of St Mary-le-Bow during the year and believe that existing controls and proGedure5 are best sur(ed to net its objects"ves. 23 2ozL )proved by the PCC on and signed on its behalf by= Jamas Sanders Hon. T¥surer
INDEPENDENT EL4MINER'S REPORT TOTHEPCC OF ST MARY.LE.BOW I report on the accounts of St Mary-le-Bow for the year ended 31 Decanber 2025, which comprise the Slalemènt of Financial Activities, Balance Sheet and rdated re5. Respective Responsibilities of tho PCC and Examinor As mernbers of the PCC you are resp¢)nsible forthe preratiOn of the aonts. The ¢harity's trustees consider that an audit is not reqUId for this year under Section 144{21 of the Chariiies Act 2011 {the 2011 Act) and that an independent examination is needed. 11 is my responsibility to- examine the accounts urKter Section 145 of the 2011 Art follow the pr¢xedures laid dovm in the gerra] directions given by the Charity Commission under Section 145{5)Ib) of the 2011 Act, and Stale whether partiGular rnatters have come to my aitention. Basrs of Independerrt Examinerfs Report examination was carried out in a¢cNdan¢e with the General Directions given by the Charity Comrnission. An examination irKludes a review of the acwunts.ng records kept by the PCC and a comparison of the accounts wesented vAth those records. It also includes consideration ofany unusual items or disclosures in the accounts. and seeking explanations from you as trustees Concerning any such matters. The prcKedures undertaken do not provide all the eviden that would be required in an audit and consequently no opinion is given as to whether the acc4yJnis present a ttrue and fair vi and the report is limileé to those mattets Set out in the statemeftt below. Independent Examinavs Statement In connection 1th my examination, no matter has come to my attention". 11 which gives me reasonable cause to believe that in any material respectthe requirements to keep accounting d$ in ac¢ordanGe &Gtion 130 ofthe 2011 Act., and to prepare aGcounls which accord wth the aGcounb"ng records and compty with the acccAAnting requirements of the 2011 Aci have not been meL or 21 to which. in my opinion, attention should be drawn in order to enable a proper understanding of the accounts lo be 8¢he. Nik Ftshèr SIMIA IIVALL Independent Examiner Chartered Accountants ia Wali Devonshire H(xtse 2 Hone.vwl Lare Slanmre. MthSe¥ HA11JS Tel. nTrn8 732 5500 Email. ma.'ty@siMW8H.COfft 5
ST MARY-LE-BOW STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR-ENDED 31 DECEMBER 2025 Note Unrestricted Restricted Efidowmert Funds (£) Funds {£) Funds <£) TOTAL 2025 {£1 TOTAL 2024 (£1 INCOME Voluntary income 57,426 57.426 73.292 Investrr8nl income 10.609 52.055 62,664 61,204 other income 79,926 54.144 134,070 123,942 TOTAL INCOME 147.961 106.199 254,160 2S8,438 TOTAL EXPENDITURE 129.673 105.018 234,691 (229,0301 NET INCOME BEFORE REVALUATIONS 18.288 1.181 19.469 29.408 Gainsl ljossesl on investrnènl revaluation (8.633) 140,544 131.911 25,440 NET MOVEMENT IN FUNDS BEFORE EXCEPTIONAL ITEM & TRANSFERS 9.655 1.181 140,544 151,380 54,848 Exceptional itetns (Lodging PrDject) {345.647> (345,647) 161.282 Transfers 4.409 (4,409) NET MOVEMENT IN FUNDSAFTER EXCEPTIONAL ITEM & TRANSFERS 14,064 1348A75) 140.$44 1194.267) 216,130 Totsl Funds as at 1 Jshuary 2025 481,608 176,145 811,072 1,468,825 1,252,695 Totsl Funds as at 31 December 2025 495.672 1172.730) 951.616 1.274,558 1,468.825
ST MARY-LE-BOW BALANCE SHEET AT 31 DECEMBER 2025 2025 2024 Flxed Ass9ts Tangible assets Investments 1.158,928 1.027,018 1,158,928 1.027,018 CurrentAssets Debtr)rs 3,786 618 Cash at bank 113.167 442,337 116.953 442.95S Currènt Liabilibes Credf(ors.' knounts falling due wthin one year (1.323) 11,1481 Net Current Assets 115.630 441.807 TOTAL FIXED ASSETS AND NET CURRENT ASSETS 1274.558 1.468.825 Parish Funds General funds 495.672 481,608 Restricted funds {172,7301 176,145 Endowmentlund5 951.616 811,Q72 TOTAL FUNDS 1.274.558 1.468.825 Approved b e Parochia hurc ouncil and authorised for issue on Jame andèrs Hon. Treasurer
ST MARYIE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES The principal accounting pc4icies ththich a afkPted consiytenUy in the pparation of the financial statements are set out bekny. Basis of accounting The financial statements have been wepared in aCcOrdar th the Church Accounting Regulatitsns 2006 together with applicable acccHJnling standards and the current Statement of Recommended Practice, Accwnting and Rewbng by chartb.es and applicable accounting standard FRS102, The financial statements have been prepared under the historical cost convention except for the valuation of investrnenl assets. which are shown at market value. The financial ststemenls include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to anothèr ix)dy, nor those that are infomal gatherings of church members. Incomi rosources Planned giving. collections and donations S re¢tsJnised when recaved. Grants and legacies are accounted for when the PCC is legally entrtkd to the amounts (1 and they can be quantified wl reasonable certainty. All other income is recin[sed when it is r[vable. All incoming resources a accounted for gross. Res¢)ur¢es expended Grants and donations are accounted for when paid over. The dKJcew parish Sha is accounted for when due. Al other expenditure is generally recognised when It is InCu&d accountèd for gross, and is allccaled between acbvib.es on the basis of the resources Us. Movablè church furnishlngs vable church furnishings held by the rector and churchwardens on special trust for the PCC an which require a faculty for Oisposal are inalienable propety, listed in the ¢hur¢h's inventory. which Can be inspected lal any reasonable time). For anything acquired prior to 2CrfJO there is insufficient cost inforrnalion available and therefore such assets are not vall1 in the finarKxal statements_ Con$e¢rated land and bulldlng$ Consecrated land and benefi prorEty is exdLtded from the financial stments undèr S10.2 of the Charities Act 2011.
ST MARY-LE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POUCIES Icontinued Equipmon( fixtures and fittings Equipment used wiihin the church Fyemises is depreciat on a straight line basis over three years. IndIvUal items of equipment with a purchase PTice of £500 or less are vffitten off when the asset is acquired. Invèstments Investments are slated al market value at 31 December 2025. Ally g5 OF 105se5 arising on revaallonS arè r6flected in thè Statement of Financial Activibès. Cash is held on deposit with HSBC and Unty Trust to be used in church business on a continuin9 basis. Fund accounting Endowment funds are funds. the catHlal of which must be maintained,. onty income arising from investment of the endoy¥inenl may be used either as restrKled or unrestricted fvnds dependiF)g upon the purptrse for wh¢ch the endowment was established. ReStsled fund8 represent (a) incomefromtrusts or endowments vthich may be expended only L)n those reslricled objects provided in the terms of the trust or bequest, and {bl (k>nations or grants received fo¥ a specific objèct or invited by the PCC for a specific objeci. The funds may only be expended on the specffic obje¢l for which they were given_ Any balance remaining unssEnl at the end of the year must be carried fcwward as a balance of thatlund. The PCC does not usually invest separatety for each fvnd. Unrestricted funds are general fvnds vthich can be used for PCC ordinary purposes. Reserves Gnien the signthcant cash constraints posed by refijrbishing the Rectorfs Lothjing. the PCC r1Ved in 2024 lal that until 31 December 2Q25 the parish shoukl lo retain a minimum ¢ash balance of no less than 3 JInths. expenditure {currenlty £48,000) and {bl that no further iesetve needed lo be retained for further capital expendrture during this time. After 1 January 2026. however, the PCC will (al eeavoUr to build reseNes back to 6 months, expenditure as quickly as possible and Ib} work towards building a rese¢ for ex¢eptional caprtal projects of at least £50.000 by 31 December 2028.
ST MARY-LESOW NOTES TO THE FINANCIAL STATEPJlENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Incoming Funds Unrestrictod Restri¢t•d funds Funds T¢)tal 2025 Total 2024 Voluntary incon Regular congregab.onal gNing Collections (open platel Grants from Ltvery Companies Donations, appeals & legacies Collection boxes Gitt Aid and VAT recovered 22.695 4.196 5,250 9.077 7.870 8,338 22.695 4.196 5,250 9.077 7,870 8,338 26,441 6.125 7,250 16,005 8,269 9,202 Total voluntsry income 57.426 S7.426 73,292 Income from Investments Bank interest and dividends Other investments 4.609 4.609 58.055 5.768 55.436 52,055 Total investmerrt income 10.609 52,055 62.664 61,204 Other incoming rosourcas Sundry income Parish fees Voluntary church rates Music income Licence fees Other grants Just Share ReGlorfs Discretionary Fund Other Restricied income 12.159 297 9,396 3.690 52.088 12,159 297 9,820 3.690 52,088 13296 765 2,000 39,955 S,625 578 9,220 2,603 54.627 4,957 765 338 44,229 424 11,000 765 2,000 39.955 Tolaj other in¢0 79.926 ¥144 134.070 123.942 Total income excluding Ex¢eptional Projects 147.961 106.199 254,160 258.438 L(xJging Project 476.278 476.278 221,025 Total income including Exceptional Projects 147.961 582.477 730,438 479.463 io
ST mARY-LEOw NOTES TO THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Footnotes lo Note 1.. rants UnrÈstri¢led gonts of £7,250 bberè received from the Gr0r$, Company and the Mercers, Company and £2:000 of this income was applied to the Rectorfs Discretionary Fund, a restricted lund. We rer our gratitude to both Companies for their conbnued supporL Other unrestricted grants IDtalliThJ £2, were received from the Schedule Vll Cty Church Fund and the City Burial Ground Fund. The AShton-your Trust providèd a grant of £1.000 to be used in support of the Parish's music act'vities. We are most grateful for this support. In addition to its major gTanl to assist wth the Lodging Project (see Note 2 below), the Cty chcheS Grants Committee I'CCGC'I also provKled a lurther grant of £10,000 lo assist with other fundraising tsting to that project We are most grateful to the CCGC for this supporL Lodging Project (Exceptional Item) ed Total Oud Work was completed this year on rbishin9 the Reciors. L(xYging at a totsl cost overtwo years 12024 and 20251 of £881,668. Some £59.743 of this had been spent in 2024 and a further £821,925 was spent in 2025_ Final invoices: inc]uding retent•)n payments and assocÉated costs, 01 £37,244 leslimatedl are expected to be invoiced in mid-2027, brirvJing the expected total outlay on the proiect to £918.912. External Fundin A signrficanl grant of £600,000 was received from the Cty Churches Grants Committee (£400,000 in 2025 and £2QO.ODO in 20241 lo assist this project. We record our sincere gratitude to the CCGC for its assistance and support. Further extemal funds totalling £38,360 were raised from individuals this year, on some of1Ch we were able to claim Gift Aid of £2.090. We also received grdnts of £17.936 from Trinty Vvall Street, £5,QOQ from the Worshipfvl Company of Grwers, £2,500 from The Rose Foundation, and £2.200 from Fidelty Internalonal. Again wè record cKJr sinc&re gtstttude to these supwters. Other than the £200,000 from the CCGC referred to above. some £21.025 had been raised from external fvnders in 2024. Pro'e¢t Deficit- Parish Fundin Having received a further £8,191 this year as a VAT rebate. that left a deficrt on the project Ilo datel of £184,366, which was mèt by the Parish from its ovm cash reserves. That overall subsidy from the Parish is expected to rise lo £221.610 once the remaining invoices have been received and paid in 2027. li
ST MARY-LE-BOW NOTES TO THE FINANCIAL STATEMEPtrs FOR THE YEAR ENDED 31 DECEMBER 2025 Lod Pm'ect Restricted Fund The woject has been accounted for intemalty as a reSth"Ctj furKI. w.rth the balance on that rèstrictèd fvnd at 31 Decemr 2025 b&ng the deficit of £184,366 referred to above. Once the final pmject costs have been incurred during 2027 it is the parish's intention to close the restricted fund by rnaking the appropriate trdnsfer on the fra of the Staternent of Financial Activfties from Unrestricted to Restricted Funds. As noted above. it is currently all11pated that the amount lo bè transferred in this way in the 2026 accounts 1[ be some £221,610. 2025 Pro'ect Income and Ex ndiiure Oflhe total external fUrIng of £697.302 received towardsthe project in the L4sttwo years, som8 £476,278 was received in 2025. Of the total ¢osts incurred on Ihe project in the last two years 1£881,6681, some £821,925 was expended in 2025. The r1 outLay li.e. project income less project expenditure) in 2025 Iherefore amounted to £345.647. Consistent with the treatment adopted in last yearfs financial stslements. that net outlay on the Lodging Project is shown as an Exceptional Itan (Restri¢tedl in the Stalemenl of Finan¢ial Activrties_ 2.2 Transfèrs Four dormant individual resttiGted furKls were cjosed this year and theff hd(fings transfeed lo General Funds. The totsl transfèr value vras £4.409. 12
ST MARY-LE4OW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Funds Expended Unrestricted nds Restricted Funds Total 2025 Total 2024 Common Fund Parish expenses Major repairs Repairs & renewals Rates & w*er Electricity & gas Office costs Music expenses Sacristy Depreciation Leg21, professional & examiner fees Bank charges & interest Just ShaTe Rector's Dis(xetionary Fund other restrKted expenses Restricted Grants Verger & Finan Officer ¢osts other staff costs 77,000 9.810 7.265 2.769 77,000 9,810 7,265 2,769 864 7,129 4,827 2,587 1,458 77,000 7,707 3.732 2,094 649 9,208 6.117 3,927 1.661 7.129 4.827 2.587 1,458 7.766 7,766 3.604 206 2L 281 2,877 2,8n 5,985 39.936 39,936 46.793 10.150 40.246 10.150 46,503 6.257 46.399 1.735 11.809 13,544 12.873 Total expenditure excludlng Exceptional Projects 129.673 105.018 234.691 229.030 Lodging Project 821.925 821,925 59.743 Total expenditure including Exceptional Projects 129.673 926.943 1.056.616 288.773 Licence Fees Licen fee paymerts of £52,088 12024". £55,627) We re¢eNed from Humble Grape. Café Below. BaLfour al Bow. TabÈma EtnJscA. the llower and shoeshine stalls, the Fidelity choir, St Stephen Walbrook. and a number of other groups. The Café Below aSed trading in the early aulumn 012025 and Humble Grape look over the lin near to year-end. 13
ST fiARY-LE-80W NOTES TO THE FINANCIAL STATEMEp¥rs FOR THE YEAR ENDED 31 DECEMBER 2025 Staff Costs 2025 2024 Wdges and salaries Pension (Nest) 45,512 1,689 43,508 1,591 47,201 4S.099 The salsry and pension costs stated here in¢lude those of the OperatiorB Officer. the Director of Music. and the Church Cleaner. The salary and pension costs stated here exclude those of the Finance Offer. who is paid on an invoice-rendered basis. invoiced by tt)e Finan¢e Officer came to £12.800 (2024.. £14.300). Sale of Silver Fund income Income reali5ed from the sa of Sier Fund during the year totalled £52.055 {2024= £49,576). As Note 1 shr)ws, this InMe has been ¢ategorised as restrt¢ted because the church is pemiitted to offset certain staff costs against the income realised from the Sale of Silver Fund. Note 3 in lum shows that certain stsff ¢osts {totsllI £52:055) have been ¢ategorised as restrcted expenditure lo match the Sale of Sier Fund income. Payrnents to PCC Members No payments w8rÈ made to any PCC mèmber. persons connecaed vAth them or r8lat8d parties. There were 212023". 21 employees at St m-le-B0W as at 31 December 2025. 14
ST MARy-LEOw NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Tangible Fixgd A$$&ts EqulpmÈnt Fixtures & Fiibngs Movable Church Fums Total Cost Al 1 J8nu8ry 2025 and at 31 December 2025 7.452 3,016 10,468 Doprgciation At 1 January 2025 7,452 3.016 10,468 Provision for the year At 31 DeCeMr 2025 7.452 3.016 10,4S8 Net book value At 1 January 2025 At 31 De¢emtxr 2025 Investments 2025 2024 Market value at l January 2025 Net gain Ilossl on revaluation 1.027,018 131,910 1.001,578 25,44Q At 31 December 2025 1.158.928 1.027.018 Managed furKIs Cash 1,158,928 1.027,018 1.158,928 1.027.018 The y¢arend balance of £1,158,928 {2024". £1,027.018) bWdS hetdwth M&G Chattfund (the Sale of Silver Fund) and valued at £951,615 (2024.- £811.072}. and in a CCLA Capital Fund valued al £207.31312024.' £215,946) Historical cost of the managed fijnds at 31 Dmber 2025 was £229,258 {2024.' £229.2581. Debtors 2025 2024 DebtOf5 3,786 618 15
ST MARYE-BOw NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Amounts falling due wlthln onè y8ar 2025 2024 Creditors and accrL*d expenses 1.323 1,148 10. Unrestrlcted funds Balance at Incoming Resources 01411-2025 Ro$ou$S Expend {1) Revalsl Balance at 12ITfrsl 31-12-2025 13) Ex Itèms Unrestricted fund 481.608 147.961 (129.673) 18,S33) 4,409 495,672 11. Restrictsd funds Balan¢e at In¢oming ResouT¢eS {11 Revalsl Balancè at 014)1-202S Resources EXnded 12) Tfrsl 31-42-2025 13) Ex Items Restricted funds 176.145 106.199 (105.0181 {172,7301 14,4091 (345,647) 12. Endomnent Funts: Balance at Incoming Resources 111 Revalsl Balance at 01-01-2025 Resouwces Expended 121 Tfrsl 31-12-2025 (3) Ex Items Sale of Silver Fund 811.072 140,544 951,616 The Consistory Court directed in April 2009 that the prowds of the Sale of Silver Fund may be used lo indemnify the PCC lor employing persons to do the work of 3 verger and other functions. 16
ST MARY-LE-BOW NOTES TO THE FINANCIAL STATEMENTS FOR THE Y&4R ENDED 31 DECEMBER 2025 13. Darng Maryaret Slaney Fund Two letters from the Church Commisstonw5 to the Grc¢ers' Company acknO%edge a gift from the Company of £4,024 in 1978 V4hh was subsequentty directed lo the London Di¢xesan FuThJ to be held'as capital trj provbje income for Ihe stipend ofthe inojmbent of thi5 particular benefice ISI Mary-ltrBow]'. That 'Dame Margaret Slaney. fund is held by the diocese and used to C>ffset a proportv)n Sl Mary-le-Bow's annual contribub.on to Common Fund. 14. Analysis of Fund Assets and Liabilities Genernl Restricted Endovrnent Funds Funds FUEKIS Totsl Funds Investments 207.313 951,615 1,158,928 Cash at Bank 101,406 11,761 113,167 Net debtors l {creditorsl 2,463 2,463 Total 311.182 11.761 951.615 1.274,558 17