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St. Margarets was founded in 1197 but the original church burned down in 1440. It was rebuilt at the expense of Robert Large who was Lord Mayor of London at the time of the disaster. The second church was destroyed in the Great Fire of London of 1666 but rebuilt by Sir Christopher Wren in 1690.
The "Bullseyes and Targets" refer to archery which was practised in the nearby fields. In 1363 King Edward III had commanded the obligatory practice of archery on Sundays and holidays. This tradition continued, thus ensuring the safety of the Realm, until Bows were replaced with guns.

The Bells of St. Margarets

"Gay go up and gay go down
To Ring the Bells of London Town
"Oranges and Lemons" say the Bells of St. Clements
"Bullseyes and Targets" say the Bells of St. Margaret's
"Brickbats and Tiles" say the Bells of St. Giles
"Halfpence and Farthings" say the Bells of St. Martin's
"Pancakes and Fritters" say the Bells of St. Peter's
"Two Sticks and an Apple" say the Bells of Whitechapel
"Maids in white aprons" say the Bells at St. Katherine's
"Pokers and Tongs" say the Bells of St. John's
"Kettles and Pans" say the Bells of St. Anne's
"Old Father Baldpate" say the slow Bells of Aldgate
"You owe me Ten Shillings" say the Bells of St. Helen's
"When will you Pay me?" say the Bells of Old Bailey
"When I grow Rich" say the Bells of Shoreditch
"Pray when will that be?" say the Bells of Stepney
"I do not know" say the Great Bell of Bow
Gay go up and gay go down
To Ring the Bells of London Town

The Bells of St. Margarets