Charity number: 259887 SL Marfs Trust Tn￿tees. report and financial statements for the year ended 31 December 2024 St. Ma￿S Trust Contents Page Legal ond administrative infamab'on rrusiees. report Independent examinerfs report Statement ol financial ￿tiVIt￿8 Balance sheet N￿eS lo the tinancAI statemgrnts 9-13 Schedule of investments 14.15 Stockbrokers. reFKJt prowded by Mr D A of Investec Wealth & Investment 16-17 Sl. Mary's Trust Legal and administrative infonnation Charity nurnber 259887 p￿ncIpal address 30 Bwme Street London SW1W 8JJ Trustees David MarchèsÈ (Managing Trustee) Th¢)mas C￿￿rane Kwof RornaTrski Shane Fletcb Mthdle Gurney Rolk Burgess Independent Examlner Maxine Anr￿ Gwntffj"Il FCCA PG Lernon LLP 134 High Street Hythe Kent CT21 5LB Bankers Lloyds 8ank PIC 39 Threadneedle Street Londan EC2R 8AU Stockbrokers Investec LimitvJ Wea￿h & Investment 2 Gresham Streer Lts)d¢n EC2V 7QN Sollcitor¥ Thornson Snell & Passmore 3 Lon5dabe Gartjens Tunbridge Wer entTN1 INX Pag• 1 SL Mary's Trust Report of the Trustees forthe yearonded 31 Decomber 2024 The Trustees present tre¥ iewrt and the financkal statements for the year ended 31 Decembef 2024. The Tr￿SteeS who servéd during the year were DavKJ Marchese. Tom Cochrane. Shane Fletcher. Kris Ron￿nski. Michelle GL5rney and Ro110 Burgess. Structure, gov•mance and management GO￿ErnIng documenl St Marfs Trust I'tre Trust'l is conslituled under an indentuie dated 24 March 1923. The Trustees are unincorporated. Tre Trust had dunng the year a subsidpry charity fund: Carmel Hall the income of wh¢¢h was applièd to augment that of the TnJst It*ut see fvjrther belry*) App￿nIn78nÈ of Tnssiees The Truslees, ¥who appoint successors, are all petsons who are ck)sety assoThated wrth the Church of Sl ary, eourne Streg¢ Pim1￿ I'ST Mary's'i In practtce. appo.D.trnÈrt5 of new Tnjstees are made after consullats.on with parish of Sl Mary's. Durin9 the year David Marchese. Shane Fletcher, Kns Romanskn and Michelle Gurney were also members of the Parochial Church Counol ol St Mary's Ilhe'PCC'> Dw'sion makii Maior deosiins conceming the fNs1 are made by the Trustees col*bvely. but the day-lfrday management of the Trust is undertaken by the Mar￿gIng Trustee. The Tnjslees mel on crcasions durin9 the year. Risks The Trustees moniior the mai)r r￿kS to which the Trust E exrrt)sÈd and are ollhe OFxniDn that appropriate steps havè bÉ•n takén lo mrti9èle thr*è risks as far as possible. Objectives and activities Objectives and aims The objectives of thè trust are io benefit the parish of Si Mary's. Boume Street, or the work of the Church of England in that parish or neighbouring parishes. Tne Trustees seek to fulfil Ihe$e objective5 by providing commodalion al kne Tru51's properbes for clergy arKI other persons wowking in connection wrfch Si Mary's. provKilng tsGllitie5 at St Mary's P￿5￿y[ery for parish lunclions and other events. and by prowding finanoyl assislawe lor St Mary's as and Wh￿ required. and as lund5 perTriit In general tèrms, the Trustees. Oicy is that the TrusV5 TrJnds shouLI be used for pury)oses primarily wheTe the expenditure is a legal obligatron. where Il is required for the weservalion of the Trust's assets, including ils propert￿5. and where It Is required in the fU1filrn￿t of the objeth.ves of proV￿1ft9 dergy xcommodalion end parish ￿￿11b'es. ￿trere possible. expendityre out ol ts Trust's current inc¢)me or aCCU￿UL￿ted reseNes I 3nyl but s￿nding out of capital is permilted where necessary lor ttr)e primary purposes The Trustees glso consider firorKi31 assistance IINard5 Sl Mary's Capital expendrture lusualty. where glher funding ￿ r￿1 available) but not generally for ordtnary par￿h expenditu￿. un￿S there are unusual circumstances. Pgtbnage The Trustees arè the patrons of the benefice of Sl Mary's. There was no patronag• bLtSiness during the year, and Fr Walkw Con1Tn￿ to serve as Vicar. Acts'vities and property The Trust owns the freeholds of Sl Mary's Presbytery. 30 Bourne StreeL London SW1W 8JJ Ithe 'Presbylery'l and 26 Graharn Terrace. LorvJon SW1W 8JH. Of ihe three flats on the upper f5oofS Ihe P￿sbytery. the third floor flat conb.nued lo Èe let on a commercial basis, whilst the larger second Ill￿ flat was OttLJpied by Fr Sam Kom, tree of charge in connection WI￿ his appointment as Assist8nl Priest at St Mary's. and the smallei seeond floor fbl was occupied by Mrs Anrte Mundy, free of charge In connecliin with her appofftin*nt as Sacristsn of Sl Mwy's. Mr5 Mundy resigned from hor appoinlmenl In November 2024 Pag• 2 St Mary's Trust Report of tha Trustees for the year ended 31 December 2024 In March 2024 the Trustees granted a long tefm. renewable lease to Ping Apple 8oume Street Limrted the new chaiity set up to operate the new premises created in the course of Ihe Pineapple Project and known as "St Mary's Community Céntre" cOmpr￿j￿g tre Russell RcK)m and the adjoining kitctten 3nd other ground 2nd basement facilibes. together wilh the new Parish Offtt on the ground Iloor and ihe new Vicars Office on the lirsl floor. a5 well as the existing LibTrry Sitting Room orb the first floor. The lease is rent free and the Trust Telains Jia￿'11ty for structural repairs The Tnjsi has tre rEht to appoint ty￿ ol the Direclors of the new charity, and David MaTchese filled thi$ role In Janu8ry 2024 the Trustées enlefed into a cornrrErcial lease wrth Frdncis Holland Stht)ol in respect of the newly refurtished Presbytery Basement The temi of the lease was originalty for up to 5 years bLJt the School deaded (b￿aL￿ of Its acquisiaon ol a ne¥Jhbounng schoDiI to èxèrcisè its right to terminate the lease early at 30th Sèptember 2024 Trustees a¢cordirEly appoinied a planning and rnaFkeb"ng firm, initialPI to provide preliminary advice on the planning a5pecls (because al present the perfrutted use of the baserwt Is limited to *ucatronal or 51milar usel. ab￿ subsequenty to deal wth rnarket￿￿g thÈ premisès with a view to finding a suit3t•le tenant. 26 Gvaharn Terrace conknnue(I lo be let on a comTrrcial basis. During the ¢ourse tsf the year, a fflumber of repairs were carried ovl al the propety. wh￿h were Ihe Trust's responsibility. incjuding a repair to the roof. In ￿Cordance with the arrangements agreed wf(h the PCC in 2010. the Trustees ¢ontinued lo bear responsibility for rent and other Dutgoings relating 10 85 Chester Row. London SW1W 8JL (let to the PCC ty thfj Grosveftor Est*e} as the residence of the Vicar. Fr Walker Pineapple Project Desprte Ihework on the Project *aving been cornpleted In November 2ry23. the final costs ef ProFcl (under both the main the conlrael wlh the PCC. thè separate Contr￿ with the Trusl relating to the Baseff*nt and related areas) were sttll unascertained for most of tne year. because of contraGtual issues. Discussions look place thro￿hoUl the year beh¥een contractor Borras ConsbiJctn)n Ltd and ltte Pcc's and Trusts advise toward reachiry a final seitlement Dfkne tot31 costs, and by the end ofthe yearthé final cost of the Trust contract hatj been established and a forniula for settling the ftnal cosi of the main wntracl had been agfeed. In the rneantirre. the Trvst harj given a further comrnitrrEnt lo the PCC to pay an additional grant towards the costs of Project. rf required. During the year fvjrther snagging work was carried OUL in acwrdance with the contract tern￿. Following cornplelion of the ￿1n works on the Project. the redecoration and repair of the exlerior of the 8ourng Stre8t stde of the Presbytery and of the Inter￿r of Library and Sitting Roorns on the first floor of the Presbytery was carried out. As part of this w¢yk new leIe￿MrnunICatiOn$ Gabling for the Parksh Office and the rest of the Presbytery was installed. as well as a cable link to the cnuich th• original SieFrEn5 internal lelephone 5y51em (instal￿￿ In the 1920s1, ￿ alhx for klanned restoration. which hopefully will be completed In the near fvrture. Repairsto thè second floor11?t occupied by Fr Sam Korn were also camed out. In adc11tion. ftjrther work will be required In COnn￿￿On with the hol water system in the Presbytrry In DÈ¢ember 2024 the Trust's heating engl￿e[s produced a report following a survey into the P￿bYtery hol watsr suppty syslem, where for some "me endemic legionella had been pte5ent, wh￿h had I￿t been eradicatÈd Oespite nDrmal meihods of control being carried OUL The repon recommended Ihe replacern￿l of the remaining gafvani5ed hot water pipes In the system, 8nd also some anullary wtx This would require work in various parts of the Presbytery, and a plan was prepared lor acb.on at a suitable bme Ilhe necessary work was eventualty carwl out in July 20251. The re4ewration ol the old Presbytery Stair￿se. which had long been overdue but had been held up by the Pineaptye Projèct. was also pul off until the work on Ihe hot water supply ments"Thied above could be completed, tspcause the replacement of the hot water pipes land antillary workl would reouire making good in variou5 areas. Pa99 3 St. Mary's Trust Report of the Trusts•s for the yèar ended 31 Dgcember 2024 C8rFnel Hell St Mary's Trust h85 h3d an associ8leLI charity cal￿d carff￿1 Hall. since the 19605. The assDriated charty's funds represented what was left of the proceeds ol sale of a fortr￿ chyrch hall att￿hed to St Mary's Churc called CarThel Hall, srtuated in Bourne Street the lease ofwhich had been acquired by the Twslees of Si Mary's Trust in the 1930s bL41 disposed of in the 1 ￿0s. part of ihe procefds of sale *as used to upgrade the church healing in the 1950s. with the remai￿ler f(wrryng the CaTrr*l Hall funcL The original purpose cf the fund was for rt to be used in connethon wlh a church hall for Sl Mary's, even though Si Marys did not in 12Ct have a (*urch hall after the 19ÉOs. Under a Scheme 8Ulhons&l by the Charity Commission in 1976. the income from the rnvestments of Canrel Hall was applied to augn*nt the Income of St Mary's Trust. As a separate charity. the CarrTEI Hall fijnd only generated a small an￿Unt of annual income, and in VI￿ ol that. as well as having regard lo the ongipal purpose of the fund. the TNsiees (as trustees ol Carmel Hall) co￿lUded that rt would be more convenwt to use the cak)itsl {as well as the income) of the Carmel Hall fund towards the final payment of the Pineapple Project_ Howevei. it Wias not ckar trom the Charity Commission Scherne that the Trustees had the power io do so The Tfustees therefore rewlved lo seek pemiissiDn trom the Chanty Commtssion Iwhich was gwen In Juty 20241 to sell the investri)ents of the Camiel Hall fund. and lo appty the procteds land any acLUmUlat￿ incornel to the grant wh￿h St Mary's Trust had comrnitted to pay to the PCC for the Pineapple Project and (subject thereEDI tL¥ the Carmel Hall chanty to be wound up (which evenluamy occuried after the year endl. Financial review The main fund of l*e Tiusys investments had a maiket value 813151 De￿rnber 2024 of £829.768 12023 £916,754), excluding cap4tal cash lunds. As notecl atoiie. during the year the Carmel Hall fund Iwhich at 31st Deeembèr 2023 a markèt value of £79,660. ?￿￿￿dIng ¢aPitsl cash tundsl was realised 8fbd the nel prixeeds of sale jtogether wrfth accumtjlaied income) amountng to £87.(￿0 were retained on deposit in the Trusys fjank account. for payment lo Ime PCC in clue (t)urse a5 part of the Pineapple proiwt gr2ftt At the end of the year the Trust had cash * bank of £32.597 {2023 £98.6911 and £540.628 on deposit. while the caprtal cash funds rheld by the Stockbrokers amounted lo £22.131 12023 £23.0071 Income trom investments arKJ bank illtere* in 2024 (net of brokers, fee51 was £34.94512023 £SS,5691. The Trust also derived gross rentsl Income from Presbytery letting5 lincluding the Presbytery 8asernenll and the letting 0126 Graham Terrace of £116.28712023 £92.6281 The total income of the Trust frow these sources was £144. 126. In aocjition. to frJnd paymenrs required In connectyon with the Pineapple Project and Post-Project Expenses (see below). the Trust withdrew a total of £108,000 from its car￿131 Investnpnts. in addition to the amounts derived from the reali5ation of the Carmel Hall fvnd ￿fe-. red lo a￿Ve. During the year a legacy of £450.000 was received from the estatè of the late Hugh EasÈrling. The lotsl income IL)r Ihe year lincluding legacies, and caprtal sum5 Withdrawn from InvestmÈntsl was £792 I￿12023 £148,462). As noted below. Ihe total amount exp&￿ed by the Trust in connedM)n with the Pineapple Project Ilncluding grants to the PCC in response to requests for fundirrfJ in accordance with the Resoiuiions passed by Ihe Trusiees in JLrfy 20221 was £114.352 12023 £923.3421. The lola,, arnount of expenditure not related to the PineapFle Project was £209.315 12023 P179,037I. Including £88 D24 on ltte redecoratson and repair of the exteriorof the Boume Stre8t 51de oflhe Presbytery and of the ￿nterior ol the Library ana Sittiig Rooms Irelerred to above as "Posl-projecl Expenseg'l. The total èxpendiwre ol the Tfust in 2024 was £328.LK7 12023 £1,102.3781 After taking into account expenditure in connecton with the Pineapple Project: the Tmst had a nei surplus of £320.01712023 net deficit of £581.6741. Pago 4 St. Mary's Trust Report of thg Trustees lor the yoar andod 31 Decamber 2024 Exp*nditur& on Sl Mary's In 2024, the Trust spent £23.461 in respect ot the costs relats.ng lo 85 Chester Row as the residence of the VIc2r12023 £20.8721. pl￿eapple Project The main rtèms of expeftdi￿Q pakl out by the Tnjst dLnNJ the year rek2t8d lo the PineapFle Prc*iect indude(1 £95.765 p8Q t¢ the PCC in response to reqJests lor fundir)g tn accoioance wrth the Re501utths passeé by tho Trustees in July 2022 (under which the Trust comrnitted to pay a total of £1.068 017 to the PCC towards the costof ihe tnaia contract entered into by the PCCI. £12.210 paid to Boffas Conslructbn Ltd, the main contractor U￿er the contr3cI for the relurbishrrEllt of the 8a5eme.It elc Contract ente￿ into by the Tru51ees. Solio?tots' fees of £3.755. and Architects. fees of£4.429. together toltslling £118.75212023 £923.3421. Ofthis. £4.400 was apitali5ed. Reserves At the end of the year the Trustees held Reserves of £585.903. in or¢er to fvn¢ the expthd amount of the final payments towards tre costs of the Pineapple Project Iin temi8 tsf amounts expected to be requested by the PCC in accordan(2 with the Resolutions passed in July 2022 ifj relabon lo tre rnain contract. and also the Costs expected to payable uncler th• separate Contra￿ be￿@en the Tmsi and 8orras Constructyonl. as well as the antKipaled costs of work In the Presbytery in rebtroFF to redecoraknon and work on the hol water supply ntioned above. ststernent of tru8tee$' responsibilities rhe Truste￿ are ie5ponsiOle for preparing th@ Trustees, Annual Report and Ihe financFI ststements in ac(￿rda￿e wrth applicable law and Unrted Kingdom Accounting Stsndards (Unrted Kingdorn Generally Accepted A￿U￿ting Practice}. Law appluble to thanlies in England and fequKes tbe Trustges to prepare finanoal statements for eath financial year whth give a true and fair view of chafty and of the Incoming resources ano application of re50urces ofthe chanty for that yaar. In prepanng these fina￿7a1 sktements the Trustees are required tr). sèlect suitable accounting policie5 and ￿en ap Jy trem consistently". observe the rnelhods and prinaples in the Charityes SORP" make judgements and esbmates that are reasonab￿ and prudent.. state whether applicable UKAccounting Standards have bèÈn fdkNed. subject lo any material departures disdosed and explained in the fin2ncial statements." and preparé the financial statemènts on tfvg going con¢•m basis unlass it is inappropriate to presum¢ t￿4t th8 harity will continue in operatr'on The Trustees are reswnsIt)￿ for k&ping proper accoLtnUn9 records wh￿h dI￿lOSe with reasonable accuraey at any time the financ￿1 p051tion of the charity and enabk them to ensure that the financial statements comply with the Charities Acl 2011 and Ihe cttarilies (A￿OuntS and Reports) Regukqlions 2008. They are also responsible for safeguar¢)ing Ihe assets of tbe chanty and hen￿ for taking reasonable steps for the preYellt￿n and JeleethTh of fraud and other irre9ukntyes. On behalf of thè board David Marches8, IlaAaging Trustee Page S SL Mary's Trust Independent examinerfs report to the Trustses on the unaudited financial statements of St. Mary's Trust. I report on the accounts of Sl. Mary's Trust for the year ended 31 December 2024 set out on pages 1 to 17. Respective responsibilities of trustees and independent examiner As the chanty's Trustees you are responsible for the preparation of the accounts. you consider that the audit requirement of section 144121 of the Charitses Act 2011 (the Acll does not apply and that an independent examinabon Is needed. 11 is my responsibility lo examine the accounts under section 145 of the Act, to follow the procedures laid down In the General Directrons given by the Charity Commission under sectson 14515llbl of the Act. and to stste whether parb"cular matters have come to my attent￿)n. Basis of independent examinerfs statement My examination was carried out in accordance wth the General Directions given by the Charity Commission. An examinakn.on includes a review of the accounb.ng records kept by the charity and a comparison of the accounts presented wth those records. It also Include5 consKleration of any unusual rtems or disclosures in the accounts, and seeking expknations from you as trustees conceming any such matters. The procedures undertaken do not provide all the eviden￿ that would be required In an audrt, and consequentty I do not express an audit opinion on the view given by the accounts Independent examinerfs statement In c(￿neCtIon with my examination, no mattef has come lo my attention. {il which gives me reasonable cause to believe that in any material respect the requirements-. to keep proper accounting records in accordance with section 130 01 the Ac[ and to prepare accounts which ￿COrd wth the ￿)untIng records and lo comply with the accounting requirements of the Act have not been met", or lill lo which. In my opinion. attention should be drawn in order lo enable a proper understanding of the a(xounts to be reached. Maxine Anne Gambrill FCCA Independent Examiner PG Lemon LLP 134 High Street Hythe Kent CT215LB Page 6 St. Nary's Trust statement of financial activities For the year ended 31 December 2024 Endowment and 26 Graham InEomè C¥pital T•rrdeO (Unrestricted) IUnrestrictedllDeslgnatedl funds funds funds 2024 Total 2023 Total Incom• and ondowmonts Voluntary income Acliviiès for g8n&r4ting fvnd$ Investment income and rents recewat4e 4 451.622 1,382 144.126 451,622 1,382 144.12S 1.520 147 462 Total incoffle 597.130 597,130 148,983 Expenditure Charitable acilvittes 1%.672 126 595 323.667 763.627 Total expenditure 196.672 12S 995 223.667 763.627 N•t gainsjllossesl on investments 46.444 32,971 Net income 400 458 180,5511 319,907 581.674 Net movement In funds 400.458 IBO,SSiI 319,907 581,674 Total funds brought farnord 1.505.821 190.687 1.696,508 2.278, 182 Total funds carried forward 4CQ,458 1.425.270 190 e87 2.016,415 1.696,508 Tkne stat￿ent of lin8nei81 aebMtWS Indudes 311 gains and losses in the yèar and therefore a separate statement of total recosrtised gains and 1055e5 ha5 not been preFJaFe Al of th• abm 8fftount5 relate ID conty"nuing activitses. Thg IlOto$ on pagès 9 to 13 fomi an integral part of fin￿¢111 8tatthiénts. Pag• 7 St. Mary's Trust Balance sheet as at 31 December 2024 2024 2023 Notss Flxed assets Tangible assets Investment5 e4JO.744 829.768 596,344 996,425 1.430.512 1.592,769 Curront ass•ts Debtors Capital cash lund$ held by Sioc*brokefS Cash at bank and in hand io 22.131 573.225 23.007 98.691 599.210 123.198 Creditors: amounts falllng due wlthln one year 113.3071 119.4591 Net current assets 585.903 103,739 Net assets 2,016415 1.696,508 Funds unreslr1￿ed funds- 26 Graham Terrace Fund (Degignatedl Unrestricted funds - Gener81 endowment and eaprtal fund 190.687 1,825.728 190.687 1,505,821 Total funds 2.OIS.415 1,696,508 X•is- The financial 5tstements wpFe appioved by Ihe Trusiées on .. ... ènd signed by David L Marchese Shane Fletcher Thomas Gochrane Krzysztof Roman$kl PAichtlle Gurney Roll¢ Burgess Tho notes on pages 9 to 13 fom) an Intggral part of these flnanclal $tstgment8. Pag4 8 St. Nary's Trust Notes to financial statements for the year ended 31 December 2024 Accounting policies The pnncipal accounung poliues are summarised beltsby. Basls of accountin9 The financial st*ements are prepared under tr.e h..storicd cos1 convention and in accordance with the Statem8nt ot Rec(yrmended Practste Accounbng Rerothng by Charities preparing their eccounts in accordance wth rhe Finanoal Reporting Standard apprIcab￿ In the UK and Republ￿ ol Irdand IFRS 1021 issued on 16 July 2014 and Ihe Finanaa Reporting siandar¢J aFpltable In the United Kmgdom 3nd Republic of Ireland IFRS 1021 and the Charitie5 Act 2011. The Sl Mary'8 Trust ￿nStituteS a public benefit enbty as der￿d by FRS 102. The trustee5 consider that there are no matenal Ur￿rtaIn￿s Jl)out the Trusfs abiltly to rAnb"nue as a going concerrL 1.2. Cashflow The charity h8S taken advantsge of the exemptroTr In FRS102 frcm the requirement to prtxluce a cashflow statement tjeeause it is a sm¥ller ch3Tty. 1.3. Fund accounting rhè Unresiricted Funds Ithe Gèneral EndowTnent and Capbtal Fund) represent the I￿ndS of the TnFst that are not subi¢¢t to any restric*"ons regardtng ther u5¢ and are ava11able application to the gener￿ PUTPOSes ol tre Twsi Funds ¢JesigT7ated for a particular purpose by the Tfust are a150 unresiricted bui accounred for as a separate fund. 1.4. Income recognition Irlcome is recffjnised and included in ihe Statement d Financial Acitwtr"es ISOFAI when the Trust is legally entitle¢l tr& thè Income after any performanee eondrtkws hav• b••n fn•t arnount can be rnea5ured reliably and it is yob3ble that inccme will be received. Grants, indudng granis lor the purchase of ftyed assets, are rwnise¢J in lull pn the Statement of rinancia acttwties In Ihe year in they are rècewabl& In(xJme frDm Inve5tTneNtS 15 included In the year In which rt i5 receivatle. Dwalions and legacies are accounted for on a receipts basis. 1.6. Expenditure Expenditure is recognised on an accruBI bask4 as a liabilty i8 incJJrred. Chénlèble *%rfties expendrture represents payThep.ts for the benefit of the Church of Si Mary the Virgin or the woik ol the Church ol England within the parish Df St Mary the Virgin or in the ne￿hbourhoDd of the parish. Pagè 9 SL Mary's Trust Notes to financial statements for the year ended 31 Decomber 2024 1.6. Tangible assets - Properttes and depreciation prop￿￿e6 are stated ar cosi, amhovgh no cosi was Originally attrfouted to the Prèsbylèry. which has been an as$et ol Sl Marls Trust since ineepbon During the year w¢rl( continued on the Pineapple project. Part ef which inve￿ad improv¢rnent wo￿$ to the Presbwèry b3samanL rhe éirecty 2ttributablo costs relatng to these works. for which the Trust has contracte¢. have hence been capitsiised In the year. The cosi shown fDr 28 G{ah￿ T•rra¢• i•presonts the sigllrficant l•vel of re￿Or8D0n work that comrnenced In 1 Jg8. The market values of Ihf propBrtle5 b8s8d on insurance valuations are reflected in the notes lo the xcounts and, as Ihthse valuab.ons exceed the caryfig values. no depreciation is charged in the a¢counls. 1.7. Investments Investments hdd ccKnprrse share5 listed on the UK and ovet5ea5 Slc)d( Exctranges. Inccme units In the Charitres Olficial Inveslment Fund, authonsed unrt trusts and UK Government Siocks. The inve5trnent5 are ststed at market value at the balance sheet date and the oain or Ioss tsken to the siatefflent of finanrtal activthes. CurTenl asset WTveslments are ai the of cost and net iealisabte value. Voluntary income Unrestricted funds 2024 Total 2023 Total Legacies Grants rec8vab 450.000 450.000 1622 1520 451,622 451,622 1520 Activitles for generating funds Unrestricted fund• 2024 Total 2023 Totsl her actmties for ger￿reting fvnds incorne 1382 1.382 7,382 Page 10 St. Mary's Trust Notes to financial statements for Ihe year ended 31 December 2024 In¥e5bnent income and rents receivable Unrestricte¢l nds 2024 Total 2023 Total UK dlvidends UK unit trusl sn¢¢)me UK Government stock ¥)tome N￿-UK seoJrities income COIF incomtt Investec gross depo￿1 interest Rents 9,423 10.382 9,423 10.382 17.639 22.934 6.409 6.409 651 651 974 974 116.287 115,287 9.745 861 3.637 92.628 144 126 144.126 147.482 Costs of chiritablè activltie5 - by fund type Incam• Cipital IUnr¢8trlctedllUnréstrkt•dl funds 2024 Total 2023 Total Costs rt provision of 85 Chester Ro Presbytery ' Vvaler rate5, Council tax and insurance Eleclncily and gas Equipment and maintenance Cleaning AJchitecl lees ther Pineapple PTr4ect Costs 2S Graham Terrace .' Water rates, Council tax and Insurance Equiprnent and maintenance Leth'ng agents. fees Support costs Adrnini5tralion 5eNKes and expenses Accountancy fees Brokerfs fees Légal lees 23,461 20.e72 3248 18,670 96 $37 1,548 3.248 18.670 96.637 1,548 4429 4.429 109 923 109.923 15 500 21.702 6273 1.841 6.868 586.406 1.342 9.478 21 902 1,342 9,478 21.902 1,292 49.202 13.875 3.830 3830 12 643 16.556 3720 22.285 13.791 12.643 16.556 196.672 126,995 323,667 763.627 Independent examinerfs fee 3830 3,720 Page 11 SL P4lary's Trust Notes to financial statements for the year ended 31 De¢•mber 2024 Tru5tees' remuneratton No refftun¢rJh￿ is paK1 to Ihe Ttustees. Tangible a¥¥ets - Freehold property UnFestricted DKignaied fund¥ fund St Mary'B 26 Grnham Pr8sbytffjf Terrace Total Cost Al f January 2024 Additrons 405.657 4,4LKI 190687 36,344 4.400 At 31 December 2C124 410.057 190.687 600 744 Net book values At 31 December 2024 410.057 190.687 600.744 Al 31 December 2023 4D5.657 190 687 596.344 The £4.400 ol additions to St Marys Pre3Wery reFfesep.t the directty attribulablE Costs felaliro lo th? bas?ment works undertaken as part of the overall PineaF4)le Projecr ftsr whKh the TnJst has legaty contracted. All tsther cost5 relating to Ihe Pineapple Projeci are the legal fesponsibility of Church of SL M3ry Pimlico any costs to which Ihe Trust conlritmjles by wai of di￿¢1 grants or donations. or bome on iiehalf of the Ch￿reh are treated as an expènse thrixjgh the Statement of Fnancial Actsvibes ol the TwsL Market values At 31 December 2024 (basa on insurance value5) At 31 Decemter 2023 2.417.159 352.980 2,770.139 2.417.159 352.980 2.770,139 Fixed asset investments Listed investments Total Valuatlon Ai 1 January 2024 Additsns Disposals ReVa￿atrOriS $96.425 4322 1209.9291 1209.929 38.950 38 950 9%.425 Al 31 Decwnber 2024 829,788 829.768 Histr￿¢81 co81 a8 at 31 December 2024 696,152 696.152 Al fixed as5el investments ar8 hekj within me Uirted ￿ng￿tYn. Pag812 St. Mary's Trust Notes to financial statements for the year end8d 31 December 2024 10. Débtors 2024 2023 Sundry debtor- Letbrng agents. floal Pr&payments and accrued Income 1.500 2.354 1,500 3.854 1,500 11. CreditOT¥- amounts falllng due wlthln one year 2024 2023 Other cred'lors Sundry creditors #nd accruals 9.477 3.830 15 739 3.720 13.307 19.459 11 26 Graham Terrace Ioesignatedl fund At l January 2024 and 31 December 2024 Fund balance 1￿.687 Purposes of fund The 28 Graharn Terrace Fund had been a fund, designated by ihe Trustee5 for the use of the Vrar of St MaFls unibl the end of 2009. Th8 purpose of the fvnd has sub5equentty thanged insofar as the Trustees have dectded to let the proFerty 21 26 Graham Terrace 31 a coMrnèrci￿ rent This arrangement is continuing f¢y the purpose of producing additional income for the Irust generally and in parbEular lo provide funds for the ￿51 Df a Tesi4Jence for the VKar at 85 Chester Row. The fijnd is unfesth.cted aMLI represents tre significant level of rest(￿ation work th* COrnTftenced In 1998. Page 13 Jr r+ ri ri ri r-¥ ri i ￿1 rr. SIMa 's Tru t Annual R¢ ort ear Ended 31 t December 2024 The Pineapple pigject came to a successful condusion during 2024 and whilst most of the funding that ¢ame from Ihe St Mary's Trust pthrfolio was paid out In the calendar year ended 31Jl 0é¢8mbgt 2023 there was some addition.al drawdown1£108.0001 in the early part of the year ended 31 $1 Oecember 2024 The year began with the portfolio valued al £934.961 and having drawn down £108,000 of capital in January 2024 It end8d at a value of £851.899. Al the time of Wr￿ng this report stands at E894,346. At the start 01 2024. inflation had eased from the highs of 2022-23 across most major economies, yet core inflation fftmained persistentiy atx]ve central bank targots-aro&ind 310 4°h in the U.S. and mildly elevated in Europe. Eusiness surveys signalled waning confidence globally heading into mid-year. Dèspite this, Central banks like the Fed and ECB hekl interest rates at elevaled levels for much of the year. Markets, expectaiions of rae cuts got Pushed further Into the future - many operators saw any easing unlikely before late 2024 or early 2025. As inflation softened slightly, talk of 'soft landinqs" remained cautious aNd uneven dats. Post the US election. Ir* ￿n￿onS r￿merged as ? defining thwne ¢12024. U.S. poli¢*s imposed sharp tariff increases - averag1[￿ around 70-15'ts on key imports. M¥kas al b'mes shrugged off tariff sho¢ks, but the ur.certainty they created weighed on supply ¢hains, investment confidence, arKI priang poww China's equity market suffered significanty. wrth January 2024 seang 4 -26 /) drop m the Shanghai Composrte from its 2021 peak, dragging on sentiment across Asia. Th8 U.S. presidential dectron in November. whith ushered in Oonald Trump's ￿tUrn, prompted speculation of fijrther lariff5 on Chma. leading to expected renminbi weakness and vaatil8 capital How5. Milrtary and political conflit Created persistent tail nsks Thè Ukr3ine wai remain￿ in stalamate, constraining energy flows and cre*ing inflationary pressure in Europe. A ceasefire or diplornatic breakthrough could prowde refief and In2 risk sentimern in European equities and currencie5 but has been dustve. Simultaneously. Israel's Conflict wrth Gaza, Hezbollah and spillover iensions disrupt￿ global comfflodity flows- especially oil and shippin9 in the Red Sea. Geopolibcal n8k premiums rose, adding to market skittishness. 2024 was a monumental election year. Elections oCcU￿ed in eight of the worfd's len most populous countries, including the U.S India. Indonesia. Mexico, the UK. France. Germany. Japan. Brazil, and Pakistsn. In IrKlia. Narendra Modi s expected rtreleth.on was Critical for sustaining inveslof Optimlsrn. ¢ounlry ￿M8]ned viewed as a glo￿ investment engine. Page 16 In the UK, LaboU￿8 landslide victory in Juty 2024 under Keir Stam)w, promised a shift toward cbser EU allgnment and more Wrtical stabilty - an event broadly V•*lcomed by investors. France and Germany also Saw politlcal turbula)¢e. wrth confidence votes ar#J fragmented legilatuw raising policy uncwtainty. Equity markets rgmained volatile during the year and slower than expeded cuts in lending rates led to waning optimism for further upward mt)vement. UK Gilts had a tough start but rocov8r&J a little, L3t&year as rate