##
|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|
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|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||||
##
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##
||||||||||||||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|