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2024-12-31-accounts

St Mary Le Strand with St Clement Danes Parochial Church Council

Trustees’ Report and Financial Statement

Year Ended

31 December 2024

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 2024
CONTENTS Page No
Reference and administrative details of the charity 2
Trustees’ Report 3-13
Independent Examiner’s Report 14
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the financial statements 18

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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 2024.

Trustees

The Reverend Canon Dr Peter Babington (Chair) The Reverend James Craig The Reverend Canon Professor Dr James Walters to 31 December 2024 Janet Crabtree (Treasurer and Churchwarden) Peter Maplestone (Churchwarden) David Scott (Deanery Synod Representative) Janet St John Austen Stewart Trotter Georgina Tucket Roy Sully PCC Secretary Karen Little, Parish Administrator Safeguarding Officer Karen Little

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
One Angel Lane
London
EC4R 3AB
Independent Examiner: Mr Derek Rodwell
Impact The Future
Bennett Verby
7 St Petergate
Stockport,
SK1 1EB
Bankers: Lloyds TSB PLC
PO Box 1000
Andover
BX1 1LT

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ST MARY LE STRAND WITH ST CLEMENT DANES PCC

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102.

Objectives and Activities for the Public Benefit

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.

St Mary le Strand has few residents living in the parish and the congregants at the weekday services are mainly office workers. Since the COVID pandemic of 2020 more people have been working from home and so the numbers attending the weekday services are low. We are trying to attract more people with the introduction of Sung Eucharists. At the beginning of the year we had a Student Choir from Kings College London who were funded by a grant from the Mercer’s charity. They finished in April 2024. Since then we have obtained a grant from the Champniss Foundation which funds a Director of Music and we have a small volunteer choir who sing on a Sunday – Sacred Music by Candlelight - and from December formed the choir for a Sung Eucharist on Tuesday lunchtime. We also have a choir funded by the Christopher Wood Choral Foundation who practice in the church and then sing evensong on a Sunday afternoon.

We have been working with volunteers to keep the church open to the public on five afternoons a week, which helps to raise its profile in the community.

The PCC has responsibility for the day-to-day maintenance of the church, and in 2024 oversaw the stabilising of the upper stonework, but in 2021 The Jewel in the Strand project was launched with the aims to transform the building and reinvigorate all activities.

The Jewel in the Strand Project aims to

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Structure, Governance and Management

The PCC is governed by the Parochial Church Council (Powers) Measure 1956 and the Charities Act 2011. 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 ten occasions during the year 2024.

The day to day running of the church is delegated to the Priest in Charge (Rev Canon Dr Peter Babington) and the Churchwardens (Mr Peter Maplestone and Mrs Janet Crabtree) assisted by the Administrator (Mrs Karen Little). All matters of policy and large expenditure are referred to the PCC, which meets monthly, for approval.

The running of The Jewel in the Strand project is guided and overseen by the National Lottery Heritage Fund (NLHF). The Project Director (Ms Anne Biggs to 25 November 2024 and Rev Canon Dr Peter Babington from 25 November 2024) report to the Project Board which is made up of church members and volunteers with the necessary qualifications and experience in relevant fields.

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’.

Our only salaried staff have been employed on The Jewel in the Strand project and their pay is set when applying for funds in line with NLHF guidelines and are on a set contract. Our Administrator is self-employed, and her hourly rate increases with the September CPI/RPI rate in January. Approval for the increase for the Administrator is done by correspondence (email) outside of the PCC meeting and ratified at the meeting. The Cleaner who is also selfemployed is paid in line with the London Living Wage.

St Mary le Strand is a charity in its own right but is also guided by the Church of England, Synod and the Diocese of London. The Diocese of London pay the Stipend of the Priest in Charge and we are requested to make a contribution each year known as The Common Fund. In 2024 we offered £42,000 but were able to pay £45,000.

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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 Karen Little. 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.

Nearly all members of the PCC have completed the recommended Safeguarding Courses in accordance with the Diocese of London.

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.

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 £100k, 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 in excess of this reserves figure (see note 12) with about £125k in free unrestricted reserves. 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

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not consider the Property Fund to be available cash for expenditure in the same manner as other cash assets.

Designated Funds – the PCC agreed to designate 33% of the grant from the Strand Parishes Trust for the church’s expenditure on The Jewel in the Strand project which are not covered by the NLHF grant.

Restricted Funds – The Parish House funds are restricted by the terms of the endowment.

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.

Volunteers

St Mary le Strand is extremely grateful to the contribution of volunteers who enabled the church to meet its obligations and aims. Volunteer hours for 2024 were:

CHURCH

• Treasurer 800hrs Bookkeeping and Accounts. Reports to PCC and
preparation of Annual Report and Accounts
• PCC Trustees 160hrs Trustees and members of PCC
• Church Watchers 920hrs Kept the church open for visitors which
provides an income from donations vital for day
to day expenses.
• Student Choir 216hrs Sang at Sung Eucharist in the Spring Term
• Singers 128hrs Sang at Evensong and Sung Eucharist in Autumn
Term
JEWEL IN THE STRAND
• Project Board 220hrs Attended Project Board meetings and offered
advise as required.

The PCC would like to express their thanks to the members of the Project Board, the various consultants and the volunteers in the church, who have given so much of their time to the Project during the year.

Fundraising

Raising funds for the church had exceeded expectations in accordance with the budget. This was achieved by:

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PARISH REPORT FOR 2024: 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.

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SS Khedive Ismail

February 12[th] 2024 marked the 80[th] anniversary of the sinking of the SS Khedive Ismail with the loss of 78 female Service Personnel, including 17 members of the WRNS, 51 members of the Queen Alexander’s Imperial Nursing Service and 8 members of the First Aid Nursing Yeomanry. We were joined by members of the Association of Wrens, Royal Navy, Queen Alexander’s Royal Army Nursing Service, The First Aid Nursing Yeomanry and three daughters of a survivor for a Memorial Service.

Tercentenary Service

Sunday 8[th] September 2024, the Feast of the Nativity of the Blessed Virgin Mary, and our Feast of Title, saw a full church as we celebrated our 300[th] anniversary of consecration. We were delighted that the Bishop of London, The Rt Revd & Rt Hon Dame Sarah Mullally DBE, was able to join us to preside and preach. We were also joined by members of the Association of Wrens and the Royal Navy. Refreshments after the service were served by members of the Association of Wrens.

Carol Service

Carol Services were held for the Association of Wrens (also marking 40 years as the WRNS’ church), Farrers LLP, LSE and The Brunswick Group, together with two Parish Carol Services.

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 four times a week and are proving very popular. This contributes greatly to our church income.

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The Fabric of the Church

No additions were made to the furnishings, and the ornaments and fittings were all present and in good condition.

In 2023, inspection of the outer stonework as part of the Jewel in the Strand project revealed erosion of the iron pinning and multiple cracked stones on the cornices and balustrades. This resulted in the church being fenced off for the protection of the general public. With the aid of a cherry picker the stonework was more closely examined and many pieces of loose stonework removed. Contractors have now pinned and netted the remaining loose stonework to stabilize the situation.

Treasurer’s Report

The accounts for 2024 accompany this report. The income from all sources amounted to £575,799 (2023 - £429,262) and expenditure totalled £587,752 (2023 – £443,176). The value of the investments increased by £26,379 (2023 – increased by £78,255) over the year. Total funds at the end of the year came to £1,624,412 (2023 - £1,609,986) of which £1,205.362 (2023 - £1,156,660) 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 Development Phase £325,119
Champniss Foundation Director of Music £10,000
Strand Parishes Charities Unrestricted £10,412

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Development Project

Following the news in August 2022 that the Jewel in the Strand Project had been awarded a round 1 grant of £520,000, 2023 and 2024 were the years in which the Project’s activity intensified. The PCC has engaged, either directly or as subconsultants, the following companies:

After the appointment of these companies, reports were compiled on the various strand of activities needed for the Project. Subsequently, meetings were held between the various consultants.

The receipt of the reports from the various consultants has greatly enriched our understanding of the building and will form the basis for decisions to be made later in the Design Phrase of the Project.

The plans to RIBA3 which create ramps and terraces on the north and south of the church, with the expansion of the railings to something nearer the original curtilage and the opening of the crypt, were submitted to Westminster City Council for planning permission at the end of November 2024, together with application for Faculty from Diocese of London.

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Fund Raising

The official launch of the fundraising appeal took place in September 2023 and was attended by many potential donors and members of the local community.

Flower Appeal

To engage with the public and encourage donations, flowers on the beautiful church ceiling have been offered for sponsorship. At the end of the year a total of £25,450 had been raised and £35,500 received in donations.

The estimated cost of the project is £12.5 million and we must raise approximately £8m - £10m. To this end in the summer of 2024, we engaged professional Fund Raisers. The fundraising for the project had been slower than expected as most grant making charities and organisations will not commit until planning permission and a costed budget are in place.

Key Risks

The key risks facing the Jewel in the Strand Project:

The key risks facing the church in addition to the above:

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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:

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 fraud and other irregularities.

This report was approved by the Trustees on 29th April 2025 and signed on their behalf by:

The Reverend Dr. Canon Peter Babington

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Independent Examiner's Report to the PCC of St Mary Le Strand with St Clement Danes

I report on the accounts for the year ended 31st December 2024 that are set out on pages 15 to 26.

Respective responsibilities of the PCC and Independent Examiner

The PCC is responsible for the preparation of the accounts. They consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the church is not subject to audit and is eligible for independent examination it is my responsibility to:

This report, including my statement, has been prepared for and only for the PCC as a body. My work has been undertaken so that I might state to the PCC 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 church and the PCC as a body for my examination work, for this report or for the statements that I have made.

Basis of Independent Examiner's Statement

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 church 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 the 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

Since the gross income of the church exceeds the amount provided in section 145(3) of the Act, I confirm that I am qualified to act as Independent Examiner under the provisions of that section of the Act and that my qualification is as shown below.

In connection with my examination, no matters have come to my attention:

  1. which give me reasonable cause to believe that in any material respect the requirements

  2. to keep accounting records in accordance with s.130 of the 2011 Act; or

  3. to prepare accounts which accord with these accounting records have not been met; or

  4. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Date: 6[th] May 2025

Derek Rodwell FCCA (Fellow of the Chartered Association of Certified Accountants) Impact The Future Ltd, Bennett Verby, 7 St Petersgate, Stockport, Cheshire, SK1 1EB

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ST MARY-LE-STRAND WITH ST CLEMENT DANES PCC

Statement of Financial Activities

For the year ended 31 December 2024

Notes
Income
Donations & Legacies
2
Income from Charitable activities
3
Investment Income
4
Total receipts
Expenditure
Expenditure on charitable activities
Restoration project
Concerts & events
Services & church opening
Parish Share
5
Total payments
Net incoming / outgoing resources
Gains/(Losses) on investment assets
Transfers
Total funds brought forward
Total funds carried forward		 Unrestricted
Unrestricted
Designated
Restricted
Endowment
Total
Total
Parish House
funds
funds
funds
funds
funds
2024
2024
2024
2024
2024
2024
2023
30,359
0
4,829
398,403
433,591
320,858
93,025
0
0
0
93,025
60,876
17,277
31,454
0
452
49,183
47,528
140,661
31,454
4,829
398,855
0
575,799
429,262
18,018
0
39,374
399,294
456,685
337,444
49,357
0
0
0
49,357
33,882
33,804
0
0
2,906
36,710
33,850
45,000
0
0
0
45,000
38,000
146,179
0
39,374
402,200
0
587,752
443,176
146,179
0
39,374
402,200
587,752
443,176
(5,517)
31,454
(34,544)
(3,345)
(11,953)
(13,914)
2,489
0
0
0
23,890
26,379
78,255
(56,011)
0
27,853
28,158
0
0
0
358,278
86,702
8,347
112,883
1,043,777
1,609,986
1,545,645
299,238
118,156
1,655
137,696
1,067,667
1,624,412
1,609,986

Note re comparatives

An amount of £773 was misposted in 2023 to regular giving which should have gone to the Jubilee fund as restricted income. This has been shown as corrected in the comparatives to enable the jubilee restricted fund to be correct. See note 14 for the detailed SOFA for 2023 by type of fund.

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ST MARY-LE-STRAND WITH ST CLEMENT DANES PCC

Balance Sheet as at 31 December 2024

Notes
Fixed assets
CCLA Investment accounts
7
Tangible assets
8
Current assets
Debtors
Accounts receivable
Deposit on piano
VAT owed
Other Debtors & prepayments
Cash at bank and in hand
Current accounts
9
CCLA (CBF) Accounts
9
Total Current assets
Liabilities
Creditors: Amounts falling due within one year
Accruals
Loan
10
Accounts payable
Total Liabilities
Net current assets
Creditors: liabilities falling due in over 1 year
10
Total net assets
Represented by Funds
Unrestricted
Designated
Restricted
Endowments
11		 1,362,062
5,788
1,367,850
3,915
5,000
9,629
31,966
50,509
178,906
89,192
268,098
318,607
16,116
6,000
33,686
55,802
262,805
6,243
1,624,412
417,394
1,655
137,696
1,067,667
1,624,412
As at 31/12/24		 1,335,683
3,143
1,338,826
57,775
5,000
0
25,178
87,952
121,730
95,826
217,555
305,508
6,956
3,000
15,148
25,104
280,404
9,243
1,609,987
444,980
8,347
112,883
1,043,777
1,609,987
As at 31/12/23		 1,335,683
3,143
1,338,826
57,775
5,000
0
25,178
87,952
121,730
95,826
217,555
305,508
6,956
3,000
15,148
25,104
280,404
9,243
1,609,987
444,980
8,347
112,883
1,043,777
1,609,987
As at 31/12/23
280,404
9,243
1,609,987
444,980
8,347
112,883
1,043,777
1,609,987

The notes on pages 18 to 26 form part of these financial statements Approved by the Parochial Church Council on and signed on its behalf by:

Name:

Canon Peter G Babington

Position: Priest in Charge

Date: 29th April 2025

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ST MARY-LE-STRAND WITH ST CLEMENT DANES PCC

Cash flow statement

For the year to 31st December 2024
Net income for the reporting period (as per statement of financial activities)
Adjustments for:
Depreciation charges
Write off of assets
Decrease/(increase) in value of debtors
Increase/(Decrease) in value of creditors
Net cash from operating activities
Cash flows from investing activities
Purchase of fixed assets
Movements on loans above 12 months
Increase in cash in year
Reconciliation of net debt
Cash and cash equivalents-
Lloyds JubileeAccount
CCLA PCC CB3029296
Lloyds ParishHouse Charity
Lloyds Current Account
CCLA CB3029293 - Parish House Charity
St Mary Le Strand Restoration
Cash in Hand
Borrowings
Short term loans within one year
Total		 2024
£
2,815
0
37,443
30,698		 2024
2023
2023
£
£
£
(11,953)
(13,914)
1,571
0
(56,097)
15,377
70,956
(39,149)
(5,460)
0
(3,000)
(3,000)
50,543
(56,064)
opening
cash flow
closing
01/01/2024
2024
31/12/2024
35,243
(29,548)
5,695
49,104
(9,113)
39,991
30,012
(11,026)
18,986
45,458
(301)
45,157
46,721
2,480
49,201
10,888
98,060
108,947
129
(8)
121		 2023
£
1,571
0
(56,097)
15,377		 2023
£
(13,914)
(39,149)
0
(3,000)
(56,064)
217,555
50,543
268,098
0
0
0
217,555
50,543
268,098

Page 17

ST MARY-LE-STRAND WITH ST CLEMENT DANES PCC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

The PCC is a public benefit entity within the meaning of FRS 102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs, and with the Regulations’ ‘true and fair view’ provisions, together with FRS 102 (2016) as the applicable accounting standards and the 2016 version of the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP (FRS102)).

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value.

These accounts have been prepared under the assumption that the church is a going concern as can be verified by the substantial balance of funds available as shown on these financial statements.

Funds

General funds represent the funds of the PCC that are not subject to any restriction regarding their use and are available for application on the general purposes of the PCC.

The accounts include all transactions, assets and liabilities for which the PCC is responsible in law.

Incoming Resources

Voluntary income and capital resources

Collections are recognized when received by or on behalf of the PCC. Planned giving under Gift Aid is recognized only when received. Income tax recoverable on Gift Aid donations is recognized when the income is recognized.

Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is reasonably certain.

Other income

Rental income from letting of church premises is recognized when rental is due.

Income from investments

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Dividends are accounted for when due and payable. Interest entitlements are accounted for as they accrue. Tax recoverable on such income is recognized in the same accounting year.

Gains and losses on investments

Realized gains or losses are recognized when investments are sold. Unrealized gains and losses are accounted for on revaluation of investments at 31 December.

Resources Expended

Activities directly relating to the work of the Church

The diocesan parish share is accounted for when paid. Any parish share unpaid at 31 December is provided for in these accounts as an operational (though not a legal) liability and is shown as a creditor.

FIXED ASSETS

Consecrated property and moveable church furnishings

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

Moveable church furnishings held by the Vicar and Churchwardens on special trust for the PCC, and which require a faculty for disposal, are accounted as inalienable property unless consecrated. They are listed in the church’s inventory. For inalienable property acquired prior to year 2000 there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired thereafter will be capitalised and depreciated in the accounts over their anticipated useful economic life on a straight line basis; to date no such items have been acquired.

All small expenditure incurred in the year on consecrated or beneficed buildings, individual items under £1000 or on repairs of moveable church furnishings acquired before 1 January 2000 is written off.

Other assets costing over £1,000 are written off over the estimated useful life.

Investments

Investments are valued at mid market value at 31 December.

Current assets

Amounts owing to the PCC at 31 December in respect of fees, rents and other income are shown as debtors less provision for amounts that may prove uncollectable.

Page 19

ST MARY-LE-STRAND WITH ST CLEMENT DANES PCC

Notes to the accounts

for the year ended 31st December 2024

**2 ** Donations & Legacies 2024
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
Grants
Strand Parish Trust
TOTAL
Donations & Legacies 2023
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
Grants
Strand Parish Trust
TOTAL		 Unrestricted
funds
Unrestricted
Parish
House
Designated
funds
Restricted
funds
Totals
£
£
£
£
3,328
0
0
0
3,328
7,050
0
0
0
7,050
6,709
0
0
0
6,709
0
0
0
0
0
3,218
0
1,496
42,304
47,018
2,975
0
0
600
3,575
0
0
0
355,498
355,498
7,079
0
3,333
0
10,412
30,359
0
4,829
398,403
433,590
3,350
0
0
0
3,350
8,956
0
0
161
9,116
3,730
0
0
0
3,730
47
0
0
0
47
1,272
0
0
19,011
20,283
2,949
0
0
1,812
4,761
0
0
7,289
247,282
254,571
20,000
0
5,000
0
25,000
40,304
0
12,289
268,265
320,858
3
**4 **		 Income from Charitable Activities 2024
Fees for weddings and funerals etc
Fees and income on events
Church Hire
Sales of books, postcards etc
TOTAL
Income from Charitable Activities 2023
Fees for weddings and funerals etc
Fees and income on events
Church Hire
Sales of books, postcards etc
TOTAL
Investment Income 2024
Dividends
Bank and building society interest
TOTAL		 Unrestricted
funds
Unrestricted
Parish
House
Designated
funds
Restricted
funds
Totals
£
£
£
£
£
3,127
0
0
0
3,127
253
0
0
0
253
89,390
0
0
0
89,390
255
0
0
0
255
93,025
0
0
0
93,025
3,540
0
0
0
3,540
5,051
0
0
0
5,051
51,965
0
0
0
51,965
320
0
0
0
320
60,876
0
0
0
60,876
14,437
28,974
0
0
43,412
2,840
2,480
0
452
5,772
17,277
31,454
0
452
49,183

Investment Income 2023

Page 20

Dividends Bank and building society interest

TOTAL

24,885 17,519 0 0 42,404
2,395 1,451 0 1,278 5,124
27,280 18,970 0 1,278 47,528

5 ALLOCATION OF EXPENDITURE 2024

**6a ** Restoration project
Concerts & events
Services and church open
Parish Share
Allocation of staff costs
Allocation of central admin costs
Totals
ALLOCATION OF EXPENDITURE 2023
Resiliance/restoration project
Concerts & events
Services and church open
Parish Share
Allocation of staff costs
Allocation of central admin costs
Totals
DIRECT EXPENDITURE 2024
Restoration Project
Project - Miscellaneous
Project - Website & IT
Project Consultants
Concerts and events
Costs of Exhibitions and Events
Verger Fees
Church and services
Choir and musician fees
Music Costs - Director
Organ/ Piano Tuning
Organists' fees
Parochial Fees
Sacristy supplies
Verger Fees
Parish Share
TOTAL DIRECT EXPENDITURE		 % of time spent
Direct costs
Staff costs Support costs Total costs
2024
2024
2024
2024
£
£
£
£
59%
326,754
78,003
51,929
456,685
23%
26,424
2,840
20,093
49,357
19%
6,839
13,237
16,634
36,710
45,000
0
0
45,000
100%
405,018
94,080
88,655
587,752
94,080
(94,080)
0
88,655
(88,655)
0
587,752
0
0
587,752
% of time spent
Direct costs
Staff costs
Central
admin costs Total costs
2023
2023
2023
2023
£
£
£
£
75%
222,770
61,965
52,709
337,444
9%
20,567
7,195
6,120
33,882
16%
8,845
13,511
11,493
33,850
38,000
0
0
38,000
100.00%
290,183
82,672
70,323
443,177
82,672
(82,672)
0
70,323
(70,323)
0
443,177
0
0
443,177
Unrestricted
funds
Unrestricted
Parish
House
Designated
funds
Restricted
funds
Totals
£
£
£
£
£
0
0
25
119
144
0
0
0
3,735
3,735
0
0
4,546
318,328
322,874
0
0
4,571
322,183
326,754
1,422
0
0
0
1,422
25,002
0
0
0
25,002
26,424
0
0
0
26,424
100
0
0
975
1,075
750
0
0
1,645
2,395
358
0
0
0
358
500
0
0
0
500
1,385
0
0
0
1,385
166
0
0
0
166
961
0
0
0
961
4,219
0
0
2,620
6,839
45,000
0
0
0
45,000
75,643
0
4,571
324,803
405,017		 % of time spent
Direct costs
Staff costs Support costs Total costs
2024
2024
2024
2024
£
£
£
£
59%
326,754
78,003
51,929
456,685
23%
26,424
2,840
20,093
49,357
19%
6,839
13,237
16,634
36,710
45,000
0
0
45,000
100%
405,018
94,080
88,655
587,752
94,080
(94,080)
0
88,655
(88,655)
0
587,752
0
0
587,752
% of time spent
Direct costs
Staff costs
Central
admin costs Total costs
2023
2023
2023
2023
£
£
£
£
75%
222,770
61,965
52,709
337,444
9%
20,567
7,195
6,120
33,882
16%
8,845
13,511
11,493
33,850
38,000
0
0
38,000
100.00%
290,183
82,672
70,323
443,177
82,672
(82,672)
0
70,323
(70,323)
0
443,177
0
0
443,177
Unrestricted
funds
Unrestricted
Parish
House
Designated
funds
Restricted
funds
Totals
£
£
£
£
£
0
0
25
119
144
0
0
0
3,735
3,735
0
0
4,546
318,328
322,874
0
0
4,571
322,183
326,754
1,422
0
0
0
1,422
25,002
0
0
0
25,002
26,424
0
0
0
26,424
100
0
0
975
1,075
750
0
0
1,645
2,395
358
0
0
0
358
500
0
0
0
500
1,385
0
0
0
1,385
166
0
0
0
166
961
0
0
0
961
4,219
0
0
2,620
6,839
45,000
0
0
0
45,000
75,643
0
4,571
324,803
405,017		 Direct costs
Staff costs Support costs Total costs
2024
2024
2024
2024
£
£
£
£
326,754
78,003
51,929
456,685
26,424
2,840
20,093
49,357
6,839
13,237
16,634
36,710
45,000
0
0
45,000
405,018
94,080
88,655
587,752
94,080
(94,080)
0
88,655
(88,655)
0
587,752
0
0
587,752
Direct costs
Staff costs
Central
admin costs Total costs
2023
2023
2023
2023
£
£
£
£
222,770
61,965
52,709
337,444
20,567
7,195
6,120
33,882
8,845
13,511
11,493
33,850
38,000
0
0
38,000
290,183
82,672
70,323
443,177
82,672
(82,672)
0
70,323
(70,323)
0
443,177
0
0
443,177
0
0
4,571
322,183
326,754
1,422
0
0
0
1,422
25,002
0
0
0
25,002
26,424
0
0
0
26,424
100
0
0
975
1,075
750
0
0
1,645
2,395
358
0
0
0
358
500
0
0
0
500
1,385
0
0
0
1,385
166
0
0
0
166
961
0
0
0
961
4,219
0
0
2,620
6,839
45,000
0
0
0
45,000
75,643
0
4,571
324,803
405,017

Page 21

6b SUPPORT COSTS 2024
Central support
Accountingfees
Advertising
Bank charges
Consumables/ General office expenses
Goverance/examination costs
Insurance
Printing, postage and stationery
Service charges
Subscriptions
Telephone, internet and IT
Building costs
Church buildingrepairs
Church cleaning
Church Equipment
Church maintenance
Electricity
Equipment maintenance
Oil
Other church repairs
Plant and machinery depreciation
Water
Clergy/management costs
Clergyexpenses
Hospitality
Parish Trainingand Mission
Travel costs
TOTAL
TOTAL SUPPORT/OVERHEAD COSTS		 Unrestricted
funds
Unrestricted
Parish
House
Designated
funds
Restricted
funds
Totals
£
£
£
£
£
866
0
0
130
997
1,714
0
970
0
2,684
572
0
0
164
736
1,790
0
261
0
2,051
1,550
0
0
0
1,550
12,653
0
0
0
12,653
1,306
0
293
0
1,599
381
0
0
0
381
1,392
0
0
0
1,392
4,575
0
778
339
5,692
26,799
0
2,302
633
29,734
8,211
0
30,485
0
38,696
2,545
0
0
0
2,545
395
0
0
0
395
2,538
0
0
0
2,538
3,435
0
0
0
3,435
405
0
0
0
405
4,444
0
0
0
4,444
700
0
0
0
700
2,435
0
0
380
2,815
218
0
0
0
218
25,326
0
30,485
380
56,191
691
0
0
0
691
456
0
443
0
899
882
0
0
0
882
257
0
0
0
257
2,287
0
443
0
2,730
54,413
0
33,230
1,013
88,655
6c DIRECT EXPENDITURE 2023
Restoration Project
Project - Events
Project - Major Works
Project - Miscellaneous
Project - Training
Project - Website & IT
Project Consultants
Concerts and events
Costs of Exhibitions and Events
Verger Fees
Services
Choir and musician fees
Donations to appeals
Music Costs - Director
Organ/ Piano Tuning
Organists' fees
Parochial Fees
Sacristysupplies
Visiting Speakers / Locums		 Unrestricted
funds
Unrestricted
Parish
House
Designated
funds
Restricted
funds
Totals
£
£
£
£
£
0
0
21
0
21
0
0
0
102
102
0
0
32
2,947
2,979
0
0
0
2,399
2,399
0
0
60
8,799
8,859
0
0
0
208,410
208,410
0
0
113
222,657
222,770
6,186
0
0
11,395
17,581
2,945
0
41
0
2,986
9,131
0
41
11,395
20,567
100
0
0
4,063
4,163
0
0
0
161
161
2,660
0
0
0
2,660
108
0
0
0
108
350
0
0
0
350
687
0
0
0
687
663
0
0
0
663
53
0
0
0
53
4,621
0
0
4,224
8,845

Page 22

Parish Share

Parish Share
TOTAL DIRECT EXPENDITURE
SUPPORT COSTS 2023
Central support
Accountingfees
Advertising
Bank charges
Consumables/ General office expenses
Governance costs/Examination
Insurance
Printing, postage and stationery
Service charges
Subscriptions
Telephone, internet and IT
Building costs
Church buildingrepairs
Church cleaning
Church Equipment
Church maintenance
Electricity
Equipment maintenance
Oil
Plant depreciation
Water
Clergy/management costs
Clergyexpenses
Hospitality
Parish Trainingand Mission
Travel costs
TOTAL
TOTAL SUPPORT/OVERHEAD COSTS		 38,000
0
0
0
38,000
51,752
0
154
238,276
290,182
Unrestricted
funds
Unrestricted
Parish
House
Designated
funds
Restricted
funds
Totals
£
£
£
£
£
566
0
194
0
760
1,125
0
500
0
1,625
653
0
0
395
1,049
1,145
20
9
0
1,174
1,500
0
0
0
1,500
11,765
0
0
0
11,765
544
0
337
0
881
360
0
0
0
360
1,358
0
0
0
1,358
3,224
0
388
0
3,613
22,241
20
1,429
395
24,085
0
0
25,149
0
25,149
1,181
0
0
0
1,181
374
0
0
0
374
5,588
0
0
3,620
9,208
2,276
0
0
1,216
3,492
150
0
0
0
150
2,298
0
0
1,425
3,724
1,571
0
0
0
1,571
213
0
0
0
213
13,652
0
25,149
6,261
45,062
340
0
46
0
386
289
0
154
0
443
291
0
0
0
291
55
0
0
0
55
975
0
200
0
1,175
36,868
20
26,778
6,656
70,323

6b SUPPORT COSTS 2023

Included in the above figures is the fee for the preparation of the annual accounts and independent examination of £1,550 (£2023 £1,500).

Analysis of payroll:

Analysis of payroll:
Gross pay
Employers NI (net of employment allowance)
Employers Pension
Administrator paid by invoice		 2024
£
89,835
2,816
1,640
17,533
111,823		 2023
£
62,034
1,547
1,194
17,896
82,671

In the 12 months ending 31st December 2024 there were 2 full time staff on the payroll for nearly the whole year. 6 more staff were employed in an ad hoc basis to help with verging for concerts and their remumeration (totalling £15,508) was processed through the payroll. The key management role was filled by the Revd Peter Babington who received his salary from the diocese and received no emoluments or benefits in kind from the PCC. Expenses incurred on behalf of the church were refunded against receipts. No member of staff received renumeration of above £60,000 total in 2024.

7 CCLA Investment accounts 2024

CCLA Shares Parish Property 6001P

2023 2023
2023/24		 2024
2024
Opening Movements
Closing/Opening		 Movement in
Closing Fund
Balance in value Balance Value 31/12/24
01/01/23 01/01/24
257,623 (15,810) 241,813 1,342 243,155

Page 23

8
**9 **		 CCLA Shares 623006001S
CCLA Shares Parish House Charity
Income / Expenditure totals
Tangible fixed assets
Assets at cost or valuation
Opening balance 1/1/24
Purchases
Closing balance 31/12/24
Depreciation
Opening balance 1/1/24
Charge for the period
Closing balance on accumulated depreciation 31/12/24
Closing balance on fixed assets 31/12/23
Closing balance on fixed assets 31/12/24
Current Assests - Cash at Bank
Lloyds Current Account
Lloyds Parish House
Lloyds Jubilee Account
Lloyds Restoration Account
CCLA PCC 623006003D
CCLA Parish House Charity 6001D
Cash in Hand
Total		 45,786
4,308
50,093
1,147
954,019
89,758
1,043,777
23,890		 51,240
1,067,668
1,257,428
78,255
1,335,683
26,379		 1,362,062
Plant &
machinery
£
7,856
5,460
13,316
4,713
2,815
7,528
3,143
5,788
2024
2023
Total
Total
45,157
45,458
18,986
30,012
5,695
35,243
108,947
10,888
39,991
49,104
49,201
46,721
121
129
268,098
217,555

10 Loan from the London Diocese for the Heritage Bid

A loan of £12,243 was received from the London Diocese in 2021 and 2022 to help support the churches Heritage Bid. £6,000 of this was repaid in February 2025 and the balance of £6,243 is due to be repaid in February 2026.

**11 ** Movements on funds 2024
Unrestricted funds
PCC funds
Parish House funds
Total Unrestricted
Restricted funds
Restoration Fund
Organ Fund (formerly shown as part of restoration fund)
Jubilee Fund
Champniss Foundation- Director of Music
Student led Choir: Westminster Almshouses Trust
Development Projectgrants: NHLF
Grants for floodlighting: Northbank Bid ltd
Grants for floodlighting: WCC
Fixed assets paid for from NLHF restricted funds
Designated funds
SPT project
Stone work
Endowment Funds		 Opening
balance
Receipts Expenditure
Transfers
Movements
of
investments
Closing
balance
£
£
£
£
£
£
358,277
140,661
(146,179)
(56,011)
2,489
299,239
86,701
31,454
0
0
0
118,155
444,978
172,115
(146,179)
(56,011)
2,489
417,394
57,138
42,904
(4,394)
0
0
95,649
2,000
0
0
0
0
2,000
35,243
452
0
(30,000)
0
5,695
0
10,000
(1,931)
0
0
8,069
1,092
0
(975)
0
0
117
1,824
344,358
(394,520)
58,158
0
9,821
2,200
0
0
0
0
2,200
13,384
0
0
0
0
13,384
112,882
397,715
(401,820)
28,158
0
136,936
0
1,140
(380)
0
0
760
112,882
398,855
(402,200)
28,158
0
137,696
1,207
4,829
(8,889)
2,853
0
0
7,140
0
(30,485)
25,000
0
1,655
8,347
4,829
(39,374)
27,853
0
1,655
1,043,777
0
0
0
23,890
1,067,667
1,609,985
575,799
(587,752)
0
26,379
1,624,412

Page 24

NLHF Development Stage for The Jewel in the Strand Project – The church is now working on the development stage of the restoration project known as The Jewel in the Strand . In 2023 we were awarded a grant of £520,00 to be match funded by the church with £100,000. In August 2024 we received an increase to our funding of £249,770. To date the church has transferred £130,000 to the fund. The architects have submitted the plans RIBA Stage 3 to Westminster City Council in December 2024 and we need to secure funding of £8 million by August 2025 when the final bid is put NLHF. Drawdowns from NLHF are always in arrears.

Movements
Opening of Closing
Movements on funds 2023 balance Receipts Expenditure Transfers investments balance
£ £ £ £ £ £
Unrestricted funds
PCC funds 374,464 128,460 (108,144) (25,000) (11,503) 358,277
Parish House funds 67,751 18,970 (20) 0 0 86,701
Total Unrestricted 442,215 147,430 (108,164) (25,000) (11,503) 444,978
Restricted funds
Restoration Fund 36,711 20,823 (395) 0 0 57,138
Organ Fund (formerly shown as part of restoration fund) 2,000 0 0 0 0 2,000
Jubilee Fund 83,965 1,278 0 -50000 0 35,243
Diocesan Fuel Allowance 2,641 0 (2,641) 0 0 0
Grants towards Student led Choir: Mercers 3,267 0 (3,267) 0 0 0
Student led Choir: Westminster Almshouses Trust 1,889 0 (797) 0 0 1,092
Development Projectgrants: NHLF (6,958) 242,578 (283,795) 50000 0 1,824
Grants for floodlighting: Northbank Bid ltd 5,820 0 (3,620) 0 0 2,200
Grants for floodlighting: WCC 13,384 0 0 0 0 13,384
SMLS Speaks- Northbank Bid Ltd 6,691 4,704 (11,395) 0 0 0
Specified collections 0 161 (161) 0 0 0
149,410 269,543 (306,070) 0 0 112,883
Designated funds
SPT project 0 5,000 (3,793) 0 0 1,207
Stone work 0 7,289 (25,149) 25000 0 7,140
0 12,289 (28,943) 25,000 8,347
Endowment Funds 954,019 0 0 0 89,758 1,043,777
1,545,644 429,262 (443,176) 0 78,255 1,609,987
**12 ** Analysis of net assets by fund 2024
Analysis of net assets by fund 2024
Unrestricted Designated Restricted Endowment Total
funds funds funds funds funds
2024 2024 2024 2024 2024
£ £ £ £ £
Fixed assets 5,788 0 0 0 5,788
Investment Assets 294,395 0 0 1,067,667 1,362,061
Current assets 146,594 1,655 170,357 0 318,607
Creditors due within one year (23,141) 0 (32,661) 0 (55,802)
Creditors due after one year (6,243) 0 0 0 (6,243)
NET ASSETS 417,394 1,655 137,696 1,067,667 1,624,412
Analysis of net assets by fund 2023
Unrestricted Designated Restricted Endowment Total
funds funds funds funds funds
2023 2023 2023 2023 2023
£ £ £ £ £
Fixed assets 3,143 0 0 0 3,143
Investment Assets 291,906 0 0 1,043,777 1,335,683
Current assets 170,359 12,340 122,809 0 305,508
Creditors due within one year (10,412) (3,993) (10,699) 0 (25,104)
Creditors due after one year (9,243) 0 0 0 (9,243)
NET ASSETS 445,753 8,347 112,110 1,043,777 1,609,987

13 Related Parties

There were no payments of expenses to trustees or related parties in 2024 (2023 nil) incurred in performing their duties as trustees. No trustees or related parties received any benefits in kind or salaries from St Mary Le Strand in 2024 (2023 nil)

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14 Statement of Financial Activities

For the year ended 31 December 2023

For the year ended 31 December 2023
Notes
Income
Donations & Legacies
2
Income from Charitable activities
3
Investment Income
4
Total receipts
Expenditure
Expenditure on charitable activities
Restoration project
Concerts & events
Services & church opening
Parish Share
5
Total payments
Net incoming / outgoing resources
Gains/(Losses) on investment assets
Transfers
Total funds brought forward
Total funds carried forward		 Unrestricted
Unrestricted
Designated
Restricted
Endowment
Total
Parish House
funds
funds
funds
funds
2023
2023
2023
2023
2023
2023
40,304
0
12,289
268,265
320,858
60,876
0
0
0
60,876
27,280
18,970
0
1,278
47,528
128,460
18,970
12,289
269,543
0
429,262
24,352
28,901
284,190
337,444
22,446
41
11,395
33,882
29,626
0
4,224
33,850
38,000
0
0
38,000
114,425
0
28,942
299,809
0
443,176
108,144
20
28,942
306,070
443,176
20,316
18,950
(16,653)
(36,527)
(13,914)
(11,503)
0
0
0
89,758
78,255
(25,000)
0
25,000
0
0
374,464
66,979
0
150,183
954,019
1,545,645
358,278
86,702
8,347
112,883
1,043,777
1,609,986

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