"We believe that the justification of God’s elect is only by the righteousness of Christ imputed to them, without the consideration of any works of righteousness done by them; and that the full and free pardon of all their sins and transgressions, past, present, and to come, is only through the blood of Christ according to the riches of His grace."
Justification is by faith. This statement doesn't mention that. Is this statement theologically sound?
Is what you quoted the complete statement on justification? Is there another section that does mention the 'means' of justification, i.e., by faith alone?
In and of itself, the statement is correct and sound. BUT, if that is all that is mentioned with no further mention that this imputation is acquired by faith or repentance and faith, it could be understood to be "hyper", i.e., the means of grace are unnecessary and denied.
That is the complete statement on justification. The next section says, "We believe that the work of regeneration, conversion, sanctification, and faith, is not an act of man’s free will and power, but of the mighty, efficacious, and irresistible grace of God, through the preaching of the Gospel and the inner work of the Almighty Holy Spirit of God."
Okay, here is a quick way to answer your original question and my suspicions.
James BOURNE George Thomas CONGREVE Francis Covell Henry FOWLER William GADSBY John GRACE Joseph Hatton William HUNTINGTON Joseph IRONS John KAY John KERSHAW Joseph ORTON J.C. PHILPOT James POPHAM John RUSK William TIPTAFT John WARBURTON
What???? Explain..... sure. Most of these individuals, if not all (I don't recognize some of the names) are Strict Baptists and thus embrace to one degree or another, either/or/both hyper-Calvinism and Mysticism. J.C. Philpot and William Huntington are probably best known among them. They have and continue to destroy lives via their writings. We have had discussions here about Philpot in particular. They are also considered neonomianists; only the NT and Jesus are the source for the truth about living a godly life. The Ten Commandments are passe along with OT law.
This is why you don't see anything about repentance and faith in that statement.
So if the Ten Commandments and OT law are passé would you consider them antinomian?
Not necessarily. They would be classified as neonominians, i.e., "new law". It is their view that Christians are not under OT law but NT law, i.e., the "law of Christ". There are some I have had the unpleasant occasion to converse with who are antinomian, i.e., "no law". They claim that Christians are of grace ONLY and law has no authority. Of course, that view is illogical for a person has no guidelines in regard to life. They claim the Spirit guides them. But the bottom line for either of these position is they cannot withstand the clear teaching of Scripture, i.e., "If you love Me, you will keep my commandments." etc. And, according to James there is only One lawgiver (sic) God (Jam 4:12). And God is One. There is no contradiction nor assimilation within the Godhead. Jesus, the Incarnate God came to do all that the Father willed. And, He Jesus, only spoke of that which the Father gave Him. And, the cherry on top is that this ONE Lawgiver who upon Mt. Sinai was the Son of God, the pre-incarnate Christ (Heb 12:18-26). Thus the moral law of the OT is one and the same as the moral law of the NT. It is THIS law which Christ kept perfectly and which is the paradigm of all righteousness which the natural man lacks completely and which is imputed to the believer's account and thus justifies the most vile of sinners. Sin is the transgression of the law and thus it must be and is the standard of which everyone must keep perfectly and upon which all will be judged.
I only recognize the name J.C Philpot among those names; but don't remember ever reading him. What you described doesn't sound like something anyone who hold to the 1689 LBCF would hold to. Sounds a bit like a few individuals I ran into that espouse NCT (New Covenant Theology). One such individual, talked like CT was almost heretical; he kept referring to a Dr. David Gay as someone I should read.
I was told by another individual, that I should not take what that person said as a true representation of NCT.
Just read a bit more about neonomianism and I don't think is has as much in common with NCT as I thought.
J.C. Philpot is best known for his "Mysticism", i.e., morbid introspection. We have had Loooooong discussions on this board about him and other 'Christian Mystics' in the past. Do a search.
Those who follow Philpot and those who are of the same ilk are often plagued for their entire lives about whether they are truly saved. Questions that are burdensome and even debilitating are: "Have I repented enough?", "Is my faith genuine or false?", "Are my prayers not heard due to my myriad sins?", etc., etc., ad nauseam. These people rarely dare to take of the Lord's Supper because they cannot believe that they are regenerate. In the end, they blame God for their current state whether they are willing to admit it or not. Many say, "If God would only give me a new heart, I would surely believe. I have prayed that God would do that but He has refused to do so up until this point." In some way, this is rather humorous for it is too similar to what Adam did after he sinned against God and when God confronted him with what he had done.
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Genesis 3:11-13 (ASV) 11 And he said, Who told thee that thou wast naked? Hast thou eaten of the tree, whereof I commanded thee that thou shouldest not eat? 12 And the man said, The woman whom thou gavest to be with me, she gave me of the tree, and I did eat. 13 And Jehovah God said unto the woman, What is this thou hast done? And the woman said, The serpent beguiled me, and I did eat.
Ah yes, if God had not created a woman (Eve) who persuaded him to eat of the fruit, he never would have sinned. Eve likewise blame-shifted her sin from herself to the Serpent. It is absolutely true that God the Spirit brings spiritual life to a sinners dead soul and without that work of regeneration, no one CAN believe. But this does not negate the truth that everyone is responsible to repent and believe. In fact, there can be no desire to repent and believe. If one is burdened with their sins and confesses their guiltiness before God and desires that their sins be washed away and to be clothed in Christ's perfect righteousness... that Christ is altogether lovely and it is only in Him that one can be reconciled to God, then there is more than a strong possibility that the Spirit has already been at work to bring that sinner to Christ.
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Okay, do you have a link to the website where the 'credo' appears? Methinks that would help me in understanding the statement in question. 
Most of these individuals, if not all (I don't recognize some of the names) are Strict Baptists and thus embrace to one degree or another, either/or/both hyper-Calvinism and Mysticism. J.C. Philpot and William Huntington are probably best known among them. They have and continue to destroy lives via their writings. We have had discussions here about Philpot in particular. They are also considered neonomianists; only the NT and Jesus are the source for the truth about living a godly life. The Ten Commandments are passe along with OT law.