**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: 

   - morning and evening English-language 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 

   - Easter services and Christmas carol services 

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**Spicer Street Church** 

## **Report of the Trustees for the Year Ended 31 December 2025** 

   - Theology book reviews 

   - Fellowship breakfast and lunches 

   - Parental training 

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

3. Our Cantonese language ministry, being monthly services and monthly fellowship meetings on Sunday afternoons, both in Cantonese. 

4. Theological, financial and practical support to churches within St Albans, and into wider Hertfordshire 

## **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. 

- **St Albans** : Because of a long-term association, we have part-funded an assistant pastor at Ridgeway Church in the Marshalswick area of St Albans. 

- **Hertfordshire** : We have supported the revitalisation of Hertford Town Church in Hertford and also supported the local Christian Union at the University of Hertfordshire. 

- **UK** : Support to newer and smaller churches with whom we have a long-established connection have been provided in Aviemore and Bodmin. We also have church mission partners serving with OMF amongst diaspora people who are dependent on our support. We also provided a small amount to support Durham University Christian Union where children of church members had gone to study. Additionally, we continued support to Oak Hill theological college. 

- **Overseas** : Support, through their UK-based sending organisation where possible, for a range of different activities around the world have included: 

   - Those providing Christian discipleship and evangelism in Japan, Nigeria and Slovenia. 

   - Those planting a new church in Slovakia 

   - Those training local gospel workers in Belgium, Nigeria and Moldova 

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: 

- **Christmas 2024** (monies paid during 2025): 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 at the end of 2024, with £39,328 sent in two tranches each in 2025. The churches were the Grace of God Church, Mikolaiv, and Crossroads Church, Odesa. 

- **Easter 2025** : £57,116 was raised for the Good News School in Mpulingu Zambia, a Christian school in a largely Muslim area, so can struggle to raise the funds necessary. Our assistance was used to support children who attend without paying any school fees, either because they had lost a parent, or because they were from vulnerable families who were unable to care for them. Monies were sent via Operation Mobilisation, UK (Charity No. 1008196). 

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**Spicer Street Church** 

## **Report of the Trustees for the Year Ended 31 December 2025** 

- **Harvest 2025** : £71,486 was raised for persecuted Christians in Nigeria. This is to provide food and trauma healing for the survivors of attacks from Fulani militants. Monies were sent via Release International Ltd. (Registered Charity No. 280577). 

## **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: 

- Equip people to serve God, the church and the wider community through teaching from the Bible. 

- Walk well together in Christ. 

- Make 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. 

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: 

- **Sunday school** : Children are taught from the Bible at both English-language morning services and at the monthly Cantonese service. 

- **Wednesday Club** : This is an afternoon club for primary-aged children which features games, a Bible story, activities and a simple meal 

- **School Christian Unions** : We are privileged to be able to support believers to stand for Christ in their secondary schools and we pray that unbelieving children would continue to attend and engage 

- **Crossway** : This serves children in school years 7 to 9 on Friday and Sunday evenings, helping them to get to know each other better, and to know Jesus better from the Bible. There’s always a mix of Bible teaching and activities. 

- **YP** : This serves children in school years 10-13 on Friday and Sunday evenings. The evening starts with a chance for everyone to hang out, before looking at what the Bible says. Those attending are shown how the Bible remains relevant to their everyday school experience and beyond. Evenings can include a Q&A session, a topic or special event. 

. 

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**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. 

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**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: 

- **Spicer Street church building:** 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. 

- **1 Downes Road:** The church has a 54.73% share in this property. 

- **66 St Vincent Drive** : The church owns this property outright - there is no mortgage or other beneficial owner. It is used to house ministry team staff. 

## **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: 

- **Reduction in giving by members:** Any number of factors could cause this: reduction in members, members’ giving reduces either because they have less to give or feel their free income is better placed elsewhere. We trust in God for his provision, seeking to remain faithful to God, preaching the Christian Gospel in all its fulness and living consistently with that message. Our history has shown that teaching something other than the Christian Gospel directly impacts membership numbers and giving. One role of the elders is to ensure that the gospel, and only the gospel is taught in our various ministries. 

- **Loss of buildings** : Fire is the most likely reason for the loss of our buildings, either deliberate or accidental. In 2026, we are looking to implement a security policy (akin to Martyn’s law) and to install a more resilient fire detection and alarm system. We are reviewing fire extinguisher provision. 

- **Loss of Gift Aid** : We remain thankful for the UK Government’s support of the charity sector through the recovery of Gift Aid. It is possible, and outside our control, that the Government suspends or removes this provision. 

- **Theft/Embezzlement of funds** : We have implemented financial controls to reduce the likelihood of this, which helps manage our funds and would aid detection of any improper financial activity. Cash counting and payments require two independent signatories. 

- **Bank suffers financial collapse** : While there remains the government-sponsored financial services compensation scheme (FSCS), this is limited to £120k (as of 1st December 2025). Our funds on deposit exceed this, so we spread our funds in multiple unrelated banks accounts. 

- **Safeguarding** : We want to make sure that everyone who joins us at Spicer Street is safe, so safeguarding is a priority. All elders/trustees, and 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. Everyone who works with those groups is trained in safeguarding. Our safeguarding policy sets out in detail what we do to protect vulnerable people 

- **Reputational damage** : An event (e.g. safeguarding) could result in reputational damage to our activities, limiting our ability to fulfil our charitable objectives. To mitigate this, we have implemented appropriate policies (see below), and actively consider additional polices where other risks are identified. Elders/trustees are allocated responsibilities for specific church activities to ensure appropriate supervision. 

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**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 

- Security 

- Finance 

- Health and Safety 

- Paying staff 

- Complaints 

- Data Protection 

`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: 

- There had been an increase in new people attending services. Members were encouraged to look out for and to welcome newcomers. 

- There was a pattern of people from Hong Kong and mainland China coming to faith while in St Albans. 

- The church was committed to continuing to invest in youth ministry. 

## **Buildings:** 

As things stand at the moment: 

- The elders are comfortable with the two morning services 

- Any significant and quick increase in congregation growth might be addressed by planting a satellite church 

- No suitable alternative to the building in Spicer Street has been identified, despite ongoing investigations 

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. 

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**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: 

- Safeguarding 

- Finance 

- Health & safety 

- Personnel 

- Building management 

- Remuneration 

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. 

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**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 

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**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: 

- Fellowship of Independent Evangelical Churches (FIEC), 41 The Point, Market Harborough, LE16 7QU 

- Edward Connor Solicitors, 10 The Point, Market Harborough, LE16 7QU 

- Stewardship, 1 Lamb's Passage, London EC1Y 8AB 

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

G J Strain – Trustee 

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**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 

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## **Spicer Street Church** 

## **Statement of Financial Activities** 

## **for the Year Ended 31 December 2025** 

|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**<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**|Unrestricted<br>funds<br>£<br>**682,271**<br>**13,357**<br>**695,628**<br>**95,970**<br>**383,927**<br>**98,149**<br>**7,054**<br>**585,100**<br>**110,528**<br>**(4,027)**<br>**106,501**<br>**1,084,917**<br>**1,191,418**|Restricted<br>funds<br>£<br>**215,802**<br>**-**<br>**215,802**<br>**168,540**<br>**9,430**<br>**-**<br>**-**<br>**177,970**<br>**37,832**<br>**4,027**<br>**41,859**<br>**67,119**<br>**108,978**|**2025**<br> <br>**Total**<br>**funds**<br>**£**<br>**898,073**<br>**13,357**<br>**911,430**<br>**264,510**<br>**393,357**<br>**98,149**<br>**7,054**<br>**763,070**<br>**148,360**<br>**-**<br>**148,360**<br>**1,152,036**<br>**1,300,396**|2024<br>Total<br>funds<br>£<br>857,473<br>12,665<br>870,138<br>306,398<br>403,289<br>63,023<br>5,842<br>778,552<br>91,586<br>-<br>91,586<br>1,060,450<br>1,152,036|
|---|---|---|---|---|



The notes form part of these financial statements 

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## **Spicer Street Church** 

|**Balance Sheet**<br>**31 December 2025**<br>Unrestricted<br>funds<br>Notes<br>£<br>**FIXED ASSETS**<br>Tangible assets<br>9<br>**590,421**<br>**CURRENT ASSETS**<br>Debtors<br>10<br>**171,630**<br>Cash at bank<br>11<br>**447,406**<br>**619,036**<br>**CREDITORS**<br>Amounts falling due within one year<br>12<br>**(18,038)**<br>**NET CURRENT ASSETS**<br>**600,998**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>1,191,419<br>**NET ASSETS**<br>**1,191,419**<br>**FUNDS**<br>13<br>Unrestricted funds<br>Restricted funds<br>**TOTAL FUNDS**|Restricted<br>funds<br>£<br>**-**<br>**-**<br>**108,977**<br>**108,977**<br>**-**<br>**108,977**<br>108,977<br>**108,977**|**2025**<br> <br>**Total**<br>**funds**<br>**£**<br>**590,421**<br>**171,630**<br>**556,383**<br>**728,013**<br>**(18,038)**<br>**709,975**<br>1,300,396<br>**1,300,396**<br>**1,191,419**<br>**108,977**<br>**1,300,396**|2024<br>Total<br>funds<br>£<br>595,421<br>137,000<br>430,226<br>567,226<br>(10,611)<br>556,615<br>1,152,036<br>1,152,036<br>1,084,917<br>67,119<br>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**<br>**for the Year Ended 31 December 2025**<br>**2025**<br>Notes<br>**£**<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>**112,800**<br>Net cash provided by operating activities<br>**112,800**<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>**-**<br>Sale of tangible fixed assets<br>**-**<br>Interest received<br>13,357<br>Net cash provided by investing activities<br>**13,357**<br>**Change in cash and cash equivalents**<br>**in the reporting period**<br>**126,157**<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>**430,226**<br>**Cash and cash equivalents at the end**<br>**of the reporting period**<br>**556,383**|2024<br>£<br>72,305<br>72,305<br>-<br>-<br>12,665<br>12,665<br>84,970<br>345,256<br>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<br>Legacies<br>**3.**<br>**INVESTMENT INCOME**<br>Deposit account interest<br>**4.**<br>**CHARITABLE ACTIVITIES COSTS**<br>Gifts to Christian causes (including<br>support costs)<br>Church ministry<br>Establishment costs<br>Governance costs<br>**5.**<br>**GRANTS PAYABLE**<br>Total grants|Direct<br>Costs<br>£<br>-<br>393,357<br>98,149<br>7,054<br>498,560|**2025**<br>**£**<br>**898,073**<br>**-**<br>**898,073**<br>**2025**<br>**£**<br>**13,357**<br>Grant<br>funding of<br>activities<br>(see note<br>5)<br>£<br>264,510<br>-<br>-<br>-<br>264,510<br>**2025**<br>**£**<br>**264,510**|2024<br>£<br>857,473<br>-<br>857,473<br>2024<br>£<br>12,665<br>**Totals**<br>**£**<br>**264,510**<br>**393,357**<br>**98,149**<br>**7,054**<br>**763,070**<br>2024<br>£<br>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<br>Institutions<br>Restricted giving<br>168,540<br>Gifts to Christian causes<br>94,970<br>Total<br>263,510<br>**Restricted Giving**<br>Madagascar Hospital (Christmas 2023)<br>Release International (Easter 2024). Persecuted<br>Christians in India<br>Open Doors (Harvest 2024) Believers in Kenya<br>Mykolaiv Church Ukraine (part of Christmas 2024)<br>Odesa Church Ukraine (part of Christmas 2024)<br>University of Herts Christian Union<br>Operation Mobilisation UK (Easter 2025), for the<br>Good News School (Mpulingu, Zambia)<br>Release International (Harvest 2025). Persecuted<br>Christians in Nigeria<br>Wycliffe Bible Translators<br>**Gifts to Christian Causes**<br>Belgian Bible Institute<br>Crosslinks (Rick and Alanna Creighton)<br>Crosslinks (Graeme and Bequi Innes)<br>Crosslinks (Robbie and Lizzie Bellis)<br>Durham Christian Union<br>East Anglia University Christian Union<br>European Christian Mission (Sarah Deacon)<br>Hertford Town Church<br>Hope Church Aviemore (Kenny Rogan)<br>Immanuel Church Bodmin (Tom Beaumont)<br>Noah Magaji (Nigeria)<br>Oak Hill Theological College<br>OMF - Simon and Joanna McClure<br>OMF - John and Sian Newton Webb<br>Paradox Church, Bratislava (Tomas Henzel)<br>Ridgeway Church (Charles Reid and Ian Randall)<br>Trinity Bradford (Tom Swinney)<br>University of Herts Christian Union<br>Warwick Christian Union|Grants to<br>Institutions<br>168,540<br>94,970<br>263,510|Grants to<br>Individuals<br>-<br>1,000<br>1,000||**2025**<br>**£**<br>**168,540**<br>**95,970**<br>**264,510**|**2025**<br>**£**<br>**168,540**<br>**95,970**<br>**264,510**||2024<br>£<br>188,972<br>113,870<br>302,842<br>60,790<br>55,716<br>52,466<br>10,000<br>10,000<br>-<br>-<br>-<br>-<br>188,972<br>7,000<br>6,600<br>9,920<br>6,600<br>250<br>250<br>1,500<br>40,000<br>3,000<br>5,000<br>2,400<br>-<br>6,600<br>5,000<br>6,000<br>10,000<br>3,000<br>500<br>250<br>113,870|
|---|---|---|---|---|---|---|---|
|||||||||
||||||**-** <br>**-**<br>**-** <br>**19,271** <br>**20,057** <br>**250** <br>**57,116**<br>**71,486**<br>**360** <br>**168,540**<br>**7,000** <br>**7,920** <br>**6,600** <br>**6,600** <br>**250** <br>**-** <br>**1,500** <br>**30,000** <br>**3,000** <br>**5,000** <br>**1,000** <br>**2,000** <br>**6,600** <br>**7,000** <br>**6,000** <br>**5,000** <br>**-** <br>**500** <br>**-** <br>**95,970**|<br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br>||
|||||||||
|||||||||



Page 18 

continued... 



**Spicer Street Church** 

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

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

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



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

|G Strain<br>D Hook<br>L Forty<br>E Lam|**Stipend**<br>**£**<br>**41,409**<br>**45,711**<br>**30,032**<br>**38,175**<br>**155,327**|**Pension**<br>**contributions**<br>**Total**<br>**£**<br>**£**<br>**35,597**<br>**77,006**<br>**14,108**<br>**59,819**<br>**6,530**<br>**36,562**<br>**2,291**<br>**40,466**<br>**58,526**<br>**213,853**|2024<br>£<br>75,057<br>60,021<br>35,230<br>39,287<br>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**<br>**£**<br>**4,784**|2024<br>£<br>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<br>Social security costs<br>Other pension costs|**2025**<br>**£**<br>**267,462**<br>**21,659**<br>**76,365**<br>**365,486**|2024<br>£<br>272,244<br>21,720<br>66,256<br>360,220|
|---|---|---|



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

|Pastoral team<br>Other|**2025**<br>**6**<br>**6**<br>**12**|2024<br>6<br>3<br>9|
|---|---|---|



Page 19 

continued... 



**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**<br>Donations and legacies<br>Investment income<br>**Total**<br>**EXPENDITURE ON**<br>**Charitable activities**<br>Gifts to Christian causes (including<br>support costs)<br>Church ministry<br>Establishment costs<br>Governance costs<br>**Total**<br>**NET INCOME/(EXPENDITURE)**<br>**Transfers between funds**<br>**Net movement in funds**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**<br>**9.**<br>**TANGIBLE FIXED ASSETS**<br>**COST**<br>At 1 January 2025 and<br>31 December 2025<br>**DEPRECIATION**<br>At 1 January 2025<br>Charge for year<br>At 31 December 2025<br>**NET BOOK VALUE**<br>At 31 December 2025<br>At 31 December 2024|Freehold<br>property<br>£<br>**585,421**<br>-<br>-<br>**-**<br>**585,421**<br>585,421||Unrestricted<br>funds<br>£<br>689,106<br>12,665<br>701,771<br>117,426<br>399,587<br>63,023<br>5,842||Restricted<br>funds<br>£<br>168,367<br>-<br>168,367<br>188,972<br>3,702<br>-<br>-||Total<br>funds<br>£<br>857,473<br>12,665<br>870,138<br>306,398<br>403,289<br>63,023<br>5,842<br>778,552<br>91,586<br>-<br>91,586<br>1,060,450<br>1,152,036<br>Totals<br>£<br>**635,571** <br>**40,150**<br>**5,000**<br>**45,150**<br>**590,421**<br>595,421|
|---|---|---|---|---|---|---|---|
|||||||||
|||||||||
||||585,878<br>115,893<br>(3,470)<br>112,423<br>972,494||192,674<br>(24,307)<br>3,470<br>(20,837)<br>87,956|||
|||||||||
|||||||||
||||1,084,917<br>Fixtures<br>and<br>fittings<br>£<br>**30,150**<br>30,150<br>-<br>**30,150**<br>**-**<br>-||67,119<br>Motor<br>vehicles<br>£<br>**20,000**<br>10,000<br>5,000<br>**15,000**<br>**5,000**<br>10,000|||
|||||||||



Page 20 

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<br>Other debtors<br>Prepayments<br>**11.**<br>**CASH AT BANK**<br>Cash at bank<br>Short term deposits<br>**12.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Other creditors<br>**13.**<br>**MOVEMENT IN FUNDS**<br>Net<br>movement<br>At 1.1.25<br>in funds<br>£<br>£<br>**Unrestricted funds**<br>General fund<br>153,496<br>110,529<br>St. Vincent Drive reserve<br>337,151<br>-<br>Downes Road reserve<br>248,270<br>-<br>Designated housing fund<br>346,000<br>-<br>**1,084,917**<br>**110,529**<br>**Restricted funds**<br>Fellowship fund<br>9,296<br>(7,986)<br>Recreation fund<br>26,102<br>(1,444)<br>Margaret Harding fund<br>22,014<br>-<br>Other Christian causes<br>9,707<br>47,261<br>**67,119**<br>**37,831**<br>**TOTAL FUNDS**<br>**1,152,036**<br>**148,360**|**2025**<br>**£**<br>**156,827** <br>**13,932** <br>**871** <br>**171,630**<br>**2025**<br>**£**<br>**290,585** <br>**265,798** <br>**556,383**<br>**2025**<br>**£**<br>**18,038**<br>Transfers<br>between<br>funds<br>£<br>(80.027)<br>-<br>-<br>76,000<br>**(4,027)**<br>4,027<br>-<br>-<br>-<br>**4,027**<br>**-**|2024<br>£<br>137,000<br>-<br>-<br>137,000<br>2024<br>£<br>280,797<br>149,429<br>430,226<br>2024<br>£<br>10,611<br>**At**<br>**31.12.25**<br>**£**<br>**183,998**<br>**337,151**<br>**248,270**<br>**422,000**<br>**1,191,419**<br>**5,337**<br>**24,658**<br>**22,014**<br>**56,968**<br>**108,977**<br>**1,300,396**|
|---|---|---|



Page 21 

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**<br>General fund<br>**Restricted funds**<br>Fellowship fund<br>Recreation fund<br>Other Christian causes<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>**695,628**<br>**2,625**<br>**-**<br>**215,802**<br>**218,427**<br>**914,055**|Resources<br>Movement<br>expended<br>in funds<br>£<br>£<br>**(585,099)**<br>**110,529**<br>**(10,611)**<br>**(7,986)**<br>**(1,444)**<br>**(1,444)**<br>**(168,541)**<br>**47,261**<br>**(180,596)**<br>**37,831**<br>**(765,695)**<br>**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**<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 1.1.24<br>£<br>177,073<br>337,151<br>248,270<br>210,000<br>972,494<br>8,178<br>27,452<br>22,014<br>30,312<br>87,956<br>1,060,450|Net<br>movement<br> <br>in funds<br>£<br>115,893<br>-<br>-<br>-<br>115,893<br>(2,352)<br>(1,350)<br>-<br>(20,605)<br>(24,307)<br>91,586|Transfers<br> <br>between<br> <br>funds<br>£<br>(139,470)<br>-<br>-<br>136,000<br>(3,470)<br>3,470<br>-<br>-<br>-<br>3,470<br>-|<br>At<br>31.12.24<br>£<br>153,496<br>337,151<br>248,270<br>346,000<br>1,084,917<br>9,296<br>26,102<br>22,014<br>9,707<br>67,119<br>1,152,036|
|---|---|---|---|---|



Page 22 

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**<br>General fund<br>**Restricted funds**<br>Fellowship fund<br>Recreation fund<br>Other Christian causes<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>701,771<br>-<br>-<br>168,367<br>168,367<br>870,138|<br>Resources<br> <br>expended<br>£<br>(585,878)<br>(2,352)<br>(1,350)<br>(188,972)<br>(192,674)<br>(778,552)|<br>Movement<br> <br>in funds<br>£<br>115,893<br>(2,352)<br>(1,350)<br>(20,605)<br>(20,605)<br>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. 

Page 23 

continued... 



**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