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2025-12-31-accounts

REGISTERED CHARITY NUMBER: 1173938

Report of the Trustees and Financial Statements for the Year Ended 31 December 2025

for

Spicer Street Church

Spicer Street Church

Contents of the Financial Statements for the Year Ended 31 December 2025

Page
Report of the Trustees 1 to 9
Independent Examiner's Report 10
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 24

Spicer Street Church

Report of the Trustees for the Year Ended 31 December 2025

Spicer Street Church is an independent evangelical church in the heart of St Albans committed to growing in the knowledge of God, loving one another, living well for Christ in all we do, helping those in need and sharing the gospel of Jesus Christ.

The elders/trustees of Spicer Street Church present their report with the financial statements of the charity for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out in the 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 (SORP) 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

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.

The church's ministries

In fulfilment of these purposes, the church has appointed a Senior Pastor and elder/trustee, Greg Strain, three Assistant Pastors and elders/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.

There are eight non pastoral team trustees who are also elders who are committed to serving within the church in a variety of ways.

Extensive use is made of the church members who willingly volunteer their time to, e.g., run small groups, 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’s ministries include:

  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 which specifically benefits those unable to attend the building due to reasons of health or infirmity. Our meetings included:

  2. morning and evening English-language services each Sunday (both livestreamed)

  3. morning Sunday schools

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

  5. Christianity Explored courses

  6. One-to-one discipleship

  7. Easter services and Christmas carol services

Page 1

Spicer Street Church

Report of the Trustees for the Year Ended 31 December 2025

Grant making

Grants enable the church to fulfil its Biblical mandate to help advance the Christian faith within St. Albans, Hertfordshire, the surrounding area and beyond. 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.

Such grants have been made to churches and individuals within St Albans, Hertfordshire, the UK and overseas.

We have also made use of the fellowship fund to support regular members of the congregation at different times in the year. In all £10,155 was given to 20 individuals.

In addition, there are specially announced collections throughout the year with the monies donated being given directly to the organisation concerned. Research into a suitable project is undertaken and the project approved by the elders/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:

Page 2

Spicer Street Church

Report of the Trustees for the Year Ended 31 December 2025

Achievements and Performance

In our 2024 report we reported our future plans as a desire to enable those outside the church to understand the gospel of Jesus Christ. Specifically, we would:

Throughout 2025, we have been encouraged by the slight upturn in Sunday attendance and the interest shown by a number of newcomers in the Christian faith. We rejoice that 10 people were baptised in 2025. And we are grateful to God for the help we have been able to provide to those in need, in particular through the three special collections.

In addition to weekly services and mid-week fellowship and teaching, there was one wedding and two funerals. Membership at the end of 2025 was 256 (2024: 251).

Sunday services.

There are Sunday services in English at 09:30, 11:15 and 6pm. During these we sing God’s praises, pray, and listen to His Word being taught. As we move into 2026, we have commenced use of an internet-based translation facility which provides a live translation in a text-based output format into dozens of languages. Over the two morning services we see about 300-350 adults and about 100 children. The average attendance at the evening service is about 70. All are welcome.

Teaching is provided for primary school age children during the morning services and there is also a staffed crèche.

Once a month there is a Sunday afternoon service in Cantonese. This is attended by 90-100 adults and an average of 13 children.

Youth and children’s work

Youth and children’s work remain a key are of church life and all the groups have seen good engagement and increased attendance. This work includes:

.

Page 3

Spicer Street Church

Report of the Trustees for the Year Ended 31 December 2025

Small groups

Midweek small groups are an important part of church life enabling deeper understanding and applications of the scriptures as well as being a place of support and encouragement. Most of the groups benefited from studies in Leviticus and Hebrews during 2025.Ten of the groups meet on a Wednesday evening and there is also a daytime group

There is also a thriving small group ministry for women and there are other groups for men and those in their twenties.

Christianity Explored is a small group course for those investigating Christianity. These were run regularly through the year.

Monthly Prayer meeting

Prior to 2025 the prayer meeting had been fortnightly and had been poorly attended. At the beginning of 2025 it started to meet monthly on the first Wednesday of the month. Attendance picked up significantly and we have enjoyed good times of prayer.

Support for mission and gospel ministry in the UK and beyond

During 2025, the church supported missionaries in Scotland, Japan, Nigeria, Belgium, Moldova and Slovenia and churches and other organisations in the UK and Belgium and Slovakia. The support of Hertford Town Church remains a key priority in these early years of revitalisation.

Buildings

During 2025, the elders/trustees began engaging an architect to consider the possibilities for redevelopment of our existing building in Spicer Street. This building lies within the conservation zone of St Albans and parts of the building are listed. We will therefore be approaching the planning officers within St Albans City & District Council to understand possible options in regards to building modifications.

Financial Review

The church is thankful to God for his faithful provision throughout another year. Our budgeted expenditure for 2025 was £640,697, actual expenditure amounted to £585,099, primarily due to delayed maintenance expenditure on the church’s buildings.

There have been no significant events that have affected the financial performance of the church.

Principal funding sources

The church continues to be dependent on donations made by the church members and other donors. For the year ended 31 December 2025 donations totalled £682,271 (plus £215,802 in restricted giving) which was comfortably in excess of our budgeted expenditure.

Higher income and lower expenditure have led to a surplus for the year of £110,529.

Surplus and 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 elders/trustees have previously agreed to a reserves policy whereby the church holds free general reserves equivalent to approximately three months' expenditure.

Housing is expensive in St Albans. We are fortunate that several of our current staff own or part-own the property in which they live. But this may not always be the case as staff change. A fund has therefore 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. As agreed by the members in 2023, free reserves in excess of general reserves are held in a designated housing fund (DHF). The plan is to build up the reserve over several years. For 2025, the transfer to the DHF was £76,000, resulting in the balance at the end of the year being £422,000.

Page 4

Spicer Street Church

Report of the Trustees for the Year Ended 31 December 2025

Property and land

The church has an interest in three buildings:

Investment policy

The remaining financial assets of the church are held in instant access bank account deposits or in bank account notice deposits. These are spread amongst several banks to limit exposure to risk. There is no exposure to stock market shares.

Principal Risks

The elders/trustees give careful consideration to the risks to which the Church is exposed and seek to mitigate those risks by appropriate supervision, ensuring policies are regularly reviewed, risk assessments conducted, and appropriate insurance policies and levels maintained. The principal risks facing the church are:

Page 5

Spicer Street Church

Report of the Trustees for the Year Ended 31 December 2025

Insurance policies

The Church takes out adequate insurance cover against fire, theft, employer's and public liability and other insurable risks.

Policies

The elders/trustees introduce or update operating policies as needed and each policy includes a requirement for a regular formal review. We have the following policies established:

o Safeguarding

o Privacy notice

Plans for future periods

At our church members’ meeting on 30th September 2025, future plans for 2026 were set out. Members were reminded that we are to continue proclaiming Christ. The following was noted:

Buildings:

As things stand at the moment:

There are pressures on the buildings, in particular the challenges with regard to doing children’s and youth work in the limited space. Children’s and youth work has increased in variety and complexity and our facilities are now suboptimal. Any replacement building, or refurbishment to the existing building would require significant financial support. We are at the early stages of determining what facilities we need to support our ongoing ministries and the options in and around St Albans for suitable accommodation.

Operations Manager

We are considering the appointment of an Operations Manager. This role is becoming increasingly common amongst churches to address the increased complexity of compliance demands on running a church, the pressures on volunteers and the ministry team’s time.

Trainees

The elders were working out potential arrangements to have trainees who would do part-time courses at institutions such as Cornhill.

Church Weekend Away in 2026

To provide greater opportunity for fellowship and teaching, we are planning a weekend away in the summer of 2026.

Page 6

Spicer Street Church

Report of the Trustees for the Year Ended 31 December 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 allow the option of permitting 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 (CIO).

Recruitment and appointment of new elders/trustees

Appointment of elders/trustees and the treasurer are set out in the constitution and church handbook. The senior pastor and assistant pastors are automatically elders/trustees for the duration of their tenure. Other elders/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 elders/trustees are brought to the church members' meeting by the existing elders/trustees. They are appointed at a church members’ meeting via a resolution that must be passed by a 75% majority of the quorum then present.

Organisational structure

The elders/trustees meet most months to discuss the affairs of the church, to consider future plans and to pray. This programme is supplemented by an annual away day allowing longer opportunity to consider particular matters.

Day-to-day operational decisions are made by the ministry team, which is headed by the senior pastor and elder/trustee, Greg Strain. Areas of policy, or principle-based decisions are brought to the elders/trustees’ meeting. Some are governed by established policies.

All elders/trustees have an equal voice and decisions are made collectively. Some elders/trustees carry particular responsibilities for areas and report back on a regular basis on issues requiring a decision. These include:

At church members' meetings, held regularly throughout the year (five meetings in 2025), members review and make decisions concerning the affairs of the church in response to the leadership and work of the elders/trustees and treasurer. All important matters concerning finance and property are brought to the church members’ meeting for decision.

Induction and training of new elders/trustees

New elders/trustees and treasurers are briefed as necessary on their obligations under charity law, the constitution and the decision-making processes of the church.

Regular training of elders/trustees and treasurer

Relevant updates issued by the Charity Commission are distributed to the elders/trustees for their information. Elder/trustee and treasurer training is encouraged and a number of the elders/trustees and the treasurer attended training seminars during 2025.

Page 7

Spicer Street Church

Report of the Trustees for the Year Ended 31 December 2025

Key management remuneration

The church has a pay policy which is used to determine salaries. On appointment, an individual’s salary is set with reference to similar roles in similar organisations. These are monitored and adjusted periodically to ensure pay parity.

Reference and Administrative details

Registered charity name and number

Spicer Street Church – Registered charity number: 1173938

Principal address

Spicer Street Church Spicer Street St Albans Hertfordshire AL3 4PQ

Elders/trustees

G Strain D Hook C Upton S Hounslow (reappointed 3 June 2025) J K Sleep D J Nicholson N I Jefferies S A N Farrell R J McClure K F Adamson L Forty E Y W Lam

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

Related parties

Greg Strain is also a trustee of, and Rick McClure acts as treasurer for, Hertford Town Church (charity number 1190784). Hertford Town Church was supported by Spicer Street Church as part its ongoing revitalisation.

Day-to-day management

On a day-to-day basis, the charity is run by a ministry team, headed by the senior pastor and elder/trustee, Greg Strain.

Independent examiner

Flola Accountancy Ltd. 26 Sheppards Close St. Albans Hertfordshire AL3 5AL

Treasurer

G P Smith

Page 8

Spicer Street Church

Report of the Trustees for the Year Ended 31 December 2025

Other professional advice

The professional knowledge of church members is available for particular matters, e.g. employment law, building regulations, health & safety, legal advice. We also make use of external services, including:

Approved by order of the board of trustees on 14th April 2026 and signed on its behalf by:

G J Strain – Trustee

Page 9

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 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the 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 charity trustees 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 the 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 the charity’s gross income exceeded £250,000, I 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.

Annie Barratt Member of The Institute of Chartered Accountants in England and Wales

Flola Accountancy Limited Chartered Accountants 26 Sheppards Close Hertfordshire AL3 5AL

14 April 2026

Page 10

Spicer Street Church

Statement of Financial Activities

for the Year Ended 31 December 2025

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
Transfers between funds
13
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
682,271
13,357
695,628
95,970
383,927
98,149
7,054
585,100
110,528
(4,027)
106,501
1,084,917
1,191,418		 Restricted
funds
£
215,802
-
215,802
168,540
9,430
-
-
177,970
37,832
4,027
41,859
67,119
108,978		 2025

Total
funds
£
898,073
13,357
911,430
264,510
393,357
98,149
7,054
763,070
148,360
-
148,360
1,152,036
1,300,396		 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

The notes form part of these financial statements

Page 11

Spicer Street Church

Balance Sheet
31 December 2025
Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
9
590,421
CURRENT ASSETS
Debtors
10
171,630
Cash at bank
11
447,406
619,036
CREDITORS
Amounts falling due within one year
12
(18,038)
NET CURRENT ASSETS
600,998
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,191,419
NET ASSETS
1,191,419
FUNDS
13
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
108,977
108,977
-
108,977
108,977
108,977		 2025

Total
funds
£
590,421
171,630
556,383
728,013
(18,038)
709,975
1,300,396
1,300,396
1,191,419
108,977
1,300,396		 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

The financial statements were approved by the Board of Trustees and authorised for issue on 14 April 2026 and were signed on its behalf by:

G Strain - Trustee

R J McClure - Trustee

The notes form part of these financial statements

Page 12

Spicer Street Church

Cash Flow Statement
for the Year Ended 31 December 2025
2025
Notes
£
Cash flows from operating activities
Cash generated from operations
1
112,800
Net cash provided by operating activities
112,800
Cash flows from investing activities
Purchase of tangible fixed assets
-
Sale of tangible fixed assets
-
Interest received
13,357
Net cash provided by investing activities
13,357
Change in cash and cash equivalents
in the reporting period
126,157
Cash and cash equivalents at the
beginning of the reporting period
430,226
Cash and cash equivalents at the end
of the reporting period
556,383		 2024
£
72,305
72,305
-
-
12,665
12,665
84,970
345,256
430,226

The notes form part of these financial statements

Page 13

Spicer Street Church

Notes to the Cash Flow Statement for the Year Ended 31 December 2025

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

ACTIVITIES
2025 2024
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 148,360 91,586
Adjustments for:
Depreciation charges 5,000 5,000
Profit on disposal of fixed assets - -
Interest received (13,357) (12,665)
Increase in debtors (34,630) (20,000)
Increase in creditors 7,427 8,384
Net cash provided by operations 112,800 72,305
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.25 Cash flow At 31.12.25
£ £ £
Net cash
Cash at bank 430,226 126,158 556,383
430,226 126,158 556,383
Total 430,226 126,158 556,383

The notes form part of these financial statements

Page 14

Spicer Street Church

Notes to the Financial Statements for the Year Ended 31 December 2025

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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), 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 assessed whether there are any material uncertainties that may cast significant doubt on the charity’s ability to continue as a going concern. The trustees are satisfied that there are no material uncertainties and therefore the financial statements have been prepared on a going concern basis.

True and Fair

The financial statements have been prepared in accordance with the Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011. The financial statements have been prepared to give a true and fair view of the charity’s financial position and activities.

Income

All incoming resources are included on the Statement of Financial Activities when the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.

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 15

continued...

Spicer Street Church

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

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 16

continued...

Spicer Street Church

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. DONATIONS AND LEGACIES

Donations
Legacies
3.
INVESTMENT INCOME
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
£
-
393,357
98,149
7,054
498,560		 2025
£
898,073
-
898,073
2025
£
13,357
Grant
funding of
activities
(see note
5)
£
264,510
-
-
-
264,510
2025
£
264,510		 2024
£
857,473
-
857,473
2024
£
12,665
Totals
£
264,510
393,357
98,149
7,054
763,070
2024
£
302,842

Page 17

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
168,540
Gifts to Christian causes
94,970
Total
263,510
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)
University of Herts Christian Union
Operation Mobilisation UK (Easter 2025), for the
Good News School (Mpulingu, Zambia)
Release International (Harvest 2025). Persecuted
Christians in Nigeria
Wycliffe Bible Translators
Gifts to Christian Causes
Belgian Bible Institute
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)
Noah Magaji (Nigeria)
Oak Hill Theological College
OMF - Simon and Joanna McClure
OMF - John and Sian Newton Webb
Paradox Church, Bratislava (Tomas Henzel)
Ridgeway Church (Charles Reid and Ian Randall)
Trinity Bradford (Tom Swinney)
University of Herts Christian Union
Warwick Christian Union		 Grants to
Institutions
168,540
94,970
263,510		 Grants to
Individuals
-
1,000
1,000		 2025
£
168,540
95,970
264,510		 2025
£
168,540
95,970
264,510		 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
-
-
-
19,271
20,057
250
57,116
71,486
360
168,540
7,000
7,920
6,600
6,600
250
-
1,500
30,000
3,000
5,000
1,000
2,000
6,600
7,000
6,000
5,000
-
500
-
95,970

























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continued...

Spicer Street Church

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

6. TRUSTEES' REMUNERATION AND BENEFITS

Trustees' salaries
Trustees' pension contributions to money purchase schemes		 2025
£
155,327
58,526
213,853		 2024
£
162,901
46,694
209,595

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

G Strain
D Hook
L Forty
E Lam		 Stipend
£
41,409
45,711
30,032
38,175
155,327		 Pension
contributions
Total
£
£
35,597
77,006
14,108
59,819
6,530
36,562
2,291
40,466
58,526
213,853		 2024
£
75,057
60,021
35,230
39,287
209,595

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 2025
£
4,784		 2024
£
4,469

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 (2024: 4).

7. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2025
£
267,462
21,659
76,365
365,486		 2024
£
272,244
21,720
66,256
360,220

The average monthly number of employees and office holders during the year was as follows:

Pastoral team
Other		 2025
6
6
12		 2024
6
3
9

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Spicer Street Church

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

7. STAFF COSTS - continued

No employees received emoluments in excess of £60,000 (2024: none).

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 2025 and
31 December 2025
DEPRECIATION
At 1 January 2025
Charge for year
At 31 December 2025
NET BOOK VALUE
At 31 December 2025
At 31 December 2024		 Freehold
property
£
585,421
-
-
-
585,421
585,421		 Unrestricted
funds
£
689,106
12,665
701,771
117,426
399,587
63,023
5,842		 Restricted
funds
£
168,367
-
168,367
188,972
3,702
-
-		 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
Totals
£
635,571
40,150
5,000
45,150
590,421
595,421
585,878
115,893
(3,470)
112,423
972,494		 192,674
(24,307)
3,470
(20,837)
87,956
1,084,917
Fixtures
and
fittings
£
30,150
30,150
-
30,150
-
-		 67,119
Motor
vehicles
£
20,000
10,000
5,000
15,000
5,000
10,000

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continued...

Spicer Street Church

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Gift Aid receivable
Other debtors
Prepayments
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 1.1.25
in funds
£
£
Unrestricted funds
General fund
153,496
110,529
St. Vincent Drive reserve
337,151
-
Downes Road reserve
248,270
-
Designated housing fund
346,000
-
1,084,917
110,529
Restricted funds
Fellowship fund
9,296
(7,986)
Recreation fund
26,102
(1,444)
Margaret Harding fund
22,014
-
Other Christian causes
9,707
47,261
67,119
37,831
TOTAL FUNDS
1,152,036
148,360		 2025
£
156,827
13,932
871
171,630
2025
£
290,585
265,798
556,383
2025
£
18,038
Transfers
between
funds
£
(80.027)
-
-
76,000
(4,027)
4,027
-
-
-
4,027
-		 2024
£
137,000
-
-
137,000
2024
£
280,797
149,429
430,226
2024
£
10,611
At
31.12.25
£
183,998
337,151
248,270
422,000
1,191,419
5,337
24,658
22,014
56,968
108,977
1,300,396

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continued...

Spicer Street Church

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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
£
695,628
2,625
-
215,802
218,427
914,055		 Resources
Movement
expended
in funds
£
£
(585,099)
110,529
(10,611)
(7,986)
(1,444)
(1,444)
(168,541)
47,261
(180,596)
37,831
(765,695)
148,360

The figure of £56,968 for Other Christian Causes represents the balance of monies collected in December 2025 for the Christmas Offering not remitted to the beneficiaries by the balance sheet date.

Included in the resources expended from the Fellowship Fund (£10,611) are twenty (2024: eleven) gifts to Church members and associates totalling £10,155 (2024: £2,620).

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 1.1.24
£
177,073
337,151
248,270
210,000
972,494
8,178
27,452
22,014
30,312
87,956
1,060,450		 Net
movement

in funds
£
115,893
-
-
-
115,893
(2,352)
(1,350)
-
(20,605)
(24,307)
91,586		 Transfers

between

funds
£
(139,470)
-
-
136,000
(3,470)
3,470
-
-
-
3,470
-
At
31.12.24
£
153,496
337,151
248,270
346,000
1,084,917
9,296
26,102
22,014
9,707
67,119
1,152,036

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continued...

Spicer Street Church

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

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
£
701,771
-
-
168,367
168,367
870,138
Resources

expended
£
(585,878)
(2,352)
(1,350)
(188,972)
(192,674)
(778,552)
Movement

in funds
£
115,893
(2,352)
(1,350)
(20,605)
(20,605)
91,586

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 £83,184 during the year (2024: £77,048).

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 2025, Hertford Town Church received £30,000 from the Church (2024: £40,000) 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.

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Spicer Street Church

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

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 represent the 2025 Christmas offering not remitted to the chosen beneficiary by 31[st] December 2025.

16. INDEPENDENT EXAMINER'S FEE

A provision of £1,980 (2024: £2,268) has been made in the accounts to cover the examiner's fee for the year under review.

Page 24