**REGISTERED CHARITY NUMBER: 1173938** 

## **Report of the Trustees and** 

## **Financial Statements for the Year Ended 31 December 2023** 

## **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 2023** 

|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|6|
|**Statement of Trustees' Responsibilities**||7||
|**Independent Examiner's Report**||8||
|**Statement of Financial Activities**||9||
|**Balance Sheet**||10||
|**Cash Flow Statement**||11||
|**Notes to the Cash Flow Statement**||12||
|**Notes to the Financial Statements**|13|to|21|





## **Spicer Street Church** 

## **Report of the Trustees for the Year Ended 31 December 2023** 

Philippians 4:6-7: Do not be anxious about anything, but in every situation, by prayer and petition, with thanksgiving, present your requests to God. 7 And the peace of God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus. (NIV) 

This year has been uncertain in so many ways, but we have found God to be faithful in his grace, guidance, care and love. As we seek to minister to those the Lord brings to our attention, we pray that they too may encounter his enduring love. 

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. 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 2023** 

## **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 Luke Forty, a Youth Worker, Judith Keane, a Women's Worker, Rebecca Broomhead and a Cantonese-speaking pastor, Ernest Lam. 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. We have enjoyed being able to meet in person throughout the year, but have also made our services available through our YouTube channel. Our meetings included: 

- morning and evening services each Sunday (both livestreamed) 

- morning Sunday schools 

- a mid-week programme, including meetings for both prayer and teaching 

- Christianity Explored courses 

- One-to-one discipleship 

- Christmas carol services 

2. Various other teaching and outreach ministries in and around the local area, including a toddler group and youth work. 

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. 

4. Support for a number of missionary workers, who were during 2023 placed in Scotland, Japan, Nigeria, Belgium, Moldova and Slovenia. 

5. Support for a number of other churches and organisations working in gospel ministry in the UK and around the world in Belgium, Slovakia and Nigeria. 

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. The provision of video equipment in 2020 has enabled the live broadcast of services to those unable to attend the building due to reasons of health or infirmity. 

## **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 



**Report of the Trustees for the Year Ended 31 December 2023** 

## **Spicer Street Church** 

## **OBJECTIVES AND ACTIVITIES** 

## **Grantmaking** 

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 organisation concerned without additional member approval. Research into a suitable project is undertaken by the church and the project approved by the trustees. Reports are received from the organisation 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 2022 (monies paid in 2023): This provided support for Christians in Burkina Faso who have fled their villages due to Jihadist attacks and find themselves living in cities with little. Our offering of £61,626 paid through Release International, provided food and other necessities, education and help to set up new businesses. 

• Easter: provision of finances to two churches in Ukraine to provide food and spiritual support. £60,496 was sent through Crosslinks. 

• Harvest: Provision of support to Christians in a central Asian country, typically pastors whose small house churches cannot support them, or believers who have no other means of income. £53,649 paid through Open Doors. 

## **ACHIEVEMENT AND PERFORMANCE** 

## **Charitable activities** 

During 2023, 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 nine baptisms, one wedding and one funeral. Membership at the end of 2023 was 240 (2022: 233). 

## **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 2023. For the year ended 31 December 2023 donations totalled £525,957 (plus £166,780 in restricted giving). 

## **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** 

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. During the year, the Trustees confirmed a reserves policy whereby the church holds free reserves equivalent to approximately three months' budgeted expenditure. The free reserves in excess of this amount (£210,000) have been transferred to a designated housing fund. At 31 December 2023, unrestricted undesignated funds in the General Fund amounted to £177,073 which represented 3.07 months of the forecast 2024 expenditure. Restricted funds at 31 December 2023 amounted to £87,956, these funds being cash backed. 

## **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 2023** 

## **FUTURE PLANS** 

Several items are proposed for 2024. 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: 

• Continuing to provide a programme of meetings where Christians can be built up in the faith and which also help those seeking to understand the faith. 

- Possible development of the church building and surrounding land to make it more suitable for its current 

- usage. 

- Encouraging members to reach those around them. 

- Church planting and revitalisation in nearby towns as the Lord permits. 

- Holding evangelistic events outside of the church building to encourage people to hear the gospel. 

- Pastoral support amongst those arriving from Hong Kong. 

- Encouraging deepening fellowship amongst the church members. 

## **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, and amended during 2022 to permit participation in General Meetings by electronic means. The church also operates with a church handbook, 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 up to 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 original trustees were appointed at the same time (i.e., when the CIO was formed), those trustees are being reappointed, if required, at varied intervals of no more than 5 years, to stagger their reappointment or replacement. 

## **Organisational 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. 

## **Key management remuneration** 

The church has a pay policy which is used to determine salaries. On appointment, this is by reference to the teacher pay scales. Increases in pay are based on the wage and inflation indices produced by the HM Government. 

## **Related parties** 

Greg Strain, a Trustee of the Church, is also a Trustee of Hertford Town Church (Charity number 1190784). Rick McClure, also a Trustee of the Church, acts as Treasurer for Hertford Town Church. During 2023, Hertford Town Church received £33,750 from the Church (2022: nil) to help fund the stipend and housing for its new pastor. 

Page 4 



**Spicer Street Church** 

## **Report of the Trustees for the Year Ended 31 December 2023** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Risk management** 

We have identified the major risks to which the Church is exposed and have undertaken risk assessments for all areas of activity. We have policies for Health and Safety, Safeguarding and GDPR/privacy, and keep under review for any changes in activities and developments in statutory requirements or recommended practice. We also have a completed professional fire risk assessment. We hold a register to log any accidents. We have continued our use of ChurchSuite to manage contacts and communications, and to ensure all required training is up to date. The Church takes out adequate insurance cover against fire, theft, employer's and public liability and other insurable risks. Clear procedures are in place for the authorisation of expenditure and secure receipt and recording of income. 

## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 

1173938 

## **Principal address** 

Spicer Street St Albans Hertfordshire AL3 4PQ 

## **Trustees** 

G Strain D Hook C Upton (reappointed 24.5.23) T Ward (resigned 31.1.24) S Hounslow (reappointed 24.5.23) J K Sleep D A Shaw ( retired 31.5.23) D J Nicholson (reappointed 22.11.23) N I Jefferies (reappointed 24.1.24) S A N Farrell (appointed 29.3.23) R J McClure (appointed 29.3.23) K F Adamson (appointed 29.3.23) L Forty (appointed 4.7.23) E Y W Lam (appointed 24.1.24) 

The elders of the church are classified as trustees for legal purposes. 

## **Independent Examiner** 

Peter Rook 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 Units 32 & 32a Intu Shopping Centre Watford WD17 2UB 

Page 5 



**Spicer Street Church** 

**Report of the Trustees for the Year Ended 31 December 2023** 

## **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 12 March 2024 and signed on its behalf by: 

G Strain - Trustee 

Page 6 



**Spicer Street Church** 

## **Statement of Trustees' Responsibilities for the Year Ended 31 December 2023** 

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Page 7 



## **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 Charity) for the year ended 31 December  2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and related notes. 

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 trustees of the Charity 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 Charity'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 member of the 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 Charity 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 

The 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 

Date: 13 March 2024 

Page 8 



## **Spicer Street Church** 

## **Statement of Financial Activities** 

## **for the Year Ended 31 December 2023** 

|Notes<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>2<br>Investment income<br>3<br>**Total**<br>**EXPENDITURE ON**<br>**Charitable activities**<br>4<br>Gifts to Christian causes (including support<br>costs)<br>Church ministry<br>Establishment costs<br>Governance costs<br>**Total**<br>**NET INCOME/(EXPENDITURE)**<br>**Transfers between funds**<br>13<br>**Net movement in funds**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|**2023**<br>Unrestricted<br>Restricted<br>**Total**<br>funds<br>funds<br>**funds**<br>£<br>£<br>**£**<br>**525,957**<br>**166,780**<br>**692,737**<br>**13,203**<br>**-**<br>**13,203**<br>**539,160**<br>**166,780**<br>**705,940**<br>**139,067**<br>**176,871**<br>**315,938**<br>**351,709**<br>**7,237**<br>**358,946**<br>**79,131**<br>**-**<br>**79,131**<br>**7,857**<br>**-**<br>**7,857**<br>**577,764**<br>**184,108**<br>**761,872**<br>**(38,604)**<br>**(17,328)**<br>**(55,932)**<br>**(2,724)**<br>**2,724**<br>**-**<br>**(41,328)**<br>**(14,604)**<br>**(55,932)**<br>**1,013,822**<br>**102,560**<br>**1,116,382**<br>**972,494**<br>**87,956**<br>**1,060,450**|2022<br>Total<br>funds<br>£<br>764,912<br>3,785|
|---|---|---|
|||768,697|
|||378,452<br>310,506<br>66,221<br>6,791|
|||761,970|
|||6,727<br>-|
|||6,727<br>1,109,655|
|||1,116,382|



The notes form part of these financial statements 

Page 9 



## **Spicer Street Church** 

## **Balance Sheet** 

## **31 December 2023** 

|Notes<br>**FIXED ASSETS**<br>Tangible assets<br>9<br>**CURRENT ASSETS**<br>Debtors<br>10<br>Cash at bank<br>11<br>**CREDITORS**<br>Amounts falling due within one year<br>12<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**NET ASSETS**<br>**FUNDS**<br>13<br>Unrestricted funds<br>Restricted funds<br>**TOTAL FUNDS**|Unrestricted<br>funds<br>£<br>**600,421**<br>**117,000**<br>**257,300**<br>**374,300**<br>**(2,227)**<br>**372,073**<br>**972,494**<br>**972,494**|Restricted<br>funds<br>£<br>**-**<br>**-**<br>**87,956**<br>**87,956**<br>**-**<br>**87,956**<br>**87,956**<br>**87,956**|**2023**<br>**Total**<br>**funds**<br>**£**<br>**600,421**<br>**117,000**<br>**345,256**<br>**462,256**<br>**(2,227)**<br>**460,029**<br>**1,060,450**<br>**1,060,450**<br>**972,494**<br>**87,956**<br>**1,060,450**|2022<br>Total<br>funds<br>£<br>585,421<br>127,570<br>405,391<br>532,961<br>(2,000)<br>530,961<br>1,116,382<br>1,116,382<br>1,013,822<br>102,560<br>1,116,382|
|---|---|---|---|---|



The financial statements were approved by the Board of Trustees and authorised for issue on 12 March 2024 and were signed on its behalf by: 

G Strain - Trustee 

D J Nicholson - Trustee 

The notes form part of these financial statements 

Page 10 



## **Spicer Street Church** 

## **Cash Flow Statement** 

## **for the Year Ended 31 December 2023** 

|Notes<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Sale of tangible fixed assets<br>Interest received<br>Net cash (used in)/provided by investing activities<br>**Change in cash and cash equivalents**<br>**in the reporting period**<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>**Cash and cash equivalents at the end**<br>**of the reporting period**|**2023**<br>**£**<br>**(47,439)**<br>**(47,439)**<br>**(20,000)**<br>**4,300**<br>**3,004**<br>**(12,696)**<br>**(60,135)**<br>**405,391**<br>**345,256**|2022<br>£<br>(10,743)<br>(10,743)<br>-<br>-<br>-<br>-<br>(10,743)<br>416,134<br>405,391|
|---|---|---|



The notes form part of these financial statements 

Page 11 



## **Spicer Street Church** 

## **Notes to the Cash Flow Statement** 

## **for the Year Ended 31 December 2023** 

## **1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** 

|**Net (expenditure)/income for the reporting period (as per the**<br>**Statement of Financial Activities)**<br>**Adjustments for:**<br>Depreciation charges<br>Interest received<br>Decrease/(increase) in debtors<br>Increase in creditors<br>**Net cash used in operations**|**2023**<br>**£**<br>**(55,932)**<br>**700**<br>**(3,004)**<br>**10,570**<br>**227**<br>**(47,439)**|2022<br>£<br>6,727<br>-<br>-<br>(17,570)<br>100<br>(10,743)|
|---|---|---|



## **2. ANALYSIS OF CHANGES IN NET FUNDS** 

||At 1.1.23|Cash flow|**At 31.12.23**|
|---|---|---|---|
||£|£|**£**|
|**Net cash**||||
|Cash at bank|**405,391**|**(60,135)**|**345,256**|
||**405,391**|**(60,135)**|**345,256**|
|**Total**|**405,391**|**(60,135)**|**345,256**|



The notes form part of these financial statements 

Page 12 



**Spicer Street Church** 

## **Notes to the Financial Statements for the Year Ended 31 December 2023** 

## **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. 

## **Going Concern** 

The Trustees have determined that there is no material uncertainty that casts doubt on the charity’s ability to continue as a going concern; therefore, the financial statements have been prepared on a going concern basis. 

## **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. 

Page 13 

continued... 



**Spicer Street Church** 

## **Notes to the Financial Statements - continued** 

## **for the Year Ended 31 December 2023** 

## **1. ACCOUNTING POLICIES - continued** 

## **Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

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<br>Legacies|**2023**<br>**£**<br>**692,237**<br>**500**<br>**692,737**|2022<br>£<br>764,912<br>-|
|---|---|---|
|||764,912|



Page 14 

continued... 



## **Spicer Street Church** 

## **Notes to the Financial Statements - continued** 

## **for the Year Ended 31 December 2023** 

## **3. INVESTMENT INCOME** 

|Rents received<br>Deposit account interest<br>**CHARITABLE ACTIVITIES COSTS**<br>Gifts to Christian causes (including<br>support costs)<br>Church ministry<br>Establishment costs<br>Governance costs|Direct<br>Costs<br>£<br>**3,367**<br>**358,946**<br>**79,131**<br>**7,857**<br>**449,301**|**2023**<br>**£**<br>**10,199**<br>**3,004**<br>**13,203**<br>Grant<br>funding of<br>activities<br>(see note<br>5)<br>£<br>**312,571**<br>**-**<br>**-**<br>**-**<br>**312,571**|2022<br>£<br>3,785<br>-<br>3,785<br>Totals<br>£<br>**315,938**<br>**358,946**<br>**79,131**<br>**7,857**|2022<br>£<br>3,785<br>-|
|---|---|---|---|---|
|||||3,785|
||||**761,872**||



## **4. CHARITABLE ACTIVITIES COSTS** 

## **5. GRANTS PAYABLE** 

||**Grants to**<br>**Institutions**|**Grants to**<br>**Individuals**||**2023**||2022|
|---|---|---|---|---|---|---|
|||||**£**||£|
|Restricted giving|**176,871**|**-**||**176,871**||293,617|
|Gifts to Christian causes|**133,900**|**1,800**||**135,700**||81,700|
||||||||
||||||||
|Total|**310,771**|**1,800**||**312,571**||375,317|
||||||||
|**Restricted Giving**|||||||
|<br>Release International (Christmas 2022 - Burkina Faso)||||**61,626**||-|
|Release International (Christmas 2021 - Egypt)||||**-**||77,531|
|Crosslinks (Easter 2023 - two churches in Southern<br>Ukraine)||||**60,496**||-|
|Open Doors (Harvest 2023 - Central Asia)||||**53,649**||-|
|Izumi Church Building Fund||||**500**||-|
|Tom Beaumont (Immanuel Church Bodmin)||||**300**||-|
|Wycliffe Bible Translators||||**300**||300|
|Ukrainian refugees (March/April 2022):|||||||
|Paradox Church Slovakia||||**-**||26,875|
|Cirkev Bratska Slovakia||||**-**||28,091|
|Operation Mobilisation||||**-**||43,140|
|Bible Society||||**-**||50,000|
|Operation Mobilisation (Harvest 2022 - Yemen)||||**-**||67,680|
||||||||
|||||**176,871**||293,617|
||||||||



Page 15 

continued... 



**Spicer Street Church** 

## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023** 

## **5. GRANTS PAYABLE - continued** 

## **6.** 

|**Gifts to Christrian Causes**|||
|---|---|---|
|Belgian Bible Institute|**7,000**|7,000|
|Bratislava Church plant|**6,000**|10,000|
|Christ Church Hemel (Dave Couch)|**10,000**|10,000|
|Crosslinks (Rick Creighton)|**6,600**|6,600|
|Crosslinks (Graeme and Bequi Innes)|**6,600**|6,600|
|Crosslinks (Robbie and Lizzie Bellis)|**6,600**|6,600|
|European Christian Mission (Sarah Deacon)|**1,500**|-|
|Hope Church Aviemore (Kenny Rogan)|**3,000**|-|
|Immanuel Church Bodmin (Tom Beaumont)|**5,000**|-|
|Hertford Town Church|**33,750**|-|
|Izumi Church Building Fund|**10,000**|-|
|Durham Christian Union|**250**|-|
|Noah Magaji (Nigeria)|**1,800**|1,800|
|Oak Hill Theological College|**10,000**|10,000|
|OMF - Simon and Joanna McClure|**6,600**|6,600|
|OMF - John and Sian Newton Webb|**5,000**|5,000|
|Redeemer Church Folkstone (Jonny Sutton)|**1,000**|1,000|
|Ridgeway Church (Charles Reid and Ian Randall)|**10,000**|5,000|
|Trinity Bradford  (Tom Swinney)|**3,000**|3,000|
|Trinity West (Reuben Hunter)|**1,000**|1,000|
|University of Herts Christian Union|**-**|500|
|Winchester Church plant (Jonny Clifton)|**1,000**|1,000|
||||
||**135,700**|81,700|
||||
|**TRUSTEES' REMUNERATION AND BENEFITS**<br>Trustees' salaries<br>Trustees' pension contributions to money purchase schemes|**2023**<br>**£**<br>**105,751**<br>**38,111**<br>**143,862**|2022<br>£<br>106,063<br>31,186<br>137,249|



The following Elders were paid these amounts in service to the church: 

||**Stipend**|**Pension**|**Total**|2022|
|---|---|---|---|---|
||**£**|**£**|**£**|£|
|G Strain|**47,460**|**22,412**|**69,872**|65,915|
|D Hook|**44,271**|**13,664**|**57,935**|51,631|
|L Forty|**14,020**|**2,035**|**16,055**|-|
|P Vance|**-**|**-**|**-**|19,703|
||||||
||**105,751**|**38,111**|**143,862**|137,249|
||||||



In addition, G. Strain has the use of the car belonging to the church. 

Two trustees have accommodation provided to them by the church. 

The church's constitution authorises the payment of remuneration to trustees. 

None of the trustees received any remuneration or reimbursed expenses in their capacity as Elder. 

Page 16 

continued... 



**Spicer Street Church** 

## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023** 

## **6. TRUSTEES' REMUNERATION AND BENEFITS - continued** 

## **Trustees' expenses** 

|**Trustees' expenses**|||
|---|---|---|
||**2023**|2022|
||**£**|£|
|Trustees' expenses|**7,319**|3,488|



The expenses relate to payments made to those Elders on the Pastoral Team who were reimbursed travelling, hospitality and book expenses. The number of Trustees who were reimbursed expenses was 3 (2022: 3). 

## **7. STAFF COSTS** 

|**7.**<br>**STAFF COSTS**||||||
|---|---|---|---|---|---|
|Wages and salaries<br>Social security costs<br>Other pension costs<br>The average monthly number of employees during the year was as follows:<br>Pastoral team<br>Other<br>No employees received emoluments in excess of £60,000.<br>**8.**<br>**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**<br>Unrestricted<br>funds<br>£<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>482,698<br>Investment income<br>3,785<br>**Total**<br>486,483<br>**EXPENDITURE ON**<br>**Charitable activities**<br>Gifts to Christian causes (including<br>support costs)<br>84,835<br>Church ministry<br>305,106<br>Establishment costs<br>66,221<br>Governance costs<br>6,791<br>**Total**<br>462,953<br>**NET INCOME/(EXPENDITURE)**<br>23,530<br>**Transfers between funds**<br>(2,254)||**2023**<br>**£**<br>**238,541**<br>**18,678**<br>**57,342**<br>**314,561**<br>**2023**<br>**6**<br>**3**<br>**9**<br>Restricted<br>funds<br>£<br>282,214<br>-<br>282,214<br>293,617<br>5,400<br>-<br>-<br>299,017<br>(16,803)<br>2,254||2022<br>£<br>211,397<br>16,819<br>47,412<br>275,628<br>2022<br>5<br>3<br>8<br>Total<br>funds<br>£<br>764,912<br>3,785||
|||||||
||||||768,697|
||||||378,452<br>310,506<br>66,221<br>6,791|
||||||761,970|
||||||6,727<br>-|



Page 17 

continued... 



## **Spicer Street Church** 

## **Notes to the Financial Statements - continued** 

## **for the Year Ended 31 December 2023** 

|**8.**<br>**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**<br>Unrestricted<br>Restricted<br>funds<br>funds<br>£<br>£<br>**Net movement in funds**<br>21,276<br>(14,549)<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>992,546<br>117,109<br>**TOTAL FUNDS CARRIED FORWARD**<br>1,013,822<br>102,560<br>**9.**<br>**TANGIBLE FIXED ASSETS**<br>Fixtures<br>Freehold<br>and<br>Motor<br>property<br>fittings<br>vehicles<br>£<br>£<br>£<br>**COST**<br>At 1 January 2023<br>**585,421**<br>**30,150**<br>**13,990**<br>Additions<br>**-**<br>**-**<br>**20,000**<br>Disposals<br>**-**<br>**-**<br>**(13,990)**<br>At 31 December 2023<br>**585,421**<br>**30,150**<br>**20,000**<br>**DEPRECIATION**<br>At 1 January 2023<br>**-**<br>**30,150**<br>**13,990**<br>Charge for year<br>**-**<br>**-**<br>**5,000**<br>Eliminated on disposal<br>**-**<br>**-**<br>**(13,990)**<br>At 31 December 2023<br>**-**<br>**30,150**<br>**5,000**<br>**NET BOOK VALUE**<br>At 31 December 2023<br>**585,421**<br>**-**<br>**15,000**<br>At 31 December 2022<br>585,421<br>-<br>-<br>**10.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>**2023**<br>**£**<br>Gift Aid receivable<br>**117,000**<br>**11.**<br>**CASH AT BANK**<br>**2023**<br>**£**<br>Cash at bank<br>**264,062**<br>Short term deposits<br>**81,194**<br>**345,256**|**8.**<br>**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**<br>Unrestricted<br>Restricted<br>funds<br>funds<br>£<br>£<br>**Net movement in funds**<br>21,276<br>(14,549)<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>992,546<br>117,109<br>**TOTAL FUNDS CARRIED FORWARD**<br>1,013,822<br>102,560<br>**9.**<br>**TANGIBLE FIXED ASSETS**<br>Fixtures<br>Freehold<br>and<br>Motor<br>property<br>fittings<br>vehicles<br>£<br>£<br>£<br>**COST**<br>At 1 January 2023<br>**585,421**<br>**30,150**<br>**13,990**<br>Additions<br>**-**<br>**-**<br>**20,000**<br>Disposals<br>**-**<br>**-**<br>**(13,990)**<br>At 31 December 2023<br>**585,421**<br>**30,150**<br>**20,000**<br>**DEPRECIATION**<br>At 1 January 2023<br>**-**<br>**30,150**<br>**13,990**<br>Charge for year<br>**-**<br>**-**<br>**5,000**<br>Eliminated on disposal<br>**-**<br>**-**<br>**(13,990)**<br>At 31 December 2023<br>**-**<br>**30,150**<br>**5,000**<br>**NET BOOK VALUE**<br>At 31 December 2023<br>**585,421**<br>**-**<br>**15,000**<br>At 31 December 2022<br>585,421<br>-<br>-<br>**10.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>**2023**<br>**£**<br>Gift Aid receivable<br>**117,000**<br>**11.**<br>**CASH AT BANK**<br>**2023**<br>**£**<br>Cash at bank<br>**264,062**<br>Short term deposits<br>**81,194**<br>**345,256**|**8.**<br>**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**<br>Unrestricted<br>Restricted<br>funds<br>funds<br>£<br>£<br>**Net movement in funds**<br>21,276<br>(14,549)<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>992,546<br>117,109<br>**TOTAL FUNDS CARRIED FORWARD**<br>1,013,822<br>102,560<br>**9.**<br>**TANGIBLE FIXED ASSETS**<br>Fixtures<br>Freehold<br>and<br>Motor<br>property<br>fittings<br>vehicles<br>£<br>£<br>£<br>**COST**<br>At 1 January 2023<br>**585,421**<br>**30,150**<br>**13,990**<br>Additions<br>**-**<br>**-**<br>**20,000**<br>Disposals<br>**-**<br>**-**<br>**(13,990)**<br>At 31 December 2023<br>**585,421**<br>**30,150**<br>**20,000**<br>**DEPRECIATION**<br>At 1 January 2023<br>**-**<br>**30,150**<br>**13,990**<br>Charge for year<br>**-**<br>**-**<br>**5,000**<br>Eliminated on disposal<br>**-**<br>**-**<br>**(13,990)**<br>At 31 December 2023<br>**-**<br>**30,150**<br>**5,000**<br>**NET BOOK VALUE**<br>At 31 December 2023<br>**585,421**<br>**-**<br>**15,000**<br>At 31 December 2022<br>585,421<br>-<br>-<br>**10.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>**2023**<br>**£**<br>Gift Aid receivable<br>**117,000**<br>**11.**<br>**CASH AT BANK**<br>**2023**<br>**£**<br>Cash at bank<br>**264,062**<br>Short term deposits<br>**81,194**<br>**345,256**|**8.**<br>**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**<br>Unrestricted<br>Restricted<br>funds<br>funds<br>£<br>£<br>**Net movement in funds**<br>21,276<br>(14,549)<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>992,546<br>117,109<br>**TOTAL FUNDS CARRIED FORWARD**<br>1,013,822<br>102,560<br>**9.**<br>**TANGIBLE FIXED ASSETS**<br>Fixtures<br>Freehold<br>and<br>Motor<br>property<br>fittings<br>vehicles<br>£<br>£<br>£<br>**COST**<br>At 1 January 2023<br>**585,421**<br>**30,150**<br>**13,990**<br>Additions<br>**-**<br>**-**<br>**20,000**<br>Disposals<br>**-**<br>**-**<br>**(13,990)**<br>At 31 December 2023<br>**585,421**<br>**30,150**<br>**20,000**<br>**DEPRECIATION**<br>At 1 January 2023<br>**-**<br>**30,150**<br>**13,990**<br>Charge for year<br>**-**<br>**-**<br>**5,000**<br>Eliminated on disposal<br>**-**<br>**-**<br>**(13,990)**<br>At 31 December 2023<br>**-**<br>**30,150**<br>**5,000**<br>**NET BOOK VALUE**<br>At 31 December 2023<br>**585,421**<br>**-**<br>**15,000**<br>At 31 December 2022<br>585,421<br>-<br>-<br>**10.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>**2023**<br>**£**<br>Gift Aid receivable<br>**117,000**<br>**11.**<br>**CASH AT BANK**<br>**2023**<br>**£**<br>Cash at bank<br>**264,062**<br>Short term deposits<br>**81,194**<br>**345,256**|**8.**<br>**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**<br>Unrestricted<br>Restricted<br>funds<br>funds<br>£<br>£<br>**Net movement in funds**<br>21,276<br>(14,549)<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>992,546<br>117,109<br>**TOTAL FUNDS CARRIED FORWARD**<br>1,013,822<br>102,560<br>**9.**<br>**TANGIBLE FIXED ASSETS**<br>Fixtures<br>Freehold<br>and<br>Motor<br>property<br>fittings<br>vehicles<br>£<br>£<br>£<br>**COST**<br>At 1 January 2023<br>**585,421**<br>**30,150**<br>**13,990**<br>Additions<br>**-**<br>**-**<br>**20,000**<br>Disposals<br>**-**<br>**-**<br>**(13,990)**<br>At 31 December 2023<br>**585,421**<br>**30,150**<br>**20,000**<br>**DEPRECIATION**<br>At 1 January 2023<br>**-**<br>**30,150**<br>**13,990**<br>Charge for year<br>**-**<br>**-**<br>**5,000**<br>Eliminated on disposal<br>**-**<br>**-**<br>**(13,990)**<br>At 31 December 2023<br>**-**<br>**30,150**<br>**5,000**<br>**NET BOOK VALUE**<br>At 31 December 2023<br>**585,421**<br>**-**<br>**15,000**<br>At 31 December 2022<br>585,421<br>-<br>-<br>**10.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>**2023**<br>**£**<br>Gift Aid receivable<br>**117,000**<br>**11.**<br>**CASH AT BANK**<br>**2023**<br>**£**<br>Cash at bank<br>**264,062**<br>Short term deposits<br>**81,194**<br>**345,256**|||Total<br>funds<br>£<br>6,727<br>1,109,655|
|---|---|---|---|---|---|---|---|
||||||||1,116,382|
||||||||Totals<br>£<br>**629,561**<br>**20,000**<br>**(13,990)**<br>**635,571**<br>**44,140**<br>**5,000**<br>**(13,990)**<br>**35,150**<br>**600,421**<br>585,421<br>2022<br>£<br>127,570|
|||||**2023**|||2022|
|||||**£**|||£|
|||||**264,062**|||405,391|
|||||**81,194**|||-|
|||||||||
|||||||||
|||||**345,256**|||405,391|
|||||||||
|||||||||



Page 18 

continued... 



**Spicer Street Church** 

## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023** 

## **12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Other creditors<br>**13.**<br>**MOVEMENT IN FUNDS**<br>**Unrestricted funds**<br>General fund<br>St. Vincent Drive reserve<br>Downes Road reserve<br>Designated housing fund<br>**Restricted funds**<br>Fellowship fund<br>Recreation fund<br>Margaret Harding fund<br>Other Christian causes<br>**TOTAL FUNDS**|At 1.1.23<br>£<br>**428,401**<br>**337,151**<br>**248,270**<br>**-**<br>**1,013,822**<br>**9,053**<br>**31,090**<br>**22,014**<br>**40,403**<br>**102,560**<br>**1,116,382**|Net<br>movement<br>in funds<br>£<br>**(38,604)**<br>**-**<br>**-**<br>**-**<br>**(38,604)**<br>**(3,599)**<br>**(3,638)**<br>**-**<br>**(10,091)**<br>**(17,328)**<br>**(55,932)**|**2023**<br>**£**<br>**2,227**<br>Transfers<br>between<br>funds<br>£<br>**(212,724)**<br>**-**<br>**-**<br>**210,000**<br>**(2,724)**<br>**2,724**<br>**-**<br>**-**<br>**-**<br>**2,724**<br>**-**|2022<br>£<br>2,000<br>At<br>31.12.23<br>£<br>**177,073**<br>**337,151**<br>**248,270**<br>**210,000**|2022<br>£<br>2,000|
|---|---|---|---|---|---|
|||||**972,494**<br>**8,178**<br>**27,452**<br>**22,014**<br>**30,312**||
|||||**87,956**||
|||||**1,060,450**||



The figure of £30,312 for other Christian causes represents monies received in December 2023 for the Christmas offering. Together with the January 2024 receipts, these monies were paid to the Friends of Mandritsara Trust on 19th January 2024. 

Included in the resources expended from the Fellowship Fund (£3,599) are eight (2022: seven) gifts to Church members and associates totaling £3,400 (2022: £5,700). 

Net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>**Restricted funds**<br>Fellowship fund<br>Recreation fund<br>Other Christian causes<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>**539,160**<br>**-**<br>**-**<br>**166,780**<br>**166,780**<br>**705,940**|Resources<br>Movement<br>expended<br>in funds<br>£<br>£<br>**(577,764)**<br>**(38,604)**<br>**(3,599)**<br>**(3,599)**<br>**(3,638)**<br>**(3,638)**<br>**(176,871)**<br>**(10,091)**<br>**(184,108)**<br>**(17,328)**<br>**(761,872)**<br>**(55,932)**|
|---|---|---|



Page 19 

continued... 



**Spicer Street Church** 

## **Notes to the Financial Statements - continued** 

## **for the Year Ended 31 December 2023** 

## **13. MOVEMENT IN FUNDS - continued** 

## **Comparatives for movement in funds** 

|**Unrestricted funds**<br>General fund<br>St. Vincent Drive reserve<br>Downes Road reserve<br>**Restricted funds**<br>Fellowship fund<br>Recreation fund<br>Margaret Harding fund<br>Other Christian causes<br>**TOTAL FUNDS**|At 1.1.22<br>£<br>407,125<br>337,151<br>248,270<br>992,546<br>12,199<br>31,090<br>22,014<br>51,806<br>117,109<br>1,109,655|Net<br>movement<br>in funds<br>£<br>23,530<br>-<br>-<br>23,530<br>(5,400)<br>-<br>-<br>(11,403)<br>(16,803)<br>6,727|Transfers<br>between<br>funds<br>£<br>(2,254)<br>-<br>-<br>(2,254)<br>2,254<br>-<br>-<br>-<br>2,254<br>-|At<br>31.12.22<br>£<br>428,401<br>337,151<br>248,270|
|---|---|---|---|---|
|||||1,013,822<br>9,053<br>31,090<br>22,014<br>40,403|
|||||102,560|
|||||1,116,382|



Comparative net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>**Restricted funds**<br>Fellowship fund<br>Other Christian causes<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>486,483<br>-<br>282,214<br>282,214<br>768,697|Resources<br>Movement<br>expended<br>in funds<br>£<br>£<br>(462,953)<br>23,530<br>(5,400)<br>(5,400)<br>(293,617)<br>(11,403)<br>(299,017)<br>(16,803)<br>(761,970)<br>6,727|
|---|---|---|



Page 20 

continued... 



**Spicer Street Church** 

## **Notes to the Financial Statements - continued** 

## **for the Year Ended 31 December 2023** 

## **14. RELATED PARTY DISCLOSURES** 

Donations from Trustees and their related parties, including to other Christian causes under restricted funds, amounted to £81,511 during the year (2022: £63,613). 

Greg Strain, a Trustee of the Church, is also a Trustee of Hertford Town Church (Charity number 1190784). Rick McClure, also a Trustee of the Church, acts as Treasurer for Hertford Town Church. During 2023, Hertford Town Church received £33,750 from the Church (2022: nil) to help fund the stipend and housing for its new pastor. 

## **15. 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, 0.5% 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 mainly represents the Christmas offering not yet remitted to the chosen beneficiary. 

The Designated Housing Fund has been established to assist with the future housing needs of church personnel. 

## **16. INDEPENDENT EXAMINER'S FEE** 

A provision of £2,142 (2022: £2,000) has been made in the accounts to cover the examiner's fee for the year under review. 

Page 21