2025-12-31-accounts

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Annual Report & Accounts for the Year Ending 31 December 2025

S A I N T OLAVE H A R T S T R E E T

1	Administrative Information	03
2	Organisational Structure & Governance	04
3	Agenda for the Annual Parochial Church
	Meeting & Annual Vestry Meeting 2026	05
4	Minutes of the Annual Parochial Church
	Meeting & Annual Vestry Meeting 2025	06
5	Rector’s Review	14
6	Hon. Secretary’s Report	16
7	Electoral Roll Offcer’s Report	21
8	Fabric Report	22
9	Deanery Synod Report	24
10	Mission Action Plan 2023-26	25
11	Financial Report & Annual Accounts	26
12	Director of Music’s Report	36
13	Lunchtime Recital Report	39
14	Safeguarding Report	40

2 St Olave Hart Street

Annual Report & Accounts 2025

1 Administrative Information

St Olave Hart Street is a parish church in the City of London, part of the Diocese of London within the Church of England.

Correspondence Address

St Olave Hart Street 8 Hart Street, London, EC3R 7NB

www.saintolave.com admin@saintolave.com

Full Title

The Parochial Church Council of the Ecclesiastical Parish of St Olave, Hart Street and All Hallows Staining, with St Catherine Coleman.

Charity Registration Number

The Parochial Church Council (“PCC”) became an individually registered charity in 2009 under Charity Number 1130893.

Objectives and Activities

St Olave PCC has the responsibility of co-operating with the incumbent, in promoting in the ecclesiastical parish the whole mission of the Church. It also has maintenance responsibilities for the church building in Hart Street, London EC3.

During 2025 average weekly attendance was 43, comprising an average of 18 at the Sunday service and 26 at weekday services. These figures exclude online attendance by zoom. One marriage service took place during the year.

Annual Report & Accounts 2025

St Olave Hart Street

2 Organisational Structure

During 2025 the incumbency of the parish was vacant. The PCC was engaged in the process of recruitment and selection of a Rector. The Reverend Phillip Dawson was appointed and installed on 8th January 2026. During the interregnum Mr Graham Mundy acted as Lay Chair of the Parochial Church Council.

Incumbent: Vacancy (until 8th January 2026) Licensed Lay Minister: Dr Jim Harris Churchwardens: Mr Graham Mundy (St Olave, Hart Street) Ms Penny Ritchie Calder (St Olave, Hart Street) Mr Richard Bucknall (All Hallows Staining) Mr Brian Grumbridge (St Catherine Coleman)

Hon Secretary: Ms Oliva Whelan Hon Treasurer: Mr Graham Mundy Deanery Synod Representative: Mr Graham Mundy Safeguarding Officer: Ms Rina Wood Director of Music: Mr Colin Spinks Administrator: Miss Georgia St Prix Verger: Mr Paul Hammond

The method of appointment of PCC members is set out in the Church Representation Rules. All church attenders are encouraged to register on the Electoral Roll and stand for election to the PCC. The following members served during the year 2025:

Parochial Church Council Members: Vacancy (Rector)

Mr Graham Mundy (Lay Chair) Ms Olivia Whelan Ms Penny Ritchie Calder (Children’s Champion) Mr Brian Grumbridge Ms Rina Wood Mr Richard Bucknall Mr Thomas Matchett Ms Olushola Oguntimilehin

The Reverend Phillip Dawson was installed as Rector on 08/01/26, appointed to the PCC and acted as Chairman of its meetings from 26/01/26.

Attending when appropriate:

Director of Music – Mr Colin Spinks

St Olave Hart Street

Annual Report & Accounts 2025

ANNUAL PAROCHIAL CHURCH MEETING Including the Annual Vestry Meeting of St Olave, Hart Street and All Hallows Staining with St Catherine Coleman Sunday 17th May 2026

AGENDA

Welcome and prayer
Apologies for absence
Annual Vestry Meeting:
i. Minutes of 2025 Vestry Meeting
ii. Election of Churchwardens
Annual Parochial Church Meeting:
i. Minutes of the 2025 APCM
ii. Reports (received en bloc):
- a) Rector’s Review
- b) Honorary Secretary’s Report
- c) Electoral Roll Report
- d) Fabric Report
- e) City Deanery Synod Report
- f) Finance Report
- g) Accounts
- h) Safeguarding Report
- i) Community and Charities Report
- j) Music Report
- k) Lunchtime Recitals Report
iii. Resolution on the Annual Election of Lay Members of the
- Parochial Church Council
iv. Election of Deanery Synod Representative
v. Appointment of the Independent Examiner
vi. Election of Verger vii. Election of Sidesmen viii. Election of lay members of the PCC

5. First Meeting of the PCC:

a) Elections:
- i. Lay Vice-Chair
- ii. Hon Secretary
- iii. Hon Treasurer
- iv Safeguarding Officer
- v. Children’s advocate
- vi. Electoral Roll Officer
b) Adoption of Church of England Safeguarding Policy
Any Other Business

Annual Report & Accounts 2025

St Olave Hart Street

ANNUAL PAROCHIAL CHURCH MEETING

Including the Annual Vestry Meeting of St Olave, Hart Street and All Hallows Staining with St Catherine Coleman Sunday 11[th] May 2025 at 12:00 noon

Attendees:

�� Olushola Oguntimilehin Henry Lamprecht Olivia Whelan

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1. Welcome and prayer

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2. Apologies for absence

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3. Annual Vestry Meeting:

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6 St Olave Hart Street

Annual Report & Accounts 2025

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Annual Report & Accounts 2025

St Olave Hart Street

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The church’s website was rebuilt and redesigned by Thomas Matchett, creating a ��

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8 St Olave Hart Street

Annual Report & Accounts 2025

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Annual Report & Accounts 2025

St Olave Hart Street

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Rina Wood updated the meeting on the church’s safeguarding work. DBS checks �� Calder continues in her role as Children’s ��

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10 St Olave Hart Street

Annual Report & Accounts 2025

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�� Olushola Oguntimilehin, Rina Wood and Olivia Whelan. Due to the number of nominations, these were approved without the need for a vote.

Graham Mundy thanked everyone for their efforts during the interregnum period it was greatly appreciated

Annual Report & Accounts 2025

St Olave Hart Street

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�� First Meeting of the PCC:

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�� Appointment of Children’s Advocate

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12 St Olave Hart Street

Annual Report & Accounts 2025

�� Any Other Business

��Oguntimilehin asked if the church’s Mission Action Plan would remain in place following the departure of the Revd Arani Sen. Graham Mundy advised that although we might expect a new Rector to have a different approach, Revered Arani Sen’s plan still has a year to run until the end of 2026, so we will continue to use this and will work with the new rector to develop a new plan once they have arrived.

Annual Report & Accounts 2025

St Olave Hart Street

5 Rector’s Review

It was a great privilege to be installed as Rector of this parish on January 2026. While this year’s Annual Meeting takes place since my appointment, the Report and Accounts refer to a period when the parish was in interregnum (without an incumbent). While the data on these pages provide a snapshot of life here, no report can ever convey the fullness of the life of a faithful and caring parish community.

The process of recruiting and selecting a new Rector of a parish is time consuming. Whilst doing so the business of running the parish must continue, with clergy found to cover services and the necessary back office tasks undertaken to keep the building open and running smoothly.

The bulk of this work falls to volunteers. We owe our thanks to all those who have worked so hard in 2025 to keep the doors of this church open. We are especially grateful to our Churchwardens and PCC and to the members of the Patronage Trust. We are also grateful to our Parish Administrator Georgia St Prix, our Director of Music Colin Spinks and to Paul Hammond for acting as Verger during the year. Thank you to the St Olave Scholars and St Olave Singers for their hard work supporting our liturgy with beautiful music and to Michael Gammie and Richard Ciecierski for organising our lunchtime recital series. Thanks are also due to Ryan Noble, Alex Lewis and Hattie Clayton of the University of London Society of Change Ringers for co-ordinating the wonderful bellringing after our Sunday morning services.

Palm Sunday Procession, March 2025

Lord Mayor’s Visit & Patronal Festival, July 2025

“Fuellers Sunday”, November 2025

14 St Olave Hart Street

Annual Report & Accounts 2025

We are indebted to the clergy who have covered services here during the interregnum including The Right Reverend David Urquhart, The Venerable Luke Miller, Reverend Alex Volossevich, Fr John Barker, Reverend Andrew Roland, Reverend Canon Peter Babington, Reverend Robert Pfeiffer, Reverend Andy Haith, Reverend Laura Jorgensen, Reverend David Armstrong, Reverend Nick Mottershead, Reverend Lucy Newman Cleeve and to our Licensed Lay Minister Dr Jim Harris.

I was also delighted to cover services here when I was able. This included introducing a monthly service of Choral Evensong on Tuesday evenings, as well as covering for services with Trinity House and The Clothworkers’ Company in Advent - and the Corynthians Remembrance Service in November.

During Advent I was able to officiate at a new service of Nine Lessons and Carols and we introduced ‘Wassailing’ around the parish - both of which proved popular and saw significant increases in attendance compared with previous years.

Finally, a personal thank you for the warm welcome my partner Henry and I received at St Olave Hart Street. We are delighted to have been able to return to a church with which we both had a fleeting connection many years ago.

We are looking forward to the years ahead as we journey alongside you wherever the Spirit leads.

The Reverend Phillip Dawson Rector (from January 8th 2026)

‘Pepys’ Parish Walk, November 2025

Reception for the unveiling of the restored Capponi Ledger Stone, November 2025

Nine Lessons & Carols, December 2025

Annual Report & Accounts 2025

St Olave Hart Street

6 Hon. Secretary’s Report

Governance

Lay Vice Chair: Graham Mundy
Honorary Secretary: Olivia Whelan

During 2025, the Parochial Church Council (PCC) met on six occasions, with meetings held primarily via Zoom during the interregnum period, and with November’s meeting held inperson at the rectory and joined by the incoming rector, Revd Phillip Dawson as a guest. The Finance & General Purposes Committee (F&GP) met on five occasions and continued to report to the PCC on financial, organisational and fabric matters.

Honorary Treasurer: Graham Mundy
Safeguarding Officer: Rina Wood
Children’s Advocate: Penny Ritchie Calder
Electoral Roll Officer: Graham Mundy

Two lay members were elected to the PCC: Thomas Matchett, Olushola Oguntimilehin.

Electoral Roll

The year was shaped by the vacancy following the departure of the Revd Arani Sen at Christmas 2024. The PCC worked closely with the Archdeacon of Charing Cross, the Ven Katherine Hedderly and diocesan officers throughout the appointment process. All PCC and F&GP meetings were chaired by Mr Graham Mundy during the vacancy, and the Council is grateful for his steady leadership throughout this period.

Churchwardens and PCC Membership

At the APCM held on 11th May 2025, the following were elected as Churchwardens:

St Olave Hart Street: Graham Mundy, Penny Ritchie Calder
All Hallows Staining: Richard Bucknall
St Catherine Coleman: Brian Grumbridge

The following officers were elected at the first meeting of the new PCC:

In accordance with Church Representation Rules, 2025 was a full renewal year for the Electoral Roll. All previous names were removed and a new roll compiled. By the APCM, 38 names had been added, with further applications expected.

Safeguarding

Safeguarding remained a central priority for the PCC. The Safeguarding Dashboard continued to support compliance, and the Diocese expressed satisfaction with the parish’s systems and record keeping.

Key developments included:

All DBS checks for clergy, churchwardens, verger and volunteers were brought up to date.
Leadership safeguarding training for churchwardens and PCC members was arranged and completed where required.

St Olave Hart Street

Annual Report & Accounts 2025

A new monthly service of Choral Evensong was introduced in March 2025

A review of lone working arrangements was undertaken, particularly in relation to the Administrator working alone in the office.
Safeguarding posters and standards were displayed prominently in the church.
The PCC formally adopted the Diocese of London Safeguarding Policy for 2025/26.

Choral Evensong was introduced on a trial basis and proved popular, with attendance exceeding that of some weekday services.

The Alpha group that began in 2024 continued in a more informal fellowship format, with oversight from clergy and the PCC. The PCC also planned and delivered a number of events during the year, including:

The PCC is grateful to Rina Wood for her diligence and leadership in this area.

Interregnum and Parish Life

Services continued throughout the vacancy, supported by clergy including Alex Vellosovich, Philip Dawson, Jim Harris and others.

St Olave’s Day celebrations in July
A well attended Pepys Walk led by Thomas Matchett
Preparations for Advent and Christmas services, including carol services attended by the Lord Mayor and HRH The Princess Royal
Early planning for a programme of talks, visits and social events to begin under the new Rector in 2026

Annual Report & Accounts 2025

St Olave Hart Street

Patronal Festival Parish Party - July 2025

Decorating the Tree - Advent Sunday 2025

Recruitment of the Reverend Phillip Dawson

A major focus of the PCC’s work in 2025 was the recruitment of a new Rector following the departure of the Revd Arani Sen at Christmas 2024. The process was conducted in close collaboration with the Ven Katherine Hedderly and diocesan officers, following the timetable set by the Bishop of London.

A Section 11 meeting was held in February via Zoom to outline the vacancy procedure and confirm the PCC’s responsibilities. This was followed by an in-person Section 12 meeting in April, at which the Parish Profile was finalised and approved. The Bishop of London, Sarah Mulally joined for this Section 12 meeting. The PCC is grateful to all who contributed to updating the Profile, which reflected the parish’s history, mission, worshipping life and aspirations for the future.

The post was advertised in the Church Times in May. Shortlisting took place in June, with interviews held in July. The PCC appointed two parish representatives, Graham Mundy and Thomas Matchett, to participate in the shortlisting and interview panels alongside the Bishop and Dr Carolyn Boulter, representing the Patronage Trust.

Following a strong field of applicants, the PCC was delighted that the Revd Phillip Dawson was appointed as Rector designate. Fr Phillip brings experience in parish ministry, a deep interest in church history and liturgy, and a strong commitment to community engagement — qualities which align closely with the priorities set out in the Parish Profile.

Wassailing around the Parish - December 2025

18 St Olave Hart Street

Annual Report & Accounts 2025

Fr Phillip’s licensing was scheduled for 8th January 2026, and preparations for his arrival were a significant part of the latter months of the year. The PCC looks forward to welcoming him and working with him as the parish enters a new chapter of ministry and mission.

Administrator and Staffing

Ms Georgia St Prix completed her probationary period and continued to serve as Administrator, now working five days per week. The PCC reviewed her workload and responsibilities during the vacancy and agreed a salary increase in recognition of her commitment and initiative.

Paul Hammond was formally appointed as Verger following the completion of DBS checks and references and was also approved as a Communion Assistant.

Finance and Parish Rates

The PCC is grateful to the Treasurer, Mr Graham Mundy, for his careful stewardship during a complex year. Key points include:

Income from parish rates remained strong, though the long term future of the rating system remains under diocesan review.
Rental income from the London Slavic Pentecostal Church continued, though invoicing cycles are being tightened.
Expenditure included unexpected costs relating to a gas leak, asbestos testing, lock repairs and essential furniture repairs.
The church remains in a stable financial position, with designated funds and VAT reclaims supporting major projects.

The PCC also noted that the Common Fund contribution for 2026 will increase to reflect the appointment of a full time rector.

Buildings and Fabric

2025 was a significant year for fabric matters, with progress on several long standing projects:

Van Thielt / Capponi Memorial

The restoration of the memorial was completed by Cliveden Conservation, with installation schetaking place in the late summer 2025. The PCC expressed deep gratitude to Penny Ritchie Calder for her leadership of this project over many years.

Vestry Toilet

The PCC submitted a revised, less invasive proposal to the DAC following concerns about the proximity to the historic vestry. A decision is awaited.

Repairs and Maintenance

Emergency gas leak repairs were undertaken early in the year.
An asbestos survey identified a sealed contactor box containing asbestos; removal options are being explored.
Repairs were completed to the vestry table, chair, lectern and communion rail.
Locks to the churchyard were replaced following failures.
The PCC approved the replacement of eight radio masts on the tower with four new units, subject to faculty.

Basement Flat

The PCC agreed in principle to explore letting the unused basement rooms to the incoming Rector and his partner for their business, subject to independent valuation, legal advice and faculty.

Annual Report & Accounts 2025

St Olave Hart Street

St Catherine Coleman Lease

A major governance matter this year was the proposed assignment of the 1,500 year lease of the churchyard of St Catherine Coleman, originally granted to Lloyd’s Register in 1925. Following extensive negotiation, the PCC agreed:

To accept £10,000 in lieu of unpaid rent
To increase the annual rent from £100 to £7,000, indexed every ten years
To support amendments allowing the lease to be assigned with the building, with safeguards
To ensure the oversail agreement (covering electricity and gas costs) remains permanently attached to the building

Website and Communications

The new website built by Thomas Matchett in 2024 continued to serve the parish well, enabling online donations, easier updates and improved visibility. Further content updates were made during the year, including material relating to the Capponi Memorial.

Barker & Bewley Trust

The F&GP Committee continued to act as trustees of the Barker & Bewley Trust. In 2025 the annual £250 prize was awarded to a student progressing to study aeronautical engineering at Cambridge.

Conclusion

The PCC expressed thanks to Graham Mundy for his careful negotiation of this complex matter.

2025 was a year of transition, careful stewardship and preparation for renewal. The PCC is deeply grateful to all who contributed to the life of St Olave’s during the vacancy — clergy, volunteers, musicians, staff, and the congregation. The PCC look forward to 2026 with hope and confidence, to welcoming the Revd Phillip Dawson as Rector and to working with him to continue the mission and ministry of our church.

Lunchtime Carol Service - December 2025

St Olave Hart Street

Annual Report & Accounts 2025

7 Electoral Roll Report

In 2025 the electoral roll was renewed in accordance with the church representation rules.

All existing names were removed from the roll and a completely new roll created.

Following the revision there were 38 names on the roll at the date of the last APCM in May 2025.

5 persons have been added to the roll since the date of the last APCM and there are now 43 names on the roll, an increase of 5 persons or 13.5 per cent.

All but one of the members of the electoral roll reside outside of the parish.

Graham Mundy, Electoral Roll Officer May 2026

Annual Report & Accounts 2025

St Olave Hart Street

8 Fabric Report

Overall, the church remained in good condition over the year, but there are a number of issues to be resolved, including repairs to roofing to fix leaks in the nave and vestry.

Quinquennial Report

Planning continued for priorities, including those identified since the last QI report:

a) Refurbishment of vestry WC facilities.
b) Improvements to the churchyard entrance to make the church more accessible
c) Installation of an accessible WC.
d) Improvements to lighting and the sound system.

Webcam

The webcam system was monitored throughout the year as live-streaming has sometimes been affected by poor wifi signal due to the age and thickness of the stone walls.

Repairs to church furniture

A number of items of wooden furniture required repair over the year. The vestry table was mended and repolished. Its extending leaf will be similarly repolished. The lectern, which had suffered damage with some 30 pieces missing, was stabilised and surviving detached pieces re-attached. The cost of re-carving the remaining pieces was considered to be too expensive to be considered for the moment. The communion rails were also repaired and repolished.

Works to mast

Work to remove some of the antennae and replace them with a smaller number was ongoing during the year. The operator was given permission by the PCC to apply for a faculty to carry out the necessary works.

Restoration and installation of Capponi/Van Thielt ledger stone

Asbestos

After work took place on the organ blower, a specialist inspection found that the contactor box in the organ pump cupboard area was lined in fibrous asbestos. This remains safe while the box is sealed. The PCC will review this and may potentially consider the removal of the box by authorised contractors.

This project was completed in August 2025. The ledger stone was originally found in poor condition in the churchyard in 2012. It was put into secure storage while funds were raised for its restoration. In March 2025, after all funding was secured and a faculty obtained, it was transferred to the studios of Cliveden Conservation where it was cleaned and reassembled by specialist conservators. A modern pale marble insert was added to replace the missing section on the Capponi side.

St Olave Hart Street

Annual Report & Accounts 2025

A plaster cast was taken of the Van Thielt side to produce a replica to show alongside the original stone. The two pieces were successfully installed on the north wall of the Lady Chapel by the conservators at the end of August 2025, directly opposite the memorial to Piero Capponi. A reception was held to thank funders and others associated with the project on 27 November 2025 (pictured above). Dr Jim Harris gave a talk to those present about the history of the stone and its association with the church.

Annual servicing and maintenance

Annual maintenance of all the fire extinguishers and the annual electrical appliance testing (PAT) was completed. The church boiler was checked and serviced. Additional annual maintenance carried out included:

Gutter maintenance carried out by the Diocese of London Gutters service
Lightning conductor test

Roof leaks and repairs

Following ingress of water in the Vestry, a temporary repair to the Vestry roof was carried out in December 2025. Shortly afterwards, there was a separate leak in the Nave roof. Quotations for the repair of these leaks have been agreed.

Penny Ritchie Calder Churchwarden

Annual Report & Accounts 2025

St Olave Hart Street

9 Deanery Synod Report

The first meeting of the Synod was held on Monday 8th January, at St Lawrence Jewry, and was attended by the Lord Mayor, Alderman Alastair King, accompanied by the Lady Mayoress and the Sheriffs.

The main topic for discussion was “People and Places” and was led by Charles Saumarez Smith a former Chief Executive Officer of the Royal Academy and a former director of the National Gallery. The discussion focused on the role of “Craft Skills” in the building of the Wren Churches and how the study of architectural history encompasses not merely the design of buildings, but also how they were paid for, the type and sources of the material used, and the labourers and craftsmen who undertook the actual work of construction.

Mr Saumarez Smith explained that the emphasis was now focused on understanding the circumstances that led to change and, in particular, the devastation of the Great Fire of 1666. The contribution that Wren made to the rebuilding of the City of London, whilst retaining the existing street pattern, and the rebuilding of 39 out of the 87 churches destroyed in the Fire was referenced along with the history of change in church buildings to reflect both changing liturgical practices and preferences in church design/decoration.

The best way to preserve the City Churches for future generations, and the importance of the Square Mile Churches Project in supporting this was considered.

The Lay Co-Chair of the Synod, Mr Alexander Raynor, presented the Lord Mayor with a copy of the 2024 edition of Common Worship.

The Lord Mayor then addressed Synod emphasising the importance of the City Churches remaining at the heart of the City’s spiritual and cultural heritage and their importance as places of prayer and contemplation.

The summer meeting of Synod took the form of a joint meeting with the Westminster Deanery with both Synods attending Choral Evensong at the Temple Church following which the Master kindly hosted a joint reception in the gardens of his residence.

The Autumn meeting of the Synod was held on 2nd October at St Magnus the Martyr and took the form of a discussion on “Growing More Racially Just”, one of the strands of Capital Vision 2030. The discussion was led by Dr Lisa Adjei, Head of Racial Justice for the Diocese of London. Dr Adjei’s presentation covered a wide range of topics including youth safety and violence, health inequalities, refugees and asylum seekers and the longstanding educational inequalities experienced by white working-class boys and concluded with a request that members go back to their parishes and consider how they are living out racial justice in practice in their own communities.

Graham Mundy Deanery Synod Representative 25th April 2026

24 St Olave Hart Street

Annual Report & Accounts 2025

10 Mission Action Plan

A Mission Action Plan (MAP) was agreed in 2023 for the period until 2026 A summary is below. The PCC has begun work on developing a new Mission Action Plan for the period 2027-2030 to which ideas and suggestions are welcome and should be addressed in the first instance to the Rector.

Our Mission – what are we about?

St Olave’s Church is one of the few surviving mediaeval buildings in London encompassing a rich history and many links to historic City organisations. This is our mission; we are called to be:

A sanctuary

A safe, sacred holy place. John Betjeman described St Olave’s as “a country church in the world of Seething Lane”.
A connection to the spiritual transformation of Jesus Christ. Worship on Sunday at 11:00am and Tuesdays at 12:30pm.
A place of quiet prayer and reflection amidst the bustle of the City of London in the church and the churchyard.

Collecting donations from local hotels - Dec 2025

A wellspring

The love of Jesus Christ flows out of our very being, to connect others to Christ, in word and deed.
A centre for the arts - we reflect on the connection of the arts and theology, as well as the rich history.
Service to the City in all its diversity, the Tower Ward and local livery companies.
To show Jesus’ love practically to the homeless, refugees, and those who suffer poverty.

A place of grace

A history of almost 1000 years, proclaiming and reflecting the good news of Jesus Christ,
Journey together to grow in our faith and understanding of the Bible, inspired by the Holy Spirit.
Through choral music on Sundays and special services, we deepen spiritual reflection.
A belief in the power of prayer
A place of hospitality, where all are welcome.

Annual Report & Accounts 2025

St Olave Hart Street

11 Financial Report

The outturn for the financial year ending 31st December 2025 reflects a negative net movement of funds of £23,497 (+£44,050) with an operating deficit of £7,876, against a surplus of £31,019 in 2024, with the difference being accounted for by a deficit on the revaluation of the investment portfolio of £15,621 (+£13,031).

There was a small surplus on nonrestricted funds of £619 which was offset by a deficit on restricted funds of £8,495 following the restoration of the Caponi ledger stone during the year resulting in an overall deficit of £ £7,876.

Total incoming resources amounted to £217,025 (£252,189) a decrease of 14% on 2024, in part reflecting the reduction in yield from the parish rates and the figures for 2024 being inflated by the receipt of one-off grants towards the cost of the restoration of the Caponi ledger stone.

The Funds balance carried forward as at 31st December 2025, decreased from £1,102,337 to £1,078,840 representing the retained income brought forward from previous years less the deficit for the year of £7,876 and the loss on the revaluation of assets over the year of £15,621.

Whilst the overall deficit for the year of £7,876 is entirely represented by the deficit on restricted funds of £8,495, and the deficit on general funds of £38,551 offset by the income from the Long Term Mission Fund of £39,170 it remains important that the PCC continues to keep a close eye on income and expenditure over the forthcoming year.

*Figures in brackets (2024)

Graham Mundy, Hon. Treasurer May 2025

Total Resources Expended increased from £221,170 to £224,901 an increase of £3,731, or approximately 1.68% which is below the Retail Price Index rate of inflation for 2025 which averaged 4.1 %. This increase is mainly represented by increases in the Common Fund which goes to support the cost of employing our clergy and the wider mission of the church in the Diocese.

26 St Olave Hart Street

Annual Report & Accounts 2025

PARISH CHURCH OF ST OLAVE

FINANCIAL STATEMENTS

THE YEAR ENDED 31 DECEMBER 2025

REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF

THE PAROCHIAL CHURCH COUNCIL OF ST OLAVE, CITY OF LONDON

I report on the accounts of the charity for the year ended 31 December 2025, which are set out on pages 1 to 6.

Responsibilities and basis of report

As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Foundation’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

S Hale

Steve Hale FCCA FCA Date: 26.5.26 for and on behalf of Perrys Audit Ltd Chartered Accountants Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR

Parochial Church Council of St Olave, City of London Statement of financial activities

For the Year ended 31 December 2025

Note Income from: Donations 2(a) Charitable Activities 2(b) Investments 2(c) Other 2(d) Total income Expenditure on: Charitable Activities 3(a) Generation of voluntary income 3(b) Fund-raising trading costs 3(c) Governance Costs 3(d) Total expenditure Net Income/ (Expenditure) Transfers Gains(losses) on revaluation of 4(b) fixed asset investments Net Movement in Funds Total funds brought forward Total funds carried forward	Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2025 2024 £ £ £ £ £ 120,419 - 11,000 131,419 155,723 42,347 - - 42,347 55,036 3,541 39,170 548 43,259 41,430 - - - - -
	166,307 39,170 11,548 217,025 252,189
	199,450 - 20,043 219,493 210,386 2,000 - - 2,000 2,000 - - - - 5,472 3,408 - - 3,408 3,312
	204,858 - 20,043 224,901 221,170
	(38,551) 39,170 (8,495) (7,876) 31,019 - - - - (1,295) (14,326) - (15,621) 13,031
	(39,846) 24,844 (8,495) (23,497) 44,050 101,796 928,027 72,514 1,102,337 1,058,287
	61,950 952,871 64,019 1,078,840 1,102,337

The notes on pages 3 to 6 form part of these accounts

Parochial Church Council of St Olave, City of London Balance sheet as at 31 December 2025

Note FIXED ASSETS Tangible 4(a) Investments 4(b) CURRENT ASSETS Debtors 5 Cash at bank and in hand LIABILITIES Creditors - amounts falling due in one year 6 Net current assets less current liabilities TOTAL NET ASSETS PARISH FUNDS Unrestricted 7 Designated Restricted Signed on behalf of the PCC: Date	Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2025 2024 £ £ £ £ £ - - - - - 43,441 952,871 - 996,312 1,011,933
	43,441 952,871 - 996,312 1,011,933
	22,923 - - 22,923 20,986 3,299 - 64,019 67,318 77,035
	26,222 - 64,019 90,241 98,021
	7,713 - - 7,713 7,617
	18,509 - 64,019 82,528 90,404

	61,950 952,871 64,019 1,078,840 1,102,337
	61,950 61,950 101,796 952,871 952,871 928,027 64,019 64,019 72,514
	61,950 952,871 64,019 1,078,840 1,102,337

Parochial Church Council of St Olave, City of London

Notes to the financial statements for the year ended 31 December 2025

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the SORP (FRS 102).

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value. The financial statements 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 another body, nor those that are informal gatherings of church members.

Funds

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. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. The PCC does not necessarily invest separately for each fund. Where there is no separate investment, interest is apportioned to individual funds on an average balance basis.

Unrestricted funds are general funds which can be used for PCC ordinary purposes.

Incoming resources

Planned giving, collections and donations are recognized when received. Tax refunds are recognized when the incoming resource to which they relate is received. Grants and legacies are accounted for when the PCC is legally entitled to the amounts due. Dividends are accounted for when receivable, interest is accrued. All other income is recognized when it is receivable. All incoming resources are for accounted gross.

Resources expended

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or constructive obligation on the PCC. The diocesan parish share is accounted for when due. Amounts received specifically for mission are dealt with as restricted funds. All other expenditure is generally recognized when it is incurred and is accounted gross.

Fixed assets

Consecrated and benefice property is not included in the accounts in accordance with the Charities Act 2011.

Movable church furnishings held by the rector and church wardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church's inventory, which can be inspected (at any reasonable time). For anything acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the financial statements. Subsequently no individual item except for the rectory carpets and curtains purchased in 2005 and computers purchased in 2006 has cost more than £1,000 so all such expenditure has been written off when incurred. The PCC does not own any freehold land or buildings.

Equipment used within the church premises is depreciated on a straight-line basis over four years. Individual items of equipment with a purchase price of £500 or less are written off when the asset is acquired.

Investments are valued at market value at 31 December 2025.

Parochial Church Council of St Olave, City of London

Notes to the financial statements for the year ended 31 December 2025

	UnrestrictedDesignated	UnrestrictedDesignated	Restricted	Total	Total
2. INCOMING RESOURCES	Funds	Funds	Funds	2025	2024
	£	£	£	£	£
2(a) Voluntary Income
Planned Giving including tax recoverable	25,878	-	-	25,878	23,121
Collections and wall box donations	7,363	-	-	7,363	3,029
Church rate	39,617	-	-	39,617	44,770
Grants & Donations	35,798	-	11,000	46,798	66,825
Miscellaneous Income	11,763	-	-	11,763	17,978
	120,419	-	11,000	131,419	155,723
2(b) Activities for generating funds
Rental Income - Hire of church and Church hall	8,909	-	-	8,909	10,848
Fund-raising events	-	-	-	-	-
Net Fees - Mast in Tower	19,031	-	-	19,031	19,017
Church yard overhang licence (St Catherine)	14,407	-	-	14,407	25,171
	42,347	-	-	42,347	55,036
2(c) Income from Investments
Dividends and Interest including tax recoverable	3,541	39,170	548	43,259	41,430
	3,541	39,170	548	43,259	41,430
2(d) Other income
Hall compensation	-	-	-	-	-
	-	-	-	-	-
Total Incoming Resources	166,307	39,170	11,548	217,025	252,189
3.RESOURCES EXPENDED
3(a) Church Activities
Ministry: Diocesan Parish share	86,400	-	-	86,400	81,900
Ministry: Service and other costs	32,182	-	20	32,202	27,545
Church running costs and maintenance	39,299	-	19,773	59,072	69,605
Depreciation	-	-	-	-	1,906
Rectory, refurbishment and upkeep costs	504	-	-	504	355
Office costs and legal and professional fees	40,686	-	-	40,686	29,075
Grant to Barker and Bewley charity	-	-	250	250	-
Sequestration account	379	-	-	379	-
	199,450	-	20,043	219,493	210,386
3(b) Generation of Voluntary Income
Church Rate & Licence Costs	2,000	-	-	2,000	2,000
3(c) Fund-raising trading costs
Cost of Events	-			-	5,472
	-	-	-	-	5,472
3(d) Governance Costs
Independent Examination	3,408	-	-	3,408	3,312
	3,408	-	-	3,408	3,312

Total Expenditure	204,858	-	20,043	224,901	221,170

Parochial Church Council of St Olave, City of London

Notes to the financial statements for the year ended 31 December 2025

4. FIXED ASSETS 4(a) Tangible Cost At 1 January 2025 (2024) Additions at Cost At 31 December 2025 (2024) Depreciation At 1 January 2025 (2024) Charge for Year At 31 December 2025 (2024) Net Book Value At 1 January 2025 (2024) Net Book Value At 31 December 2025 (2024) 4(b) Investments Market Value 1 January 2025 Additions at Cost Disposals Revaluation surplus/(deficit) Market Value 31 December 2025 5. DEBTORS Tax Recoverable Light & Heating Church Building Hire VAT recoverable on Church Building Deposit interest Parish rates	Rectory curtains and Church TOTAL TOTAL carpets Equipment 2025 2024 £ £ £ £ 6,500 25,022 31,522 31,522 - - - -	Rectory curtains and Church TOTAL TOTAL carpets Equipment 2025 2024 £ £ £ £ 6,500 25,022 31,522 31,522 - - - -
	6,500 25,022 31,522 31,522
	6,500 25,022 31,522 29,616 - - - 1,906
	6,500 25,022 31,522 31,522
	- - - 1,906
	- - - -
	Unrestricted Designated TOTAL TOTAL Funds Funds 2025 2024 £ £ £ £ 120,397 891,536 1,011,933 998,902 - - - - - - - - (1,295) (14,326) (15,621) 13,031
	119,102 877,210	996,312 1,011,933
		TOTAL TOTAL 2025 2024 £ £ 410 - 14,407 20,416 - 570 2,568 - 3,750 - 1,788 -
		22,923 20,986

Parochial Church Council of St Olave, City of London

Notes to the financial statements for the year ended 31 December 2025

6. LIABILITIES

6. LIABILITIES
					2025	2024
					£	£
Accounts and Independent Examination	Fees				3,408	3,312
Mast Income in Advance					4,305	4,305
					7,713	7,617
7. FUNDS
Fund Movements	1.1.25	Income	Expenses	Gains	Transfers	31.12.25
	£	£	£	£	£	£
General Fund	101,796	166,307	(204,858)	(1,295)	-	61,950
Designated Funds
Hall compensation fund	505,972	21,356		(7,811)	-	519,517
Long term mission fund	422,055	17,814	-	(6,515)	-	433,354
	928,027	39,170	-	(14,326)	-	952,871
Restricted Funds
Fabric Fund	3,911	-	(270)		-	3,641
Joint Ministry project with
All Hallows by the Tower and
St Mary-at-Hill	2,000	-	-		-	2,000
Music fund	755	-	-		-	755
Lady Holfords Charity Fund	162	-	-		-	162
Relief for the Poor	600	-	-		-	600
Clothworkers fabric fund	38,135	-	-		-	38,135
Capponi Memorial fund	8,394	11,000	(19,394)		-	-
Barker and Bewley
educational prize	609	548	(250)		-	907
Sheepfold fund	20	-	(20)		-	-
Homeless Project fund	200	-	-		-	200
Building Fund	7,978	-	(109)		-	7,869
Ropes and Bells fund	-	-	-		-	-
Vestry toilet fund	5,750	-			-	5,750
Accessibility fund	4,000	-			-	4,000
	72,514	11,548	(20,043)	-	-	64,019
Total funds	1,102,337	217,025	(224,901)	(15,621)	-	1,078,840

34 St Olave Hart Street

Annual Report & Accounts 2025

Parochial Church Council of St Olave, City of London

Notes to the financial statements for the year ended 31 December 2025

8. SERVICE AND OTHER COSTS Choir and Music Regular Religious Service Costs Clergy Expenses Mission Mission and Charitable Giving	2025 2024 £ £ 22,981 19,444 916 328 2,144 2,157 3,641 1,616 2,500 4,000
	32,182 27,545

9. STAFF COSTS Salaries Employers pension Contribution	2025 2024 £ £ 32,540 19,125 722 449
	33,262 19,574

The average number of staff in the year was 2 (2024 -1).

10. TRUSTEES

None of the Trustees have been paid any remuneration or received any other benefits from the Charity. (2024 -none).

11. RELATED PARTIES

There have been no transactions with persons or entities that are closely connected to the charity or its trustees (2024 - none).

12. GOING CONCERN

The trustees consider that there are no material uncertainties about the ability to continue as a going concern.

Annual Report & Accounts 2025

St Olave Hart Street

12 Music Report

The musical life of St Olave’s continued to flourish through 2025 despite the church being in interregnum following the departure of Arani Sen.

Music at the main Sunday Eucharists is maintained by a regular team of 5 Choral Scholars, the bass role being shared by Henry Page and Nic Walker alongside long-standing tenor Nick Dykes and alto Ruth Elleson. Unfortunately Toni Smart had to step down as our regular soprano owing to vocal problems, but her place has been ably filled by a number of capable deputies until Zoe Nendick joined us permanently in September, instantly proving a perfect fit both vocally and socially.

From March the church began holding Choral Evensong on a monthly basis, which gives the Scholars more opportunity to showcase their talents. My thanks to all of them for their loyalty and commitment to edifying the worship of the church in a friendly, relaxed and supportive environment.

The full time Scholars were supplemented by additional professional singers on the occasions of Easter Day, Patronal Festival and Remembrance Sunday, the Fauré Requiem at the last of these being a particular highlight.

36 St Olave Hart Street

Annual Report & Accounts 2025

We are also grateful to the 5th Sunday Singers for their contributions on those occasions when there are 5 Sundays in a calendar month; and to the Hanover Choir, who use the building for rehearsals on Thursday evenings. It is hoped that we can build our relationship with this excellent group of singers and their Director Jonathan Pease over the coming year. As has become traditional, all the groups involved at St Olave’s, both amateur and professional, combine forces for our “end of term” celebrations at the Patronal Festival in July

The St Olave’s Singers, the long-standing voluntary choir who meet regularly on Tuesday lunchtimes, continues to flourish and their commitment to rehearsal attendance has ensured good progress. The aim for 2026 is to increase membership of the group to ensure its longer-term viability.

The Singers provide music for a number of midweek services through the year, such as Candlemas, Ash Wednesday, the Pepys Club Service, Trinity House, Harvest, and the Corynthians Remembrance service, as well as several Carol Services. They also join the Choral Scholars for three Evensong services per year, during Lent, Remembrance-tide, and at the end of the summer term.

A range of professionals singing as the St Olave’s Choral Scholars have performed at a number of other venues in the City, such as St Katharine Cree, St Andrew by the Wardrobe, and St Dunstan in the West, an important additional layer to our outreach which I hope we can develop. As hoped, we managed to return to the Four Seasons Hotel to perform Carols at their Tree Lighting Ceremony (as early as 17th November!) and their Members’ Christmas Party. A particular highlight of the busy Christmas season was the Parish “Wassailing” (pictured below), an inspired innovation by the Rector Designate.

Annual Report & Accounts 2025

St Olave Hart Street

Weekly recitals, organised by Michael Gammie and his team on Wednesday and Thursday lunchtimes, continue to flourish. These concerts are such an important part of the church’s outreach, and enjoyed by so many, both performers and audience members; having had to organise such series in the past, I recognise the amount of work and organisation involved.

The flourishing of the musical life of the Parish in the Interregnum owes a great deal to the support and co-operation of the several Priests who have stood in during that time, in particular Fr Phillip, with whom I look forward to working for several years to come, as well as the positive and encouraging outlook of the Churchwardens and PCC.

Colin Spinks, Director of Music

38 St Olave Hart Street

Annual Report & Accounts 2025

13 Lunchtime Recitals

Lunchtime recitals went from strength to strength during 2024/25. Altogether, 178 musicians performed in 81 recitals to audiences of between 30 -60 people. 2430 attended in a wide variety of groups of instruments. Again our recitals focus on providing much needed performance experience for the amazingly talented young musicians from the Royal Academy of Music, the Royal College of Music and the Guildhall School of Music in addition to other colleges in the UK and Europe. Additionally we have aimed to build up a community that has produced friendships for otherwise isolated and lonely people.

Our audience have given us excellent feedback as to the value of the recitals in the troubled world in which we now live. We particularly value the close relationship we have with the students from the Harp department at the Guildhall School of Music and Drama who have been organising two recitals each year for nearly twenty years. Our Bösendorfer piano which is now more than 90 years old is being well maintained by our excellent tuner and technician has stood up well and is beloved by many of the musicians who play on it.

We owe a debt of gratitude to Canon Arani Sen for all his support and encouragement and making the lunchtime recitals very much a part of the work of St.Olave’s. I would like to to add my thanks and appreciation to Richard and the team who have given so much support over the year.

Michael Gammie, Recital Manager

Annual Report & Accounts 2025

St Olave Hart Street

14 Safeguarding Report

In accordance with the House of Bishops’ Policy Statements Promoting a Safer Church (2017) and Protecting All God’s Children 4th edition (2010), and the Diocesan Safeguarding Policy Promoting a Safer Diocese (2018), the PCC agreed to commit to:

Promoting a safer environment and culture.
Safely recruiting and supporting all those with any responsibility related to children, young people and vulnerable adults within the church.
Responding promptly to every safeguarding concern or allegation.
Caring pastorally for victims/survivors of abuse and other affected persons.
Caring pastorally for those who are the subject of concerns or allegations of abuse and other affected persons.
Responding to those that may pose a present risk to others.

The Safeguarding Officer continues to keep up to date with safeguarding issues within the Church of England and the local community through newsletters, diocesan updates, and regular attendance at drop-in sessions facilitated by the Diocesan Safeguarding Team (DST). Relevant information is shared regularly with the PCC.

The Churchwardens met with the Diocesan Safeguarding Adviser to ensure that all safeguarding duties and responsibilities were clearly understood and maintained throughout the vacancy. Safeguarding remains a standing item on the agendas of both the PCC and the F&GP. The PCC continues to review and adopt the Parish Safeguarding Policy annually in line with diocesan guidance.

Dashboard/action plan progress

The parish continues to use the diocesan safeguarding dashboard to monitor compliance, training and safeguarding actions.”

Penny Ritchie Calder remains the Children’s Advocate and DBS Administrator. Administrative support for the safeguarding dashboard and central record continues to be provided through the Parish Office.

DBS

The PCC continues to follow the Church of England Safer Recruitment and People Management Guidance, including the use of DBS checks, references, role descriptions and safeguarding training where required.

During the interregnum (between January 2025 and January 2026), safeguarding responsibilities were managed jointly by the PCC and the Churchwardens.

Display of safeguarding information

Safeguarding contact information and the Parish Safeguarding Policy are displayed prominently in church and parish buildings and are available on the parish website

40 St Olave Hart Street

Annual Report & Accounts 2025

Training Requirements

Safeguarding training records are maintained centrally, including certificates and completion dates. PCC members are expected to complete the Church of England Foundation Safeguarding course (Basic Awareness and Foundation modules). Churchwardens, the Safeguarding Officer, and Children’s Advocate complete the additional Leadership pathway where required. Clergy and Lay Ministers also complete the Leadership training and Domestic Abuse training in accordance with diocesan requirements.

Safeguarding Concerns

During the year there was one safeguarding incident where appropriate safeguarding procedures were followed with support from the Diocesan Safeguarding Team(DST)

Rina Wood, Parish Safeguarding Officer May 2026

Annual Report & Accounts 2025

St Olave Hart Street

S A I N T OLAVE H A R T S T R E E T

St Olave Hart Street, 8 Hart Street, London, EC3R 7NB 020 7488 4318 | rector@saintolave.com | @StOlaveHartSt

The Parochial Church Council of the Ecclesiastical Parish of St Olave Hart Street and All Hallows Staining with St Catherine Coleman is a Registered Charity Number 1130893

Contents

1 Administrative Information

Correspondence Address

Full Title

Charity Registration Number

Objectives and Activities

2 Organisational Structure

AGENDA

5. First Meeting of the PCC:

Attendees:

1. Welcome and prayer

2. Apologies for absence

3. Annual Vestry Meeting:

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5 Rector’s Review

6 Hon. Secretary’s Report

Governance

Electoral Roll

Churchwardens and PCC Membership

Safeguarding

Interregnum and Parish Life

Recruitment of the Reverend Phillip Dawson

Administrator and Staffing

Finance and Parish Rates

Buildings and Fabric

Van Thielt / Capponi Memorial

Vestry Toilet

Repairs and Maintenance

Basement Flat

St Catherine Coleman Lease

Website and Communications

Barker & Bewley Trust

Conclusion

7 Electoral Roll Report

8 Fabric Report

Quinquennial Report

Webcam

Repairs to church furniture

Works to mast

Restoration and installation of Capponi/Van Thielt ledger stone

Asbestos

Annual servicing and maintenance

Roof leaks and repairs

Penny Ritchie Calder Churchwarden

9 Deanery Synod Report

10 Mission Action Plan

Our Mission – what are we about?

A sanctuary

A wellspring

A place of grace

11 Financial Report

PARISH CHURCH OF ST OLAVE

FINANCIAL STATEMENTS

REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF

THE PAROCHIAL CHURCH COUNCIL OF ST OLAVE, CITY OF LONDON

Responsibilities and basis of report

Independent examiner's statement

S Hale

Parochial Church Council of St Olave, City of London Statement of financial activities

For the Year ended 31 December 2025

Parochial Church Council of St Olave, City of London Balance sheet as at 31 December 2025

Parochial Church Council of St Olave, City of London

Notes to the financial statements for the year ended 31 December 2025

Funds

Incoming resources

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