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INTER-VARSITY PRESS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

INTER-VARSITY PRESS

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

Contents

Information .................................................................................................................................................. 1 Report Of The Trustees .......................................................................................................................... 2 Independent Auditor’s Report To The Members Of Inter-Varsity Press ..................................... 8 Statement Of Financial Activities ......................................................................................................... 12 Balance Sheet ............................................................................................................................................ 13 Statement Of Cash Flows ...................................................................................................................... 14 Notes To The Financial Statements .................................................................................................... 15

INTER-VARSITY PRESS Company Number: 05202650 Charity Number: 1105757

Information

Trustees of the Charity

The Rt Revd M Beasley Mr S East (Chair) Prof. S Halliday (Vice-Chair) Mr E Thompson The Society for Promoting Christian Knowledge

Key Management Personnel

Trustees of the Charity

Solicitors

Wedlake Bell LLP 71 Queen Victoria Street London EC4V 4AY

Auditors

Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM1 2SW

Bankers

Barclays Bank PLC 1 Churchill Place London E14 5HP

1

INTER-VARSITY PRESS

Report Of The Trustees

The trustees, who are also directors for the purposes of company law, present their annual report and the audited financial statements for the year ended 30 April 2024, which have been prepared in accordance with the Companies Act 2006, the Charities Statement of Recommended Practice (Charities SORP FRS 102) and Financial Reporting Standard 102 (FRS 102). The annual report serves the purposes of both a Trustees’ Report and a Directors’ Report under company law.

Objectives and activities

The objectives of the charity are the advancement of the evangelical Christian faith among students, graduates, other former students and members of the growing worldwide Church. The charity achieves this through publishing and distribution of books and other materials which are true to the Bible and which will communicate the gospel, develop discipleship and strengthen the Church for its mission in the world.

Structure, governance and management

The charity is a company limited by guarantee; it operates in accordance with its memorandum and articles of association. It is governed by a trustee body whose members meet three times per year. Day-to-day control has been handed to the parent charity The Society for Promoting Christian Knowledge (SPCK). IVP itself does not employ any staff. All directors of IVP are required to sign the UCCF doctrinal basis and have done so.

Trustee selection, appointment and competence

Directors are appointed by the Governing Body of SPCK, and will typically include the Chair of SPCK, the Vice-Chair of SPCK, and the Chair of the IVP Publishing Board, who is a member of the Governing Body of SPCK.

The directors receive a comprehensive induction pack to acquaint them with policies and practices, management and governance. Regular updates to this information pack are provided. All trustees are informed of their responsibilities under charity law, with particular reference to Charity Commission guidance publications. Training opportunities are provided.

RISK MANAGEMENT

The directors have considered the major risks to which the charity, as part of the SPCK Group, is exposed and confirm that systems are in place to mitigate those risks. These major risks are captured in the Risk Register of the parent charity SPCK, as encapsulated below:

Governance risks , mitigated by trustee training, trustee skills audits, use of professional advisers, regular meetings of board and committees, and register of disclosed interests.

Operational risks , mitigated by a detailed process mapping exercise carried out in 2023-24, Business Continuity Plan, emergency action plans relating to IT issues, notice periods, succession planning and insurance.

2

Report Of The Trustees (continued)

RISK MANAGEMENT (CONTINUED)

Financial risks , mitigated by financial controls, budgeting, reporting, investment management policy, reserves policy, credit control, and engagement with Church of England Pensions Board supported by expert legal, actuarial and financial advice.

Legal risks , mitigated by HR and legal advice, staff handbook with regular review, and work with solicitors.

Reputational risk , mitigated by editorial review process, media training and communications planning.

In addition, the directors have identified specific risks relating to IVP:

Sales not performing to expectations

Mitigations: There is a weekly performance meeting, and key performance indicators, including sales compared with budget and prior year, are shared with the trustees monthly. Book sales are diversified across a large range of titles, publishers and territories, and 80% of sales are from the backlist so we are not overly reliant on new titles; IVP also has strong rights income revenue streams.

Loss of key IVP relationships

Mitigations: The IVP Publishing Director and/or the SPCK CEO meet regularly with key partners including UCCF, LICC, IVP USA, Keswick Ministries, Living Out, Tyndale Fellowship and the Evangelical Alliance Many of these organisations also include individuals who write for IVP and there is a new approach to author marketing in place which has generated considerably improved feedback from authors.

Loss of confidence among the IVP target market

Mitigations: The IVP publishing board continues to have a veto over books coming out under the IVP brand to ensure our books continue to represent the theology our target market will expect; the acquisition of Lifebuilders and the investment in the NIV Bible Speaks Today Bible and ESV Search The Scriptures Bible show evidence of SPCK’s investment in IVP. The merger with Lion Hudson and the SPCK Group trading name in use also help the case that SPCK is an appropriate home for IVP. We maintain close contact with IVP USA, whose titles can sometimes be confused with our own but may come from a wider range of theological viewpoints.

Any of the above could potentially impact on IVP’s ability to repay money owed to SPCK, or SPCK’s ability to continue to support IVP. SPCK is committed to continuing to own and finance IVP. SPCK’s reserves have strengthened in 2023-24, and management and trustees will continue to monitor performance against agreed budgets which see IVP making a profitable contribution in 2024-25.

3

Report Of The Trustees (continued)

RESERVES POLICY

The trustees have considered the reserves as at 30 April 2024.

The charity needs reserves to enable it to develop its long-term aims, as well as to ensure the continuation of its current activities. In particular, the charity needs reserves to invest in the production of new books and authors. In order to meet their responsibilities and to ensure that the charity continues to operate on a going concern basis, the trustees have reviewed the requirements and risks it faces both in the short term and medium term. With the transfer of the company to SPCK, there is an on-going commitment from SPCK to support these aims and underwrite the current deficit in the reserves of IVP of £2,050,000 (2023: £1,933,000).

The future projections of IVP and SPCK envisage IVP are unlikely to repay the loan. The trustees recognise that IVP reported a deficit of £117,000 (2023: £354,000) for the year ended 30 April 2024 but are aware that plans are underway to improve profitability of the whole organisation (including IVP). Both IVP and the SPCK Group as a whole have a budgeted surplus from publishing activities in 2024-25.

ACHIEVEMENTS AND PERFORMANCE

The May ’23 to April ’24 period has seen some exciting publishing from IVP, with milestones such as the completion of the Bible Speaks Today refresh, major popular and academic books, and the first New Studies in Biblical Theology volume (number 63!) under the joint editorship of Benjamin J. Gladd. All of this resulted in a strong year with sales up by 5%.

In May 2023 existing IVP author John Valentine published his first Apollos title, a major biblical-theological study of church planting. Jesus, the Church and the Mission of God received strong endorsements from ministry figures such as Nicky Gumbel and Paul Harcourt, and academics like Greg Okesson and Winfield Bevins. This magisterial book fills an important gap in the literature.

In June we published our second book by Ros Clarke (whose 2022 IVP Lenten debut Forty Women continues to sell well), Human , the Keswick theme book for 2024. Interest in the book built from well before publication, with the PR team securing a range of exciting media opportunities for Ros. We also published two books by Keswick stalwart, and American in Hungary, Ted Turnau. His ‘Oasis of Imagination’ is a major work of cultural engagement, whilst the shorter ‘Imagination Manifesto’ was coauthored with Jazz singer Ruth Naomi Floyd, distilling the core ideas and opening it up to a wider audience.

4

Andy Bannister’s How To Talk About Jesus Without Looking Like an Idiot , licensed from Tyndale in the US, has been well received since August, and continues to grow IVP’s specialism in evangelism. Marsh Moyle’s Rumours of a Better Country published in September – launching in hardback seems to be paying off for this thoughtful book by a well-respected author. Catherine Campbell’s Consider Him , a brand new 365 Day Devotional, has been one of IVP’s most commercially successful books this year.

Also publishing in September was the first New Studies in Biblical Theology (NSBT) volume co-edited by B. J. Gladd, James Hely Hutchinson’s ‘Answering the Psalmist’s Perplexity’, which has got off to a strong start. The NSBT series will be changing publishing partner in 2025, which will lead to strong revenue for frontlist titles in this well-respected series.

Highlights in the early part of 2024 include Sharon Hasting’s mental health recovery book, ‘Tending to My Thoughts’, and the penultimate Bible Speaks Today (BST) Themes volume, ‘The Message of the Kingdom of God’, by popular scholar and author T. Desmond Alexander. April saw a publishing highlight that is genuinely historic – the final batch of BST Old Testament refreshes, meaning that for the first time in four years the commercial department can sell full Bible, Old and New Testament sets, in the impressive new visual style.

APR. SHARON Under the leadership of Thomas Creedy, promoted to IVP “a Bee | HASTINGS . Publishing Director, the IVP list finds itself well positioned for growth in future years. The investment in two major new series, the Hearing God’s Voice Bible commentary from IVP and Reading the Bible With The Apostles from Apollos, confirms IVP’s commitment to publishing the very best evangelical scholarship for personal and academic study.

FINANCIAL REVIEW

The financial results show that income has stabilised since the closure of IVP’s distribution and retail activities. Income for 2023-2024 was £1,172,000, an increase on the previous year of £70,000. The overall result is a deficit of £117,000 for the year. We are convinced there are growth opportunities in future years as we publish strong new titles we have commissioned from established authors, refresh our backlist, and benefit from the structural demographics of the global market as around the world there will be growing numbers of Christians, growing literacy, and growing affordability of books.

5

Report Of The Trustees (continued)

INVESTMENT POWERS

The directors have discretion on how to invest surplus charity funds. The charity made no social investments during the period.

PUBLIC BENEFIT

The trustees confirm that they have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to the guidance issued by the Charity Commission on public benefit. The charitable purpose for the charity within the meaning of the Act is enshrined within its objects. The charity’s activities relate directly to our charitable aims and objects.

Our programmes bring benefit to all parts of the world, and we do not seek to limit our activities to a narrow focus. We operate as a publisher of books and resources in both physical and digital form, providing some materials at subsidised prices. The information we produce is aimed at a very wide spectrum of readers, recipients and consumers, including people who are only potentially interested in Christianity, as well as those on its fringes, in addition to those who are actively involved in church life.

Financial statements are prepared in sterling and rounded to the nearest £’000.

DIRECTORS

Members of the Board of Directors, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report, are shown on page 1.

6

Report Of The Trustees (continued) STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also directors of Inter-varsity Press for the purposes of company law) are responsible for preparing the Trustees, Report and the financial SLltements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prattice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trusrees are required to: select suitable accounting policies and apply them consistently; observe the methods and principles in che Charitie5 SORP., make judgements and estimates that are reasonable and prudent: st2te whether 3pplicable UK Accounting Standards have been followed, subject to any macerial departures disclosed and explained in the financial stacements,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue Its operatior)s. The trustees are responsible for keeping proper accountlng records which disclose with reasonable accuracy at any cime the financial posltion of the charitable company and enable them to ensure that the financial statements comply wlth the Companies Act 2006. They are also responsible for safeguarding the assers of the charicable company and hence for taking reasonable steps for the prevention of fraud and other irregularities. DISCLOSURE OF INFORMATION TO THE AUDITORS Each direttor has taken all sreps that they ought to have Liken as a director to make themselves aware of any relevant audlt information and to establish that the company's auditors are aware of that information. The directors confirn) that there is no relevant information of which they are aware and of which they know the auditors are not aware. SMALL COMPANY The above report is prepared In accordance with the provislons applicable to companies subjett to the small companies regime within Part 15 of the Companies Act 2006. BY ORDER OF THE BOARD Stephen East Chair of Trustees, Inter-varsity P￿$$ Studio l O l. The Record Hall, Baldwins Gardens. London. EC I N 7RJ Date: Y614 2024

Independent Auditor’s Report To The Members Of Inter-Varsity Press

Opinion

We have audited the financial statements of Inter-Varsity Press (the ‘charity’) for the year ended 30 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

8

Other information

The other information comprises the information included in the annual report, including the directors’ report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included with the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

9

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the trustees' (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity, we identified that the principal risks of noncompliance with laws and regulations related to employment and financial reporting legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team.

We determined that the principal risks were related to management bias in accounting estimates, presentation of separately disclosed items and management override of controls.

In response to the risks identified we designed procedures which included, but were not limited to challenging significant accounting estimates including those relating to amortisation and stock and work in progress, agreeing financial statement disclosures to underlying supporting documentation, reviewing trustees’ minutes, evaluating the internal controls, and identifying and testing journal entries.

10

become aware of non-compliance. Material mi55tatements that arise due to fraud can be harder 10 detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http:Ilwww.frc.org.uklaudiiorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audic work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest excent permitted by law. we do not accept or assume responsibility to anyone other than che charitable company and its members as a body, for our audit work, for this report, or for the opinions we have formed. Miriam Hickson FCA (Senior Statutory Auditor) for and on behalf of Jacob Cavenagh & Skeet Statutory Auditor Chartered Accountants 5 Robin Hood Lane Sutton Surrey SMI 2SW

INTER-VARSITY PRESS

Statement Of Financial Activities

(Incorporating The Income And Expenditure Account)

For The Year Ended 30 April 2024

Notes
Voluntary Income
Charitable activities
2
Total income
Expenditure on
Charitable activities
Total Expenditure
4
Net Income/(Expenditure)
3
Reconcilation of funds
Total Funds brought
forward
Total Funds carried forward		 Unrestricted
£000
1,172
1,172
(1,289)
(1,289)
(117)
(1,933)
(2,050)		 Total
2024
£000
1,172
1,172
(1,289)
(1,289)
(117)
(1,933)
(2,050)		 Unrestricted
Total
2023
£000
£000
1,102
1,102
1,102
1,102
(1,456)
(1,456)
(1,456)
(1,456)
(354)
(354)
(1,579)
(1,579)
(1,933)
(1,933)

The notes on pages 15 to 20 form part of these accounts.

12

INTER-VARSITY PRESS Balance Sheet As At 30 April 2024 2024 2024 2023 2023 Not £000 £000 £000 £000 Fixed assets Inungible asset5 Current assets Scocks 164 228 267 Debtors Cash at bank and in hand 246 60 Total Current Auets 470 507 Current Ilabllltl Amounts falling due within one year Net current assets l (Ilabllltlèj) 12.5201 12,440) (2,050) (1.933) Total ass•ts less curr•nt Ilabllltles 12.0501 11,9331 Net Llabllltlei {2,0S0) (1,933) Represent￿ by: Unrestricted funds (2,050> 11,9331 Total charlty fundi (2,050) {1.9J3) These accounts have been prepared in accordance vrfith the provisions available to companies $ubjec( to the small companies regime within Part15 of the Companies Act 2006. BY ORDER OF THE BOARD, Stephen East Chair of Trustees, Inter-Var51ty Press. Date.. 2024 Company Number: 05202650 The notes on pages I S to 20 form part of these accounts.

INTER-VARSITY PRESS

Statement Of Cash Flows

For The Year Ended 30 April 2024

Net cash (Inflow)/Outflow
Cash and cash equivalents carried forward
Cash (used in) / provided by operating activities
Cash and cash equivalents brought forward
Cash (used in) / provided by operating activities
Net Expenditure
Amortisation of Goodwill
Decrease / (Increase) in stocks
(Increase) / Decrease in Trade and Other Debtors
Increase in Trade and Other Creditors
Net cash (Inflow)/Outflow
Cash (used in) / provided by operating activities
Net Expenditure
Amortisation of Goodwill
Decrease / (Increase) in stocks
(Increase) / Decrease in Trade and Other Debtors
Increase in Trade and Other Creditors
Cash and cash equivalents carried forward
Cash (used in) / provided by operating activities
Cash and cash equivalents brought forward		 2024
2023
£'000
£'000
48
(41)
48
(41)
12
53
60
12
(117)
(354)
-
-
64
126
21
(148)
80
335
48
(41)
2024
2023
£'000
£'000
48
(41)
48
(41)
12
53
60
12
(104)
(354)
-
-
64
126
25
(148)
63
335
48
(41)

The notes on pages 15 to 20 form part of these accounts.

14

INTER-VARSITY PRESS

Notes To The Financial Statements

For The Year Ended 30 April 2024

1 ACCOUNTING POLICIES

Company information

Inter-Varsity Press is a private company limited by guarantee, incorporated in England and Wales. The registered office is Studio 101, The Record Hall, Baldwins Gardens, London, EC1N 7RJ.

The principal accounting policies adopted in the preparation of the financial statements are as follows:

Basis of accounting

The financial statements have been prepared under the Companies Act 2006 and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), (Charities SORP FRS102) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting.

Inter-Varsity Press meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in sterling and rounded to the nearest £’000.

Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that thanks to the support of the parent company the charity will have adequate resources to continue in operational existence for the at least the 12 months from signing. Thus, the trustees continue to adopt the going-concern basis of accounting in preparing the financial statements.

Intangible fixed assets

In 2017 the Company purchased the Lifebuilder series from Scripture Union and regard this as an intangible asset – the outright purchase has been initially recognised at cost and are subsequently carried at cost less accumulated amortisation and accumulated impairment losses. These costs are amortised to the SOFA using the straight-line method over 5 years, which is the shorter of their estimated useful lives and periods of contractual rights.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow-moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Items donated for resale or distribution are not included in the financial statements until they are sold or distributed.

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INTER-VARSITY PRESS

1 ACCOUNTING POLICIES (continued)

Debtors

Trade receivables and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

Financial instruments

The charity has only financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Income

Charitable activities

Publication income is stated net of Value Added Tax. Royalty income is accounted for on the accruals basis.

Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.

Charitable expenditure

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those of an indirect nature necessary to support them. They also include governance costs which comprise costs associated with meeting the constitutional and statutory requirements of the charity and include costs linked to the strategic management of the charity.

Exchange gains and losses

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are reported in the SOFA.

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INTER-VARSITY PRESS

2 INCOME FROM CHARITABLE ACTIVITIES

Publishing:
Sales
Royalties
Commission
Other Income		 2024
£000
608
562
1
1
1172		 2023
£000
622
476
1
3
1,102
3
NET EXPENDITURE
This is stated after charging:
Auditor's remuneration		 2024
£000
7		 2023
£000
8

4 EXPENDITURE UNDERTAKEN DIRECTLY

Cost of sales
Cost of sales
Other direct costs
Publishing
Management charges
Amortisation
Other costs
Audit fees
Total expenditure		 Charitable
Governance
Total
Total
Activities
Costs
2024
2023
£000
£000
£000
£000
273
-
273
402
447
-
447
361
720
-
720
763
562
-
562
685
-
-
-
-
562
-
562
685
-
7
7
8
-
7
7
8
1,282
7
1,289
1,456

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INTER-VARSITY PRESS

5 INTANGIBLE ASSETS

5
INTANGIBLE ASSETS
Cost or Valuation
Balance 1 May 2023
Additions in year
Balance at 30 April 2024
Amortisation
Balance 1 May 2023
Charge for the year
Balance at 30 April 2024
Net book value
As at 30 April 2024
As at 30 April 2023		 Goodwill
Total
£000
£000
60
60
-
-
60
60
(60)
(60)
-
-
(60)
(60)
-
-
-
-
6
DEBTORS
Trade debtors
Other debtors		 2024
2023
£000
£000
206
164
40
103
246
267

7 CREDITORS: Amounts falling due within one year

Trade creditors
Amounts owed to group undertakings
Other creditors
Accruals and deferred income		 2024
£000
8
2,235
271
6
2,520		 2023
£000
72
2,102
266
-
2,440

18

INTER-VARSITY PRESS

8 EMPLOYEE INFORMATION AND RELATED PARTIES

Employees

The company had no employees during the year. All staff working exclusively on IVP titles were employed by the parent company for which IVP was charged £502,000 ( 2023: £589 ,000 ) as part of the management charge outlined in note 11.

Directors’ remuneration

The directors received no remuneration, and no travel expenses were claimed by them £nil (2023: £nil, Trustees reimbursed £nil).

Key management personnel

The total employee benefits of the key management personnel of the charity as listed on page 1 were £nil (2023: £nil) .

Related party transactions

During the year, total unrestricted income of £nil (2023: £nil) was received from trustees.

There were no other related party transactions during the year.

9 ANALYSIS OF FUNDS

Unrestricted funds
General Fund
Unrestricted funds
General Fund		 At 1 May
At 30 April
2023
Income
Expenditure
2024
£000
£000
£000
£000
(1,933)
1172
(1,289)
(2,050)
At 1 May
At 30 April
2022
Income
Expenditure
2023
£000
£000
£000
£000
(1,579)
1102
(1,456)
(1,933)

10 MEMBERS’ LIABILITY

Each member of the charitable company undertakes to contribute £1.

19

INTER-VARSITY PRESS

11 ULTIMATE PARENT CHARITY

The Society for Promoting Christian Knowledge (otherwise known as SPCK), a registered charity (No. 231144) in England and Wales, incorporated under Royal Charter in England, and whose head office is Studio 101, The Record Hall, Baldwins Gardens, London, EC1N 7RJ, is the ultimate parent body of IVP through its power to appoint or remove the majority of the IVP trustees. The consolidated financial statements of SPCK can be obtained from the Charity Commission. SPCK is a membership organisation, founded in 1698 to promote Christian knowledge through publishing, lending libraries and schools. It has been a publisher and distributor of Christian literature since its inception and helps to resource theological education and ministry on a worldwide basis.

During the year, the following transactions took place with SPCK:

Management charge to IVP
Amounts owed to SPCK		 2024
2023
£000
£000
562
685
2235
2,102

These amounts are unsecured and payable on demand.

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