OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-04-30-accounts

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.		 .20
CONSOLIDATED
STATEMENT OF FINANCIAL ACTIVITIES.		 .24
BALANCE SHEETS... .25
CONSOLIDATED
STATEMENT OF CASH FLOWS..		 .26
NOTES TO THE ACCOUNTS. . .27

Auditors Jacob Cavenagh gt Skeet gt Skeet
5 Robin Hood Lane
Sutton
Surrey
SM I 2SW
Bankers Barclays Bank PLC
Floor 27
I Churchill
Place
London EI4 SHP
Insurance Brokers Scrutton
Bland
Fitzroy House,
Crown Street,
Ipswich,
Suffolk, IP13LG
Investment Managers Sarasin &Partners LLP
Juxon House
St Paul's Churchyard
London
EC4M		 BBU
Cazenove
I London Wall Place
London
EC2Y SAU
Pension Administrators The Church
of		 England Pensions Board
29 Great Smith Street
London SWIP 3PS
Nest
Nene
Hall
Lynch Wood Business Park
Peterborough
PE2 6FY

0
Not 4 EBOO E'000 0000 4'000 E'000 6000 E'000 E000
Income and endowments from:
Donedons and legacies
Donations 70 70 249 4 . 252
Legacies 58 50 19
Grants
Receivable		 190 75 257 521 174 20 232 ~26
Investments 704 704 I SI3 1,812
Charitable
activities
Publishing 4987 4,987 S,S74 5,074
Total income 6,009 75 157 6,141 8,149 14 231 8,405
Expenditure
on:
Raising Funds 22 31 31
Charitable
activities		 5.647 32 5,079 7,700 30 7,818
Chantable
activ ities		 - reorganisatmnal costs 193 193 254 254
Total expenditure 5,062 5,894 0,073 30 8,103
Income Less Expenditure 147 43 '257 447 76 (6) 232 i01
(Losses)/Gains
on Investments		 F22) (1.159) (I.BBI) (53n (I 2 1 6) (1.753)
Net (Expenditure)/income (575) 43 (902) (I,~34) (461) (6) (904) (1,451)
Transfers
between		 funds
Net movements
in		 funds (575) 41 (901) (1,43~) (461) (6) (904) (1,4SI)
Reconcilation of funds
Funds broughtforward 3.172 76 8 Ita II 258 3,633 82 9.094 12009
Funds carried forward 2,5117 119 7,208 9,914 7,171 76 0, 110 11,350
As at 30 Api. il 202
Group Charity Group Charity
2023 2023 2022 2022
Notes CDDD 5'000 CODD f.'000
Fixed assets
Tangible
Intangible
assets		 (138) (138) 50 50
Investments 14,861 14,861 16,483 I6,483
14,723 14,723 16,533 16,533
Current assets
Stocks 1,228 1,000 1,313 959
Debtors 9 1,767 1,669 1,437 3,123
Cash at bank and m hand 49 37 414 361
Total Current Assets 3,044 2,707 3,164 4,443
Current
liabilities
Amounts
falkng due within		 one year IO (3,405) (3,067) (2,
I62)		 (1,862)
Net current assets/(liabilities) (361) (360) 1,002 2,581
Total Assets Less Current IJabilides 14,362 14,363 17,535 19,114
Creditors: amounts falling due « Iyr (148) (148) (333) (333)
Provisions
for Iiabikties		 13 (4,291) (4,291) (5,844) (5,844)
Net assets 9,924 9,924 11,358 12,937
The funding ofthe charity
Endowment
funds		 14 7,208 7,208 8,110 8,110
Income funds
I(estncted
funds		 Is 119 119 76 76
Unrestricted
funds
Leech fund 3,960 3,960 4,387 4,387
General
and Designated		 funds (1,363) (1,363) (1,215) 364
16 2,597 2,597 3, 172 4,751
Total charity funds 17 9,924 9,924 11,358 12,937

For the yeal
ende		 30 Apr'il 20 23
2023 2022
E000 6000
Cash used in Operating
Activities		 (I,152) (1,955)
Cash Flows from Investing Activities
Investment
Income Received		 704 1,813
Proceeds from sale of Investments 3.545
Purchase of fixed Asset Investments (3,802) (232)
Net Cash Inflow 447 1,581
Cash Flows From Financing Activities
New Loan 750
Repayment
on Loans		 (388) (370)
Interest Pad on Loans (21) (29)
341 (399)
Net Cash (Outflow)/Inflow (364) (773)
Cash and Cash Equivalents Brought Forward 414 1,175
Bank y'fted from CBS 12
Cash and Cash Equivalents Carried Forward 50 414
Cash Flow from Operahng Acdvities
Net (Expenditure) (1,434) (1,451)
Investment
Income Received		 (704) (1,813)
Gift of CBSassets (193)
Amortisation
of Goodwill		 (587) 28
Interest
Pad on Loans		 21 29
Unrealised
Losses on Investments		 1.881 1,753
(Increase)/Decrease
in Stock		 85 55
(Increase)/Decrease
in Debtors		 (330) 184
Increase/(Decrease)
in Creditors		 695 (59)
Decrease
in Provisions		 (779) (488)
Net Cash Used in Operating Activities (1,152) (1,955)
Analysis ofChanges
in Net		 Debt At I May 2022 Cash flows At 30April 2023
Cash 414 (364) 50
Bank Lsxns Falling Due Within One Year (373) (878) (1,251)
Bank Loans Falling Due In More Than One Year (333) 185 (148)
Other
Loans		 (30) 30 0
Total (322) (1,027) (1,349)

vestme nt
income		 has therefore
been use		 d to support
this missio		 n.
2023 2022
f000 f000
William Leech 617 1,636
Other Investment Income 1S7 177
704 1,813
Analysis of to tal expenditure
2023 2022
hire«t Staff Overhead Support Total Total
Costs Costs Costs Costs Costs costs
EOOO 6000 EOOO 6000 EOOO
Raising Funds 22 31
Charitable Expenditure
Pubhshing L440 2,064 1,303 1,156 5,963 7,713
Other UK Proiects 32 32 124
Grants
DBS Pension Scheme (316) - - (316) (30)
1,440 1,748 1,335 1,156 5,679 7,818
Reorgamsational Costs 193 193 254
Total 1,440 1,770 1,528 1,156 5,894 8,103
2023 2022
support
and		 Governance EOOO EOQO
Staff Costs 458 1,032
Acconsnodation 205 308
Finance 15 59
336 334
Governance Costs
Auditor's
Fees		 19 18
Legal and professional Fees 60 63
Costs of AGM and trustee travel 30 13
Staff and Support Costs 33 19
1,156

2023 2022
Staff Costs f000 f000
Wages and salaries 2 152 2,565
Social security costs 230 233
Pension scheme contributions:
PBS(current scheme) 145 190
DBS(closed scheme): Note 12 (316) (30)
2,211 2,958
2023 2022
The average number ofemployees was: Number Number
Publishing 48 53
Worldwide and Projects 0
Management and administration 3
Fundraising 1
52 58

Tangible fixed assets: CHARITY AND GROUP
Cost or valuation 8000 6'000
Balance at
I May 2022		 4I I 4 I I
Balance at 30April 2023 411 411
Accumulated
depreciation
Balance at
I May 2022		 4 I I
Charge for the year
Balance at 30April 2023 4I I 4ll
Net book value at 30April 2023
Net book value at 30April 2022
Group Charity
6'000 t"000
Goodwill
Cost or valuation
Balance at
I May 2022		 138 78
Acquisition
in year
Revaluation (247) (247)
Balance at 30April 2023 (109) (169)
Amortisation
Balance at
I May 2022		 88 28
Provision for the year (46) (46)
Change on revaluation (13) (13)
Balance at 30April 2023 29 (31)
Net book value at 30April 2023 (138) (138)
Net book value at 30April 2022 50 50

ou 'oo
uu		 oo
E		 lg
0I-		 00
0 e ill
o		 tL M
tu		 rucs
ru
E'000 C000 C000 E'000 E000
At
I Hay		 2022 8,110 8,128 245 16,483 17,759
Additions 1,930 1,872 3,802 477
Disposals (1,705) (2,036) (3,741)
Unrealised (losses)/gains (1,127) (521) (35) (I,483) (1,753)
At 30 April 2023 7,208 7,443 210 14,861 16,483
Total net unrealised gains/(losses) 456 1,848 (35) 2,269 5,353
Histoncal Cost 30April 6,752 5,595 245 12,592 11,130
6'000
William
Leech (Investments)		 Limited (unlisted) 9,465 63.78
Catenove Fund 3,472 23.4%
Sarasin
13 Partners		 LLP —'Alpha* Common Investment Fund (listed) 1,650
Investment Properties 210 1.44
Cash awaiting
investment		 in William Leech (investments) 4mited d4 0.4%
14,861 100%

o
rs		 0 cV
cv
o		 0
o
f,'000 6000
a) Unrestricted Funds
William Leech (Investments) Limited
Ordinary
shares		 at market value 3,960 4,387
Listed Investments
At Idarket		 Value 3,482 3,741
7,442 8,128
b) Endowment Funds
William Leech (Investments) Limited
Ordinary
shares		 at market value 5,504 6,346
Cash awaiting
investment		 in William Leech (Investments)
Limited 64 58
5,568 6,404
Trust finds held by the Society
Van Vryhoven Bequest
Listed market securities at market value 495 517
Other Trust Funds
Listed market securities at market value I,145 1,189
7,208 8,110
2023 2022
6'000 0000
Aggregate capital and reserves 47,323 53,665
Turnover (property and investment income) 80
Net profit/(loss) for the year (5,038) (2,012)

2023 Total 2022 Total
IE'000 0000
Net expenditure (354) (464)
Current Assets 507 526
Creditors: Amount falhng due within one year (2,440) (2,105)
Net (Liabilities) (1,933) (1,579)
9. Debtors: amounts
falling du		 e within
one year
sa I. o.
o
0 t) ts V
tt
CIrt		 CIrt ra
Clrt		 OI
CIrt
IE'000 g'000 f'000 E'000
Trade Debtors 1,015 851 584 570
Amount owed by Subsidiary Id9 1,805
Other Debtors 387 284 455 350
Prepayments 365 365 398 398
1,767 1,669 1,437 3,123

10.Creditors: Amounts falling due within one year
o.
0 0 I
65 c2 U
et
CI
EV		 OI
nI
Ct
nI		 rIrI
CI
rs
COOO IC000 F000
Bank Loans and overdrafts 1,251 1,251 373 373
Trade Creditors 651 579 391 355
Tax and Social Security 55 55 75 75
Other Creditors I,135 869 L021 762
Accruals 313 313 302 297
3,485 3,867 2,162 1,862
I I. reditors: Amounts
fallin		 g due over one yeai
4' a
0 0
ts U t2 U
M
IV
CI		 MrsO rIcs M
P4
C!
rs IV rs cv
COOO IE'000 IC000 F000
Bank Loans 148 148 333 333
148 148 333 333
0 0 II
c3 Q U
l4 rv
rv
CI
tV		 IVO
IV		 EV
CI
(4		 CV
CI
6 OOO 6'000 6'000 6'000
Within one year 1,251 1,281 373 373
In I - 2 years 148 148 169 169
In 2 - 5 years 164 164
1,399 1,399 706 706
l2.pen sion
provis		 ion:
Group and Chai ity
2023 2022
Pension IE'000 OOOO
At
I May 2022		 5,014 5,502
Paid in year (441) (426)
Interest cost and change in balance sheet deficit liability (349) (62)
At 30 April 2023 4,224 5,014
Charitable expenditure
Interest cost and change in balance sheet deficit liability (349) (62)
Management charge 32 32
(317) (30)

CL
0L		 L
si		 CL
0		 c
U V U V
M
IV
IVO		 M
M
csO		 CI
CIO
nl		 CI
CI
CV
Provisions 87 67 830 830
87 67 830 830

CL CL
0 0
0 U
CC CC
Cacs cs
lt'000 C000
Operating leases due
Within one year
2-5 years
funds are av ai lable
from SPCK'5 offic		 e.
v
e		 rI
ra
Cs		 o slsl
e u
U
e		 e Vc Nc 81 o o
t'000 6'000 OOOO E'000
Leech Capital Fund 6,404 257 (1,093) 5,568
Van Vryhouven Bequest 517 (22) 495
Other Trust Funds
Bray Endowed Capital 993 (41) 952
Bray Charity 64 2 dd
D'Allone
Charity		 132 (5) 127
1.189 (44) 1,145
8,110 257 (1,159) 7,208
v
e
e
dI		 rl
cs		 e
E0c		 B sl
SI		 0
Cs
o
es
t'000 OOOO t'000 d'000
Leech Capital Fund 7,423 232 (1,251) e,404
Van Vryhouven Bequest 506 517
Other Trust Funds
Bray Endowed Capital 972 21
Bray Charity 63 ed
D'Allone
Charity		 130 132
1,165 24 1,189
9,094 232 (1,216) 8,110

Ib. Unr estricted
Funds
M
Cl Ma
IS
M
e e 8u
g
Group g E EoVo si
IS
M
Cooo 1'000 f:000 CODD f000 ICODD
Leech Fund 4.387 (427) 3,960
Designated funds I 400 ooo
Designated funds 2 22 29
Other charitable funds (1.637) 6.009 (5.862) (207) (295) (1,992)
Total 3,172 6,009 (5.862) (722) 2,597
a
Si
M
b
V
Q Z
Charity o (7 Sl
COOO COOO f.'000 COOO COOO I('000
Leech fund 4,387 (427) 3,960
Designated funds I 400 600
Designated funds 2 22 7 29
Other charitable funds (58) 4.907 (6.339) (207} (295) (1,992)
Total 4,75
1		 4.9D7 (6.339) (722) 2,597
M
CV0 1 Ma
Si
M
Group e CV
Z		 Cl
E0
c		 colc
CL
X
lu		 lo
CODD Cooo Cooo CODD CODD Cooo
Leech Fund 4,931 (544) 4,387
Designated(unde I 200 200 400
Designated funds 2 200 (178) 22
Other charitable funds (1.698) 8, 149 {8,073) (22) 7 (1,637)
Total 3,633 8.149 (8.073) 0 (537) 3, 172
Charity Ma
V
Z		 Cl
'ore
CX
iu		 I- c
(7		 M
Ma
8
cv
sl
I a
18
COOO COOO f.'000 COOO COOO Cooo
Leech Fund 4,931 (544) '1,387
Designated funds I 200 200 400
Designated funds 2 200 (178)
Other charitable (ends (583) 6.907 (6.367) (22) (58)
Total 4.748 6,907 (6.367) (537) 4,751
l7.Ana l ysis
of the Society's
net. a		 ssets by Fund
'o
IU c
V
I
Iec		 Cl
U
v
I		 I
o
C		 E'o.c
c		 (3
u
lt'000 8000 F000 F000
Fund balances at 30April 2023 are represented by:
Intangible fixed assets (138) (138)
Investments 6,003 7,208 13,211
Sarasln 1,650 1,650
Stock 1,228 1,228
Other current assets 1,698 119 1,817
Current liab ilites (3,405) (3,405)
Long-term liab ilities (148) (148)
Pension Provision (4,291) (4,291)
Total net assets 2,597 119 7,288 9,924
'o0
U! o
Is		 u
E
I
u		 N
c
U-		 V8
8		 D
IO		 0o
c
Ul		 c
U-		 g
I
C'000 C000 6'000 6'000
Fund balances at 30 April 2022 are represented by:
Intangible fixed assets 50 50
Investments 6,667 8, 110 14,777
Sarasin 1,706 1,706
Stock 1,313 1,313
Other current assets 1,717 76 1,793
Current liabilities (2.104) (2,104)
Long-term liab ilities (333) (333)
Pension Provision (5,844) (5,844)
Total net assets 3,172 76 8, 110 11,358

During the year, the follow ing transactions
took place w		 ith IVP:
NI
ss
ra
It'000 8000
Management charge to IVP 685 869
At the year end the amount owed to SPCK was: 2, I02 1,805