2021-04-30-accounts - The Society For Promoting Christian Knowledge

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A Message from the Chair
A Message from Our CEO.
Trustees' report (incorporating	the Group Strategic Report)
Independent Auditor's Report	to the Trustees ofSPCK	.....I9
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES.....		23
BALANCE SHEETS......		24
CONSOLIDATED STATEMENT OF CASH FLOWS......		......25
NOTES TO THE ACCOUNTS	....	......26

Auditors		Jacob Cavenagh &	Jacob Cavenagh &	Skeet	Skeet
		5 Robin	Hood Lane
		Sutton
		Surrey SM I 2SW
Bankers		Barclays	Bank PLC
		Floor 27
		I Churchill Place
		London	EI45HP
Insurance	Brokers	Scrutton	Bland
		Fitzroy	House,
		Crown	Street,
		Ipswich,
		Suffolk,	IP I3LG
Investment	lvianagers	Sarasin 8c Partners		LLP
		Juxon House
		St Paul's	Churchyard
		London	EC4M 8BU
		Newton	Investment		Management	Ltd
		Bank of	New York	Mellon Centre
		I60 Queen Victoria.			Street
		London	EC4M 4LA
		MRG Investments
		Laurence	Pountney		Hill
		London	EC4R OHH

				Q IU			I			Q Cl
				u I VI	Q u		Cl E			V h	QU u	E
				Ol C C U	Iv U	QC U	QQ C Ul	C U	nl o I- IU	C C	N I U UC	Q C Ul	W	0 Q IVD PV
		Notes		8000		C000		8000	IE'000	8000	f.'000		t"000	t'000
Income and endowments	from:
Donations and legacies
Donations				77		31			108	56	84			140
Legacies				4					4	153				153
Grants Received			2	172		81		227	480	172	90		218	4&0
Investments			3	984					984	991				991
Charitable activities
Publishing				4,205					4,205	4,496				4,496
Total income				S,442		112		227	5,781	5,868	174		218	6,260
Expenditure on:
Raising Funds			4	59					59	142				142
Charitable activities			4	5,025		177			5,202	5,890	185			6,075
Total expenditure				5,084		177			5,261	6,032	185			6,217
Income Less Expenditure				358		(65)		227	520	(164)	( I I)		218	43
Gains/(Losses) on investments				1,394			1,286		2,680	(883)		(1,077)		(1,960)
Net Income/(Expenditure)				1,752	(65)		1,513		3,200	(1,047)	(II)	(859)		(1,917)
Transfers between funds				13		(13)				41	(41)
Net movements in funds				1,76S	(78)		1,513		3,200	(1,006)	(52)	(859)		(II917)
Reconcilation offunds
Funds brought forward				1,868		160	7,581		9,609	2,874	212	8,440		11,526
Funds carried forward				3,633		82	9,094		12,809	1,868	160	7,581		9,609

							Group	Charity	Group	Charity
							2021	202 I	2020	2020
						Notes	6'000	6'000	6'000	6'000
Fixed assets
Intangible assets						6	IS	3	30
Invesunents						7	17759	17,759	14,852	I4,852
							17,774	17,762	14,882	14,858
Current assets
Stocks							760	447	&38	539
Debtors Cash at bank and in hand						8	I„I41 I,175	2,408 960	1,076 604	l,957 SI7
Total Current Assets							3,076	3,815	2,5183,013
Current liabilities
Amounts falling due	within		one	year		9	(1.821)	(1,433)	(l,521)	(1,194)
Net current assets							1,255	2,3&2	997	1,819
Total Assets Less Current Creditors: amounts falling			Liabilities due &Iyr				19,029	20,144	15,879	16,677
Pension Provision Bank Loans						I I 10	(5,502) (718)	(5,502) (7IB)	(5.80 I) (469)	(5,801) (469)
Net assets							12,809	13,924	9,609	10,407
The funding ofthe charity
Endowment funds						13	9,094	9,094	7,581	7,581
Income funds
Restricted funds						14	82	82	l60	I&0
Linrestricted funds
Leech fund							4,93 I	4,93I	4.122	4.122
General and Designated		funds					(1,298)	(183)	(2,254)	(1,456)
						15	3&633	4,74$	1,868	2,666
Total charity funds						16	12809	13924	9,609	10,407
The net surplus of the charity during the Governi Bo and au orised fo					the year vvas 63,5l7,000 issue on 7Z/f)/2. )			(2020: LI,738,000 loss). Approved by and signed on its behalf by

For the year ended		30 April 202	1
					2021			2020
					f000			OOOO
Cash (Used) in Operating	Activit:ies				(749)			(696)
Cash Flows from Investing		Activities
Investment Income Received				984			991
Purchase of Fixed Asset Investments				(227)			(218)
Net Cash Inflow					757			773
Cash Flows From Financing		Activities
New Loan				664			0
Repayment on Loans				(94)			(87)
Interest Paid on Loans				(7)			(14)
					563			(101)
Net Cash Inflow/(Outflow)					571			(24)
Cash and Cash Equivalents		Brought Forward			604			628
Cash and Cash Equivalents		Carried Forward			1,175			604
Cash Flow from Operating		Activities
Net Income/(Expenditure)					3,200			(1,917)
Investment Income Received					(984)			(991)
Depreciation ofTangible Assets								44
Amortisation of Goodwill					15			15
Interest Paid on Loans					7			14
Unrealised (Gains)/Losses on Investments					(2,680)			1,960
Decrease in Stock					78			45
(Increase)/Decrease in Debtors					(65)			121
(Increase)/Decrease in Creditors					(21)			296
Decrease in Pension Liability					(299)			(283)
Net Cash Used in Operating		Activities			(749)			(696)
Analysis ofChanges in Net	Debt		At	I May 2020	Cash flows	Non-cash	flows At:30April 202 I
Cash				604	571			1,175
Bank Loans Falling Due Within	One Year			(79)	(266)		(I3)	(358)
Bank Loans Falling Due ln More		Than One Year		(416)	(315)		13	(718)
Other Loans				(53)	10			(43)
Total				56				56

			2021	2020
			f000	f000
William	Leech		817	796
Other	Investment	Income	167	195
			984	991

								2021	2020
				Direct	Staff	Overhead	Support	Total	Total
				Costs	Costs	Costs	Costs		Costs
				f000	f000	f000	f000	f000	f000
Raising Funds					59			59	142
Charitable	Expenditure
Publishing				1,393	1,520	1,068	896	4,877	5,769
Worldwide								22	40
Other UK Projects				41		89		130	75
Assemblies						26		29	23
Grants									21
DBS Pension	Scheme							144	147
				1,437	1,664	1,205	896	5,202	6,075
Total				1,437	1,723	1,205	896	5,261	6,217
								2021	2020
Support and		Governance						f000	fOOO
Staff Costs								459	277
Accommodation								181	249
Finance								29	113
								169	118
Governance		Costs
Auditor's Fees									16
Legal and professional			Fees					28	18
Costs ofAGN		and trustee travel
Staff and Support Costs
								896	808

A grant of6I0,000 (2020: KI5,000) was received fr Catford's wife is the Chairperson. Transactions with IVP are disclosed in Note l7.	om The]erusalem Trust, of whi	ch )
	2021	2020
Staff Costs	f000	OOOO
Wages and salaries	1,752	1,486
Social security costs	171	154
Pension scheme contributions:
PBS(current scheme)	125	129
DBS (closed scheme)	144	147
	2,192	1,916

		2021	2020
The average number ofemployees was:		Number	Number
Publishing		41	33
Worldwide	and Projects
Management	and administration
Fundraising
		47	39

			2021	2020
660,000	-	670,000	2	1
E70,001	-	E80,000	1	1
F80,001	-	f90,000
690,001	-	8100,000

	Group	Charity
	8000	6'000
Goodwill
Cost or valuation
Balance at I May 2020	75	15
Acquisition in year
Disposals in year
Balance at 30April 202 I	75	I5
Amortisation
Balance at I May 2020	45
Charge for the year	I5
Released on disposals
Balance at 30April 202 I	60	12
Net book value at 30April 202 I	IS
Net book value at 30April 2020	30

											C E	v) L	O u-		PJ0I-
											C	u	L tu 0	cv CI CV	CO CV C) P4
											6'000		8000	6'000	E'000
At I Nay 2020											7,581		7,271	14,852	16,594
Additions												227		227	218
Linrealised gains	/(losses)											1,286	1,394	2„681	(1,960)
At 30 April 2021											9,094		8,665	17,759	14,852
Total net unrealised gains											3,464		3,415	6,879	4,198
Historical Cost	30 April										5,630		5,250	10,880	10,654
														E.'000
William Leech (Investments)		Limited		(unlisted)										12,297	69/o
M&G Securities Limited —'Charifund'				Common		Investment			Fund	(listed)				1,921	11%
Sarasin 8c Partners	LLP —'Alpha'		Common		Investment		Fund		(listed)					1,760	10%
Newton Investment	Management		Ltd	—'SRI' Common			Investment			Fund	(listed)			1,531	9%
CCLA - Common	Investment	Fund												193	1%
Cash awaiting investment in		William		Leech	(Investments)			Limited						57	0%
														17,759	100/o

			IE'000	E'000
a) Unrestricted Funds
William Leech (Investments)		Limited
Ordinary shares at market	value		4,930	4,I21
Listed Investments At	Market	Value	3,735	3, I50
			8,665	7,27 I
b) Endowment Funds
William Leech (Investments)		Limited
Ordinary shares at market	value		7,366	6,157
Cash awaiting investment	in William Leech (investments)
Limited			57	55
			7,423	6,2 I2
Trust finds held by the Society
Yan Yryhoven Bequest
Listed market securities at	market	value	506	4I4
Other Trust Funds
Listed market securities at	market	value	I,I65	955
			9,094	7,58 I

accounts	as a	3 I	March 202	, as follows:
					202I	2020
					IE'000	6'000
Aggregate	capital	and	reserves		6I,485	51,397
Turnover	(property		and investment	income)	972	I,472
Net profit/(loss)		for	the year		I4, I9I	(4,779)

		2021 Total	2020 Total
		E'000	OOOO
Net expenditure		(316)	(179)
Intangible Assets		12	24
Current Assets		581	567
Creditors: Amount	falling due within one year	(1,708)	(1,390)
Net (Liabilities)		(1,115)	(799)

				CL
		0	nl U	0 U	U
				ED	ED
		cv	CV EV	(V C)	C) fV
		E'000	6'000	E'000	E'000
Trade Debtors		435	430	612	607
Amount	owed by Subs		1,320		1,063
Other Debtors		299	251	410	233
Prepayments		407	407
		1,141	2,408	1,076	1,957

		5		4J
			0
	Q	U	U	U
				Cl
	cv CI	rv CO	cV C7	CD
				iV
	6'000	IE'000	E'000	8000
Bank Loan	358	358	79	79
Trade Creditors	259	223	170	129
Tax and Social Security	55	55	4?
Other Creditors	I,02 I	676	I, I53	89 I
Accruals	I28	12I	72	48
	I,82 I	l,433	1,52 I	I, I94

				tl
			0	U	0 O	Uo
			O	CVO	tVO	O
				tV
			E'000	6'000	E'000	E'000
Bank	Loans		718	718	416	416
Other	Loans	(Concessionary)			53	53
			718	718	469	469

				ll		4Jc
			0	V	0	U
			Cl	HO e4	Clt4O	C) tV CO (V
			E'000	E'000	E'000	E'000
Within		one year	358	358	79	79
In	I -	2 years	421	42I	79	79
In	2-5 years		297	297	337	337
After 5 years
			I,076	l,076	495	495

	202I	2020
	E'000	E'000
At I May 2020	5,80 I	6,084
Paid in year	(4 II)	(398)
Interest cost and charge to balance sheet deficit liability	II2	I I5
At 30April 202 I	5,502	5,80 I
Charitable expenditure
Interest cost as above	II2	I I5
Management charge	32	32
	144	I47

		2021	2020
		IE'000	E'000
Operating	leases due
Within one year			IO
2-5 years			14
		12	24

			u g C CQ	C) O nlZ	Q E0VC	U	nl Q VC ISI	CL o m	o cv
			6'000		E'000	6'000		E'000
Leech Capital	Fund		6,2 I I		227	984		7,422
Van Vryhouven		Bequest		413		93			506
Other Trust Funds
Bray Endowed		Capital		795		178			973
Bray Charity				53		10			63
D'Allone Charity				109		21			130
				957		209		1,166
			7,581		227	1,286		9,094
			nt V tel	o cV rd	E0		8 Uc	Q-
			CQ			0	I0	o	o
			6'000		8000	8000		6'ODO
Leech Capital	Fund		7,010		218	(1,017)		6	211
Van Vryhouven		Bequest		433		(20)			413
Other Trust Funds
Bray Endowed		Capital		834		(39)			795
Bray Charity				53		0			53
D'Allone Charity				110		(I)			109
				997		(40)		957
			8,440		218	(1,077)		7,581

			u CI OV O os	O O CIK	Cl E0VC	CJ L "o CI CL LU	chV Cl 4- L	IC Q Vc lSI	a. o M	o cV
			8000		8000	6'000	F000		6'000
Other	UK Projects			160	112	(177)	(I3)			82
				160	112	(177)				82
			IC CI nf IH	O IV	CJ E0 C	CI I CIQ LU	I CJ 'u C Ctl	4J ICI Uc Ci	CL O	O
			6'000		8000	8000	8000		IE'000
SPCK	Newcastle	Bible House		49		(8)	(41)
Other	UK Projects			163	174	(177)				160
				212	174	(185)	(41)			160

I5	.U		nrestricted Fund	s
Group					ra 0 Q tV U Z cct	Ct E0VC	Qt- t ctCQ CL X ttJ	t- Ct L tttI-		ctt V O tC cv Q nl
					6'000	6'000	6'000	6'000	6'000	tt'000
Leech Fund					4, 122				809	4,931
Designated	funds		I					200		200
Designated	funds		2					200		200
Other charitable			funds		(2,254)	5,442	(5,084)	(387)	585	(1,698)
Total					1,868	5,442	(5,084)	13	1,394	3,633
					C!		Q			rv JJ O
Charity				ttt Orc ttl ctt co		E0 UC	aJ Q Ct CL 1C UJ	tQ ttt tllt-I-		Cl Cl L Cl O III
					8000	8000	L'000	L'000	F000	Et000
Leech fund					4, 122				809	4,931
Designated	funds		I					200		200
Designated	funds		2					200		200
Other charitable			funds		(1,456)	3,910	(3,235)	(387)	585	(583)
Total					2,666	3,910	(3,235)	13	1,394	4,748
										O
							Qt-			O
				4-t						tll CV
Group				rc U Fs tel		Q E0 V	t Q CL X IJJ	Mt t Ct tlt		Ct L nl IC cn n
					f'000	6'000	6'000	8000	000	e000
Leech Fund					4,595				(473)	4,122
Other charitable		funds		(1,721)		5,868	(6,032)	41	(4 10)	(2,254)
Total					2,874	5,8&8	(6,032)	41	(883)	1,868
										O
							Ct I			JJ O
				ttt O			t0	lQ		Cl Cl
Charity				CO tst		UQ	CttL X UJ	III ttf t		Cl O cn Nt
				L'000		C000	8000	8000	8000	ttt000
Leech Fund					4,595				(473)	4,122
Other charitable		funds		(1,102)		4,517	(4,502)	41	(410)	(1,456)
Total					3,493	4,517	(4,502)	41	(883)	2,666

				CJ V L	O Cl		uC Ql E
				LC LL	V u th Cl	N o U-	0 U C	C	0
				6'000	8000		8000		E'000
Fund balances at 30 April 202 I are represented			by:
Intangible		fixed assets		I5					15
Investments				8,665			9,094		I7,759
Current		assets		2,994					3,076
Current		liabilities		(1,82 I )					(I,82I)
Long-term		liabilities		(7 I 8)					(7 I 8)
Pension	Provision			(5,502)					(5,502)
Total net		assets		3,633		82	9,094		I2,809

			QluV u UlI c C U	U CJ V r M lLl CL	0 C LL	C Cl E 0 C LU	4J0I-
			8000	8000		8000	f'000
Fund balances at 30 April 2020 are represented		by:
Intangible	fixed assets		30				30
Investments			7,27 I			7,581	I4,852
Current	assets		2,358		I60		2,5 IS
Current	liabilities		(I,52I)				(I,521)
Long-term liabilities			(469)				(469)
Pension	Provision		(5,80 I)				(5,80I)
Total net	assets		I,868		I60	7,58 I	9,609

		e000	E'000
Management	charge paid by IVP	834
At the year	end the amount owed to SPCK was:	I,320	I.063