**REGISTERED CHARITY NUMBER: 1173938**
## **Report of the Trustees and**
**Financial Statements for the Year Ended 31 December 2020**
**for**
## **Spicer Street Church**
George Arthur Limited Chartered Accountants Suite 6B, Wentworth Lodge Great North Road Welwyn Garden City Hertfordshire AL8 7SR
**Spicer Street Church**
## **Contents of the Financial Statements for the Year Ended 31 December 2020**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 5|
|**Independent Examiner's Report**|6|
|**Statement of Financial Activities**|7|
|**Balance Sheet**|8|
|**Cash Flow Statement**|9|
|**Notes to the Cash Flow Statement**|10|
|**Notes to the Financial Statements**|11 to 20|
**Spicer Street Church**
## **Report of the Trustees for the Year Ended 31 December 2020**
Proverbs 16:9: In their hearts humans plan their course, but the Lord establishes their steps. (NIV)
James 4:13-15: Now listen, you who say, “Today or tomorrow we will go to this or that city, spend a year there, carry on business and make money.” Why, you do not even know what will happen tomorrow. What is your life? You are a mist that appears for a little while and then vanishes. Instead, you ought to say, “If it is the Lord’s will, we will live and do this or that.” (NIV)
This has been an unprecedented year due to the Covid-19 pandemic which has affected national life and the life of the church. With God’s help, we have looked to continue to function as a church and to serve the needy through this very difficult time.
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES Objectives and aims**
The purposes of the Church are:
1. The advancement of the Christian faith in accordance with the Basis of Faith primarily but not exclusively within St Albans, Hertfordshire and the surrounding neighbourhood; and
2. Such other charitable purposes as shall, in the opinion of the members of the Church in general meeting, put into practice the Christian faith in accordance with the Basis of Faith, including but not limited to: the prevention and relief of need, hardship and sickness; the advancement of education; and the provision of facilities in the interests of social welfare for recreation of individuals who have need of such facilities by reason of their youth, age infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life.
Provided that the advancement of such purposes must be undertaken in a manner that is consistent with the Doctrinal Distinctives and Ethical Statements as may be adopted and amended by the Church from time to time in accordance with the provisions of the Church Handbook.
Page 1
**Spicer Street Church**
**Report of the Trustees for the Year Ended 31 December 2020**
## **OBJECTIVES AND ACTIVITIES**
## **The church's ministries**
In fulfilment of these purposes, the church has appointed a Senior Pastor and Trustee, Greg Strain, two Assistant Pastors and Trustees, Dan Hook and Phil Vance, a Youth Worker, Judith Keane, and a Women's Worker, Rebecca Broomhead. Together these form the Pastoral Team, responsible for maintaining a regular ministry and pastoral care for the congregation. Extensive use is made of the church members who willingly volunteer their time to, e.g. support youth work, undertake visits/phone calls to church members and other regular attendees, provide oversight, maintain the premises and serve in the wider community.
## The church has brought benefit through:
1. A programme of meetings and events which seeks to deepen the spiritual lives of the individual members, help them to live out the Christian life where they live and work, and provide opportunities for other members of the public to hear the Christian gospel. At the end of March, much of this moved online via our website, and Zoom meetings. As the situation changed during the year, where we could meet in person, we did so. Our meetings included:
- morning and evening services each Sunday;
- morning Sunday schools and online support material for parents with children at home;
- a mid-week programme, including meetings for both prayer and teaching;
- Christianity Explored courses;
- One-to-one discipleship;
- Christmas carol services;
- Zoom coffee
2. Various other teaching and outreach ministries in and around the local area, including a toddler group (which had to close at the end of March when the first lockdown commenced), youth work (in person and via Zoom), religious services in care homes for the elderly (some continued via Zoom) and, prior to the lockdown in March, a lunch for the elderly.
3. Encouragement to its members to pray for the wider church, the needs of the world and to volunteer their time in the name of Christ to serve the needs of the community. Prayer meetings moved online via Zoom.
4. Support for a number of missionary workers, who were during 2020 placed in Scotland, Japan, Nigeria, Belgium and Moldova.
5. Support for a number of other churches and organizations working in gospel ministry in the UK and around the world.
6. Buildings which provide for Sunday worship and facilitate meetings throughout the week and for the encouragement of the Christian faith amongst all ages within the local community. These were enhanced with the provision of video equipment to enable the live broadcast of services to those unable to attend the building due to the Covid-19 pandemic. The buildings were suitably adjusted to make them Covid-secure for those who attended in person.
## **Public benefit**
The Trustees are aware of the Charity Commission's guidance on public benefit (PB1). They consider that the church's objectives and activities, and their decision-making in relation thereto, are and have been consistent with that guidance.
Page 2
**Spicer Street Church**
## **Report of the Trustees for the Year Ended 31 December 2020**
## **OBJECTIVES AND ACTIVITIES (Continued)**
## **Grant making**
All substantial grants are approved by the church members' meeting. Those who receive grants are reminded that their support is regularly reviewed and may change according to circumstances and the availability of funds. Regular reports of their activities are received by the church.
In addition, there are specially announced collections throughout the year with the monies donated being given directly to the organization concerned without additional member approval (note that as the Christmas 2019 collection spans the financial year end, some of the income is shown in the 2019 financial report, with the remainder of the income and the grant being made in 2020). Research into a suitable project is undertaken by the church and the project approved by the trustees. Reports are received from the organization on the benefit derived from that giving. These grants are made as restricted gifts and, for the period covered by this annual report, were for the following purposes:
- Christmas 2019: Literacy and numeracy training for illiterate Christian men and women and vocation training for poor girls and women (through Open Doors).
- May: 2020: Providing relief to Christians suffering as a result of the Covid-19 pandemic. Through Release International, we have supported Eritrean Christians in Northern Ethiopia, Christian refugees in Turkey and believers in Southern Egypt. And through Operation Mobilization to believers in Algeria.
- November 2020: Providing relief to Christians suffering as a result of the Covid-19 pandemic. Through Open Doors, we have supported believers in Bangladesh through food aid and business support schemes.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
During 2020, the church has continued to focus on teaching the Bible and promoting prayer and fellowship, including through the teaching and outreach ministries outlined above.
In addition to weekly services and mid-week fellowship and teaching, there were no baptisms, two weddings and one funeral. Membership at the end of 2020 was 242 (2019: 242).
## **FINANCIAL REVIEW**
## **Principal funding sources**
The church continues to be dependent on donations made by the church members and other donors. This remained stable throughout 2020. For the year ended 31 December 2020 the church received unrestricted donations of £499,428 plus restricted giving of £193,156.
## **Investment policy and objectives**
The church's investment assets include an interest in the pastor's house. The value of the property is reviewed from time to time by the Trustees and Treasurer to ensure that the market value is greater than the investment. The remaining financial assets of the church are held in instant access bank account deposits or in bank account notice deposits. There is no exposure to stock market shares.
## **Reserves policy**
The financial arrangements permits the church to maintain a reserve of at least three months' expenditure. It is not the policy of the church to build up general reserves, preferring to rely on God's providence to meet needs as they arise.
## **Property and Land**
The property and land consisting of Spicer Street Church and adjoining halls and garden are owned by the church. The Constitution retained in part a trust deed dated 2 May 1812 that sets out the basis for the use of the church buildings and chapel in Spicer Street, St Albans.
The church has a 54.73% share in 1 Downes Road.
The church owns 66 St Vincent Drive outright – there is no mortgage or other beneficial owner.
Page 3
**Spicer Street Church**
## **Report of the Trustees for the Year Ended 31 December 2020**
## **FUTURE PLANS**
Several items are proposed for 2021. These have arisen through an ongoing review of activities and a desire to enable those outside the church to understand the gospel of Jesus Christ. Such plans include: - Possible development of the church building and surrounding land to make it more suitable for its current usage;
- Church planting and revitalization in nearby towns as the Lord permits;
- Providing volunteer intern training opportunities;
- Holding evangelistic events outside of the church building to encourage people to hear the gospel;
- Increasing fellowship amongst the church members which has become increasingly important during the Covid-19 pandemic.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The church's governing document is a written Constitution approved and adopted at a church members' meeting held on 11th July 2017. The church is a Charitable Incorporated Organization, with registration number 1173938.
## **Recruitment and appointment of new trustees**
Appointment of Trustees and the Treasurer are set out in the Constitution and Church Handbook. The Pastor and Assistant Pastors are automatically Trustees for the duration of their tenure. Other Trustees are appointed from the membership of the church for a period of five years, after which they may stand down or be re-elected. Recommendations for new/re-elected Trustees are brought to the church members' meeting by the existing trustees. They are appointed at a church meeting via a resolution that must be passed by a 75% majority of the quorum then present. As all the trustees were appointed at the same time (i.e. when the CIO was formed), existing trustees are being reappointed, if required, at varied intervals of no more than 5 years, to stagger their reappointment or replacement.
## **Organizational structure**
The Trustees and Treasurer regularly review and discuss the affairs of the church. At Church members' meetings, held regularly throughout the year, members review and make decisions concerning the affairs of the church in response to the leadership and work of the Trustees and Treasurer. All important matters concerning finance and property are brought to the church meeting for decision.
## **Induction and training of new trustees**
New Elders and Treasurers are briefed as necessary on their obligations under charity law, the Constitution and the decision-making processes of the church.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1173938
## **Principal address**
19 Watsons Walk St Albans Hertfordshire AL1 1PD
Page 4
**Spicer Street Church**
## **Report of the Trustees for the Year Ended 31 December 2020**
## **Trustees**
G Strain F Guest D Hook C Upton T Ward S Hounslow P W Vance J K Sleep D A Shaw D J Nicholson N I Jefferies
The elders of the church are classified as trustees for legal purposes.
## **Independent Examiner**
George Arthur Limited Chartered Accountants Suite 6B, Wentworth Lodge Great North Road Welwyn Garden City Hertfordshire AL8 7SR
## **Treasurer**
G Smith.
## **Bankers**
Lloyds Bank plc 32 & 32a Intu Shopping Centre Watford WD17 2UB
## **CHURCH'S WEBSITE**
Further details of the church may be found at its website: www.spicerstreet.org.uk.
Approved by order of the board of trustees on 13 April 2021 and signed on its behalf by:
................................................................. G Strain - Trustee
Page 5
## **Independent Examiner's Report to the Trustees of Spicer Street Church**
## **Independent examiner's report to the trustees of Spicer Street Church**
I report to the charity trustees on my examination of the accounts of Spicer Street Church (the Trust) for the year ended 31 December 2020.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Peter Rook Institute of Chartered Accountants in England and Wales George Arthur Limited Chartered Accountants Suite 6B, Wentworth Lodge Great North Road Welwyn Garden City Hertfordshire AL8 7SR
13 April 2021: .............................................
Page 6
## **Spicer Street Church**
## **Statement of Financial Activities**
## **for the Year Ended 31 December 2020**
|Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
499,428
Investment income
3
1,662
**Total**
501,090
**EXPENDITURE ON**
**Charitable activities**
4
Gifts to Christian causes (including support
costs)
89,686
Church ministry
291,076
Establishment costs
50,977
Governance costs
4,986
**Total**
436,725
**NET INCOME/(EXPENDITURE)**
64,365
**Transfers between funds**
12
(2,197)
**Net movement in funds**
62,168
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
845,263
**TOTAL FUNDS CARRIED FORWARD**
907,431|Restricted
funds
£
193,156
30
193,186
218,274
3,566
-
-
221,840
(28,654)
2,197
(26,457)
92,552
66,095|2020
Total
funds
£
692,584
1,692
694,276
307,960
294,642
50,977
4,986
658,565
35,711
-
35,711
937,815
973,526|2019
Total
funds
£
640,321
1,869
642,190
227,756
310,598
51,288
5,691
595,333
46,857
-
46,857
890,958
937,815|
|---|---|---|---|
The notes form part of these financial statements
Page 7
## **Spicer Street Church**
## **Balance Sheet**
## **31 December 2020**
|Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
9
585,421
**CURRENT ASSETS**
Debtors
10
112,524
Cash at bank
212,935
325,459
**CREDITORS**
Amounts falling due within one year
11
(3,449)
**NET CURRENT ASSETS**
322,010
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
907,431
**NET ASSETS**
907,431
**FUNDS**
12
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
-
-
66,095
66,095
-
66,095
66,095
66,095|2020
Total
funds
£
585,421
112,524
279,030
391,554
(3,449)
388,105
973,526
973,526
907,431
66,095
973,526|2019
Total
funds
£
585,421
19,799
337,701
357,500
(5,106)
352,394
937,815
937,815
845,263
92,552
937,815|
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 13 April 2021 and were signed on its behalf by:
............................................. G Strain - Trustee
............................................. D J Nicholson - Trustee
The notes form part of these financial statements
Page 8
## **Spicer Street Church**
|**Cash Flow Statement**
**for the Year Ended 31 December 2020**
2020
Notes
£
**Cash flows from operating activities**
Cash generated from operations
1
(60,363)
Net cash (used in)/provided by operating activities
(60,363)
**Cash flows from investing activities**
Interest received
1,692
Net cash provided by investing activities
1,692
**Change in cash and cash equivalents**
**in the reporting period**
(58,671)
**Cash and cash equivalents at the**
**beginning of the reporting period**
337,701
**Cash and cash equivalents at the end**
**of the reporting period**
279,030|2019
£
52,017
52,017
1,869
1,869
53,886
283,815
337,701|
|---|---|
The notes form part of these financial statements
Page 9
**Spicer Street Church**
## **Notes to the Cash Flow Statement for the Year Ended 31 December 2020**
## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
||**ACTIVITIES**|||||
|---|---|---|---|---|---|
|||||2020|2019|
|||||£|£|
||**Net income for the reporting period (as per the Statement of**|||||
||**Financial Activities)**|||35,711|46,857|
||**Adjustments for:**|||||
||Depreciation charges|||-|3,496|
||Interest received|||(1,692)|(1,869)|
||(Increase)/decrease in debtors|||(92,725)|383|
||(Decrease)/increase in creditors|||(1,657)|3,150|
||**Net cash (used in)/provided by operations**|||(60,363)|52,017|
|2.|**ANALYSIS OF CHANGES IN NET FUNDS**|||||
|||At 1.1.20||Cash flow|At 31.12.20|
||||£|£|£|
||**Net cash**|||||
||Cash at bank|337,701||(58,671)|279,030|
|||337,701||(58,671)|279,030|
||**Total**|337,701||(58,671)|279,030|
The notes form part of these financial statements
Page 10
**Spicer Street Church**
## **Notes to the Financial Statements for the Year Ended 31 December 2020**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Spicer Street Church meets the definition of a public benefit entity under FRS 102.
## **Income**
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income is accounted for when received, with the exception of income tax recoverable on gift aid donations, and interest arising on deposits which are accounted for on an accruals basis. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure. Grants are recognised as a liability when the church is under an obligation to make a payment.
## **Governance costs**
Governance costs of the charity include 5% of church office costs and all expenditure to comply with statutory and legal requirements.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
|Fixtures and fittings|- 25% on cost|
|---|---|
|Motor vehicles|- 25% on cost|
No depreciation is provided on freehold buildings. The charity adopts a policy of maintaining properties to a high standard, which prolongs their useful lives and enhances their residual value (based on prices prevailing at the time of acquisition or subsequent valuation) and accordingly the Trustees consider depreciation arising to be immaterial.
Fixed assets with a value under £10,000 are written off as expenditure in the Statement of Financial Activities.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Page 11
continued...
**Spicer Street Church**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Cash at bank and in hand**
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short-term deposits.
## **Debtors and creditors**
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.
## **Pension costs and other post-retirement benefits**
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. The assets of the scheme are held in a separately administered fund.
## **The church building**
The church building is considered to be an inalienable property and is therefore excluded from the accounts. No value is placed on moveable church furnishings and fittings as these are also considered part of the inalienable property. All costs during the year associated with the maintenance or improvement of such assets are written off as expenditure in the Statement of Financial Activities.
## **2. DONATIONS AND LEGACIES**
|Donations
Legacies
**3.**
**INVESTMENT INCOME**
Deposit account interest|2020
£
692,584
-
692,584
2020
£
1,692|2019
£
610,181
30,140
640,321
2019
£
1,869|
|---|---|---|
||||
Page 12
continued...
**Spicer Street Church**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
## **4. CHARITABLE ACTIVITIES COSTS**
|Direct
Costs
£
Gifts to Christian causes (including
support costs)
2,986
Church ministry
294,642
Establishment costs
50,977
Governance costs
4,986
353,591
**5.**
**GRANTS PAYABLE**
Gifts to Christian causes (including support costs)
The total grants paid during the year was as follows:
Restricted gifts
Open Doors (Harvest 2019)
Open Doors (Christmas 2019)
Open Doors (Covid 2)
Operation Mobilization (Christmas 2018)
Operation Mobilization (Covid 1)
Release International (Covid 1)
SIM (Easter 2019)
Wycliffe Bible Translators
The total of other grants paid during the year was as follows:
Gifts to Christian causes (inc support costs)|Grant
funding of
activities
(see note
5)
£
304,974
-
-
-
304,974
2020
£
304,974
2020
£
218,274
-
48,202
79,628
-
21,810
68,274
-
360
218,274
2020
£
86,700|Totals
£
307,960
294,642
50,977
4,986
658,565
2019
£
224,843
2019
£
126,881
51,290
-
-
42,851
-
-
32,740
-
126,881
2019
£
97,962|
|---|---|---|
||||
Page 13
continued...
**Spicer Street Church**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 31 December 2020**
## **5. GRANTS PAYABLE - continued**
|Belgium Bible Institute
Bratislava church plant
Carrickmacross Baptist Church (Colin Creighton)
Christ Church Hemel
Christ Church Hemel (Dave Crouch)
Crosslinks (Rick Creighton)
Crosslinks (Graeme and Bequi Innes)
Crosslinks (Robbie and Lizzie Bellis)
Eurasian Ministries
Mill Grove Children's Home
Noah (Nigeria)
Oak Hill Theological College
OMF - Simon and Joanna McClure
OMF - John and Sian Newton Webb
OMF - Martin and Sam Seccombe
Redeemer Church Folkstone (Jonny Sutton)
Ridgeway Church (Ian Randall)
Trinity Bradford (Tom Swinney)
Trinity West (Reuben Hunter)
University of Leicester Christian Union
University of Warwick Christian Union
Winchester Church plant (Jonny Clifton)
**6.**
**TRUSTEES' REMUNERATION AND BENEFITS**
Trustees' salaries
Trustees' pension contributions to money purchase schemes
The following Elders were paid these amounts in service to the church:
Stipend
£
G Strain
49,839
D Hook
42,181
P Vance
24,537
116,557|7,000
10,000
-
-
10,000
5,600
5,600
5,600
5,000
-
900
10,000
12,000
5,000
-
5,000
-
3,000
1,000
-
-
1,000
86,700
2020
£
116,557
25,075
141,632
Pension
£
13,035
6,665
5,375
25,075|7,000
10,000
1,000
262
10,000
5,100
5,100
5,100
5,000
1,000
-
10,000
17,000
5,000
2,000
-
10,000
4,000
1,000
200
200
5,000
97,962
2019
£
117,606
20,323
137,929
Total
£
62,874
48,846
29,912
141,632|
|---|---|---|
||||
In addition, the Senior Pastor has the use of the car belonging to the church. The church's constitution authorizes the payment of remuneration to trustees. None of the trustees received any remuneration or reimbursed expenses in their capacity as Elder.
## **Trustees' expenses**
|Trustees' expenses|2020
£
3,366|2019
£
5,675|
|---|---|---|
The expenses relate to payments made to those Elders on the Pastoral Team who were reimbursed travelling, hospitality and book expenses.
Page 14
continued...
**Spicer Street Church**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
## **7. STAFF COSTS**
|Wages and salaries
Social security costs
Other pension costs|2020
£
205,851
17,018
39,978
262,847|2019
£
204,631
16,916
34,922
256,469|
|---|---|---|
The average monthly number of employees during the year was as follows:
|Pastoral team
Other
The number of higher paid employees was:
In the band £60,001 - £70,000
**8.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
516,868
Investment income
1,569
**Total**
518,437
**EXPENDITURE ON**
**Charitable activities**
Gifts to Christian causes (including
support costs)
100,875
Church ministry
304,852
Establishment costs
51,288
Governance costs
5,691
**Total**
462,706
**NET INCOME/(EXPENDITURE)**
55,731
**Transfers between funds**
(5,065)
**Net movement in funds**
50,666
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
794,597
**TOTAL FUNDS CARRIED FORWARD**
845,263|2020
5
3
8
1
Restricted
funds
£
123,453
300
123,753
126,881
5,746
-
-
132,627
(8,874)
5,065
(3,809)
96,361
92,552|2019
5
3
8
1
Total
funds
£
640,321
1,869
642,190
227,756
310,598
51,288
5,691
595,333
46,857
-
46,857
890,958
937,815|
|---|---|---|
Page 15
continued...
## **Spicer Street Church**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
|**9.**
**TANGIBLE FIXED ASSETS**
Fixtures
Freehold
and
property
fittings
£
£
**COST**
At 1 January 2020 and 31 December
2020
585,421
30,150
**DEPRECIATION**
At 1 January 2020 and 31 December
2020
-
30,150
**NET BOOK VALUE**
At 1 January 2020 and 31 December
2020
585,421
-
**10.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
Prepayments
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors|Motor
vehicles
£
13,990
13,990
-
2020
£
112,524
-
112,524
2020
£
3,449|Totals
£
629,561
44,140
585,421
2019
£
18,549
1,250
19,799
2019
£
5,106|
|---|---|---|
||||
Page 16
continued...
## **Spicer Street Church**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 31 December 2020**
## **12. MOVEMENT IN FUNDS**
|Net
movement
At 1.1.20
in funds
£
£
**Unrestricted funds**
General fund
259,842
64,365
St. Vincent Drive reserve
337,151
-
Downes Road reserve
248,270
-
845,263
64,365
**Restricted funds**
Fellowship fund
14,345
(3,566)
Recreation fund
31,070
20
Margaret Harding fund
22,004
10
Other Christian causes
25,133
(25,118)
92,552
(28,654)
**TOTAL FUNDS**
937,815
35,711
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
501,090
**Restricted funds**
Fellowship fund
-
Recreation fund
20
Margaret Harding fund
10
Other Christian causes
193,156
193,186
**TOTAL FUNDS**
694,276|Transfers
between
At
funds
31.12.20
£
£
(2,197)
322,010
-
337,151
-
248,270
(2,197)
907,431
2,197
12,976
-
31,090
-
22,014
-
15
2,197
66,095
-
973,526
Resources
Movement
expended
in funds
£
£
(436,725)
64,365
(3,566)
(3,566)
-
20
-
10
(218,274)
(25,118)
(221,840)
(28,654)
(658,565)
35,711|
|---|---|
Page 17
continued...
**Spicer Street Church**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 31 December 2020**
## **12. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|Net
movement
At 1.1.19
in funds
£
£
**Unrestricted funds**
General fund
209,176
55,731
St. Vincent Drive reserve
337,151
-
Downes Road reserve
248,270
-
794,597
55,731
**Restricted funds**
Fellowship fund
13,844
(4,564)
Recreation fund
32,052
(982)
Margaret Harding fund
21,904
100
Other Christian causes
28,561
(3,428)
96,361
(8,874)
**TOTAL FUNDS**
890,958
46,857
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
518,437
**Restricted funds**
Fellowship fund
-
Recreation fund
200
Margaret Harding fund
100
Other Christian causes
123,453
123,753
**TOTAL FUNDS**
642,190|Transfers
between
At
funds
31.12.19
£
£
(5,065)
259,842
-
337,151
-
248,270
(5,065)
845,263
5,065
14,345
-
31,070
-
22,004
-
25,133
5,065
92,552
-
937,815
Resources
Movement
expended
in funds
£
£
(462,706)
55,731
(4,564)
(4,564)
(1,182)
(982)
-
100
(126,881)
(3,428)
(132,627)
(8,874)
(595,333)
46,857|
|---|---|
Page 18
continued...
**Spicer Street Church**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
## **12. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
St. Vincent Drive reserve
Downes Road reserve
**Restricted funds**
Fellowship fund
Recreation fund
Margaret Harding fund
Other Christian causes
**TOTAL FUNDS**|At 1.1.19
£
209,176
337,151
248,270
794,597
13,844
32,052
21,904
28,561
96,361
890,958|Net
movement
in funds
£
120,096
-
-
120,096
(8,130)
(962)
110
(28,546)
(37,528)
82,568|Transfers
between
funds
£
(7,262)
-
-
(7,262)
7,262
-
-
-
7,262
-|At
31.12.20
£
322,010
337,151
248,270
907,431
12,976
31,090
22,014
15
66,095
973,526|
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|Incoming
resources
£
**Unrestricted funds**
General fund
1,019,527
**Restricted funds**
Fellowship fund
-
Recreation fund
220
Margaret Harding fund
110
Other Christian causes
316,609
316,939
**TOTAL FUNDS**
1,336,466
(1|Resources
Movement
expended
in funds
£
£
(899,431)
120,096
(8,130)
(8,130)
(1,182)
(962)
-
110
(345,155)
(28,546)
(354,467)
(37,528)
,253,898)
82,568|
|---|---|
## **13. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2020.
Page 19
continued...
**Spicer Street Church**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
## **14. APPLICATION OF FUNDS**
The General fund represents the free funds of the charity which are not designated for particular purposes.
The Fellowship Fund is used to express love and concern for one another and others with whom the church are in touch. From the total of the giving to the church, 1% of undesignated gifts is transferred to this fund.
The Margaret Harding Fund is the result of a gift to the church in 1993. Margaret Harding, the widow of Fred Harding, a former pastor of the church, asked that the funds be used 'to assist the training of those church members who feel called to enter missionary service overseas'. To date, Erik and Emma Thomson, Richard Smith, Sue Mullis and Simon and Joanna McClure have all received support for their training from this fund.
The Recreation Fund was created by a legacy to the church. The Fund exists to help people, primarily those in full-time Christian service, have holidays or leisure breaks who would otherwise not be able to afford them.
The Other Christian Causes principally relate to the special offerings taken during the year, details of which are given on page 3 under grant making.
## **15. INDEPENDENT EXAMINER'S FEE**
A provision of £2,100 has been made in the accounts to cover the examiner's fee for the year under review.
Page 20