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2022-12-31-accounts

St Mary Le Strand with St Clement Danes Parochial Church Council

Trustees’ Report and Financial Statement

Year Ended

31 December 2022

ST MARY LE STRAND WITH ST CLEMENT DANES PAROCHIAL CHURCH COUNCIL

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
CONTENTS Page No
Reference and administrative details of the charity 2
Trustees’ Report 3-10
Independent Examiner’s Report 11–12
Receipts and Payments account 13
Statement of assets and liabilities 14
Notes to the financial statements 15

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ST MARY LE STRAND WITH ST CLEMENT DANES PCC

Reference and Administrative Details of the Charity, its trustees and advisers for the year ended 31 December 2022.

Trustees

The Reverend Canon Dr Peter Babington (Chair) The Reverend James Craig (Safeguarding Officer) The Reverend Peter Hanaway The Reverend Canon Professor Dr James Walters Nick Cressey (Churchwarden) to 17 May 2022 Margaret Stonborough (Churchwarden) to 17 May 2022 Janet Crabtree (Treasurer) and Church Warden from 17 May 2022 David Scott (Deanery Representative) Katie Ginger to 17 May 2022 Peter Maplestone (Churchwarden) from 17 May 2022 Sandeep Christian to 25 October 2022 Barry Morgan to 21 June 2022 Janet St John Austin Stewart Trotter Georgina Tucket from 21 June 2022

PCC Secretary Karen Little, Parish Administrator

Charity registered number: 1140177

Principal office : St Mary le Strand, Strand, London WC2R 1ES

Investment Managers : Central Board of Finance of the Church of England, CCLA, Senator House, 85 Queen Victoria Street, London EC4V 4ET

Independent Examiner : Mr Derek Rodwell, Benett Verby, 7 St Petergate, Stockport, SK1 1EB

Bankers: Lloyds TSB Plc, 6 Holborn Circus, London EC1N 2HP

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ST MARY LE STRAND WITH ST CLEMENT DANES PCC

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Parochial Church Council of St Mary le Strand with St Clement Danes (‘the PCC’), as Trustees, present their annual report, together with the financial statements, for the year ended 31 December 2022. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements.

Background and Mission

The PCC has responsibility for promoting the work of the ecclesiastical parish, including the whole mission of the church, pastoral, evangelistic, social and ecumenical.

The PCC is also responsible for the maintenance of the Grade 1 listed parish church of St Mary le Strand and for the administration of an endowed charitable trust, the St Clement Danes Parish House Charity.

Structure, Governance and Management

The method of appointment of PCC members is set out in the Church Representation Rules. At St Mary le Strand, membership of the PCC normally consists of the licensed clergy, the two churchwardens, and the members who are elected by those persons whose names are enrolled on the Electoral Roll. The PCC members are responsible for making decisions on all matters of general concern and importance to the parish and on how the funds of the PCC are spent. The PCC met on eight occasions during the year 2022.

Administrative Information

St Mary le Strand is part of the Two Cities Area of the Diocese of London and is within the Archdeaconry of Charing Cross and Deanery of Westminster (St Margaret), we welcome the oversight of The Rt Revd & Rt Hon Dame Sarah Mullally DBE, Bishop of London, and we seek to play a full part in the life of the Diocese.

The PCC is a body corporate under the Parochial Church Councils (Powers) Measure 1956 and the Church Representation Rules (‘the Rules’) and is a charity registered with the Charity Commission for England and Wales, no. 1140177. There are elections every year for the PCC at the Annual Parochial Church Meeting, where all those on the electoral roll are eligible to vote; the APCM operates under the Rules.

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POLICY STATEMENTS

Health and Safety

The PCC has a Health and Safety policy, covering the conduct of all activities within the church building. The policy is kept up to date and an accident book is kept in the church.

Safeguarding

The PCC has adopted the Diocese of London’s safeguarding policy relating to children, young people and vulnerable people. The Safeguarding Officer is The Revd Jim Craig. The role of Children’s Champion was left vacant for the time being.

The PCC is committed to the principles of best practice in relation to safeguarding and complies with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 in respect of having due regard to House of Bishops’ guidance on safeguarding children and vulnerable adults. The guidance may be read in full on the Church of England website.

Equality Act 2010

The parish is aware of its responsibilities under the Act, especially regarding people with disabilities. A hearing loop is fitted in the church, wheelchair users are offered help in accessing the church building and toilet facilities are available for wheelchair users. However, the parish is aware that the flight of steps at the entrance to the church may give difficulties to wheelchair users. The grade 1 listed nature of the church building and its physical characteristics have, so far, prevented a full solution but this is under review with the Jewel in the Strand project.

Risk management

The parish has carried out an assessment of possible risks, including fire risks, within the church and has identified areas in need of improvement. Copies of the assessments are kept in the church. Financial risks are also reviewed from time to time. Capital and accumulated funds are held in respected common investment funds operated by the CCLA. All cheques require two signatures and online transactions require two approvers. During the year the parish had no paid staff. However, services were provided to the PCC as follows; Administration – Karen Little; Cleaning - Pauline Ives & Marilyn Velasquez.

Reserves Policy

It is PCC policy to maintain a balance on unrestricted funds which equates to at least six months’ unrestricted payments, equivalent to around £30,000, to cover emergency situations which may emerge from time to time. It is the PCC’s policy to invest its funds in the CBF Church of England Funds, with unspent cash being held in their Deposit Fund. It will be noted that the amount of unrestricted funds at present is well in excess of this reserves figure. The greater part of the funds represents an accumulation from a fund to provide a rectory house for the parish. Although the fund is technically unrestricted, the PCC has designated it as the Property Fund and placed it in accumulation shares in the CBF Property Fund. The absence of a rectory house in this parish has a significant implication for all other aspects of ministry and the PCC does not consider the Property Fund to be available cash for expenditure in the same manner as other cash assets.

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PARISH REPORT FOR 2022: THE YEAR IN REVIEW

St Mary le Strand is a Sanctuary: a place of welcome, worship and well-being which is guided by the following Core Values:

These Core Values guide our Three Missions which are:

Vision

St Mary le Strand will be a restored and redeveloped church building, with a renewed mission and ministry, at the heart of the regenerated Strand-Aldwych district.

Mission

St Mary le Strand, a Church of England parish church, will stand at the centre of a new ‘piazza’ as a place of worship and as:

As a local church, we have three missions which are interconnected: Christian, Public and Cultural.

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Values

Our vision and three missions are underpinned by these values and concepts:

To strengthen our core value of inclusivity St Mary le Strand joined ‘Inclusive Church’ as a church which celebrates and affirms every person and does not discriminate.

Objectives and Activities

The PCC is committed to bringing as many people as practicable to worship at the parish church and to play a constructive role in the wider affairs of the community. The church’s services and worship put faith into practice through prayer, scripture and the administration of the sacraments.

When planning its activities for the year, the PCC has considered the Charity Commission’s guidance on public benefit and, in particular, on charities for the advancement of religion. The PCC tries to enable people to live out their faith as part of the parish community through:

To facilitate this work, it is important that the PCC maintains the parish church of St Mary le Strand, a grade 1 listed building of national significance.

Recovery from the restrictions of COVID-19 has been a slow process. Most of our weekday congregation worked in the City and surrounding area and many have not returned to working in the office. However, with the assistance of a grant for the academic year 202122 from The Westminster Alms Houses and a grant for the academic year 2022-23 from the

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Mercers’ Company we have had the benefit of a student lead choir formed mainly from King’s College who sang for our Wednesday evening Eucharist in term time. We are able to pay an honorarium to the Choir leader and an organ scholar.

The Thursday evening Compline via Zoom is still very successful, one of whom joins by telephone as there is no computer or smart phone in the house.

Plans to host cultural events have really grown. We now have the benefit of a Steinway piano, the property of our ‘Pianist in Residence’ Warren Mailley-Smith. Musical concerts are held on average twice a week and are proving very popular.

During October, November and December we hosted an art installation for the Embassy of the Dominican Republic of Falling Tobacco Leaves.

We again hosted Carol Services for the Association of Wrens, Farrer & Co and the LSE.

Tobacco Leaves Art Installation & WRNS Carol Service

The Community

The church has been involved with the planning stages for the Strand/Aldwych Regeneration Project. St Mary le Strand is seen as a centre piece for this project, providing a place of worship and a place of sanctuary, a public democratic space and a place of engagement and connectivity with the local communities. Work commenced on reconfiguring the traffic system around the Aldwych in January 2021 and the area around the church became pedestrianised late summer 2021 but we endured a great deal of construction work being carried out as the Strand was prepared for ‘Meanwhile Strand’ which was officially opened in December 2022, using St Mary le Strand as the focal point for the event.

A Musical Director was appointed in November 2021 funded by The Northbank BID to form a Community Choir to help with the metal health of those returning to work in the area.

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The aim was to start the choir in January 2022 but this was put on hold until March 2022 as people were advised to work from home in the New Year following an increase in the infection rate of COVID-19. The numbers attending was not as great has had been hoped as many continued to ‘work from home’ even after restrictions were lifted. Funding for this venture finished in October 2022.

Worship and Prayer

We continue to hold a said Holy Communion at lunchtime on a Tuesday and a Sung Eucharist (during term time) with a student led choir on a Wednesday evening. On a Thursday evening, Evening Prayer is said and later in the evening Compline via Zoom. There is also a monthly sung Evensong.

We hosted five weddings, one funeral and three Carol Services during the year. The Parish Carol Service also gave us the opportunity to thank our volunteers who have kept the church open to the public.

The Fabric of the Church

No additions were made to the furnishings, and the ornaments and fittings were all present and in good condition. No major work was carried out to the church in 2022 only routine maintenance. With a grant from the Northbank Bid and Westminster City Council CIL Fund we were able to renew the floodlighting.

Treasurer’s Report

The accounts for 2022 accompany this report. The income from all sources amounted to £212,455 (2021 - £192,846) and expenditure totalled £195,742 (2021 -£168,119). The value of the investments decreased by £167,643 (2021 – increase £178,258) over the year. Total funds at the end of the year came to £1,531,047 (2021 - £1,681,978) of which £1,095,082 (2021 - £1,220,480) were restricted. The PCC are also trustees of the St Clement Danes Parish House Charity and are able to make transfers to the parish from the income of that charity, which exists for the benefit of the parish.

We would like to record our grateful thanks for the following grants received during the

year:

SOURCE PURPOSE AMOUNT
National LotteryHeritage Fund Resilience Project £52,378
Diocese of London Continuityof Project £9,244
Westminster CityCouncil CIL Floodlighting £26,500
North Bank BID Floodlighting £5,820
Mercers’ Company Student Choir £4,500
Diocese of London Fuel Assistance £2,641
Strand Parishes Charities Unrestricted £16,354

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Public Benefit Statement

The PCC confirms that it is aware of the Charity Commission’s guidance on public benefit. The requirement to maintain a public benefit is met by the regular provision of church services on both Sundays and weekdays, the provision of marriages, funerals and baptisms, the hosting of cultural events such as concerts and art exhibitions and the opening of this grade 1 listed building to visitors on a regular basis.

Electoral Roll

In accordance with the Church Representation Rules, the parish’s Church Electoral Roll was renewed in 2019.

The number of names on the revised roll was 30.

Resilience Project

In 2021 the PCC are grateful to the National Heritage Lottery Fund (NHLF) who awarded us a grant of £118,500 towards a Resilience Project prior to starting the major restoration work. This was used to reopen the church to the local community and to re-engage with them following many years of limited access and the closures during the national lockdowns for the COVID-19 pandemic. Consultants were engaged who looked at Audience Development, Business Plans, Governance, Restoration Plans, Website Development and Community Liaison. A Project Manager was also engaged. All produced reports which were presented to the PCC and a final resilience report was submitted to NLHF on 15 March 2022, which highlighted the strengths and weaknesses in the delivery of the various projects. All this was overseen by a Project Board initially chaired by Canon Peter Babington, Priest in Charge, and latterly by Mr Peter Maplestone. The aim is now to continue to action the ‘follow up’ recommendations from these reports.

Development Project

A bid was made to the NLHF for a grant of £3.9 million to be match funded by SMLS with £4.1million. In August we heard that we had been successful and a round 1 grant of £520,000 had been awarded which the church would match fund with £100,000. We are again very grateful to the National Lottery Heritage Fund. This was to cover the development stage of the project. A Project Director has been appointed and also the Architects. They will work to bring the project to RIBA Stage 3 and secure funders for the £4.1million by August 2024. Interviews for other consultants and staff are underway.

The PCC Responsibilities in relation to the Financial Statements

Charity law requires the PCC to prepare a statement of financial activities and statement of assets and liabilities for each financial year, which gives a true and fair view of the state of affairs of the church and of its financial activities for that year and adequately distinguishes any material special trust or other restricted fund of the church. In preparing those financial statements the PCC is required to:

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o state whether the policies adopted are in accordance with the appropriate SORP on Accounting by Charities and the Accounting Regulations and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements- o prepare the accounts on the going concern basis unless It is inappropriate to presume that the church will continue to operate. The PCC is responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the church. and to enable them to ensure that the financial statements comply with applicable Accounting Standards and Statements of Recommended Practice and the regulations made under the Charities Act 2011. They are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the prevention and detection of f raud and other irregularities. This report was approved by the Trustees on their behalf by: 18th April 2023 and signed on The Reverend Dr. Canon Peter Babington 101 Page

The Independent Examiner's Report to the PCC of

St Mary-Le-Strand with St Clement Danes

I report on the financial statements of the PCC for St Mary-Le-Strand with St Clement Danes for the year ended 31 December 2022 as set out on pages 13 to 15.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 145 of the Charities Act 2011 (the 2011 Act). I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants of England and Wales

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

This report, including my statement, has been prepared for and only for the charity’s trustees as a body. My work has been undertaken so that I might state to the charity’s trustees those matters that 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 any other than the charity and the charity’s trustees as a body for my examination work, for this report or for the statements that I have made.

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

Page 11

Signed:

Dated: 11[th] May 2023

Derek Rodwell

Impact The Future Ltd,

Bennet Verby,

7 St Petersgate, Stockport, Cheshire, SK1 1EB

Page 12

ST MARY-LE-STRAND WITH ST CLEMENT DANES PCC Receipts and payments accounts For the year ended 31st December 2022

Notes
Income and endowments
Donations and legacies
Regular giving
Loose Plate collections & card machine
Giving through church boxes
One-off Gift Aid gifts including envelopes
Donations appeals etc
Tax recoverable on Gift Aid
Non-recurring grants
2
Strand Parish Trust
Donations and legacies Totals
Income from charitable activities
Fees for weddings and funerals etc
Fees and income on events
Church Hire
Sales of books, postcards etc
Income from charitable activities
Totals
Investments
Dividends
Loan from Diocese
Bank and building society
interest
Investments Totals
Income and endowments
Grand totals
Expenditure
Expenditure on charitable activities
Common Fund
Cost of parish administrator
Parochial fees
Verger Fees
Working expenses of incumbent
Parish training and mission
Church running - insurance
Church office - telephone & IT
Organ / piano tuning
Down-payment on Steinway Model B piano
Organist, musician, choir and music director
Church maintenance
Church equipment (AV etc)
Resiliance Project
Cleaning
Upkeep of churchyard
Bookkeeping
Administration & general
Consumables
Subscriptions
Hospitality
Bank and service Charges
Visiting speakers / locums
Church running - electric
Church running - water
Church running - oil
Special appeals paid out
Exhibitions, concerts & events
Fee for valuation of church for hiring out
Legal Fees
Independent examination fees
Expenditure on charitable
activities Totals
Expenditure Grand totals
Net movement in bank accounts
Opening balance in bank
Movements between bank accounts
Closing balance in bank		 2022
2022
2022
2022
Unrestricted Unrestricted Restricted
Totals		 2021
2021
2021
2021
Unrestricted Unrestricted
Restricted
Totals
Parish House
funds		 Parish House
funds
2,370
2,370
4,567
4,567
2,771
2,771
85
85
766
250
1,016
1,014
1,014
101,083
101,083
15,903
451
16,354
27,476
0
101,784
129,260
6,552
6,552
1,369
1,369
21,809
21,809
251
251
29,980
0
0
29,980
14,211
28,374
42,585
9,243
9,243
712
588
87
1,386
24,166
28,962
87
53,215
81,622
28,962
101,871
212,455
38,000
38,000
8,140
8,140
1,045
1,045
1,805
1,805
330
330
101
101
10,702
10,702
3,121
3,121
348
348
5,150
5,150
1,798
10,052
11,850
1,265
13,616
14,881
503
503
9,244
69,796
79,039
686
686
0
374
374
692
692
1,230
300
1,530
65
65
421
421
602
602
0
0
2,236
2,236
152
152
2,979
0
2,979
0
0
2,731
6,218
8,949
0
0
840
840
1,200
1,200
95,760
0
99,982
195,742
95,760
0
99,982
195,742
(14,138)
28,962
1,889
16,713
53,944
63,789
139,173
256,906
25,000
(25,000)
0
64,806
67,751
141,062
273,619		 2,464
2,464
772
772
1,045
1,045
322
500
822
2,366
300
2,666
2,288
2,288
87,290
87,290
10,686
5,343
16,029
19,941
0
93,433
113,374
618
618
34,450
34,450
0
0
35,068
0
0
35,068
13,909
27,441
41,351
3,000
3,000
19
23
11
53
16,928
27,464
11
44,404
71,937
27,464
93,444
192,846
29,000
29,000
7,885
7,885
344
344
105
105
365
365
123
123
10,461
10,461
1,357
1,357
175
175
0
0
(1)
2,793
2,792
9,517
9,517
2,308
4,400
6,708
5,037
83,223
88,260
315
315
0
0
556
556
506
506
791
791
556
556
76
76
153
153
0
0
4,077
4,077
94
94
722
722
0
0
0
0
1,980
1,980
0
0
1,200
1,200
77,702
0
90,416
168,119
77,702
0
90,416
168,119
(5,765)
27,464
3,028
24,727
33,523
56,325
142,331
232,179
26,186
(20,000)
(6,186)
0
53,944
63,790
139,173
256,906

Page 13

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ST MARY-LE-STRAND WITH ST CLEMENT DANES PCC

Notes to the accounts For the year ended 31st December 2022

1. Net Movement in Investment Assets

Note
Unrestricted Funds
CCLA income shares Property Fund
6001P 197,382 shares
CCLA Investment Fund
6001S 2,216 shares
Total Unrestricted Invetment Funds
Endowment Funds-Clement Danes
Parish House Charity
CCLA Investment Fund
46,174 shares
3,4
Total Investment Funds
2a. Movement on Restricted Funds 2022
Restoration Fund including Strand Parishes grants
Organ Fund (formerly shown as part of restoration fund)
Jubilee Fund
Diocesan Fuel Allowance
Grants towards Student led Choir: Mercers and Westminster Almshouses Trust
National Church Trust Grant for FeasabilityStudy
Resilience Projectgrants: NHLF & London Diocese
See note below
Northbank Bid Ltd - Grant for Community Choir
Donation towards window cleaning
Grants for floodlighting: WCC & Northbank Bid ltd
SMLS Speaks- Northbank Bid Ltd
See note below		 2021
Opening Balance
01/01/21
2021
Movemen
ts in
value
2021/22
Closing/Opening
Balance
01/01/22
2022
Movement
in Value
2022
Closing Fund
31/12/22
255,432
36,437
291,869
(34,246)
257,623
45,400
6,495
51,895
(6,109)
45,786
300,832
42,931
343,763
(40,355)
303,409
945,981
135,326
1,081,307
(127,288)
954,019
945,981
135,326
1,081,307
(127,288)
954,019
1,246,813
178,258
1,425,071
(167,643)
1,257,428
2022
Opening Balance
01/01/22
2022
Income
2022 expenditure
2022
transfers
2022 Closing
Balance
31/12/22
41,808
701
(5,796)
36,713
2,000
0
0
2,000
83,878
87
0
83,965
0
2,641
0
2,641
4,040
4,500
(3,384)
5,156
279
0
(279)
0
(0)
61,622
(64,020)
(2,399)
6,668
0
(6,668)
0
500
0
(500)
0
0
32,320
(13,116)
19,204
0
0
(6,218)
(6,218)
139,173
101,871
(99,982)
0
141,062

The grant for the SMLS Speaks project, funded by Northbank BID, was applied for in 2022 but received in January 2023 and shown as a debtor on the statement of assets and liabilities

THE NHLF grant for the resilience project will be drawn down early in 2023 so the deficit at the end of 2022 will be covered.

Following the successful completion of the Resilience Project a bid was made to the NLHF for a grant of £3.9million to be match funded by SMLS with £4.1million for the development and restoration of the church. In August we heard that we had been successful and a round 1 grant of £520,000 has been awarded which the church will match fund with £100,000. This is to cover the development stage of the project. A Project Director has been appointed and also the Architects. They will work to bring the project to RIBA Stage 3 and secure funders for the £4.1million by August 2024. Drawdowns from the NLHF are aways made in arrears.

2b. Movement on Restricted Funds 2021

2b. Movement on Restricted Funds 2021
Restoration Fund including Strand Parishes grants
Organ Fund (formerly shown as part of restoration fund)
Jubilee Fund
All Churches Trust Ltd Grant for Audio Visual Equipment
Westminster Almshouses Trust - Grant towards Student led Choir
National Church Trust Grant for FeasabilityStudy
National Heritage LotteryFund - Resilience Project
Northbank Bid Ltd - Grant for Community Choir
Donation for lighting for event
Donation towards window cleaning		 2021
Opening Balance
01/01/21
2021
Income
2021 expenditure
2021
transfers
2021 Closing
Balance
31/12/21
6,463
5,343
(4,998)
35,000
41,808
2,000
0
0
0
2,000
133,868
10
0
(50,000)
83,878
0
4,400
(4,400)
0
0
0
5,500
(1,460)
0
4,040
0
6,000
(5,721)
0
279
0
63,390
(72,205)
8,814
(0)
0
8,000
(1,332)
0
6,668
0
300
(300)
0
0
0
500
0
0
500
142,331
93,443
(90,415)
(6,186)
139,173

3. History of the Parish House Endowment Fund . The permanent endowment to the St Clement Danes Parish House Charity in 1896 was the Parish House. When this property was sold in 1961, the sale proceeds of £27,500 were used to purchase units in the Central Board of Finance Investment Fund. This fund is administered by the Custodian Trustees- The London Diocesan Fund.

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In 2014 the permanent endowment to the Old Watch House Charity was transferred to the Parish House Charity. These funds originated when the Old Watch House was sold in 1961 and the proceeds were used to invest in CBF Investment shares.

4. Presentation of the Parish House funds . In consultation with the Diocese of London the accounts for the St Clement Danes Parish House Charity which is governed by the PCC of St Mary Le Strand have been added to these PCC accounts. For ease of comparison the figures for the Parish House Charity have been shown as separate unrestricted and endowment funds. Prior to 2018 these accounts have been prepared as a separate unregistered charity. The governing documents of the St Clement Danes Parish House Charity state that 'the managing trustees shall apply the clear income of the Charity for the purpose of furthering the religious and other charitable work of the Church of England in the Ecclesiastical Parish of St Mary le Strand with St Clement Danes'. With regards to the application of capital endowments it states: 'subject to the approval of the Charity Commissioners the managing trutees may apply the capital of the Charity in defraying the cost of providing property to be appropriated and used for the said purpose".

5. Jubilee Fund. This Lloyds bank account had previously (before 2019) been excluded from the accounts. It is now considered to be part of the funds available to the PCC. The fund can be utilised under the discretion of the current incumbent and the 'senior' church warden and can be spent on the maintenance and support of the fabric, on services or the stipend of the curate.

6. Assets and liabilities . Apart from the amounts described in the statement of assets and liabilities the PCC of St Mary Le Strand had no further material assets or liabilities at the end of 2022.

7. Related parties. Stewart Trotter, who is a member of the PCC, was paid £500 for work he did in compiling the church history as part of the Resilience Project

8. Accounting Policies

a. The financial statements of the PCC have been prepared in accordance with the Church Accounting Regulations 2006 using the Receipts and Payments basis

b. Funds. General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC activities. Restricted funds are those donated for specific purposes.

Endowment funds are those funds held under the terms of a permanent endowment by the Clement Danes Parish House Charity.

c. Dividends are accounted for when received.

d. Investments are shown at the mid market valuations at the accounting period end date.

e. Consecrated and beneficed property of any kind is excluded from the accounts by s.10 of the Charities Act 2011.

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