## 

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





## 

## 



## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 



## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

|Auditors||Jacob Cavenagh<br>&|Jacob Cavenagh<br>&|Skeet|Skeet||
|---|---|---|---|---|---|---|
|||5 Robin|Hood Lane||||
|||Sutton|||||
|||Surrey SM I 2SW|||||
|Bankers||Barclays|Bank PLC||||
|||Floor 27|||||
|||I Churchill<br>Place|||||
|||London|EI45HP||||
|Insurance|Brokers|Scrutton|Bland||||
|||Fitzroy|House,||||
|||Crown|Street,||||
|||Ipswich,|||||
|||Suffolk,|IP I3LG||||
|Investment|lvianagers|Sarasin<br>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<br>IU|||I|||Q<br>Cl|||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||u<br>I<br>VI|Q<br>u||Cl<br>E|||V<br>h|QU<br>u|E|||
|||||Ol<br>C<br>C<br>U|Iv<br>U|QC<br>U|QQ<br>C<br>Ul|C<br>U|nl o<br>I-<br>IU|C<br>C|N<br>I<br>U<br>UC|Q<br>C<br>Ul|W|0<br>Q<br>IVD<br>PV|
|||Notes||8000||C000||8000|IE'000|8000|f.'000||t"000|t'000|
|Income and endowments|from:||||||||||||||
|Donations<br>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<br>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<br>on:|||||||||||||||
|Raising Funds|||4|59|||||59|142||||142|
|Charitable<br>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)<br>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<br>between<br>funds||||13||(13)||||41|(41)||||
|Net movements<br>in funds||||1,76S|(78)||1,513||3,200|(1,006)|(52)|(859)||(II917)|
|Reconcilation<br>offunds|||||||||||||||
|Funds brought<br>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<br>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<br>Cash at bank and in hand||||||8|I„I41<br>I,175|2,408<br>960|1,076<br>604|l,957<br>SI7|
|Total Current Assets|||||||3,076|3,815|2,5183,013||
|Current liabilities|||||||||||
|Amounts<br>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<br>Creditors: amounts<br>falling|||Liabilities<br> due &Iyr||||19,029|20,144|15,879|16,677|
|Pension<br>Provision<br>Bank Loans||||||I I<br>10|(5,502)<br>(718)|(5,502)<br>(7IB)|(5.80 I)<br>(469)|(5,801)<br>(469)|
|Net assets|||||||12,809|13,924|9,609|10,407|
|The funding ofthe charity|||||||||||
|Endowment<br>funds||||||13|9,094|9,094|7,581|7,581|
|Income funds|||||||||||
|Restricted<br>funds||||||14|82|82|l60|I&0|
|Linrestricted<br>funds|||||||||||
|Leech fund|||||||4,93 I|4,93I|4.122|4.122|
|General<br>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<br>of the charity<br>during <br>the Governi<br>Bo<br>and au<br>orised fo|||||the year vvas 63,5l7,000 <br>issue on<br>7Z/f)/2. )|||(2020: LI,738,000 loss).<br>Approved<br>by<br>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<br>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<br>on Loans||||(94)|||(87)||
|Interest<br>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<br>Income Received|||||(984)|||(991)|
|Depreciation<br>ofTangible Assets||||||||44|
|Amortisation<br>of Goodwill|||||15|||15|
|Interest<br>Paid on Loans|||||7|||14|
|Unrealised<br>(Gains)/Losses<br>on Investments|||||(2,680)|||1,960|
|Decrease<br>in Stock|||||78|||45|
|(Increase)/Decrease<br>in Debtors|||||(65)|||121|
|(Increase)/Decrease<br>in Creditors|||||(21)|||296|
|Decrease in Pension<br>Liability|||||(299)|||(283)|
|Net Cash Used in Operating||Activities|||(749)|||(696)|
|Analysis ofChanges<br>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<br>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<br>Catford's<br>wife is the Chairperson.<br>Transactions<br>with<br>IVP are disclosed<br>in Note l7.|om The]erusalem<br>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<br>I May 2020|75|15|
|Acquisition<br>in year|||
|Disposals<br>in year|||
|Balance at 30April 202 I|75|I5|
|Amortisation|||
|Balance at<br>I May 2020|45||
|Charge for the year|I5||
|Released<br>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<br>E|v)<br>L|O<br>u-||PJ0I-|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||C|u|L<br>tu<br>0|cv<br>CI<br>CV|CO<br>CV<br>C)<br>P4|
||||||||||||6'000||8000|6'000|E'000|
|At<br>I Nay 2020|||||||||||7,581||7,271|14,852|16,594|
|Additions||||||||||||227||227|218|
|Linrealised<br>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<br>gains|||||||||||3,464||3,415|6,879|4,198|
|Historical Cost|30 April||||||||||5,630||5,250|10,880|10,654|
|||||||||||||||E.'000||
|William<br>Leech (Investments)||Limited||(unlisted)||||||||||12,297|69/o|
|M&G Securities<br>Limited —'Charifund'||||Common||Investment|||Fund|(listed)||||1,921|11%|
|Sarasin<br>8c Partners|LLP —'Alpha'||Common||Investment||Fund||(listed)|||||1,760|10%|
|Newton<br>Investment|Management||Ltd|—'SRI' Common|||Investment|||Fund|(listed)|||1,531|9%|
|CCLA - Common|Investment|Fund||||||||||||193|1%|
|Cash awaiting<br>investment<br>in||William||Leech|(Investments)|||Limited||||||57|0%|
|||||||||||||||17,759|100/o|



## 



||||IE'000|E'000|
|---|---|---|---|---|
|a) Unrestricted<br>Funds|||||
|William Leech (Investments)||Limited|||
|Ordinary<br>shares at market|value||4,930|4,I21|
|Listed Investments<br>At|Market|Value|3,735|3, I50|
||||8,665|7,27 I|
|b) Endowment<br>Funds|||||
|William Leech (Investments)||Limited|||
|Ordinary<br>shares at market|value||7,366|6,157|
|Cash awaiting<br>investment|in William Leech (investments)||||
|Limited|||57|55|
||||7,423|6,2 I2|
|Trust finds held by the Society|||||
|Yan Yryhoven<br>Bequest|||||
|Listed market securities<br>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<br>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<br>U|0<br>U|U|
|||||ED|ED|
|||cv|CV<br>EV|(V<br>C)|C)<br>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<br>CI|rv<br>CO|cV<br>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<br>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<br>e4|Clt4O|C)<br>tV<br>CO<br>(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<br>I May 2020|5,80 I|6,084|
|Paid<br>in year|(4 II)|(398)|
|Interest cost and charge to balance sheet deficit liability|II2|I<br>I5|
|At 30April 202 I|5,502|5,80 I|
|Charitable<br>expenditure|||
|Interest cost as above|II2|I I5|
|Management<br>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<br>g<br>C<br>CQ|C)<br>O<br>nlZ|Q<br>E0VC|U|nl<br>Q<br>VC<br>ISI|CL<br>o <br>m|o<br>cv|
|---|---|---|---|---|---|---|---|---|---|
||||6'000||E'000|6'000||E'000||
|Leech Capital|Fund||6,2 I<br>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 <br>V<br>tel|o<br>cV<br>rd|E0||8<br>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<br>CI<br>OV<br>O<br>os|O<br>O<br>CIK|Cl<br>E0VC|CJ<br>L<br>"o<br>CI<br>CL<br>LU|chV<br>Cl<br>4-<br>L|IC<br>Q<br>Vc<br>lSI|a.<br>o <br>M|o<br>cV|
|---|---|---|---|---|---|---|---|---|---|---|
||||8000||8000|6'000|F000||6'000||
|Other|UK Projects|||160|112|(177)|(I3)|||82|
|||||160|112|(177)||||82|
||||IC <br>CI<br>nf<br>IH|O<br>IV|CJ<br>E0<br>C|CI<br>I<br>CIQ<br>LU|I<br>CJ<br>'u<br>C<br>Ctl|4J<br>ICI<br>Uc<br>Ci|CL<br>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<br>Fund|s|||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Group|||||ra 0<br>Q<br>tV<br>U<br>Z<br>cct|Ct<br>E0VC|Qt-<br>t<br>ctCQ<br>CL<br>X<br>ttJ|t-<br>Ct<br>L<br>tttI-||ctt<br>V<br>O<br>tC<br>cv<br>Q<br>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<br>JJ O|
|Charity||||ttt<br>Orc<br>ttl<br>ctt<br>co||E0<br>UC|aJ<br>Q<br>Ct<br>CL<br>1C<br>UJ|tQ<br>ttt<br>tllt-I-||Cl<br>Cl<br>L<br>Cl<br>O<br>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<br>CV|
|Group||||rc<br>U<br>Fs<br>tel||Q<br>E0<br>V|t<br>Q<br>CL<br>X<br>IJJ|Mt<br>t<br>Ct<br>tlt||Ct<br>L<br>nl<br>IC<br>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<br>I|||JJ O|
|||||ttt<br>O|||t0|lQ||Cl<br>Cl|
|Charity||||CO<br>tst||UQ|CttL<br>X<br>UJ|III<br>ttf<br>t||Cl<br>O<br>cn<br>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<br>V<br>L|O<br>Cl||uC<br>Ql<br>E|||
|---|---|---|---|---|---|---|---|---|---|
|||||LC<br>LL|V<br>u<br>th<br>Cl|N<br>o<br>U-|0<br>U<br>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<br>u<br>UlI c<br>C<br>U|U<br>CJ<br>V<br>r<br>M<br>lLl<br>CL|0<br>C<br>LL|C<br>Cl<br>E<br>0<br>C<br>LU|C<br>U|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<br>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|



##