spck The Society for Promoting Christian Knowledge Charlty Registration Number.. 231144 Consolldated Flnanclal Statements for the year ended 30 Aprll 2025 spck Contents A Message from the Chair......................................................-.-.-.-.-..-..-..-.-..................... . A Message from the CEO.................................................................................................. Tru5tees' report (incorporaung the Group Strdtezic Report)............................. .. Independent Auditor's Report to the Trustees of SPCK............................................................... CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES ............................ .26 BALANCE SHEETS...................................................................................... .... .. ....... .27 CONSOLIDATED STATEMENT OF CASH FLOWS............................................................ .28 NOTES TO THE ACCOUNTS............ .... .29 spck A Message from che Chair Thank you very much for taking the lime to read SPCK'S annual report for the year to 30 April 2025.1'm delighted that the period in question was an outstanding one for SPCK. as we bounced back from a difficult previous year to deliver record sales and significant awards success - both of which are good indicators that we are succeeding in fulfilling our vision of creating conversations between Christianity and culture, and our mission of publishing great Christian books around the world. Our publishing sales for the year increased by just under £ I million 117%). to reach our highest ever level of £6.6m. In our home markets, we saw remarkable succe55 With the English Standard Version Catholic Edition of ¢he Bible (ESV-CE) which is now the official liturgical Bible of the Catholic Church across Great Britsin. In export markets, we printed Torn Wright's My &g Story Bible for customers in ￿n different languages. I wa5 delighted to attend the glamorous Briu5h Book Awards. where SPCK wa5 shortlisted lor Independent Publisher of the Year. We weren't successful that time. but we did Succeed at the Independent Publishing Awards where we won Specialist Consumer Publisher of the Year and the Metadata Award. While we are particularly proud of thi5 recognition from the secular world, we also had success in the Christian awards. with Brighter Doys by Patrick Regan winning Christian Life Book of the Year and My Biz Story Bible by Torn Wright winning Children'5 Book of the Year. We finished the year with an improved balance sheet. A major lactor here is that SPCK has now been able to exi¢ the Church Workers Pension Fund with no debt and with the benefits of all members permanently secured. This has been a long-term process and I'm most grateful to our former trustee Elizabeth Renshaw-Ames and current trustee Elspeth McKinnon for their engagemenc with the Church of England Pension Board, which has resulted in an excellent outcome for both SPCK and for its pensioners. The pension deficit, which until recently was a £S million liabilicy on our balance sheet and a £400.000 cosc in our annual cashflow. was a major mi115tone around (he neck of SPCK. With this resolved, we are well positioned to continue the excellent growth momentum we have seen in the past ten years. We are most 8rateful for the range of support we receive at SPCK. from our charitable parcners (individual members, donors, and trusts) and from our authors. customers, an business parcners. I vns pleased to meei many of you at SPCK'S stunning London Book Fair dinner and at the new Book Trade Carol Service, ￿0 great events that were put on by SPCK'S team and will be repeated this year. My final thanks go to that team for their excellent work and results which are rdected in this annual reporL Stephen Easi Chair. spck A Message from the CEO This has been a very rewarding year to lead SPCK'S staff team. The publishing business is a lot easier when you publish great books, and we've been doing exactly that. But after years of strong growth driven by acquisitions and by global markets, another unexpected factor has helped with our growth this year - something may just be stirring here in the UK. In january 2025. Nielsen Bookscan reporced that religious books were the fa5ce5t*rowing category of non-ficrion last year. SPCK ourselves. published research this year Showing thac Bible sales have increased 8PA by value and 61 % by volume since 2019- you may have heard me intrrviewed about this on Radio 2 or seen me quoted in the 5undoy Times. Then the Bible Sociery published their report The Quiet RevNoI with robust new daca showing that the number of people who attended church in the past month has increased tonsiderably since 201 especially amonzst young men and women. AC first The Quiet Revivol research doesn't seem to tally with the statistics from rhe major denominations, which is that Sunday actendance is below pre-covid levels. But the denomina(ions effectively report weekly attendance, whereas The Qutet Revival reports monthly. Thi5 circle can be squared il more people are going to church but less often. And perhaps books. such as our hugely successful Practicing the Way by John Mark Comer, are filling in the 8ap5. The Covid-19 pandemic seems ¢0 have kicked off the increase in Bible sales. which were steady for a long time before 2020. Inicially there were also big increases in areas like astrology and witchcraft, but these have now tailed off. The growth in 8ibles seems to be more Sustained. but time will tell. Certainly, church leaders are more confident rhan ever putting Bibles in people's hands, perhaps encouraged by the Tolking Jesus report from a few years ago. As an increasingly significant publisher of Bibles in a range of English translations. including now for the Catholic marke( we work hard to ensure our Bibles are as attractive. affordable and readable as possible. Sitting behind both trends- church attendance and the increase in sales ol Bible5- is a hunger for answers. Christianity may not necessarily be the first place people turn to anymore, but the intellectual environment is much more open now than it was when I started in Christian publishing more balanced voices like Torn Holland and Jordan Peterson have replaced the shrill atheism that Richard Dawkins and Chri50pher Hitchens were putting forward. SPCK'S Sunday Times Bestseller The Dowkins Delusion? played a key part in kicking off the fightback against the new atheists. Now our role is to be ready for those who are looking for an5wer5 the timing and title of Rowan William5, Discovering Chrtstionity.. A Guide for the Curious, which we published in February 2025 with a free online accompanying video course, could not be any better. It 15 an excicing time to be promoting Christian knowledge. I hope you enjoy the 2025 annual report! Sam Richardson, Chief Executive spck Trustees, report (incorporating the Group Strategic Report) The Society's accounts for the year ended 30 April 2025 have been prepared under the Charities Act 201 l and in accordance with the Charities Statement of Recommended Practice (Charities SOKP 2019 FRS 101) and Fin2nci21 Reporting Standard 102 (FRS 102). Objectives and Activities Objecfs SPCK'S objects are to promote Christian knowledge in any part of the world by such means, including the furtherance of education at all levels. as the Society May from time to time think fi¢ in accordance with the principles of the Church of England in promoting the learning, ministry, fellowship, witness and worship of that Church. or any Church or other Christian body with which the Churches of the Anglican Communion seek or may seek to Co-operate. Public Benefit The trustees confirm that chey have complied with the duty in Section 17(5) of the Charities Act 201 I co have due regard to the guidance issued by ¢he Charity Commission on public benefit The charitable purpose for the charity within the meaning of the Ac¢ is enshrined within its objects. The Sociery's activlties relate directly to our charitable alms and objects. Our programmes bring benefit to all parts of the world, and we do not seek to limit our activities to a narrow focu5. We opera¢e as a PLFbli5her of books and resources in borh physical and digital form. providing some materials free of charge to end-users under our charitable programmes. The information we produce is aimed at 3 very wide spectrum of readers, recipients and consumer5, including people who are only potentially inceresced in Christianity, as well as those on its fringes. in addition to those who are accively involved in church life. Our offerings include material for children a5 well as for adults. Trusts Managed by the Society Bray Funds - SPCK manages a number of historic endowed trusts. Following an exercise wich the Charity Commission, the income from all ofthe5e may now be spent in line with SPCK'S general purposes. These trusts remain as sub-charities within SPCK and include Becker Trust, H. M. Bliss Trust, Clericus Fund, Crawford Trus¢ Bishop John Charles Jones Trus[ Palmer Trvst, Piercy Trust, H. C. Richards Fund, St Augustine's Fund, Bray Charity. and D'Allone Educational Foundation. rn Governance SPCK 15 administered by a Governing Body of unpaid members. acting as trustees. who Serve alongside paid executives on management committees which oversee the activities of the charicy under delegated authority. The Chief Executive is responsible to the Governing Body for the overall administration of the Society and for ensuring that Governing Body policy is carried out. spck Committees The main SPCK committees during 2024-25 were: Board Support Group (formally Standing Committee, also acts as Governing Body Membership Committee) Audit Committee (also acts as Investment SV￿coMMittee) Publishing Committee The responsibilities of the first two committees and oversight of the executs've functions are defined in Standing Orders. Each committee reports to the Governing Body. which approves major decision5 and has overall responsibility for all SPCK'5 activity'es. Trustee Selection. Appointment and Competence The Governlng Body of trustees is elected at the Annual General Meeting by members of the Society from among their number, following submission of nomination5 not later than 21 days in advance of rhe meeting. Members are elected for three-year terms of office and may be re. elected up to a maximum period of nine year5. In addition ¢0 its elected members, the Governing Body may co-opt up to Six of the Society's member5 or Vice-Presidents to serve on the Governing Body. New trustees receive a comprehensive induction pack to acquaint them with SPCK'S alms and activities, policies and practices. managemenE and governance. Regular updares to thi5 information pack are provided. All trustees are informed of their responsibilities under chari law, with particular reference to Charity Commission guidance publication5. Trustees are also encouraged ¢0 go on relevant trustee training paid for by SPCK. TRUSTEES The member5 of the Governing Body of SPCK who serve a5 trustee5 (including past members who served durin8 the year). and the committees on which the current members serve, are.. Stephen EfJSt (Chair) - Board Support Group. Audit Committee, Publishing Committee Soroh Bailey - Publishing oversight, Publishing Committee (to December 2024) Rt Revd Dr Michael Beosley (Vice-chair) - Board Support Group, Audit Commi¢ree Paul Burroge- Board Support Group, Chair of Audit Committee Dr Sue Hdllidoy- Chair of IVP Publishing 8oard. Publishing Committee Elspeth McKinnon - Audit Committee. Pensions oversight (from December 2024) Dr Dovid Muir {to May 2025) Revd Mark Nom Cotherine Hamilton - Publishing oversighL Publishing Commillee (from December 2024) spck Dr Soniee Perero Elizobeth Rensh¢TrV-Ames - Audit Committee. Pensions oversight (to December 2024) Eric Thompson - Audit Commit￿e. StafflHR oversight Matthew von Durrfenbode (to June 2024) KEY MANAGEMENT PERSONNEL The key management personnel of the chariry are in charge of directing, controlling, running and operating the charity on a day-t¢>day basis. As such they are considered to be the following: Trustees Senior Leadership Team Sam Richardson (Chief Executive) Wendy Grisham (Depu(y Chief Executive and Group Publishing Director) Giry Carruthers (Interim Finance Director) - to October 2024 David Ersapah (Finance Director) - from October 2024 Mark Read (Art Director) Christopher Watkins (Production and Supply Chain Direcror) Jenny Beadle (Human Resources Director) Rowan Miller (Commercial Director) All trustees give their ts'me freely and no trustee received any remuneration In the year. Detai15 of tru5tees' expenses and related party rransaction5 are disclosed in Note 5 ¢0 the financial stacements. The pay of senior staff is reviewed annually and normally increased in accordance with average earnings. Salary levels are benchmarked in line with other similar organization5, including other Christian charities and other publishers. and benchmarking is in place within the organization. spck People Patron His Majesty The King (from May 2024) President The M05t Revd and Right Hon Archbishop of Canrerbury (until January 2025) Vice-Patrons The Bishop of London The Primates of Ireland. Australia and the USA The Moderator of the Church of North India Ex-officio Vice-PresldentS Archbishops and Bishops of the Anglican Communion who are members of the Soclety Elected ViceryPresldents Mr Paul Chandler The Ven. Dr William Jacob Mr LE "Paddy" Linaker The Revd Canon Michael Moore LVO The Revd Canon Dr Nicholas Sagovsky The Revd Sharon Swain The Rt Revd Lord Williams of Oystermouth Honorary Life Memb¢r lan Ferguson The Revd Dr Ashish Amos spck l and administrative details Identity The Society for Promoting Christian Knowledge (otherwise known a5 SPCK) is a registered charity, no. 231144. incorporated under Royal Charter in 1969, with its head office currently at Studio l O I, The Record Hall. Baldwins Gardens, London, EC I N 7KJ. In January 2005, the Privy Council approved amendments to the Royal Charter Bye-laws to refject the structural and operating changes which had taken place within the Society during the previou5 35 years. Further amendments were made in November 2011 to provide greater flexibility to respond to fucure changes in ￿￿yS of working. SPCK is a membership organi2ation. founded on 8 March 1698 to promote Chrisuan knowledge through publishing, lending libraries and schools. The Society has been a publisher and distributor of Christian literature since its inception and helps to resource theological education and ministry on a worldwide basis. The number of members at 30 April 2025 was 14712024.. 149). PRINCIPAL PROFESSIONAL ADVISERS Audltors Xeinadln Audit Llmlted S Robln Hood Lane Sutton Surrey SM12SW Bartlays Bank PLC Floor 27 I Churchill ￿l¢e London E14 5HP Insuran<• Brok•ri One 8roker Insurance 820 The Crescent Colches￿r Bu5ine55 Park Colche$¢er E55ex, C04 9YQ Inv•stm•nt Mana8• Sardsln & Partners LLP luxon House S( Paul'5 Churchyard London EC4M 8BU Cazenove l London Wall Place London EC2Y SAU Penslon Administrators The Church ol England Pension$ Board 29 Great Smi¢h Street Ltsndon SWIP3P5 NEST Nene Hall Lynch Wood Busine$s Park Peterborough PE2 6FY Solicito Wedlake Bell LLP 71 Queen Victoria Street London EC4V 4AY spck Achievemenrs and erformance SPCK operates three main business units (General, Kid5 and IVPI in addition to its charitable projects. ner divi in the Fn with Cultur The breadth and depth of SPCK'S general list continues to be its strength, with new titles appearing in a variety of zenre$ intended for a range of readership5 from Christians of all traditions to people who may only be loosely connetted to the Church but who are interested to learn more about the faith. SPCK's General Division publishes titles under four imprints.. SPCK Publishing, Form, Lion books and Marylebone House. We a150 publish Bibles. SPCK Publlshlng provides books and resources for all who want to understand the Christian faith and how it relates to all aspect5 of life and culture. J•d• •n41 J•hn Rtynolth Highlights last year included Rachel Mann's Do Not Be Afraid (the Archbishop of York's Advent book, 2024). Richard Rohr's The Tears of Thing5 and13de and John Reynold'5 Able to Laugh book by TikTok's much-loved incer-abled couple that aims to dispel the stigma surrounding disability, one story at a time. .￿L.1AMs (~hiisli.aii.,il.Sff 4)U iLli. fi)I,' Ilii, LLiri{Iii As well as publishing for a variety of readers, the SPCK irnprint is proud of its geographical range, with many of our books selling strongly in North America and other parts of the world - whether in English or in translation. Two good examples from last year were Bishop Rose Hud50n- Wilkin5' autobiography. The &rl from Montego Boy and Archbishop Rowan Williams, Discovering Christionity.. A Guide for the Curious. Form is our irnprint for books that help readers to cultivate spirltual rhythrn5 and prdctices in everyday life. covering Subjects such as prayer, meditaty'on and spiritual formation. The God Story Last year we extended our range of offering5 from John Mark Comer with The Practicing the Way Course Companion and the first tsyo volumes in his Practicing the Way series.. The Generosity Proctice and The Sobboth Practice. Another very successful new tide for Form was Alain Emerson'5 and Adam Cox'5 The God Story- a creative retelling of the biblical story by éo leaders of the 24-7 Prayer movement. 24-TPP.IYE spck Lion Book5 is the SPCK Group'5 imprint for fully illustrated information and reference books. The many critically acclaimed titles on (he Lion backlist made it a major player in the world of international Cowedition publishing. and we are delighted to be building on that lepcy. One such tide 15 The Lion Atlas of Bible History (2006), which we redesigned and relaunched in October 2024, alorbg with co-edition printings for publishers in France. Romania, Japan and the USA. Marylebone House is our imprint for all I who like novels with a spiritual dimension. Last year we published Mel Starr's The Way ofthe Wicketh. Book 17 in the ever-popular Chronicles of Hugh de Singleton, Surgeon. ATLAS of BIBLE 'I'A iiiII Blble$ 2024-25 was a busy year for our Bibles programme, with May 2024 seeing the launch of the New Revised Standard Version updated edition (NRSVue) and the publication in January 2025 of four new editions of the English Standard Version - Catholic Edition. The ESV- CE is now the Catholic Church's official liturgical Bible for use In England, Wales and Scodand. and we are proud to be the publisher entrusted with fulfilling the increasing demand for this popular version. ,WiLlcLd Cathollc BIBLE *ESKE' Commlsslonln8 Looking ahead to 2025-26, we have in store a cornucopia of major book5 by leading auchors, including Nick Baine5. Rhidian Brool John Mark Comer, Gill Duff. David F. Ford, Gull Francis- Dehqani. john C. Lennox, Jane Williams and Tom Wright. We will also be publishing some beautifully illustrated titles under the Lion imprini including The Art of Scripture (in partnership with the National Gallery). Carrie & David Grant's Joy to the World and the brand new sixth edition of The Lion Hondbook to the &'ble- which, having sold three million copie5 throughour the world, is fast approaching fifty years in print! spck Children's Publishing The Children's division published 15 new titles.. I I new editions and 4 titles reissued in new formats. BIG STORY The First Publishing highlighis included the beaucifully illustrated The First Christmos by Tom Wright. continuing from the success of My Big Story Bible, with the title also printing in US. Germany. Netherlands, France, and Faroe Islands. In the surnrner, Katie Piper launched her second Teeny Mouse adventure picture book celebracing friendship and teamwork called Together We Are Stronger. CHRISTMAS OGETHER IE ARE TOM WRIGH ONGER In September 2024. we published fashion model Ellie Goldstein s fir5E children's book, Ellie. a bright and hopeful picture book abour her inspiring life story growing up with Down Syndrome. This received some great publiciry includlng in 'Mother and Baby, and 'The Week junior, magazines and on CBBC Newsround and Channel S News. ELLie Gotsislein Throughouc 2024, we published a number of books for different ages in the category of prayers and devotionals.. Good Night Proyers for 8ediime by Kenneth Steven and Pows Together for God by Hilary Robinson for young children,. Signal Fire, a guide to putting prayer into practice by Martin Saunders and a paperback gift edition of the devotional Hope Rising 36S by Meg Cannon for the yourh market- and the Busy Family Devotionol by Lucy Rycroft with 52 short devotions for leading children ¢hrough Bible passages from Genesis to Revelacion. Adding to our special occasions category. we published A beautiful gift book God's Promises for Everyone by 5ingerlsongwriter Shell Perris with reassuring and encouraging word5 about 50 of God's promises found in the Bible to treasure. spck February 2025 was our busiest publishing month with the publication of Seven tities.. a new super-readable edition of the multi-million selling The Lion Children s Bible by Pat Alexander featuring a unique font and design for making reading easier. even for dyslexic and reluctant readers,. a vibrant and engaging picture book The Story of God's Amozinzly Awesome Rescue Phn by poet and storyteller Dai Woolridge,. Wowl Creotion a creative activity book exploring six aspects of Creauon Care and packed full of engaging ideas by Martha ShrimptOll- Stunning new editions of our much-loved titles Stories Jesus Told and Animol Tales by award-winning author and illustrator Nick Butterworch and Mick Inkpen- and the launch of our new fresh and engaging biography series with title5 Fttntasticolty Faithful Heroes Who Gave Their All for God and Funtaslicolty Faithful World Chonger5 Who Gave Their All for God by Paul Kerensa with two more titles to follow in 2026. FANTA511CALLY n £atLhful HEROE5 Our year ended with the publicacion of a charming and reassuring picture book From Me to You. LO￿ God by popular children'5 author Claire Freedman, which has 80 hidden letters ro find throughout the book. and the exciting launch of The Lron Baby 8ible by one of our established authorlillustra¢ors, Antonia Woodward, which simulraneou51y published as Shorter board book in Germany. EN Look out in the year ahead lor the third Teeny Mouse adventure Your Greatest Gft by Katie Piper for Christmas. and further titles in our new biography category: E¥troordinory Women of Faith by Margaret MtAllister and Heroes of Hope by Sharon Prentis and Alysia-Lara Ayonride an initiative with The Church of England Racial Justice unit. We are also publishing three new children's bibles.. NLT Baby Blessings Bible A Keepsake for Special Memories in October 2025, the an8licized edition of God's Colourful Kingdom Storybook &'ble The Story ol God's Big Diverse Family by biblical scholar Esau Mccaulley in November 2025, and The Children's Storybook Bible stunningly illustrared by Skylar White for 5+year olds in April 2026. We are also delighted to be launching two children's titles Mi BibliG de la Gran Historio by Tom Wright and Hi5toria5 de los 5onros by Margaret McAllister on our new Spanish list Publicacione5 Leon, aimed at the Hispanic-speaking market in the USA. Plus, there will be 50me exciting marketing and Social media opportunities with our newly branded division tide. SPCKiils. spck IVP Publishing Highlights. May 2024-April 2025 2024-2025 ha5 been a Yvdr of change and growth for IVP. with some exciting progres5 in terms of marketing. digital and wider rela¢ionship5 wichin Ihe SPCK Group. At the time of writing, we are excited to be adding two parc time editors to the team - one a former iritern who went on to work at Cambridge University Pres5. the other a PhD in New Testament with a wide network. The editorial team has much appreciated the appointment of a dedicated IVP Marketing Campaign Manager and is also excited to welcome our first Relay Worker in partnership with UCCF. who will be with us Sep'25-lune'26. LEONb DL.CIIIRIL(J 11 ENCAGI C WITH Tht FofftnÈN MANIFESYOOF TH MAS AQU NAS p•:Z ESUS Key publishing highlight5 include titles on both the Apollos arid IVP imprints. In che Apollos Old Testament Commentary series. the two-volume commentary on Numbers by L. Michael Morales has encouraged us all, with around 1.000 units of each hardback haying 501d (with majority in the US Narketl, and remarkable Logos revenue. It also appeared on two Book of the year lists. Phil Moore's The Forgotten Manrfesto ofjesus (which carefully combines tales of revival in Iran with exegesis of Luke l 01 has also been doing well, with over 4,000 units sold since November 2024. and an audiobook in production, it continues to chart well on Amazon. Leonardo De Chiricos Engaging with Thomos Aquinos has enrered the transatlantic conversation, with articles in Christionity Today. and 5¢rong sales we are excited ¢0 be publishing a third book by him in 2026. N1WIYIS DEEPER 'New Studies in Biblical Theology, Series Si¥irehes IMTO I & 2 KINGS Publishing Partners IDAYS ANDREbV 5ACH aND AL4SDAIR HENOERSON spck Balanting backlist, series and licensing opportunities seems to be going well. The 'Dig Deeperf books have been revitalised with the launch of Dig Deeper into 1&2 Kings, and a reissue and redesign of the volumes on Mark and Exodus. A major piece of news - appearing in PublishetS Weekly during the Frankfurt Book Fair. and drawing comment from around the world. was our new partnership with B&H Academic for (he New Studies in Biblical Theology series. This puts IVP in a strong financial posltion. and with three tirle5 launching in hardback this year. we are excited ro see what the new era for NSBT looks like. B&H also licensed Graeme Goldsworthy's magnum opus In These Lost Day5 - Wlth the editorial team encouraged that 'blue chip, legacy IVPIApollos authors are keen to scill publish with u5. GAVIN CALVER Good News People tf JOUKNIY wdh m6 L)AVID (-.. FIJiI'FI PHIL KNOX The cultural mood and wha¢ some are calling The Quiet RevNal seems to be echoed in Some of IVP'5 sale5, which have been strong - particularly in the 'revival' of sales for the BST NIV Bible. which also generates strong Logos income. We anricipaee that our forthcoming Good News People book by Gavin Calver and Phil Knox of ¢he Evangelical Alliance will sell well, partly tapping into this trend. The coming month5 a150 See a blockbuster book on the hisrorical Jesus (hooking into what looks like a new 'Quest'l from Michael F. Bird. a beautifully designed advent book by Catherine Campbell, and ¢he P5alm5 volume in the AOTC from David G. Firth. Looking ahead, we are excited for both the di5ciple5hip impact and commercial potential of some key titles in 2026. Jago Wynne, rector of Holy Trinity Clapham and a key figure in the Church of England. return5 to IVP with The Integrity Fix, a book for our cultural moment. Chloe Swart, National Director of Alpha, ha5 her debut with 605 Everyday Miracle5. a practical and inspirational book that we pray will push IVP irbto new Spaces. Finally, we are excited about the summer 2026 launch of the Heoring God's Voice series, in development since 2022, with three launch titles.. 1, 2 and 3 John by Fred Sanders, Ruth by Matthew Mason, and Ephesion5 by Jonathan Black. With a leading Baptis¢ Anglican and Pentecostal author. we trust that this serie5 will model arbd serve the truly global nature of the evangelical church. spck Charitable Pro ects While ill recent years SPCK has focused increasingly on developing irs unique position in commercial pvblishing. our fundraising continues to enable us to run a range of projecrs SUPPOrted by donations from our members and from charitable trusts. The Assemblles Website at Assemblies.org.uk remains che go-to place for anyone delivering collective worship into schoo15. We are delighted to have set up a new partnership with the Church of England's racial justice unit, which will see the Assemblies website delivering content to schools across the country for Black History Monch. The Home Groups website at HomeGroups.org.uk remains a major resource for home group leaders. We have significant plans in the coming year to reposition Home Groups as the home of free audio and video courses, incorporating the York Courses archive and new course5 around fltles Such as What is a Christi¢in? by Rowan Williams and Wild Bright Hope, the Archbishop of Canterbury's Lent Book for 2025. Our work in prlsons continues to be an important part of our ministry, and our partnership with Prison Fellowship's Angel Tree programme saw thousands of our books 5enr to young people whose parencs are in prison, along with a personal message from cho parents. The Cathollc Bible School has been working hard on the preparation of che ESV-CE Bible app for launch In 2025. inancial review The consolidated result shown on page 26 shows an increase in income. from £6.854,000 in 2023-24 to £8.055.000 in 2024-25. This is primarily due to the 17% increase in publishing sales during che year. with the publishing income figure having increased from £5.649.000 to £6,614,000 during the year. The focus of 2024-25 was to complete the journey of our publishing to being self-sustaining. With the increase in sales and with costs tightly controlled. the small loss from publishing meant that by che ¢ime investment income was taken into account, we delivered a cash generative year which enabled u5 to reduce the overdraft faciliry. Two major factors affected the overall balance sheet. With the Church of England Pension Board's agreemen¢ on T May 2025 SPCK exited the Church Workers Pension Fund deb¢- free and with the benefics of all members secure. The substantial liibility. which was valued ar £1,465.000. last y￿r (having been £5 million at one pointl has therefore di5appe3red from the balance sheec. On the downside, underperformance of William Leech Ilnvestments) Ltd, arising from uncertainty in the markets, ffleant that our holding in the company reduced in value by £555.000. We are grateful for the work of the William Leech board and continue to mainfain c105e contact with them as they seek to improve this position. spck Putting aside rhe5e one-off factors. the improved performance of the publishing programrne gives much cause for encouragement, and we have budgeted for further growth in sales and for a publishing profit during 2025-26. Invescment olic erformance The value of the Society'5 investments at 30 April 2025 was £15,408,000 (2024.. £16.157.0001. Of thi5 amount, £ l O. I 11.00012024.. £10.665.0001 represented che value of shares and cash awaiting investment in William Leech (Investments) Ltd, £210,000 (2024.. £210,000) in investment property and £5,087,000 (2024.. £5,282,000) the value of other listed investment. Overall, the SPCK portfolio showed a net 105s of £928,000 for the year (2024.. Gain or £1,072,000). In the same period the FTSE 100 Share index increased overall by 4.6% (2024.. 7.9% increose). The Society's investment portfolio, other than William Leech {Investments> Limited, is managed by the trustees. with authority delegated to the Board Support Group if urgenr decisions are needed between che scheduled trustee meetings. The trustees review the Portfolio periodically. seeking a balance between capital growth and income, settin8 benchmarks as they consider appropriate, and following the Church of England's ethical investment guidelines. The Society owns 20% of the issued share capital of William Leech (Investments) Limited, an investment company which was established for the benefit of five Christian charities. The directors of this company have invested their funds in marketable 5ecuritles. The trustees of SPCK periodically review the return on as5er5 of che company and associated trusts and consider that the investment is in accordance with the Sociery's investment strategy and that the diversity of its investment is enough in the concext of its risk assessment. In practice, SPCK is not able to influence the investment policy ol William Leech {Investments> Limited. The Society holds such investments to generate a return and has made no social investments. However. chese investments are made erhically in line with the Society's Investment Management Policy a5 set by the Governing Body. The Governing Body has adopted the terms of the Ethical Investment Policy of the Church of England's Ethical Investment Advisory Group (EIAG). Please note tha¢ the EIAG Statement of Ethical Investment Policy has recendy been withdrawn and is in rhe process of being replaced by the EIAG guidance paper on echical investment. This policy will be reviewed and updated as necessary once this paper has been published. The Society holds l 00% investment in its subsidiary undertaking IVP Ltd whose accounts are consolidated with SPCK Group 2¢¢0unts. For the year ending 30 April 2025 IVP Ltd accounts show5 a net deficit in reserves of £2,216,000 (2024= £2.050.0001. With the transfer of the company to SPCK, there is an on-going commitment from SPCK to support IVP Ltd's aims and objectives and to underwrite the current deficit in the reserves. spck The trustee5 a150 recognise that IVP Ltd reported a deficit of £166.000 (2024: £117.000) for the year ended 30 April 2025 but are aware thac plans are undeFway to improve profitability of the whole organi5ation (including IVPI. Reserve5 The total funds held by the Society at the end of the reporting period were £14,838,000 (2024.. £13,401,000). We have made no provision (2024.. 11,465,000) for deficit contributions due to the Church Workers. Pension Fund. due ¢0 the agreement signed in February 2025 EO exit the scheme in May 2025. Many of these fund5 are endowed or restritted, and therefore the unrestricted funds available to the Society at the end of the reporting period were £7,187,000 (2024.. £5.280,000). Much of the unrestricted funds are held by William Leech (Investments) Ltd and would be difficult for the Society to access at short notice. Therefore. the Society defines it5 frecly available reserve5 as the charity's unrestricted funds that are freely available to spend on any of the chariry'5 purposes. The chariry needs reserves to enable it to develop its long-term aims, a5 well as to ensure the continuation of its current activities. In parcicular, ehe charity needs reserves to invest in the production of new books and aljthors. In order to meet their responsibilitie5 and to ensure that che charity continues to operate on a going concern basis. the ¢ru5tees have reviewed the requirements and risks it faces both in the short term and medium term. On this basis. the Society has available reseryes at the end of the current period of £2.205,000 (2024.. £1,683,000). The reserves level is within the target range of £1,400,000 to £2,800,000, calculated on the basis of 6-12 months operating costs. The trusrees have determined that a prudent level of reserves is approximately &12 monrhs of expenditure.. this level would be required in the event of an orderly winding down of the charity. These costs would cover commitments for intellectual property already contracted. not yet delivered or books already in the pipeline of production, such that it could fulfil its contractual obligations to authors, suppliers and staff (in the event of redundancy). The balance sheet shows net current assets, and the free reserves position is within the range of the agreed reserve5 policy of 6-12 months committed publishing and staff costs. The underlying strength of the balance Sheet is I14.8m of which £7.2m can be made available to improve cash reserves. k Mana em The major risk5 to which the charity is exposed. as identified by the trustees, have been reviewed and systems have been established to manage (hose risks. The ¢ruscees have formalized their risk assessment and risk management process to include a quarterly review of the risk register compiled and updaced in consultation with executive staff. We keep under active review the adequacy of the 5y5tem5 which are in place in the light of changing circumstances. A5 a result of the significant size of the charity, the trustees delegate 18 spck responsibility for day-t¢>day management to staff, using committee5, planning and budgeting procedures. and hierarchical authorization. The major risk categories, rhe level of acceptable risk (from overse, through minimoli5t. cautious and open, to hungry, and the mitigation systems are captured in the Risk Register as follows.. Governance risks, on which we have a coutious risk appetite. Risk5 in this category are miiigated by trustee training, trustee skills audits. use of professional advisers, regular rneeting5 of board and committees, and register of disclosed interests. Operational risks. on which we have a cautious risk appetite. These ri5k5 are mitigated by a detailed new exercise in process mapping, Business Continuity Planning, identifying and risk-managing key strategic relau'onships, emergency action plans relats'ng to IT issues. active steps to prevent cyber-fraud. notice periods. succession planning and insurance. Financial ri5k5, on which we have an awerse risk appetite. Thc5e risks are mitigated by financial controls, budgeung. reporting. investment management policy, reserves policy, credit control,. and are 5UPPOrted by profe55ional legal, actuarial and financial advice. Legal risks. on which we have an overse risk appetite. These risks are mitigated by HR and legal advice, staff handbook with regular review, and work with 501icitors. Reputational risl on which we have a coutious risk appetite. These risks are mi¢igafed by edieorial review process, media training and communications planning. Data risks, technological and compliance risks. on which we have a minimolist risk appe¢ite. These risks are mitigated by following best practice in IT and by ensuring staff are fully trained in areas of compliance including GDPR and AML. Political, environmental, social and technological risks, on which we have a cautious rlsk appetite. These risks are mitigated by diversification of markets and business models, and by proactive steps to stay in touch with developments. The trustees are of the view that it 15 financial risks that have the most potential to have a negative impact on the charity. and the trustees and Audit Committee have nored rhe following specific risks and mitigarion5. Sales not performing to expectation5, resulting in lack of profitability and ultimately cashflow cri515. Mitigations: Annual budget proce5S, Wlth review apinst progress in twice-monthly KPIS (shared with the board) and weekly internal meeting: book sales are diversified across a large range of titles, authors and territorie5 {more so following the merger with Lion Hudson).. 80% of publishing income is from exiscing rather than new titles., cashflow KPI shared monthly with Governing Body and backup plans in place including overdraft and release of investments. C05t base being too high, resulting in lack of profitability and ultimately cashflow crisis. Mitigations.. a significant program of cost savings was made following the Lion Hudson merger. including redundancies. reduction of office footprint and consolidation of SyStem5. Further step5 have been tsken since to reduce the cost base. including the move to a new single office location, the ending of duplicated IT contracts from the merger, and the non-replacement of some leavers. 19 spck Risk from poor financial system5 C05t controls, resulting in cashflow crisis. Mitigation5- appointment of high*uality interim Finance Direccors, a new Sage finance system implemented during 2024, a new Biblio royalties, system being implemented during 2025. Macro-economic environment, in particular global events including armed conflict and rariff5. could have an impact on SPCK'S investments or sales income. Mitigations.. 5PCK regularly reviews its investment management policy (most recently in summer 2022) and currently spreads its investments acros5 differen¢ inve5rmenr managers, all of whom have instructions to keep a portfolio with a spread across both geography and 255et types-. SPCK is taking significant steps to increase the international scope of its work so that we are less reliant on rhe UK economy. Any of the aforementioned could have a potential impac¢ on SPCK'S reserves. Currently the Society's freely available reserves {defined as the charity's unrestricted funds that are freely available to spend on any of the chari¢y's purposes) are £2,205,000 (2024.. £1.683.000) which is above rhe rarger range of £1,400,000 to £2,800,000. Notwithstanding. we continue to monitor our performance closely in the expec(ation of maintaining within or above the targeted reserves policy range. During 2024-25 SPCK employed one part-time fundraiser, a member of the Insciruce of Fundraising. The bulk of voluntary income came from charitable trusts and legacies. However, SPCK also has subscribing members and a number of regular and one-off donors. SPCK is regiS￿red with the Fundraising Regulator and Fundraising Preference Service. We aim to abide by the Code of Fundraising Practice. SPCK has received no complainrs directly or via the Regulator. nor any opt-outs via the Fundraising Preference Service. Further details of how we use personal data can be found in our privacy statement SVVlW.5pck.org.uklprivacy- and.cookies-policy. In 2024-25 SPCK had no community fundraisers 12023-24: 1) and where we do use ommuniry fundrai5er5, we ensure ihat their activities follow the Code of Fundraisinz Practice. Our fundraising complaints procedure can also be found on our web51te. 20 spck tement of Trustee Res onsibilities The trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdorn Accounts'ng Standards including Financial Reporting Standard 102: The Financial Reports'ng Scandard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales 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 charity and of the income and expenditure of the charity for thac period. In preparing these financial Statements, the trustees are required to.. Select suitable accounting policies and (hen apply them consistently: Ob5erYe the methods and principles in the Charities SORP: Make judgments and accounting estimaces that are reasonable and pruden[ State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial s¢atements, and. Prepare the financial statements on the going concern basis unle55 It is inappropriate eo presume that the chariry will contlnue in busines5. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time rhe financial position of the charity and enable them to ensure that the financial statemencs comply with the Charities Act 2011, the Charity {Accounts and Reporrsl Regulations 2008 and the provisions ol the trust deed. They are also responsible for safeguarding the assets of the chariry and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the chariry and financial information included on the charity's web51te. Legislation in the United Kingdom governing the preparation and dis5eminats.on of financial statements may differ from legislation in other jurisdictions. The crustees, report for the year ended 30 April 2025 was approved by the trustees on 9 October 2025 and signed on their behall by Stephen Eost. Chair of the Governing Body The Society for Promoting Christian Knowledge. Studio l O l. The Record Hall, 8aldwins Garden5, London, EC IN 7RJ spck Ind nden Audi Opinion We have audited the financial statements of the Society for Promoting Christian Knowledge (the 'Charity"l and its subsidiary (the 'Group"> for the year ended 30 April 2025 which comprise the consolidated statement of financial activities. the consolidated and parent balance sheets, the consolidated cash flow statement and 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 2nd United Kingdom Accounting Standards, includlng Financial Reportlng Standard 102.. The Financial Reporting Scandard applicable in the UK and Republic of Ireland (Uniied Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. Give a true and lair view ol the state of the Group's and ol the Charity'5 affair5 a5 at 30 April 2025 and of the Group's incoming resource5 and application of resources for the year then ended: Have been properly prepared in accordance with United Kinzdom Generally Accepted Accounting Practice,. Have been prepared in accordance with the requirernents of the Charities Act 2011. B(Jsis 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 stacements section of our report. We are independent of the Group and parent Charity in accordance with che ethical requirements that are relevant to our audit ol che financial stacemen(s 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. Conclu5i0ns RelatinE to Going Concern In auditing the financial statements, we have concluded ¢h2t the trustees, use of the going concern basis of accouncing in (he prepara¢ion of che financial sta￿mentS is appropriate. Based on the work we have performed, we have not identified any material uncertaints'es relating to events or condition5 that. individually or collectively. may casc significant doubt on the Group's and 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 re5pon5ibilities and the responsibilities of the trustees with respect to going concern are described in the relevant section5 of thi5 report. 22 spck Oiher Informau'on The other information comprises the information included in the anrbual repor¢ including the trustees. report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other inforrnation contained within the annual report. Our opinion on the financial Statemen￿ 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 responsibiliry is to read the other information and. in doing so. consider whether the gther information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audi¢ 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 ¢0 a material misstatemen¢ in the financial s¢arements themselves. If, based on rhe work we have performed. we conclude that there 15 a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which We are Required to Report by Exception In the light of the knowledge and understanding of the Group and its environment obtained in the course of the audit. we have not identified material misstatements in the trustees, report included within the trustees report. We have nothing to report in respect of the following matters in relation to which the Charities Act 201 I requires us to report to you if. in our opinion: adequate and proper accouni'nz records have not been kept, or returns adequate for our audit have not been received from branches not visited by u5,. or the financial statements are not in agreement with the accounting records and returns., or certain disc105ures of trustees. remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. We have nothing to reporr in respect of the following macrers in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: The information given in the financial statements is inconsistent in any material respect with the rrustees, repor( or Sufficient accounting records have not been kep¢ The financial statements are not in agreement with the accounting records: or We have not obtained all the information and explanations necessary for the purpose$ of our audit. 23 spck Responsibilities of the Trustees As explained more fvlly in rhe trustees, responsibilities statemen¢ the trUS￿e5 are responsible for the preparation of the financial statements and for being satisfied that they give a true and Fdir view, and for such Internal control as they 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 trustees are responsible for assessing the Group's and the Charity's ability ¢0 continue a5 a going concern. disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unle55 the trustees either intend to liquidate the Group or Charity or to cease operations, or haye no realistic alternative but to do so. Auditor s ResPon5ibilitie5 for the Audit of the Finonciol Stotements We have been appointed as auditor undcr secuon I S l and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as whole are free from material mis5tatcmenL whether due to fraud or error, and to Issue an auditor s report that includes our opinion. Reasonable assur2nce is a high level of assurance but is not a guaran￿ that an audit conducted in accordance with ISAS {UK) will always detect a marerial m155tatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, chey 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 15 detailed below.. Based on our understanding ol the charity, we identified thac the principal rlsks of non- compliance with laws and regulations rela￿d to employment and financial reporting legislauon. and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those law5 and regulations that have direct impact on the preparation of the financial scarement5 Such as the Charities Act 2011. We assessed the susceptibility of the charity's financial staternents to material miss¢atemerb( including obtaining an understanding of how fraud might occur. by making enquiries of management. tonsidering the internal controls in place and disCU55ion amongst the engagement team. We determined that the principal risks were related to management bias in accounting e5tirnate5, 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 challen&'ng significant accounting estimates including the pension provision discount rate and valuation of stock and work in progress, agreeing financial statement di$closures to 24 spck undedying 511PPOrtini documentatio￿ eTrAluating the internal controls. reviewing trnstees. minU￿S and identi￿.n8 and ￿ting iournal en¢rie5. There are inherent limitations in the audit procedures described above. The more removed those laws and regulations are from financial transKtions. the less likdy it is that we would become aware of non-compliance. Material mi$sta￿ments that arise due to fraud Can be harder to detect thn those that arise fr¢)m error as they may involve deliberaie concealmenr or collusion. A lurrher description of our ruponsit#lities lor the audir of the financial statements is located on the Financial Reponing Council's web5rte IL ￿.trc.¢)ry.ukJaudit0r5respon5ib1llIles. This descrIp￿on forms parc of our auditor's reporL Use of Our Report Thli report Is made solety to the Group's and Charity's truscee& as a body. in accordance with Part 4 of the Charities {Acc<)unts and Reports) Regulations 2008. Our audit work has bEen undertaken so that we might state to the Group's and Charirx's trustees ihose matters we are required to state to them in an auditor'5 report and lor no other purp05e. To the fullest eycenc perniirred by law. do not accept or assume responsibility to anyone other than the Group and Charity and their trusrees as a body. for our audic work for this repor¢ or lor the opinFOV15 we have fornied. for and on behalf of XeirAdin Audit Limited Chartered Accountanu Statutory Auditor 5 Robin Hood Lane Sutton Surrey SMI 25W Dated.. lo ZOZS Xeinadin Audit Limited 15 eligible for appointment a5 auditor of the charity by virtue of its eligibility for appoinrment as auditor ol a company under section 1212 of the Companies Act 2006. 25 spck CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES For the year ended 30 April 2025 t4or4 IOD Income endowmEnufrom'. DonAdoni •nd l¢pci¢i Don*tknJ J) Grants RecelYablE 289 58• Invqstsn•Tht 20 Charltabh actlvltl 5,141 T•tyl In¢+)m* 4117 txpendltur• on.. Rais￿1 F￿rndS Chadtabl• Kd¥lrth5 Total expvnditure belort Dbs pend•n¥ 4013 7m4 40 Inrvtnq L•M Exp••dlty ss 177 DBS Penik)n C￿t 1.3é4 136& N•t IncThmelldelcltl befor4 G￿n51(L015￿l ￿ In¥￿trnIn JJ4s 277 L4 GI￿￿{LO55￿> ITrvEifmEnrJ Ino) Nrt iexp•ndltuv*Wln£rTh* UJ4 J,477 Tr￿s￿er5 funds Ner fftytmonts In fknndi 34 3,477 RKw¢llatl4)n otfunds Fuhdi brtsJAht ftrward 1597 7.JOI 9.924 Fund5 C3rrW forward 7• The notes on Pages 29 to 50 form Part of these occounts. 26 spck BALANCE SHEETS As at 30 April 2025 Group 2025 Ch4rtty 2015 Group 1024 chthty 2fy24 Flxed A•l•ts 79 79 htsDiible isjets 21 15,40B 15.4ts9 15,441 15.441 Currqnt Y82 C•sh aibink ind In hand s•0 60 Total Cuvr•Y+t￿l*t¥ 3.$1• I•07 o&oe} ,1691 N•t curr•Tht ws•ts l OlllblllElul V9Z 911 Totsl Cu+penE Uabllld 144JJ 14.43J 14.932 14.932 ¢r•dlWn.' f*lllni du• >lyr 14,lJl 14BJB The fitndlni o1th• ¢h*rlty 7.693 7.601 6.042 8.042 lficomi lundi Rutrktqd •Jndi 16 40 79 Unv••irlctyd fknds L•Kh fvnd 4.127 4.317 GI￿￿1 ind Deil¢nlEEd 3,035 3.035 951 953 7.187 TIX￿ ¢harlty fvndi 14,•J• 14,•31 Thè net surplus of the charity during the year Vfds £1,437,000 PO24.. surplus of £3.477,0001. Approved by the Governing Body and authorised for issue on 9, October 2025 arrd si￿ed on its behalf by.. Step en East. Chalr of Governing Body. The note5 on Pages 29 to 50 fvrm Part of these accounts. 27 spck CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 30 April 2025 2025 ooo 1025 ooo 1024 2014 Looo ooo C#h pro¥ld¢d byl(ihedl In Operatln£ ActhTbtles 359 15581 Cash Fltyws from In￿￿1￿£ Actl¥ltles Invesimenf Incor￿ Recefved 620 642 1701 53 11771 Pur¢hisE Df Tlnlblé FIX(￿ Asse Proceeds from x31e of Invesirr•it5 PvrehJi• Df As$4t Invesrn*nts 152 12891 N•t C•¥h Inflty 348 Cuh Flows Frrrfn Acthltl NE￿ Loan It)ecrea5*lAn¢r*ts• Ih Qw•rdr•fE Repiyment on L￿￿$ 400 400 14471 127BI 180 N•t Cath lfillow 470 70 C￿h and C￿h Equb47alqnts I1￿￿$h¢ Ftsn¥*rd so Cth •nd Cwh Equlvml•nts Cirrled Forward 590 120 Cuh Flow trom opèra￿￿8 Aeditions. royalty advance5, rights, permission5 and sales commission and is accounted for on the accruals basis. e) Expenditure Expenditure is accrued as soon as a Ilability is considered probable, discounted to presenc value for longer- Eerm liabilities. Charitable expenditure includes all operating costs relitinz to SPCK'S Publishing and Worldwide activities. Promolionol costs Promotional cosu comprise direct fundraising costs and the costs associated with the Sociery's website. Gronts Poyoble and Project funding Grants payable are taken to the Statement of Financial Activlties in the year they are approved and any grants not paid within two years are cancelled unless a concinuing need is identified. Governonce costs Governance coscs are those associated with chariry governance requirements, and which relate to the general running of the Society. These have been allocated between expenditure on raising funds and chari(able activities according to sraff lime. Support costs Support Costs include the central office functions of general managemen( information technology, human resources, office managemen( accommodation and finance. Costs are allocated to activities on a basis consistenr with the use of the resources. Operating leases ental charges under operating leases are charged on a straight-line ba515 over the life of the lease. 30 spck vi. Staff Pensions The Society parcicipates in three pension arrangements. Two are part of the Church Workers, Pension Fund and the third is the UK Government NEST Scheme. The Church Workers, Pension Fund SPCK (DBS) participated in the Defined Benefits Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme Separately from those of the Employer and the other parcicipating employers. CWPF has Thyo sections.. the Defined Benefits Scheme the Pension Builder Scherne, which has two 5ub5ection5- a deferred annuity section known as Pension Bvilder Classic. and, a cash balance section known as Pension Builder 2014. Defin•d Benefits Scheme The Defined Benefits Scheme ("DBS") 5ecrion of the Church Workers Pension Fund provides benefits for lay staff based on final pensionable salaries. For funding purposes, DBS 15 divided into Sub-pools in respect of each participating employer as well as a further 5ub-pool. known as the Life Risk Pool. The Life Risk Pool exists to share certain risks between employers. including those relating to mortality and post-retirement investment return5. The division of che DBS into sub-pools is notional and is for the purpose of calcula¢ing ongoing contribvtions. This does not alcer the fact that the asset5 of che DBS are held a5 a single trust fund out of which all the benefits are to be provided. From time to i'me, notional premium is transferred from employer5, su&poo15 CO the Life Risk Pool and all pensions and death benefits are paid from the Life Risk Pool. The scheme is a multi-employer scheme as described in Section 28 of FRS 102. It Is not possible to attribute DBS assets and liabilities to specific employer5. Since each employer, through the Life Risk Section, 15 exposed to actuarial risks as50Ciated with the current and former employees of other entities participacing in DBS. This means that concributions are accounted for as if DBS were a defined confribu¢ion scheme. The pension5 Costs charged to the SOFA during the year are the interest cost and change5 in balance sheet liability 2025: £nil <2024.. debit of £221,000) and management charge of £41,700 (2024.. £32,400). If. following an actuarial valuation of the Life Risk Pool, there is a surplus or deficit in the pool, further transfers may be made from the Life Risk Pool to the employers, sub-pools. or vice versa. The amounts to be transferred (and their allocation between the sub-pools) will be Settled by the Church of England Pension5 Board having taken advice from the Actuary. spck A valuation of DBS is carried out once every three years. The most recently finalised Valuation was conducted a5 at 31 December 2022. In thi5 valuation, the Life Risk Secuon Wa5 shown to be in surplus, and the overall deficit in the DBS has reduced. Following the 2019 valuation, the Employer entered into an agreement with the Church Workers Pension Funé to pay expenses of £35.600 per year. In addition, deficit payments were agreed in respect of the shortfall in the Employer sub-pool. Following the 2022 valuation. payments would only be required until 31 July 2027. This obligation was recognized as a liability in the financial statements (see note 121. It was encouraging to see that in October 2024 the Church of England Pensions Board announced the completion of a 'Buy-in" of the remaining liabilities of the Church Workers Pension Fund thus removing investment and longevity risks. SPCK ha5 now withdrawn from the scheme and has no further obligation. The provision has therefore been released to the SOFA. 32 spck Pension Builder Scheme Both sections of the Pension Builder Scheme are classed as defined benefit schemes. Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuiry during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other f2Ctors. Pension Builder 2014 15 a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contribution5 are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65. There is no sub-division of assets between employers in e2ch section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers 2nd means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year 2025 are the contributions payable of £98,000 {2024.. £121,000). A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022. The next valuation is due as at 31 December 2025. For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. SPCK has now withdrawn from this section of the scheme as well. UK Government NEST With effect from I st March 2019 211 new employees are enrolled in the UK Government NEST defined contribution scheme. The assets of this Scheme are held separately from those of SPCK in an independently administered fund and are charged to the SOFA 2s they become payable in accordance with the Rules of the Scheme. 33 spck Tangible fixed assets Tangible fixed assets costing more than £500 are stated in the balance sheet at cost less depreciation. These items are depreciated on a straight-line ba515 to write off their cost over their estimated useful lives. These rates are currently as follow5- Fixtures and fittings 5 year5 Computer systems 3 years In view of the administrntive costs involved, the effect of intlation on ¢05t5 and the underlying nature of our eharicable purpose, the trustees have adopted a policy that only substanty'al assets which have a long-term on-going value should be capitalised. g> Incangible fixed assecs In 2017 the Sociery purchased the Children's bibles and study guides from the Scripture Union and regards this as an intangible asset- tho outright purchase has been initially recognised at cost and are subsequently carried at cosf less accumulated amortisation and accumulated impairmen¢ 105ses. These costs are amortised to the SOFA using the 5traight-line method over 5 years, which is the shOr￿r of their estimated useful lives and periods of contractual rights. In 2022 the Society acquired Lion Hudson giving rise to goodwill on acquisitson amortised over the 5 years in line with concractual arrangements agreed as Part of the acquisition. h) Investment assets Quoted investments are stated at mid-market value at the balance Sheet date. Investment property 15 initially recognised at lair value at the date of acquisition. Subsequendy it 1$ measured ar fair Yalue at the reporting date. Purchase5 and 5ale5 intlude transaction fees charged by the investment rnanagers. Other investment securities are valued by reference to underlying assets. Any gain or loss on revaluation or disposal is taken to the Statement of Financial Artivicie5. i) Stocks The Company uses the weighted average cos¢ merhod in accounting lor stock. and finished goods are valued a¢ che lower of cost and net rdisable value, after making allovnnce for obsolete and slow-movlng items. j) Debtors Trade receivables and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. kl Cash at bank and in hand Cash ac bank and in hand includes cash and short-￿rM highly liquid investments with a short marurity of three months or less from the date of opening of the dep051t. 34 spck l) Credicors 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 estimaced reliably. Creditors and provisions are recognised at their settlement amounL Concessionary loans are included at hi5tt)ric cost. m) Fin2nci31 instruments The charity only ha5 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. n) Restritted funds Restricted fund5 are ac¢ounted for in a¢cordan¢e with the particular terms of trust arising from the express or implied wishes of donor5 in so far as these are intended to be binding on the Crustees. o) Endowment funds Endowment funds are those where the capital is maintained and used to generate Income. Income is used for the purpose for which the fund was originally created. pl Designated funds Designated funds are monie5 Set aside from the general fund by trustees lor a specific purpose. These funds are 'ring-fenced' and no longer form part of the unrestricted general funds q) Foreign exchange Transactions denominated in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. Exchange differences arising in the ordinary course of business are included in income or expenditure. Assets and liabilities denominated in foreign currencies are translated into sterling at the exchange nte5 ruling at the balance sheet date. r) Accounting estimates and key iudgements Estimates and judgements are continually evaluated and based on historical experience and o¢her fac¢ors, including expectations of future evencs that are believed to be reasonable under the circumstances. 35 spck 2. Grants Receiydble Grants are received from the two charitable trusts administered by the William Leech Foundation Limited. SPCK holds one of the five shares in the William Leech Foundation Limited. which was established to support charitable institutions or trusts in the United Kingdom. William Leech Foundation Limited a150 acts a5 a trustee to the two charitable trusts known as the Foundation Trust and the Charity Trust. No capital may be distributed from either trust. The income of the Foundation Trust is distributed in equal proportions to SPCK and four other charities. The income of the Charity Trust is distributed for charitable purposes at the discretion of the trustee, which has, since 1973. adopted the policy of giving most of the income to the same five charities. This policy is reviewed by the Board of the company each year. Following a resolurion of the Board of Directors of the William Leech Foundation Limited on 15 October 1996. the grants are paid out ¢0 the five charities on condition that 57% 15 invested in shares in William Leech (Investments) Limited at par and treated as an addition to the recipient charity's capital funds. The effects of this condition have been reflec¢ed in these accounts by showing the grants re-invested in the Leech Fund (see Notes 8 and 151. This company invests its assets in listed securliles. In addition. grants were received from ocher trusts in the year 01 £82,000 (2024.. £nil) used to fund various charitable projects of the Society. 3. Investment income The trustees reeognise the need for support for the mission of promocing Christian knowledge through rhe publication and sale of Christian books and resources. Investment income has therefore been used to supporc chi5 mission. 2025 2Q24 £000 ooo William Leech 434 447 Chher Investment Incorr 186 195 620 642 36 spck Analysis of total expenditure 2025 2024 Stth O¥erho•d Support Cos¢• Total Costs Tot COSTS £000 000 000 000 £000 FuDd5 116 34 34 201 ioi ChAri¢•ble EXpendI￿r• pUbl￿h1￿8 her UK Pr1￿5 4,008 1548 57 1,283 4896 16 4,911 6,525 4,024 1.548 57 1,283 6,546 Total 4,065 1,674 1,283 6.562 iQ25 2024 Support 4nd Govwn•nt• Stsff Ctrsts £000 ooo 481 473 Accorrm)didoh 129 300 IT 381 Gov•rn•n¢• C• Audltorfi Fe LeRI profe5510n￿ Feex CNt5 ofAGM trustu tt7vd Stlfland Supptyr c￿ 29 32 29 44 41 1.043 40 37 spck 5. Trustees, employees and related parties Except as stated below. the trUS￿eS and persons connected with them have not received or obtained any remuneratlon or other financial benefits lor the year directly or indirectly Irom the charity's funds: The aggregate amount of expenses reimbursed to 5 (2024.- 5) tru5tee5 to cover travel and subsistence expenditure in at￿ndIng meecings during the year wa5 £2,290 (2024.. £2,006). The total employee benefit5 of the orher key rnanagement personnel of the charity were £624,000 (2024.. £5 72.000>. Transactions with IVP are disclosed in Note 19. St4ff Cort¥ 2025 1014 000 1000 W4es ond saknries Socknj iecurty co$u PBS Icurrent s£hemel 1,830 197 1,784 189 98 2.125 2.094 The Av*r￿e numb¢r of empltsyee# w• 1025 1014 Pub115hShg Management 2drrdnI5tr¥tk•n FundraIS￿n8 33 12 33 46 42 The number of employees whose emoluments exceeded £60.000 fell within the following rdnges: 2025 2024 £60,000 . £70,000 £70,001 £80,000 £80,001 £9Q.000 90.001 £100,000 i 00,001 £1 i 0,000 During the year, SPCK paid staff redundancies amounting ro £25.968 (2024.- £25.5101. These are recogni5ed when legal agreement is reached. 38 spck 6. Tangible Fixed Assets T•nilbl¢ fixed ￿$¢t8. CHARITY AND GROUP £voo 000 Cojt or Valuation Balance at l May 2024 Additions in year Disposals in year O￿anCe at 3• Aprll 2015 481 52 52 (1391 294 {239) 2*4 Accumulattd D•prnclatlon Balance ai l May 2024 Charge for the year Disposals in year Balance at 30 Aprll 202S 430 430 24 (2391 215 24 (239) 115 Net book valu• ￿ at JO Aprll 1•25 Net book valu• ms at 30 Aprll 2024 79 79 7. Intangible fixed assets: Group and Charity The intangible asset of Goodwill arose from the purchase of the Children'5 Bibles, Study Guide5 from Scripture Union and the acquisltion ol Lion Hudson. Group Chaylty £￿00 I￿00 Goodwlll C05t or Valuatlon lance at l May 2024 AcquIsi￿on In year Revaluation (1691 Balance at 30 Aprll 2025 11091 11691 Amortl$atlon Balance ai l May 2024 Provision lor the year Charge on revaluauon Balance at 30 Aprll 2025 {17) 1461 (771 1461 1631 11231 Net book value as at 311 Aprll 2025 Net book value as at 30 Aprll 2024 146) 1921 1921 39 spck 8. Investments: Group and Charity £'DDO £'ooo 00 £'ooo £'ooo AE l May 2024 Add￿0Th$ Disp0s3h Unrealtsed1105sesllpD¥ At 30 April 2025 8.042 289 7.905 210 16,1S7 189 14.861 277 1431 1,062 6,157 17281 7,603 12001 7.595 (928) I S.408 210 To)1 nrt Un￿￿1$ed Dln51(lo$5È51 Hisrorl¢l Cost 30 Aprl 562 2.000 5.595 1351 245 2.S27 12.881 3288 12.869 7.041 Unrealised IlossesllplThs {7281 12001 (928) 1,062 10 17281 12001 (928) 1,072 Wiliam Leech Ilnvestmentsl Lknlted lunlJted} Cazenove Fund Sarasin & Partneri LLP- 'Alpha' Carnmon InvestmEnt Fund Illstedl InvesThnr ProperEIèJ Cash aw￿￿nI Snve3rn*Thc In Wllll¥fi Leech Ilnvesrmentsl Unwted 10.038 3,33S 1,752 110 73 15.408 65.IX 21.6% 11.4% 1.4% o.s% ioox All investments are held in the UK. The investments are financial assets measured at fair value through che Statement of Financial Activities. Investment property relates to Cacholic Blble School premises. The property was valued in July 2023 by Flude Property Consultants and the Trustees believe the valuation ha5 not changed since then. 40 spck 'ooo 00 *) Unrertrlcted Fundl Wllllam Leeth {Ihv*#ment51 LiTrw¢ed Ordln*ry share5 at marker vdue u¥t￿ Invertmonts At Markrt Value 4.1SJ 3,442 7,595 4.327 3.578 7.905 b) Endowrncht Funds Wllll•m Leech (Inv•rtment#) Llmltsd Ordinary shares at nMrke¢ ¥￿u¢ Cash awthlnz InvutT￿n¢ in Williarn Leech (Inves￿In[sI LI￿¢•d 5.885 6,268 73 70 5.95 6,338 Trustflntjj hdd by the S¢xl¢cy Van Vryhoven bBgU•¥t Ujied mvker Jecuriuu at mirktt vJJe Other Trust Funds 497 S15 Uit*d rwk•r i¢curldes af rrArkei nlue 7.003 042 c) Wllllam Leech (Investments) Llmlted The invesunenu in the Leech Fund and the Leech Capital Fund are represented by shares held in William Leech (Invesrments) Limited. The Society holds 20% of the company'5 ordinary share capital. The Society has no controlling influence over the management of William Leech (Investments) Limited. As there is no market in these shares, rhe deemed market value of this investment is assessed as 20% of the net assets based on the company's audited accounts as at 31 March 2025, as follr)ws'. 102S 1024 'ooo 50.191 59 'ooo 52.980 45 Awepte captsl resvves Turnover Ipropery and inve5trnent income) Net profi¢lllossl for the y (1046) 6.536 41 spck d) IntsTrVarsity Press The results for the year 30 April 2025 and balance sheet for the 5ubsldiary, Inter-varsity Pre55, are as follows- 2015 TO¢￿ 2024 Toul 'ooo cooo Net expendbJre (160) Curr¥&¢AMe¢s Credthrs." Amounr ￿lin8 du• on¢ y Net (unbl￿11) JJ? (L5551 (1,210) 470 (25201 P.0501 9. Debtors: amounts falling due within one year 'ooo eooo eooo Trad• Debtc Amount owed by Subsldlary Other Debtors 966 105 SM 469 433 393 Prtptymtrnu dd 56 36 1.596 1.550 1,580 42 spck l O.Creditors: Amounts falling due within one year £'ooo fOOO cooo 8ank Leans and overdraft5 Trade Creditors Soclal Se¢urfty Other Crediior5 39 39 22S 307 299 45 45 45 45 1,95J i.é•p 1.424 Ac¢rua 293 287 1501 4.091 3.806 I l. Creditors: Amounts falling due over one ye2r L'ooo 1.551 1.552 £'ooo 1,551 1.552 eooo £000 &nk During the year ended 30 April 2025 the charity took out an additional loan with Cazenove bringing the total to £1,550,000. The loan is secured on investment assets held by Cazenove and is repayable on demand and bears interest of variable base rate + 2%. At 30 April 2025, the bank loans are repayable as lollows.. L'ooo £'ooo £'ooo cooo Within year In 1 2 year5 39 39 1552 1,753 The total financial liabilitie5 measured at amortised cost are £1.591.000 (2024.. £1.753,000). 43 spck 12. Pension provision: Group and Charity 2025 2024 'ooo 'ooo At l May 2024 Pild Ih y￿r In￿re$r cosr ifid th￿ge in b￿￿ee sheer deficlt Revaluatlon AI 30 Aprll 1025 1,165 4.224 11.465) (2.3661 1.46S Chari(ab￿ •xp*dlLure Inreresr COSL aTrd Chan￿ In b4*nce sheet deficlt 221 m￿*8&r￿n[ ¢h*rg4 42 42 32 253 The amount Paid in year was £Nil (2024 £614,000>. A provision had been made for deficit contribucions due (o the Church Workers. Pension Fund (see Note l e) vi,, Staff Pensions). The provision was calculaced from Chis information and then discounted at S.15% but were not required in the year. SPCK has now withdrawn from the scheme and has no further obligation. The provision has therefore been released to the SOF 13. Other Provisions Provtslon5 43 43 43 43 64 64 64 64 There is an overage clause on the Ca¢holic Bible School propery. If it is sold before 2030, a share of the profits is due to the Catholic Diocese of Arundel and 8righ(on. The % due to the Catholic Diocese of Arundel and Brighton currently decreases each year with a carrying balance of £27.000. The trustees currently have no plan5 to dispose of this property. As part of the acquisition of Lion Hud50n into SPCK Group the company is required to share future operating profits generated from 2022-2026 wilh the previous owners of Lion Hud50n. The current projection of profits due at the end of next year amount to £16.000. 44 spck 14.Other financial commitments and guarantees A5 at 30 April 2025, the outstanding commitments for non-cancellable operating leases fall due as follows.. £'ooo £'ooo Operating lea5e5 due Withln one year 2-5 years 35 35 35 37 The lease payments recognlsed a5 an expense during the year were £59,000 (2024: £52,000). 45 spck 15.Endowment Funds: Group and Charity Income from the Leech Capital Fund 15 expendable for the Sociery's general purposes at the discretion of the trustees. Income from the other endowment trust funds is restricted In accordance with the terms of the relevant trusts. Further details on the endowment trust funds are available from SPCK'S office. £'ooo £YJoo £'ooo £'ooo L•ech C4pltal Fund Van Vryhouvai Bequest 4,338 189 16691 5,75• 497 Other Tru5¢ Fund5 Erty Et)dDwed Capkal Bray Char5ty D'Allone CharSry 990 959 6S pi dl 130 8.042 289 7,003 Doo 00 £'ooo 'ooo Leech CaPIr￿ Fund Van Vryhouven Beque5r 5,568 277 493 0,338 495 20 Other Trvst Fund5 Bray Endowed C*plral Bray Cha￿ty D.￿l￿e Chthty 952 38 190 66 65 117 134 44 7,108 177 557 8,041 46 spck 16.Restricted Funds: Group and Charity £YJoo c4J wo É'ooo OthÈr UK Pro￿¢ 7? P91 (891 79 58 £roo 00 wo lJthw UK Proiic Restricted funds represen¢ amounts that were donated to support specific projeeu such as Theological Network Press, Assemblies, Bread of Life and Ordinand5. 47 spck 17. Unrestricted Fund5 Group I'ooo 'ooo c'ooo I'ooo cooo '¢oo Leech Fund DeslsmaEed fund5 1 De•￿ated fundj I Other ch*rirable funds 4.327 4.151 600 6(Kl 29 29 324 7.708 2.406 Totsl 5,280 7.70B 7.117 Charlty £'ooo £'ooo £'ooo 'ooo 'ooo iooo Lttch fund Dejlpated fundi I Deslwated funds 2 Other charlublE fvnO# To 4.327 6DO 4,151 000 29 324 6.339 141J6 7.117 5,280 6.339 (2001 Grwp 'ooo 'ooo £'ooo £'ooo É'ooo Leech Fund DeslwatEd funds 1 DeSi￿ated funds 2 Other charlr4ble fund> Tor 3.960 367 4.J27 éoo 600 29 29 6.577 14.4091 14,4091 31 2,597 6.577 Charity £'ooo I'ooo £'ooo £'ooo £'ooo Leech Fund 3.960 367 4.J27 600 De5Wated lund$ I Desynated lunds 2 Other charitknle fundj To 600 29 29 S.405 {3.2371 (3.1311 148 324 2.597 5.405 5.28Q 48 spck In a Governing Body meeting on 4 July 2020. it wa5 agreed to set up designated funds for any additional payments received from William Leech (Investments) Ltd. These are Designated Funds I, which was set aside for potent1212dditional pension payment contributions under the terms of the Individual Payment Plan agreed with the Church of England Pensions Board. which SPCK has now withdrawn.. and Designated fund 2, setting aside £200.000 each year for Strategic opportunities. The £600,000 in Designated funds I can now be used for strategic opportunitie5, 50 no additional fund5 were set aside in the current year. 18.Analysis of the Society's net assets by Fund 00 £'ooo £'ooo 'ooo Fund bthnce5 at 30 Apru 2025 are represented by.. Tangible hxed assets Intan&"ble fixed assets Invesunents 79 1461 6.053 1.752 (46) 13.650 1,752 1.314 1186 (2,508) (1,552) (43) 14,838 7,603 Sarasln Stock Oiher current assets Curren¢ Thibillt*5 Lon*iem liabilit5 Pension Prov15ion Total net assets 2,138 (2,5081 11.5521 1431 7,187 48 7,603 Freely available reserves are defined as Unrestricted Funds that are freely available to spend on any of the charity's purposes. On this basis, the Society has free reserves ar the end of the current period of £2,205,000 (2024.. £1,683.0001. These include net current assets and unrestricted funds from Cazenove & Sara5in. less designated funds Set aside and long-term liabilities. 49 spck COC4) £'ooo £'ooo £'ooo Fund balance5 a¢ 30 *4pr612024 are reprEs*nred by.. Tanw'ble fixed assets Intanglble fixed a5seu InvE5rmtynts Sara5kn (92) 6J97 (92) 14.439 1,718 1.146 1,701 (4.091) <2) (1.519) 13,401 8,042 Stock 1.146 1.682 14.0911 121 11.5291 5.280 Other curr•nt wJets 79 Lontrterrn Ilablllde5 Pensbn Provisi¢)n Total net a55ets 79 8,042 19.Transactions with IVP During the year. the following transactions took place with IVP. £'ooo £'ooo Management charge pald by IVP A¢ the year end the amount owed to SPCK wa5.. 651 562 2,173 2,235 50