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← The Parochial Church Council Of The Ecclesiastical Parish Of St Mary And Holy Trinity, Bow (With Bromley Saint Leonard)

2024-12-31-accounts

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PAROCHIAL CHURCH COUNCIL OF ST. MARY'S AND HOLY TRINITY BOW

Trustees Annual Report and Financial Report

For the year ended 31 December 2024

The Parish of St.Mary’s and Holy Trinity Bow, referred to from here as Bow Church.

CONTENTS

CONTENTS
REFERENCE AND ADMINISTRATIVE INFORMATION 1
OUR AIMS AND PURPOSES 2
PROGRESS REPORT 2024: ACTIVITIES AND IMPACT 2
GOVERNANCE AND MANAGEMENT 4
FINANCIAL PERFORMANCE 6
STATEMENT OF FINANCIAL ACTIVITIES 7
BALANCE SHEET 8
NOTES 9
INDEPENDENT EXAMINER’S REPORT 20

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity No. 1130902
Trustees Rev Timothy May (Rector until June 2024)
Rev Andrew Rider (Assistant Minister)
Reverend Dumisani Nhlapo (Curate until Feb 2024)
Peter Nicholls (Churchwarden)
Chrystabel Austin (Churchwarden until Oct 2024)
Samuel Brown (PCC Secretary until May 2024)
Kate Moore (PCC Secretary from May 2024)
Siobhan Hughes (Treasurer)
Elizabeth Marshall (Deanery Synod Rep until May 2024)
Paul Selvendran (Deanery Synod Rep from May 2024)
Olivette Cole Wilson (Deanery Synod Rep)
Amanda Claremont
Ozzy Eboreime (Until May 2024)
Jonathan Hewitt (Until May 2024)
Lucinda May (Until March 2024)
Ruth Davidson
Andrea Cheevers
Anna Mathew
Beatrix Brown (From May 2024)
Rozalie James (From May 2024)
Lawrence Olsworth-Peter (From May 2024)
Operations Manager Rebecca Green
Administrator Esther Martin
Principal office St Mary's Church, 230 Bow Road, London, E3 3AH
Accountants Griffin Stone Moscrop & Co
Banking services Barclays Bank Plc. 56/58 Broadway, London E15 1XJ
Reliance Bank Limited. 23-24 Lovat Lane, London, EC3R 8EB
Architect Mr Alex Sherratt

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Electoral roll The electoral roll has 96 members.
Website https://www.bow.church

OUR AIMS AND PURPOSES

The aim of Bow Church is to promote the whole mission of the Church, including pastoral, evangelistic, social and ecumenical aspects. The Parochial Church Council (PCC) has the responsibility, together with the Rector, to deliver this and seeks to do so through:

PROGRESS REPORT 2024: ACTIVITIES AND IMPACT

Introduction

This year has been a year of transition. We have gone through a lot of change but end the year with a strong community looking ahead to the next chapter of the Church’s life. In January 2024 the Rector of Bow Church announced he would be leaving and we entered a vacancy period in March 2024. Tim stepped back working as Rector in March 2024 but remained licenced to the Church until June 2024. Our Curate left in February 2024. The Churchwardens, PCC, team and Assistant Minister stepped up to continue leading the church in this season of change and we have seen the church come together and invest their time, talents and treasures in the church to keep it running and thriving this year. We have grown deeper in relationship with one another, connected with a wider range of people from across the parish, experimented with new worship styles and said goodbye to some members of the community as well as welcoming new people into the community. We look to 2025 with renewed hope, expectancy and excitement about the next season of Bow Church.

Worship

We began the year running a traditional 10:30AM Holy Communion Service and an informal evening service, but merged these together after Easter in light of our Rector and Curate moving on. We now run a weekly 10:30 Communion service with contemporary worship. We have seen this service grow in number and diversity over the year and average 60 people per service.

In addition, we run a monthly prayer and worship service focusing on extended times of worship and prayer, as well as a weekly 8AM Morning Prayer service in the church which has seen growth this year and is well attended.

Particular service highlights in 2024 include: baptising and renewing baptism vows for 10 adults and 2 children, Holy Week and Easter Services; our Christmas schedule - including an all-age Christingle, Carols by Candlelight, Christmas Eve and Christmas Day services - with over 350 people, mainly visitors, attending services in our building - plus a raucous and packed out carols event at the Bow Bells Pub.

Deeper relationships and stronger discipleship

Through this year of vacancy we have adopted the motto, “lean in, lift up and look out”, encouraging people to lean more into what the church is doing and get involved, lift up and encourage those around us and look out and care for those in our parish.

Many congregation members have participated in ‘Cedar’ groups that meet regularly, often in people’s homes to encourage each other to practice Christianity in everyday life. We have engaged in a new linked up practice of Cedar content with daily readings, Sunday sermons and cedar group questions. After Easter we

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launched ‘50 days of prayer’ which ran through a series of key prayers from the Bible and helped engage the church in prayer. Gatherings for Cedar group leaders and emerging leaders were also established and took place throughout the year. We are encouraged to hear that Cedar groups have provided important places of belonging and community.

Alongside Sunday services, we have created space for those keen to explore the Christian faith, running an Alpha group in the Autumn with approximately 20 participants. Feedback indicates this has provided a safe space for discussion and we have seen a number come to faith, regularly attend services and join Cedar groups. A significant feature of church life continues to be how many people are new to church. This is extremely exciting and bucks the national trends; our priority is to make faith and church accessible for all who might want to belong before they believe . We have seen many of those new to faith join teams and serve on rotas which has been encouraging and helpful for the continued running and growth of the church.

Bow Church’s first ever Weekend Away was hosted at Ashburnham in February 2024. This was a key time for the community to deepen relationships, for vision and excitement for the church to grow and for people to have extended times of prayer, worship and in depth bible teaching. The feedback from this weekend was extremely positive.

Socials in the church have played an important role in keeping the community feeling strong during the season of transition. Highlights from 2024 include: a ‘Hymns and Pimms September party’; a ‘Burns night’ bonfire in January; and summer feasts & picnics at St Leonards. These events have enabled us to celebrate the church, build deeper relationships with each other and to connect with new people from the local community.

A church for the whole parish

Our focus in 2024 has centred on two geographic areas, our main building - St Marys, Bow Church and our community garden at St Leonards Churchyard.

For St Mary's , situated in the east of our parish and being our primary site for worship and community, we have begun implementing strategies for the development and use of the site. We hosted a clothes swap with the local council, held music events, a fashion show and congregational parties. We have taken action to address the issues highlighted in the Quinquennial Report and saw our Parish Room and Vestry Window Cills be refurbished. Our Parish Room remains a multi-purpose room - being an office in the week for our staff and the preparations area for all our hospitality at services and events.

At St Leonards churchyard, situated in the south of the parish, a committed group of volunteers have developed the site from neglect towards a loved and welcoming community space through bi-weekly gardening sessions. Improvements to the site include: a new woodland classroom, areas cleared and new trees planted, along with the growth of herbs and vegetables. We ran events including a foraging workshop attended by congregation and community. We have received many words of thanks from local people.

Engaging the wider community

We ran several events to engage the local community, including: a clothes swap in collaboration with the local council, summer picnics at St Leonards and a foraging workshop. We also hosted visits from local schools, welcomed passers-by, and ran an extensive Easter and Christmas schedule. All of these events have allowed us to engage with people from the wider community in Bow and seen many visit the church on Sundays for services.

One highlight has been seeing our congregation members engage to support local charities. A team from Bow Church slept outside to raise funds for Spitalfields Crypt Trust and raised £20k. In addition, there was a dedicated time of prayer for those who are homeless, the CEO of SCT came to speak at our Sunday service.

Congregation members have continued to volunteer at Bow Foodbank (an organisation of which we are a founding member) and remain involved in its operations and governance and our Rector past and future will be a trustee. The foodbank has continued to provide food and other critical supplies to those in the community in need.

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Vacancy process and recruitment

In preparation for the recruitment process, the PCC adopted a parish profile and elected two parish representatives: Lawrence Olsworth-Peter and Beatrix Brown in June. An ad for the incumbent role in Bow Church was published in the Church Times on the 30th of August, with applications being accepted until the 16th of September. After a series of interviews and follow up conversations, the panel made of the parish representatives, the Bishop of Stepney and the Archdeacon of Hackney were not in a position to appoint a new rector and it was decided to run another process in the new year.

The process was very encouraging and all candidates shared compelling visions and senses they had for the future of Bow Church.

Building maintenance

The PCC, together with congregation members, has continued to care for the church and churchyard, although limited financial resources currently restrict the magnitude and type of works that we are able to undertake. Nevertheless, we continue to actively review and assess potentially larger scale projects for renovating the nave flooring, upgrading external lighting and improving drainage around the walls of the church.

The church building’s fittings including internal and external lights, fire extinguishers, internal signage, height safety fixtures, roof alarms, tower lightning conductor and the heating system are maintained on an annual schedule. Hence the church remains a comfortable and welcoming space for worship and other events.

The 2021 Quinquennial Report identified that the external wood window cills of the Parish Room and the Vestry had deteriorated to such an extent that they required replacement. This project was approved by the PCC in July 2024 and the requisite renovation work was completed by specialist contractors in September 2024.

Tower Hamlets Council has been planning to reduce and prune the large London Plane trees in the churchyard since late 2023. Many of these trees overhang the roads and several are very close to the church building itself. To date TfL has not approved road bus stop closures to allow the work to happen, but this is now expected to take place by May 2025.

Charity commission guidance and safeguarding

When planning our activities for the year, the PCC have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. The PCC has complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016, recognising its duty to have due regard to the House of Bishops' guidance on safeguarding children and vulnerable adults. We now use the London Diocese's safeguarding dashboard to monitor our activities and progress and have recruited a deputy Parish Safeguarding Officer.

GOVERNANCE AND MANAGEMENT

Ministry Team

On behalf of the PCC, Tim May (Incumbent) with Lucinda May, oversaw a ministry team that included Becky Green (Operations Manager), Esther Martin (Administrator), Andy Rider (Assistant Minister) until they departed in March 2024. From March 2024 the Church Wardens (Peter Nicholls & Chrystabel Austin) with the support of Deputy Warden (Beatrix Brown) have overseen the ministry team, Becky Green (Operations Manager), Esther Martin (Administrator) and Andy Rider (Assistant Minister).

The Parochial Church Council (PCC)

The PCC is responsible for working with the Incumbent to promote the mission of the church and specifically to:

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It meets once every other month and members are appointed according to the procedures in the Church Representation Rules. Anyone on the electoral roll can nominate candidates and the PCC and Churchwardens are then elected at the Annual Parochial Church Meeting (APCM). We have also agreed a manual which sets out in more detail the responsibilities of PCC and describes how meetings are run.

Standing Committee

The Standing Committee is a statutory body of the PCC and is responsible for conducting its business between meetings. Meetings take place every month and members include the Incumbent, Treasurer, Secretary and Wardens. Our Operations Manager also normally attends. The Standing Committee is able to approve expenditure up to £1,000.

Tower Hamlets Deanery Synod

Each parish in Tower Hamlets sends two representatives to Synod and our representatives for 2024 were Elizabeth Marshall (until May 2024) then Paul Selvendran and Olivette Cole-Wilson.

Continuing with the strong collaborative trend that is well established in our Deanery, 2024 saw the House of Prayer for East London offer regular Wednesday night worship and prayer room events, and it also brought together people from across the deanery to prayer walk the streets in Tower Hamlets. Further, the heart of serving and supporting schools and youth mission continued to be a priority, and saw the Youth Van be taken onto estates for outreach purposes, in partnership with different churches. The website towerhamlets.church is a key shared communications tool for the deanery churches, keeping residents informed and updated.

Human Resources group

We also have a dedicated Human Resources (HR) group. The group includes trustees and the Operations Manager and its purpose is to provide independent advice and recommendations to the PCC and Standing Committee on matters of HR. It is responsible for setting and holding us accountable to our HR policy.

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FINANCIAL PERFORMANCE

Overview

The finances of Bow Church in 2024 were impacted by a decline in income & although costs were continually well managed, the Church ran in a cash deficit. The Ministry team continued to refer to the supporting finance manual as a key document for the running of Bow Church and the continued implementation of the Finance Vision. The PCC, Treasurer & Operations Manager (who leads on day to day finance activities) used these key documents for reference. A volunteer accountant lent their expertise to support our finance processes.

Building Maintenance remained a priority expenditure with repairs to the cills to stop water ingress in the Parish room alongside fixes to the church lighting being among the biggest expenditures. Bow Church also continued to invest in both the church & wider local community with the continuing project at St Leonards, increased spend on Alpha & the first Church Weekend Away.

Our Finance Vision

To be a generous and entrepreneurial church whose finances are an act of worship and service to God, each other, Bow and beyond. The financial vision for Bow Church is based on 3 main principles:

Generosity Fund

We are committed to generously serving our parish, local community and beyond; One way we can do this is through building relationships and giving financial gifts. Our generosity fund reflects the priorities and values of Bow Church. This fund has not been designed to fill the gaps of the welfare state but instead add unique and compassionate value to our parish. In 2024 Bow Church continued to support Bow School with a donation of £3,400.

Investments

As of December 2024, the market value of our investments is £385,068. This has accumulated over many years from the sale of property and large donations. We withdrew £10,000 in 2024 to cover for a shortfall of general income. Our investments are held through CCLA and managed mostly by the Diocese of London’s Finance Team and we receive yearly statements.

Reserves policy

The Charities Act requires charities to have a purpose in holding onto money. In line with our vision, we are passionate about ensuring our reserves are used to gain maximum benefit for our parish and community. Our purpose is to meet both the current and future needs of the church, whilst also being prepared for unforeseen emergencies.

We recognise the necessity and importance of having reserves, particularly as we have permanent staff members and seek to grow the Ministry Team. It is the policy of our church to have approximately three month’s running costs in reserve. For 2024, applying this policy would mean retaining £50,000 in reserves at year-end. At 31st December 2024 the general account free reserves (after stripping out investments and the value of fixed assets) stood at a level of £42,163, behind our agreed reserve policy.

This report was approved by the PCC on 20th March 2025 and signed on its behalf by Peter Nicholls

Trustee Peter G Nicholls Peter G Nicholls (Apr 9, 2025 12:04 GMT+1)

Date 09/04/2025

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STATEMENT OF FINANCIAL ACTIVITIES

Income
from
Note
Donations and Legacies
2
Charitable Activities
2
Income from Investments
2
Trading Activities
2
Expenditure:
Raising Funds
3
Charitable Activities
3

Net Income before
investment gains

Net Gains on investments

Transfers between funds
Net income before other
recognised gains and losses

Gains on revaluation of fixed
assets

Net movement in funds

Funds brought forward

Funds carried forward		 Unrestricted
(£)
2024
102,352
6,617
10,684
16,260
135,913
1,328
174,160
175,488
(39,575)
9,444
-
(30,131)
-


(30,131)
470,403

440,272
Restricted
(£)

2024

2,283

-

-

-

2,283

-

6,811

6,811

(4,528)

-

-
(4,528)
-


(4,528)
1,035,384

1,030,856		 Total (£):
2024
104,635
6,617
10,684
16,260
138,196
1,328
180,971
182,299
(44,103)
9,444
-
(34,659)
-
(34,659)
1,505,787
1,471,128		 Total (£)
2023 as
restated
121,765
10,738
14,973
22,924
170,400
1,159
190,153
191,312
(20,912)
36,641
-
15,729
-
15,729
1,490,058
**1,505,787 **

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BALANCE SHEET

AS AT 31 DECEMBER 2024

Note

Fixed Assets

Tangible Assets 7
Fixed Asset Investments 8


Current Assets

Debtors 10
Current Asset Investments 9
Cash at Bank and In hand



Creditors (amounts falling
due within 1 year)
11


Net Current Assets:


Net Assets:



Funds:

Restricted Funds12
Unrestricted Funds

Total funds:
 2024 (£)

1,021,844

7,000

1,028,844

16,648

385,068

43,780

445,496

3,212

442,284

1,471,128

1,030,856

440,272

1,471,128
 2023 as
restated
(£)
1,024,781
7,000
1,031,781
28,756
385,623
67,374
481,753
7,747
474,006
**1,505,787 **
1,035,384
470,403
**1,505,787 **

Approved by the PCC on 20th March 2025 and signed on its behalf by Peter Nicholls.

Trustee Peter G Nicholls

Peter G Nicholls (Apr 9, 2025 12:04 GMT+1)

Date 09/04/2025

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NOTES

1. ACCOUNTING POLICIES

Basis of preparation of financial statements

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011. The Parochial Church Council of St. Mary's and Holy Trinity Bow constitutes a public benefit entity as defined by FRS 102.

The accounts have been prepared in GBP and all amounts have been rounded to the nearest £.

1 - Funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund.

2 - Income

Donations and other income are recognised when received and an estimate of income tax recoverable is recognised when the related donations are recognised.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

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3 - Expenditure

Expenditure incurred in the operation of the church is classed as Charitable Activities. Expenditure used to gain income is classed as raising funds.

4 - Investments and Stocks

Investments and stocks are measured at their end of year market value.

5 - Tangible fixed assets and depreciation

Consecrated and beneficed property of any kind is excluded from the accounts by s. 10(2) (a) and (c) of the Charities Act 2011.

All expenditure on consecrated or beneficed buildings and individual items costing under £500 are written off in the year they were incurred.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable.

Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Only items of greater value than £500 are capitalised. Church AV comprises a number of screens and sound equipment. They will be depreciated over 5 years from date of first use. Computers, office equipment are depreciated over 4 years from first use. Church chairs and furnishings are depreciated over 15 years.

6 - Current Assets

Cash at bank and in hand includes cash and short term highly liquid investments. Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provisions for amounts that may prove irrecoverable.

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Notes to the Financial Statements

2. INCOME AND ENDOWMENTS FROM

2a - Donations and
Legacies


Planned Giving

Collections at all Services
Donations and appeals

Tax Recoverable

Grants



2b - Charitable Activities
Events

Fees from weddings



2c - Trading Activities

Rental Income



2d - Investments

Dividends and interest


Total:
 Unrestricted
Funds
(£)
59,612
1,451
26,526
14,763
-
102,352
5,335
1,282
6,617
16,260		 Restricted
Funds
(£)
-
-
1,000
-
1,283
2,283
-
-
-
-
-
-
-
2,283		 Totals
funds
2024
(£)
Total
funds
2023
(£)
59,612
67,559
1,451
3,144
27,526
20,028
14,763
22,284
1,283
8,750
104,635 121,765
5,335
9,749
1,282
989
6,617
10,738
16,260
22,924
16,260 16,260
22,924
10,684
10,684
135,913		 10,684
14,973
10,684
14,973
138,196
170,400

In 2024, of total income £135,913 related to unrestricted funds and £2,283 related to restricted funds. In 2023, of total income £160,230 related to unrestricted funds and £10,170 related to restricted funds.

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Notes to the Financial Statements

3. EXPENDITURE


3a. Raising Funds

Hospitality

Total:

3b. Charitable activities

Community and Mission

Diocesan parish contribution

other clergy costs

Fees to the diocese

Church running and maintenance expenses

Service Development

Staffing costs

Upkeep of services

Accountancy and independent examination

Site Development

Depreciation

Total:

Total:
 Unrestricted
Funds
(£)
1,328
1,328
12,663
51,000
1,148
299
28,000
2,200
73,029
560
1,860
464
2,937
174,160
175,488		 Restricted
Funds
(£)
-

-

1,000

-

-

-

2,737

2,212

-

862

-

-

-
6,811

6,811		 Total
(£)
Total
(£)
2024
2023
1,328
1,159

1,328
1,159
2024
2023

13,663
12,771

51,000
47,868

1,148
34,77

299
1,452

30,737
37,540

4,412
6,968

73,029
73,631

1,422
808

1,860
2,500

464
201

2,937
2,937
180,971 190,153
182,299 191,312
4. NET INCOME BEFORE GAINS:
2024 (£)		 2023 (£)
This is stated after charging:
Examiners remuneration
1,860		 2,500
Depreciation
2,937		 2,937

5. STAFF COSTS

During the year the PCC employed on average 2 people equivalent to 1.8 FTE (2023, 2 people, 1.8 FTE). These included a full time operations manager and part time administrator. No employee earned in excess of £60,000 in the year.

The aggregate staff costs during the year, included in the above figure are as follows:

2024 (£)
2023 (£)
Wages and Salaries
 67,657
62,767
Pension Contributions
 3,606
3,663
Total
 71,263 66,430

The trustees consider that they constituted Key Management Personnel during the year. No trustee received remuneration in connection to their role as trustee.

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6. RELATED PARTY TRANSACTIONS

Total donations by 14 PCC Members in the year ended December 2024 were £33,555 excluding gift aid (2023 £20,739).

Expenses were reimbursed to three members of the PCC (2023 six members) in respect of travel, buying service & church equipment, refreshments and sundry other items. These were incurred in the normal course of their volunteering and paid duties on behalf of the church and amounted to £1,151 (2023 £2,781).

One Trustee received an Honorarium of £800 (2023 £4,800) for the work they did for the church which is not within their trustee responsibilities.

There were no other disclosable transactions in respect of PCC members, persons closely connected with them or other related parties.

7. TANGIBLE FIXED ASSETS

7. TANGIBLE FIXED ASSETS
Freehold Property (£)
 Church Equipment (£):
 Total (£):
Cost or valuation

At 1 Jan 2024
 1,006,320
 35,332
 1,041,652
Additions
 -
 -
 -
Disposals
 -
 -
 -
At 31 Dec 2024
 1,006,320
 35,332
 1,041,652
Depreciation:
At 1 Jan 2024
 -
 16,871
 16,871
Charge for the year 2,937
 2,937
Disposals
 -
 -
 -
At 31 Dec 2024
 -
 19,808
 19,808
Net Book value:

At 31 Dec 2024
 1,006,320
 15,524
 1,021,844
At 31 Dec 2023
 1,006,320
 18,461
 1,024,781

The freehold land and buildings comprise the Holy Trinity Parish Hall, Morgan Street, London E3. For accounting purposes, the value shown in the financial statements at 31 December 2016 represents the rebuilding insurance value, which the trustees have adopted as the deemed cost.

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Notes to the Financial Statements

8. FIXED ASSET INVESTMENTS

CCLA Investments:

9. Current Asset
Investments
Unlisted Investments
CBF Investment Fund


10. Debtors:
Gift Aid Claim
Debtors
Prepayments


11. Creditors: Amounts
falling due within 1 year
Accounts Payable
Accruals
 2024 (£)
7,000
2024 (£)
93,808
291,260
385,068
2024 (£)
13,248
-
3,400
16,648
2024 (£)
390
2,822
3,212		 2023 (£)
7,000
2023 (£) as
restated
100,874
284,749
385,623
2023 (£)
18,623
6,430
3,703
28,756
2023 (£)
1,575
6,172
7,747

14

Docusign Envelope ID: 6F6F5E16-500B-4E49-A5A9-27BE3B35E915

Notes to the Financial Statements

12. STATEMENT OF FUNDS

Unrestricted
Funds:

Restricted Funds:

Unrestricted
Funds:
Restricted Funds:		 Balance
brought
forward as
restated at
1 January
2024 (£)
Income
(£ )
Expenditure
(£)
Gains/
(Losses)
(£)
Transfers
between
funds (£)
Carried
Forward at
31
December
2024 (£)
470,403 135,913
(175,488)
9,444
-
440,272
1,035,384
2,283
(6,811)
-
- 1,030,856
1,505,787 138,196
(182,299)
9,444
- 1,471,129
Balance
brought
forward as
restated at
1 January
2023 (£)
Income
(£)
Expenditure
(£)
Gains/
(Losses)
(£)
Transfers
between
funds (£)
Carried
Forward at
31
December
2023 (£)
421,856
160,230 (183,418)
36,641
35,094
470,403
1,068,202 10,170
(7,894)
-
(35,094)
1,035,384
1,490,058 170,400 (191,312)
36,641
-
1,505,787

15

Docusign Envelope ID: 6F6F5E16-500B-4E49-A5A9-27BE3B35E915

Restricted Funds

Restricted Funds
Tangible Fixed Asset
fund
Cedar Grant
Service Development
St Leonards
Windows
Wildfires
Other
Tangible Fixed Asset
fund
Cedar Grant
Service Development
St Leonards
Windows
Wildfires
Other		 1-Jan-24 (£)
Income
(£)
Expenditure
(£)
Gains/
Losses (£)
Transfers
(£)
31-Dec-24
(£)
1,006,320
-
-
-
- 1,006,320
9,044
-
(928)
-
-
8,116
15,500
-
-
-
-
15,500
-
1,283
(1,283)
-
-
-
2,750
-
(2,750)
-
-
-
-
-
-
-
-
-
1,770
1,000
(1,850)
-
-
920
1,035,384
2,283
(6,811)
-
- 1,030,856
1-Jan-23 (£)
Income
(£)
Expenditure
(£)
Gains/
Losses (£)
Transfers
(£)
31-Dec-23
(£)
1,006,320
-
-
-
-
1,00,6320
10,000
-
(955)
-
-
9,044
15,500
-
-
-
-
15,500
1,288
3,000
(4,288)
-
-
-
2,750
-
-
-
2,750
2,500
(2,500)
-
-
-
35,094
1,920
(150)
-
(35,094)
1,770
1,068,203
10,170 (7,893)
-
(35,094)
1,035,384

The description of the main restricted funds are as follows:

Fixed Asset fund: Represents the book value of the Holy Trinity Parish Hall, Morgan Street, London E3 Cedar fund: Represents funds given to support Cedar groups. Service development: Funds given to explore new ways of worship Organ grant: Funds given to for the refurbishment of the Church’s organ St Leonards Priory: Funds for developing St Leonards Churchyard

During the year ended 31 December 2023, a review of historic restricted funds was carried out. The transfer between funds represents historic amounts classified as restricted that could not be tied back to funds received for a particular purpose or restriction.

16

Docusign Envelope ID: 6F6F5E16-500B-4E49-A5A9-27BE3B35E915

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS


Net Assets Between Funds:

Tangible Assets
Fixed Asset Investments
Current Asset Investments
Cash at Bank and in hand
Debtors
Creditors (amounts falling due within 1
year)

Net Assets Between Funds:

Tangible Assets
Fixed Asset Investments
Current Asset Investments
Cash at Bank and in hand
Debtors
Creditors (amounts falling due within 1
year)		 Unrestricted
Funds (£)
2024

15,524
7,000
385,068
19,244
16,648
(3,212)
440,272
Unrestricted
Funds (£)
2023 as restated

18,461
7,000
385,623
38,310
28,756
(7,747)
470,403		 Designated
Funds (£)
2024


-

-

-

-

-

-

-
Designated
Funds (£)
2023


-

-

-

-

-

-

-		 Restricted
Funds (£)
Total (£)
2024
2024

1,006,320 1,021,844

- 7,000

- 385,068

24,536 43,780

- 16,648

- (3,212)

1,030,856 11,471,128
Restricted
Funds (£)
Total (£)
2023
2023

1,006,320 1,024,781

-
7,000

-
385,623

29,064
67,374

-
28,756

-
(7,747)

1,035,384 1,505,787		 Total (£)
2024
1,021,844
7,000
385,068
43,780
16,648
(3,212)
Total (£)
2023
1,024,781

7,000

385,623

67,374

28,756

(7,747)
1,505,787

17

Docusign Envelope ID: 6F6F5E16-500B-4E49-A5A9-27BE3B35E915

14. PRIOR PERIOD ADJUSTMENT

During the year to December 2024, the charity became aware of Investments that it owned that had not previously been shown in its accounts. Given these were also held prior years and are material to the accounts, the balance sheet has been restated to reflect the inclusion of these investments. The prior period SOFA has also been restated to reflect the increase in unrealised gains in the portfolio across 2023 that also would not have been previously reported.

Changes to the balance sheet

Fixed Assets
Tangible Assets
Fixed Asset Investments
Current Assets
Debtors
Current Asset Investments
Cash at Bank and In hand
Creditors (amounts falling due within 1 year)
Net Current Assets:
Net Assets:
Funds:
Restricted Funds
Unrestricted Funds
Total funds:		 2023 (£) as
reported
Adjustment
1,024,781
7,000
1,031,781
28,756
362,722
22,901
67,374
458,853
7,747
451,105
1,482,886
1,035,384
447,502
22,901
1,482,886
2023 (£) as
restated
1,024,781
7,000
1,031,781
28,756
385,623
67,374
481,753
7,747
474,006
1,505,787
1,035,384
470,403
1,505,787

18

Docusign Envelope ID: 6F6F5E16-500B-4E49-A5A9-27BE3B35E915

Changes to the SOFA

Income from
Donations and Legacies
Charitable Activities
Income from
Investments
Trading Activities
Other Incoming
Resources
Expenditure:
Raising Funds
Charitable Activities
Other activities
Net Income before
investment gains
Net Gains on
investments
Net income before
other recognised gains
and losses
Net movement in funds
Funds brought forward
Funds carried forward		 Total (£)
Adjustment (£)
2023 as reported
121,765
10,738
14,972
22,924
170,400
1,159
190,153
191,311
- 20,911
34,714
1,927
13,802
13,802
1,469,084
20,974
1,482,886		 (£)
2023 As restated
121,765
10,738
14,972
22,924
170,400
1,159
190,153
191,311
- 20,911
36,641
15,729
15,729
1,490,058
1,505,787

19

Docusign Envelope ID: 6F6F5E16-500B-4E49-A5A9-27BE3B35E915

Independent examiner’s report to the Trustees of The Parochial Church Council of St. Mary’s and Holy Trinity Bow

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2024.

Responsibilities and basis of report

As the charity’s 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 charity’s accounts carried out under section 145 of the 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

Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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.

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

Richard Hill FCA For and on behalf of Griffin Stone Moscrop & Co 21-27 Lamb’s Conduit Street London WC1N 3GS

Date:

22/4/2025

20

~~Docusign Envelope ID: 6F6F5E16-500B-4E49-A5A9-27BE3B35E915~~

PCC Copy of 2024 Annual report - Draft v6FINAL.docx

Final Audit Report

2025-04-09

Created: 2025-04-08 By: Rebecca Green (hello@bow.church) Status: Signed Transaction ID: CBJCHBCAABAAUqRhk2pfCCRsked7dcXH6xjqss4ooCU_

"PCC Copy of 2024 Annual report - Draft v6- FINAL.docx" Histor

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Document created by Rebecca Green (hello@bow.church)

2025-04-08 - 5:27:40 PM GMT- IP address: 90.217.123.46

Document emailed to peteten2000@hotmail.co.uk for signature

2025-04-08 - 5:27:45 PM GMT

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Signer peteten2000@hotmail.co.uk entered name at signing as Peter G Nicholls 2025-04-09 - 11:04:19 AM GMT- IP address: 81.158.54.163

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