**REGISTERED CHARITY NUMBER: 1173938**
**Report of the Trustees and Financial Statements for the Year Ended 31 December 2024**
**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 2024**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 6|
|**Independent Examiner's Report**|7|
|**Statement of Financial Activities**|8|
|**Balance Sheet**|9|
|**Cash Flow Statement**|10|
|**Notes to the Cash Flow Statement**|11|
|**Notes to the Financial Statements**|12 to 21|
**Spicer Street Church**
## **Report of the Trustees for the Year Ended 31 December 2024**
Psalm 90:17 May the favour of the Lord our God rest on us; establish the work of our hands for us - yes, establish the work of our hands. (NIV)
We give thanks to the Lord for his sustaining presence throughout 2024. His generosity and grace were evident as we faced different challenges and saw Him establishing the work of our hands to the glory of His name.
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and the relevant version of the 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).
## **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 2024**
## **OBJECTIVES AND ACTIVITIES The church's ministries**
In fulfilment of these purposes, the church has appointed a Senior Pastor and Trustee, Greg Strain, three Assistant Pastors and Trustees, Dan Hook, Luke Forty and Ernest Lam, 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. 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
• our Cantonese Ministry, being monthly services and monthly Fellowship meetings on Sunday afternoons, both in Cantonese.
- 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, youth work, supporting local school Christian groups.
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 2024 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 and Slovakia.
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. Video equipment 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
**Spicer Street Church**
## **Report of the Trustees for the Year Ended 31 December 2024**
## **OBJECTIVES AND ACTIVITIES**
## **Grantmaking**
All substantial grants are approved by the church members' meetings. 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 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 2023 (monies paid in 2024): This supported the Maternity Expansion Project for the Good News Hospital in Mandritsara, Madagascar. £60,790 was sent through the UK registered charity.
• Easter: Funding of medical treatment and legal support for persecuted Christians in India. Provision of Bibles in local languages. £55,716 was sent through Release International.
• Harvest: Support to persecuted Christians in Kenya with spiritual support, accommodation, training, or small business capital grants. £52,466 paid through Open Doors.
• Christmas 2024: As a result of our growing relationship with two churches in Ukraine following grants made in 2023, we provided for spiritual and physical support through the same two churches. £10,000 each was sent directly to the two Ukrainian churches with more to follow in 2025.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
During 2024, 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 14 baptisms, one wedding and three funerals. Membership at the end of 2024 was 251 (2023: 240).
## **FINANCIAL REVIEW**
## **Principal funding sources**
The church continues to be dependent on donations made by the church members and other donors. There was concern early on in the year whether our budget would be met. This information was prayed about and shared with the members, through whom God generously provided against a reduced budget. For the year ended 31 December 2024 donations totalled £689,105 (plus £168,367 in restricted giving).
## **Investment policy and objectives**
The church's investment assets include an interest in the Senior 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 day-to-day operational needs as they arise. The Trustees have previously agreed to a reserves policy whereby the church holds free reserves equivalent to approximately three months' expenditure. As agreed by the members in 2023, free reserves in excess of this amount are held in a designated housing fund (DHF). For 2024, the transfer to the DHF was £136,000, resulting in the balance at the end of the year being £346,000 as detailed in note 13 on page 18. This fund has been established to ensure we have sufficient funds to provide suitable accommodation in St Albans for future ministry team staff who may not be able to afford a home in St Albans. The plan is to build up the reserve over several years.
Page 3
**Spicer Street Church**
## **Report of the Trustees for the Year Ended 31 December 2024**
## **FINANCIAL REVIEW**
## **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.
## **FUTURE PLANS**
Several items are proposed for 2025. 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:
• Equipping people to serve God, the church and the wider community through teaching from the Bible.
• Walking well together in Christ.
• Making appropriate progress in our thinking about the facilities and buildings. To support this, a building condition survey was commissioned in 2024 which will shape our decisions in 2025.
## **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 Organisation, 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 Senior 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 general meeting via a resolution that must be passed by a 75% majority of the quorum then present.
## **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 general meeting for decision.
## **Induction and training of trustees**
Elders and Treasurers are briefed as necessary on their obligations under charity law, the Constitution and the decision-making processes of the church. Relevant Updates issued by the Charity Commission are distributed to the Trustees.
## **Key management remuneration**
The church has a pay policy which is used to determine salaries. On appointment, salaries are set with reference to similar roles in similar organisations.
## **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 2024, Hertford Town Church received £40,000 from the Church (2023: £33,750) 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 2024**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management**
We consider the risks to which the Church is exposed and introduce or update operating policies as needed. We have policies for Health and Safety, Safeguarding and Finance and a privacy notice and keep these under review for any changes in activities and developments in statutory requirements or recommended practice. We also have a completed professional fire risk assessment and hold a register to log any accidents. We have continued our use of ChurchSuite to manage contacts and communications, and to ensure that 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.
## **Safeguarding**
We want to make sure that everyone who joins us at Spicer Street is safe - so safeguarding is a priority. Every person, paid or volunteer, who regularly works with children, young people or adults at risk, has a criminal records check via the Disclosure and Barring Service. And everyone who works with those groups is trained in safeguarding. Our safeguarding policy sets out in detail what we do to protect vulnerable people.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1173938
**Principal address** Spicer Street St Albans Hertfordshire AL3 4PQ
## **Trustees**
G Strain D Hook C Upton T Ward (resigned 30.1.24) S Hounslow J K Sleep (reappointed 2.10.24) D J Nicholson N I Jefferies (reappointed 24.1.24) S A N Farrell R J McClure K F Adamson L Forty 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.
Page 5
**Spicer Street Church**
## **Report of the Trustees for the Year Ended 31 December 2024**
## **REFERENCE AND ADMINISTRATIVE DETAILS Bankers**
Lloyds Bank plc Units 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 1 April 2025 and signed on its behalf by:
G Strain - Trustee
Page 6
## **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 2024 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 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
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
2 April 2025
Page 7
## **Spicer Street Church**
## **Statement of Financial Activities**
## **for the Year Ended 31 December 2024**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
Investment income
3
**Total**
**EXPENDITURE ON**
**Charitable activities**
4
Gifts to Christian causes (including support
costs)
Church ministry
Establishment costs
Governance costs
**Total**
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
13
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
**689,106**
**12,665**
**701,771**
**117,426**
**399,587**
**63,023**
**5,842**
**585,878**
**115,893**
**(3,470) **
**112,423**
**972,494**
**1,084,917**|Restricted
funds
£
**168,367**
**-**
**168,367 **
**188,972**
**3,702**
**-**
**-**
**192,674**
**(24,307)**
**3,470**
**(20,837)**
**87,956**
**67,119**|**2024**
**Total**
**funds**
**£**
**857,473**
**12,665**
**870,138**
**306,398**
**403,289**
**63,023**
**5,842**
**778,552 **
**91,586**
**-**
**91,586**
**1,060,450**
**1,152,036**|2023
Total
funds
£
692,737
13,203
705,940
315,938
358,946
79,131
7,857
761,872
(55,932)
-
(55,932)
1,116,382
1,060,450|
|---|---|---|---|---|
The notes form part of these financial statements
Page 8
## **Spicer Street Church**
|**Balance Sheet**
**31 December 2024**
Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
9
**595,421**
**CURRENT ASSETS**
Debtors
10
**137,000**
Cash at bank
11
**363,107 **
**500,107**
**CREDITORS**
Amounts falling due within one year
12
**(10,611)**
**NET CURRENT ASSETS**
**489,496**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**1,084,917**
**NET ASSETS**
**1,084,917**
**FUNDS**
13
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
**-**
**-**
**67,119**
**67,119**
**-**
**67,119**
**67,119**
**67,119**|**2024**
**Total**
**funds**
**£**
**595,421**
**137,000**
**430,226**
**567,226**
**(10,611)**
**556,615**
**1,152,036**
**1,152,036**
**1,084,917**
**67,119**
**1,152,036**|2023
Total
funds
£
600,421
117,000
345,256
462,256
(2,227)
460,029
1,060,450
1,060,450
972,494
87,956
1,060,450|
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 1 April 2025 and were signed on its behalf by:
G Strain - Trustee
R J McClure - Trustee
The notes form part of these financial statements
Page 9
## **Spicer Street Church**
|**Cash Flow Statement**
**for the Year Ended 31 December 2024**
**2024**
Notes
**£**
**Cash flows from operating activities**
Cash generated from operations
1
**72,305**
Net cash provided by/(used in) operating activities
**72,305**
**Cash flows from investing activities**
Purchase of tangible fixed assets
**-**
Sale of tangible fixed assets
**-**
Interest received
**12,665**
Net cash provided by/(used in) investing activities
**12,665**
**Change in cash and cash equivalents**
**in the reporting period**
**84,970**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**345,256**
**Cash and cash equivalents at the end**
**of the reporting period**
**430,226**|2023
£
(47,439)
(47,439)
(20,000)
4,300
3,004
(12,696)
(60,135)
405,391
345,256|
|---|---|
The notes form part of these financial statements
Page 10
**Spicer Street Church**
## **Notes to the Cash Flow Statement for the Year Ended 31 December 2024**
|**1.**|**RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH**|**RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH**|**FLOW FROM**|**OPERATING**|
|---|---|---|---|---|
||**ACTIVITIES**||||
||||**2024**|2023|
||||**£**|£|
||**Net income/(expenditure) for the reporting period (as per the**||||
||**Statement of Financial Activities)**||**91,586**|(55,932)|
||**Adjustments for:**||||
||Depreciation charges||**5,000**|5,000|
||Profit on disposal of fixed assets||**-**|(4,300)|
||Interest received||**(12,665)**|(3,004)|
||(Increase)/decrease in debtors||**(20,000)**|10,570|
||Increase in creditors||**8,384 **|227|
||**Net cash provided by/(used in) operations**||**72,305**|(47,439)|
|**2.**|**ANALYSIS OF CHANGES IN NET FUNDS**||||
|||At 1.1.24|Cash flow|**At 31.12.24**|
|||£|£|**£**|
||**Net cash**||||
||Cash at bank|**345,256**|**84,970**|**430,226**|
|||**345,256**|**84,970**|**430,226**|
||**Total**|**345,256**|**84,970**|**430,226**|
The notes form part of these financial statements
Page 11
**Spicer Street Church**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **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.
## **True and fair override**
The financial statements have been prepared in accordance with '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) (Second Edition)' and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following '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) (Second Edition)'rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
## **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.
Page 12
continued...
**Spicer Street Church**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **1. ACCOUNTING POLICIES - continued**
## **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.
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.
Page 13
continued...
**Spicer Street Church**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **2. DONATIONS AND LEGACIES**
|Donations
Legacies
**3.**
**INVESTMENT INCOME**
Rents received
Deposit account interest
**4.**
**CHARITABLE ACTIVITIES COSTS**
Gifts to Christian causes (including
support costs)
Church ministry
Establishment costs
Governance costs
**5.**
**GRANTS PAYABLE**
Total grants|Direct
Costs
£
**3,556**
**403,289**
**63,023**
**5,842**
**475,710**|**2024**
**£**
**857,473**
**-**
**857,473**
**2024**
**£**
**-**
**12,665**
**12,665**
Grant
funding of
activities
(see note
5)
£
**302,842**
**-**
**-**
**-**
**302,842**
**2024**
**£**
**302,842**|2023
£
692,237
500
692,737
2023
£
10,199
3,004
13,203
Totals
£
**306,398**
**403,289**
**63,023**
**5,842**
**778,552 **
2023
£
312,571|
|---|---|---|---|
Page 14
continued...
**Spicer Street Church**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 31 December 2024**
## **5. GRANTS PAYABLE - continued**
|**Grants to**
**Institutions**
Restricted giving
**188,972**
Gifts to Christian causes
**111,470**
Total
**300,442**
**Restricted Giving**
Madagascar Hospital (Christmas 2023)
Release International (Easter 2024). Persecuted
Christians in India
Open Doors (Harvest 2024) Believers in Kenya
Mykolaiv Church Ukraine (part of Christmas 2024)
Odesa Church Ukraine (part of Christmas 2024)
Release International (Christmas 2022 - Burkina
Faso)
Crosslinks (Easter 2023 - two churches in Southern
Ukraine)
Open Doors (Harvest 2023 - Central Asia)
Izumi Church Building Fund
Tom Beaumont (Immanuel Church Bodmin)
Wycliffe Bible Translators
**Gifts to Christian Causes**
Belgian Bible Institute
Christ Church Hemel (Dave Couch)
Crosslinks (Rick and Alanna Creighton)
Crosslinks (Graeme and Bequi Innes)
Crosslinks (Robbie and Lizzie Bellis)
Durham Christian Union
East Anglia University Christian Union
European Christian Mission (Sarah Deacon)
Hertford Town Church
Hope Church Aviemore (Kenny Rogan)
Immanuel Church Bodmin (Tom Beaumont)
Izumi Church Building Fund
Noah Magaji (Nigeria)
Oak Hill Theological College
OMF - Simon and Joanna McClure
OMF - John and Sian Newton Webb
Paradox Church, Bratislava (Tomas Henzel)
Redeemer Church Folkstone (Jonny Sutton)
Ridgeway Church (Charles Reid and Ian Randall)
Trinity Bradford (Tom Swinney)
Trinity West
University of Herts Christian Union
Warwick Christian Union
Winchester Church plant (Jonny Clifton)|**Grants to**
**Individuals**
**-**
**2,400**
**2,400**||**2024**
**£**
**188,972**
**113,870**
**302,842**
**60,790**
**55,716**
**52,466**
**10,000**
**10,000**
**-**
**-**
**-**
**-**
**-**
**-**
**188,972**
**7,000**
**-**
**6,600**
**9,920**
**6,600**
**250**
**250**
**1,500**
**40,000**
**3,000**
**5,000**
**-**
**2,400**
**-**
**6,600**
**5,000**
**6,000**
**-**
**10,000**
**3,000**
**-**
**500**
**250**
**-**
**113,870**||2023
£
176,871
135,700
312,571
-
-
-
-
-
61,626
60,496
53,649
500
300
300
176,871
7,000
10,000
6,600
6,600
6,600
250
-
1,500
33,750
3,000
5,000
10,000
1,800
10,000
6,600
5,000
6,000
1,000
10,000
3,000
1,000
-
-
1,000
135,700|
|---|---|---|---|---|---|
|||||||
|||||||
|||||||
|||||||
Page 15
continued...
**Spicer Street Church**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
|Trustees' salaries
Trustees' pension contributions to money purchase schemes|**2024**
**£**
**162,901**
**46,694 **
**209,595**|2023
£
105,751
38,111|
|---|---|---|
|||143,862|
The following Elders were paid these amounts in service to the church:
|G Strain
D Hook
L Forty
E Lam|**Stipend**
**£**
**49,019**
**46,324**
**30,495**
**37,063**
**162,901 **|**Pension**
**£**
**26,038**
**13,697**
**4,735**
**2,224**
**46,694 **|**Total**
**£**
**75,057**
**60,021**
**35,230**
**39,287 **
**209,595**|2023
£
69,872
57,935
16,055
-|
|---|---|---|---|---|
|||||143,862|
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.
## **Trustees' expenses**
|Trustees' expenses|**2024**
**£**
**4,469**|2023
£
7,319|
|---|---|---|
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 4 (2023: 3).
## **7. STAFF COSTS**
|Wages and salaries
Social security costs
Other pension costs|**2024**
**£**
**272,244**
**21,720**
**66,256**
**360,220**|2023
£
238,541
18,678
57,342|
|---|---|---|
|||314,561|
The average monthly number of employees and office holders during the year was as follows:
|Pastoral team
Other|**2024**
**6**
**3**
**9**|2023
6
3|
|---|---|---|
|||9|
Page 16
continued...
**Spicer Street Church**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **7. STAFF COSTS - continued**
No employees received emoluments in excess of £60,000.
## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Gifts to Christian causes (including
support costs)
Church ministry
Establishment costs
Governance costs
**Total**
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**9.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 January 2024 and
31 December 2024
**DEPRECIATION**
At 1 January 2024
Charge for year
At 31 December 2024
**NET BOOK VALUE**
At 31 December 2024
At 31 December 2023|Freehold
property
£
**585,421**
**-**
**-**
**-**
**585,421**
585,421||Unrestricted
funds
£
525,957
13,203
539,160
139,067
351,709
79,131
7,857
577,764
(38,604)
(2,724)
(41,328)
1,013,822
972,494
Fixtures
and
fittings
£
**30,150**
**30,150**
**-**
**30,150**
**-**
-||Restricted
funds
£
166,780
-
166,780
176,871
7,237
-
-
184,108
(17,328)
2,724
(14,604)
102,560
87,956
Motor
vehicles
£
**20,000**
**5,000**
**5,000**
**10,000**
**10,000**
15,000||Total
funds
£
692,737
13,203
705,940
315,938
358,946
79,131
7,857
761,872
(55,932)
-
(55,932)
1,116,382
1,060,450
Totals
£
**635,571**
**35,150**
**5,000**
**40,150**
**595,421**
600,421|
|---|---|---|---|---|---|---|---|
|||||||||
|||||||||
|||||||||
|||||||||
|||||||||
|||||||||
|||||||||
Page 17
continued...
**Spicer Street Church**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
|**10.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Gift Aid receivable
**11.**
**CASH AT BANK**
Cash at bank
Short term deposits
**12.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**13.**
**MOVEMENT IN FUNDS**
Net
movement
At 1.1.24
in funds
£
£
**Unrestricted funds**
General fund
**177,073**
**115,893**
St. Vincent Drive reserve
**337,151**
**-**
Downes Road reserve
**248,270**
**-**
Designated housing fund
**210,000**
**-**
**972,494**
**115,893**
**Restricted funds**
Fellowship fund
**8,178**
**(2,352)**
Recreation fund
**27,452**
**(1,350)**
Margaret Harding fund
**22,014**
**-**
Other Christian causes
**30,312**
**(20,605) **
**87,956**
**(24,307)**
**TOTAL FUNDS**
**1,060,450**
**91,586**||**2024**
**£**
**137,000**
**2024**
**£**
**280,797**
**149,429 **
**430,226**
**2024**
**£**
**10,611**
Transfers
between
funds
£
**(139,470)**
**-**
**-**
**136,000**
**(3,470)**
**3,470**
**-**
**-**
**-**
**3,470**
**-**||
|---|---|---|---|
|||||
|||||
|||||
|||||
|||||
Page 18
continued...
**Spicer Street Church**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 31 December 2024**
## **13. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Fellowship fund
Recreation fund
Other Christian causes
**TOTAL FUNDS**|Incoming
resources
£
**701,771**
**-**
**-**
**168,367 **
**168,367 **
**870,138**|Resources
Movement
expended
in funds
£
£
**(585,878)**
**115,893**
**(2,352)**
**(2,352)**
**(1,350)**
**(1,350)**
**(188,972)**
**(20,605) **
**(192,674)**
**(24,307)**
**(778,552)**
**91,586**|
|---|---|---|
The figure of £9,707 for Other Christian Causes represents the balance of monies collected in December 2024 for the Christmas Offering not remitted to the beneficiaries by the balance sheet date (see also note 5).
Included in the resources expended from the Fellowship Fund (£2,651) are eleven (2023: eight) gifts to Church members and associates totalling £2,620 (2023: £3,400).
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
St. Vincent Drive reserve
Downes Road reserve
Designated housing fund
**Restricted funds**
Fellowship fund
Recreation fund
Margaret Harding fund
Other Christian causes
**TOTAL FUNDS**|At 1.1.23
£
428,401
337,151
248,270
-
1,013,822
9,053
31,090
22,014
40,403
102,560
1,116,382|Net
movement
in funds
£
(38,604)
-
-
-
(38,604)
(3,599)
(3,638)
-
(10,091)
(17,328)
(55,932)|Transfers
between
funds
£
(212,724)
-
-
210,000
(2,724)
2,724
-
-
-
2,724
-|
At
31.12.23
£
177,073
337,151
248,270
210,000
972,494
8,178
27,452
22,014
30,312
87,956
1,060,450|
|---|---|---|---|---|
Page 19
continued...
**Spicer Street Church**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **13. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Fellowship fund
Recreation fund
Other Christian causes
**TOTAL FUNDS**|Incoming
resources
£
539,160
-
-
166,780
166,780
705,940|Resources
Movement
expended
in funds
£
£
(577,764)
(38,604)
(3,599)
(3,599)
(3,638)
(3,638)
(176,871)
(10,091)
(184,108)
(17,328)
(761,872)
(55,932)|
|---|---|---|
## **14. RELATED PARTY DISCLOSURES**
Donations from Trustees and their related parties, including to other Christian causes under restricted funds, excluding any gift aid claimable, amounted to £77,048 during the year (2023: £81,511).
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 £40,000 from the Church (2023: £33,750) to help fund the stipend and housing for its new pastor.
## **15. APPLICATION OF FUNDS – see note 13**
The General fund represents the free funds of the charity which are not designated for particular purposes.
The St Vincent Drive reserve and Downes Road reserve represent the funds invested in these properties - and they are separately designated to reflect the long-term nature of these investments and the expectation that the funds would be invested in other properties if these properties were sold in the future.
The Designated Housing Fund has been established to assist with the future housing needs of church personnel.
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 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.
Page 20
continued...
**Spicer Street Church**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **15. APPLICATION OF FUNDS - continued**
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 other Christian causes mainly represents the Christmas offering not yet remitted to the chosen beneficiaries.
## **16. INDEPENDENT EXAMINER'S FEE**
A provision of £2,268 (2023: £2,142) has been made in the accounts to cover the examiner's fee for the year under review.
Page 21