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2024-03-31-accounts

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

(Limited by guarantee)

Annual report and financial statements for the year ended 31 March 2024

Company registered number 166825 Charity registered number 248505

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Financial Statements for the year ended 31 March 2024

Contents

Contents
Page
Legal and Administrative Information 1
Council Members’ Report 2-9
Independent Auditor’s Report 10-12
Statement of Financial Activities 13
Balance Sheet 14
Statement of Cash Flows 15
Notes forming part of the financial statements 16-25
The following pages do not form part of the statutory financial statements
Detailed Statement of Financial Activities 26-27
Bookshop Trading and Profit and Loss Account 28

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Legal and administrative information

Council Members

The following individuals served as Council Members during the year and up to the date of approval of these financial statements:

The Rt Rev D F Stockford ThC DipSW DipHE (Chairman) Mr D R L Boyd MA BA The Rt Rev E J Malcolm Mr K McGrane BSc Dipl Eng CEng MIET MIEEE The Rev D Patterson Mr P Mehrshahi (appointed 15 May 2023) The Rev W L Smith

Chairman

The Rt Rev D F Stockford ThC DipSW DipHE

Secretary

Mr G R Rae

Registered office

184 Fleet Street London EC4A 2HJ

Auditors

Geary Partnership Chartered Accountants 159A Chase Side Enfield Middlesex EN2 0PW

Bankers

CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

Bank of Scotland London Chief Office PO Box 1000 BX2 1LB

Solicitors

Trowers & Hamlins LLP 3 Bunhill Row London EC1Y 8YZ

1

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Council Members’ Report for the year ended 31 March 2024

The Council Members are pleased to present their report together with the financial statements of the Society for the year ended 31 March 2024. Legal and administrative information set out on page 1 forms part of this report.

Structure, governance and management

The Society is a company limited by guarantee, and a registered charity. It is governed by its Memorandum and Articles of Association dated 14 March 1955, as amended.

Governance is exercised by its Council Members, who are directors of the Society under company law and trustees of the Society under charity law.

The following individuals served as Council Members during the year and up to the date of approval of these financial statements:

The Rt Rev D F Stockford ThC DipSW DipHE (Chairman) Mr D R L Boyd MA BA The Rt Rev E J Malcolm Mr K McGrane BSc Dipl Eng MIET MIEEE The Rev D Patterson Mr P Mehrshahi (appointed 15 May 2023) The Rev W L Smith

The Council meets bi-monthly from September to July (inclusive) to discuss the running of the Society and to make necessary decisions about its operations. Council Members are appointed by existing Council Members during the year and elected by members at the AGM. One third of the Council Members retire at each AGM.

The Society works in close co-operation with the Kensit Memorial Trust, but acts independently.

Objectives and strategies

The main objective of the Society continues to be the maintenance of the Protestant Heritage and Faith of the country and to actively oppose all Romanising influences in Church and State. The activities undertaken to meet this objective are as follows:

In consideration of this objective and activities the Council has due regard to the Charity Commission’s guidance on public benefit and in particular the specific guidance on charities for the advancement of religion.

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THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Council Members’ Report for the year ended 31 March 2024 (continued)

Achievements and performance

Introduction

During the year ended 31 March 2024 the Protestant Truth Society continued to be blessed by the Lord in being enabled to continue discharging the duties, responsibilities and tasks it holds under God. Once again, with the Lord’s blessing, much work was continued. Even though we continue to see significant changes continuing to take place in society around us, changes not for the better but for the worse, we do so as we must if we are to faithfully serve the Lord. Of course, some of our work was undertaken because of such changes, and our attempts to shine Christ’s light into this dark world.

There continue to be changes in the way the Society receives financial support. However, the significant drop in legacies and gifts was not so noticeable this year, and we await income from such legacies. As a Council we have been pleased to see income far closer to outgoings - enabling us to act with more confidence. But though this is the case in the short term, we need to continue to act quickly and wisely for the benefit of our income in the longer term. I believe the Council has enabled such actions. Full financial details can be viewed in detail elsewhere in the Annual Report.

The deficit is always on the minds of the Council. However, our first priority must be to continue our witness to Christ, and to the Protestant presentation of His Gospel. Consideration as to how to deal with the funds with which we do this work has taken up considerable time, because this is our responsibility as a Council.

And we do not only think about our outreach, but also consider the responsibility we have towards our employees. There continues to be a decrease in the size of the deficit – and this year that decrease is once again obvious. However, it remains a painstaking task, and the events of the coming financial year 2024-2025 along with the change in governance of this nation may not help meet this responsibility. We need to continue to consider seriously how we might make better use of our capital and of our buildings.

In 2020-2021 it was noted that it was hoped to make alterations to the PTS HQ at 184 Fleet Street, thereby bringing an income from some of the property as well as providing us with a good quality meeting room to use for our own purposes, as well as for renting out. Events in the world put a stop to that. And current changes and events in our nation should make us wary about committing ourselves to any such major expenditure. We should demonstrate patience in the Lord, just as He does in us - Romans 15 v5.

Personnel

This year there have been no significant changes in the responsibilities that Council Members have taken on over the past years. The men who gather around the table bring different skills and abilities, for which I thank God. We are enabled by Him to work together, and the current group of men the Lord has brought together in that work may be small, but between them seem to have all that is needed at this time.

I would remind that of course the work that is done by Council Members has been an addition to their various responsibilities elsewhere - the burden of which has increased for many of us with the gradual decline in faithful Christianity in the United Kingdom of Great Britain and Northern Ireland. We must therefore continue to express our gratitude to those who take on the tasks of the PTS, especially as it is performed without remuneration, purely for the love of God. The use of modern technology continues to be of great assistance. And we should not forget the skills of others whom we employ outside our Society, for instance the Pepper Collective design team continue to assist in our printing work.

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THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Council Members’ Report for the year ended 31 March 2024 (continued)

Achievements and performance, continued

Therefore we continue to be abundantly and openly grateful to the Council Members who hold responsibility for specific tasks. Notably the Rt Rev Edward Malcolm for overseeing much of the print work as well as the Tuesday talks; Mr Kevin McGrane for the continued running of the PTS website, nowadays a first contact with us for many people; Duncan Boyd and other Council Members have worked with our housing agents in letting and maintaining our properties. And the extra responsibility that Mr George Rae took on for the production of finance sheets as well as the monthly and end of year financial reports continues to be a blessing. If other names are not mentioned, it is not because we do not value the input we receive from them.

Our sole employed Wickliffe Preacher, the Rev Stephen Holland, has had what our late Queen, Elizabeth II, famously called an “annus horribilis”. Despite those difficulties he has continued to seek to find openings for speaking. And he has continued to present us with material for our magazine. We thank the Lord for His blessings, and for His continued presence with Stephen, and with all of us who may have encountered difficult times over the last year. The Martyrs Memorial events were also organised by him.

Although our Northern Ireland Associate Wickliffe Preacher, Paul Dowling, at first found it difficult to get speaking engagements, he is now beginning to find both the time from his own employment, and the opportunities, to give talks across Northern Ireland.

The Time Travellers’ Club continues its excellent work under the hand of Mr Paul Austen. We continue to be very grateful for his quiet persistence in this important ministry. There remain about 200 children across the country who are members. I will leave his report to present more on this, but would encourage readers with the knowledge that some newer families in my own congregation have been pleased to have the newsletters passed on to them.

The staff at the PTS Headquarters and bookshop, 184 Fleet Street, continue their persistent work. George and Sarah Rae have retained the welcoming feel to the shop, using opportunities presented to them to offer both Christian fellowship and Christian teaching. The Saturday lecture series which has been organised in conjunction with the Rt Rev Edward Malcolm continues - and has been one of the clear successes of the last few years.

The day to day running of the Society and its practical business has continued, with much input from both George and Sarah. Bookshop sales continue reasonably steadily, and certainly at a better rate than we believe many Christian bookshops manage – which is to their credit. Sales of the PTS diary (put together by Stephen Holland and the Rt Rev Edward Malcolm) through the shop are still down and continuing to drop. The Council are considering a different option, but this is something for the longer term.

The Tuesday lunchtime meetings are well received, and the input has been of a high calibre. We are grateful to all those who have spoken at them over the year - a growing and eclectic bunch of good men. As we know, some of those who attend do not live close to a sound congregation, and find the input extremely beneficial. I repeat a comment I made a few years ago - the books and themes which are used as the basis for these talks are challenging and stimulating, this is no ‘easy-believism’, and we will not apologise for presenting talks which challenge the intellect as well as the soul.

In this work, in all that we do, our attempt is to encourage Christians to make those efforts required by Scripture to build themselves up in the faith. As Jude exhorts and explains to those to whom he wrote, “But ye, beloved, building up yourselves on your most holy faith, praying in the Holy Ghost, keep yourselves in the love of God, looking for the mercy of our Lord Jesus Christ unto eternal life.” Therefore, given the purpose and essence of our foundation, which is to stand up for that which is right and proper theologically, as well as continuing to champion the cause of Protestantism, this must have a direct effect on the work we do.

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THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Council Members’ Report for the year ended 31 March 2024 (continued)

Achievements and performance, continued

Events

Many of the regular events that the PTS puts on have therefore continued. That we persist and persevere in such tasks is because we can see their effectiveness. We do not seek therefore to do ‘new things’ for the sake of it. Our gratitude is due to those who are responsible for putting in the effort and giving their time to make them successful. In the faithful Christian church in our nation more responsibility for a greater number of things continues to fall upon fewer people.

In May the annual Bury St Edmunds Martyrs Memorial Service, held in The Great Churchyard, once again took place. And in July we once again led the Ipswich Martyrs memorial, at the Martyrs Memorial in Christchurch Park, Ipswich. Numbers for both remain relatively low, but the event and the witness continues notwithstanding this.

The PTS Annual Cambridge Lecture, at the Round Church, was given on the topic of John Edwards (1637-1716) of Cambridge: Reformed Protestantism and the Battle for Church of England Orthodoxy, by Dr Jake Griesel from the United States. The talk is available on our website. As are the two talks from Autumn Study Day, on John Newton: Labouring for the Lord, and John Newton: Redeemed Rebel. The PTS Autumn Study Day Speaker was Graham Chewter. These talks, and the time of gathering, were much appreciated by those able to attend.

We should note that since that moment when the stories and narratives of a virus arriving from China so terrified much of what claims to be Christ’s Church into doing nothing, hiding away, and closing their doors to those who therefore needed them more than ever, the general opinion of what people refer to as ‘the church’ has sunk to about as low as it can get. We also know that much of what calls itself ‘the church’ is institutionally apostate, as well as theologically erroneous about the serious matters of sin and salvation. That we must continue to persist in our work of sharing the salvation to be found in Christ alone with those around us is therefore essential. We desire that those around us should discover the freedom that lies in Christ - John 8 v32, “said Jesus… If ye continue in my word, then are ye my disciples indeed; And ye shall know the truth, and the truth shall make you free.”

Public proclamation of the gospel is valuable, and we desire to continue to stand up for it, and for those who do it, whilst it is still possible to do so. We must however consider carefully every apparent opportunity. It is wise to avoid being associated with those who do not really hold to Christ’s Gospel, and this therefore advises a certain amount of caution in our actions.

That said, we should continue to support churches and individual Christians who are prepared to face the strife and the trouble promised by Jesus for those who stand up for Him (Mark 10:29-30), and in prayer and action we should try to encourage, exhort, and offer teaching to them. “And Jesus answered and said, Verily I say unto you, There is no man that hath left house, or brethren, or sisters, or father, or mother, or wife, or children, or lands, for my sake, and the gospel's, But he shall receive an hundredfold now in this time, houses, and brethren, and sisters, and mothers, and children, and lands, with persecutions; and in the world to come eternal life.”

Many further articles and talks, such as that written by the Chairman as the events of 2020 began to unfold, ‘Counting the Cost’; and those by Mr Kevin McGrane and The Rev. David Patterson on the ‘Christian and the State’ at the 2022 PTS Summer Study Day; are also still available on the website, and it would be to the benefit of many if we were to both seek, and to take, any opportunities presented to us to direct people to those articles and talks.

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THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Council Members’ Report for the year ended 31 March 2024 (continued)

Achievements and performance, continued

Magazine

Paul Austen continues to edit the magazine, despite his move from one end of England to the other. It continues to be filled with inspiring and encouraging articles. And Pepper Collective continue to put the various pieces together for us, creating the recognisable cover format, and keeping it looking both consistent and up to date.

The content continues to be varied, ranging from book reviews through to general articles referring to relevant theological topics. It includes historical church topics, as well as articles from our forefathers in the faith. The double page of content for children is continued; it is certainly of value, and we pray that some are being encouraged to read it. The January-February issue of 2024, for instance, has articles on ‘The value of a soul’ and on the ‘Three martyrs of Beccles’, a report of the Autumn Study Day on John Newton, and also a recent addition, ‘The Chairman Speaks’ - a series of one-page articles by the Chairman on recent events.

The Meetings list continues; we have two Wickliffe Preachers operating, and we would hope that there will be more engagements to take note of. It is a disappointment that many churches that are within range of our WPs do not grasp the opportunity of talks on Protestantism and Theology, and of occasional Sunday input. This is yet another sign, I think, of the gradual decline in both the number of faithful Christians, as well as in their efforts to feed and grow their faith.

Our supporters can see where our Wickliffe Preachers are due, can pray for the meetings, (please) can pray that there might be more meetings, and even try to attend if they are near a venue. The back cover advertisement for the PTS shop, with a selection of available books pictured, will continue, as it is a deliberate attempt to encourage Christians to make use of what we offer, and to grow in their faith. Of course, we’d love them to buy the books through our shop, but we would like it even more to know that many are reading them and promoting them to other Christians around them.

There is a habit of many not to read from paper, but the magazine will continue as an important part of our ministry. We know that its reach extends beyond our immediate constituency. Though it may not have sales as large as we would like, it gets to many people and many churches. Copies are passed on from one reader to another, and we do occasionally still get responses (both positive and negative) from its readers – so we know it is being read, we know it is being seen.

Publications

The production of the Society’s own publications has remained quieter across the year. The Council has been aware both of the issue of not producing too many copies, as well as not producing too much paperwork, despite the temptation. We seek to ensure that what we do produce is really significant. The Time Travellers workbooks continue to be sold, and though they are far more popular when heavily discounted, sales have proceeded slowly. Copies of much earlier issues of many of the Society’s own booklets remain available, and are valuable sources of information and teaching.

Works from previous years continue to sell, and we receive small but regular orders from Edinburgh for our John Knox booklet, ‘The Man who changed a Nation.’ The other titles in that series (a reprint of J C Ryle’s “What do we owe to the Reformation?”; and Dr Garry Williams’s “Why Protestant Truth Still Matters”) are also significant and valuable. It needs members and readers to bring them to the attention of a deserved, wider, audience. As has been mentioned, we still produce the Annual Society Diary. We thank Stephen Holland and Edward Malcom for their work on this. However, the changing methods for keeping diary dates and other

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THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Council Members’ Report for the year ended 31 March 2024 (continued)

Achievements and performance, continued

information in Western Europe continue to cause a downturn in demand, and therefore further consideration of how we proceed still continues.

A regular prayer diary is produced by the PTS office which is sent to members who request it by email, it is therefore available to anyone who contacts the office. This provides a general help in guiding supporter’s prayers towards matters which are relevant to our Society, and towards events within society.

Website

In London it is now a common sight to see people walking down the street online browsing – and sadly books are a thing of the past for many people. That is why we take our website seriously. The website continues to be protected against malicious endeavours, and is reliably available for view.

A vast amount of information and resources are available on the website, it is a significant part of the work of the PTS. The calendar has many meeting dates put up clearly, with the relevant information for anyone interested in attending the events. The heading relating to meetings of other Societies and events widens the appeal beyond our own adherents. Some past magazine content is made available to encourage new subscriptions, and further articles and comment are added on a regular basis. On occasion, members of Council have comments or encouragements to prayer about recent events put on the site. Resources include Audio files from several of the Cambridge lectures, Study Day Conferences, and other talks, and are available for listening and for download.

In short, this is a valuable tool which under the hand of Mr Kevin McGrane continues to make a significant contribution to the work of the Society.

Financial review

Overall income for the year was £229,647 compared to £165,273 the previous year. The increase was largely due to a very generous legacy received in the year.

Expenditure continues to be kept under close review. Overall expenditure for the year was £248,391 compared to £233,616 in the previous year. Expenditure included a depreciation charge of £16,850 on our Fleet Street premises, which is required by accounting standards.

The net deficit for the year, before the effect of the revaluations referred to in the following paragraph, was £18,744, compared to £68,343 in the previous year.

We are required to show the Society’s investment properties and listed investments at their market values in the accounts at the balance sheet date. Where values are rising, this increases our reported surplus, sometimes dramatically. Where values are falling, our reported deficit increases. Property values in London, where the Society has its four investment properties, have not risen much in the past year, and we have therefore increased the value of the properties by just £15,000 to arrive at an aggregate value of £1,770,000 in our balance sheet. The value of the Society’s portfolio of shares has continued to be affected detrimentally by the cost-of-living crisis and the instability caused by Russia’s invasion of Ukraine. Their value has fallen by £11,090 over the year. One of our investments was sold during the year, realising a profit of £3,368. The net movement in the value of the Society’s investments enables us to report a net deficit for the year of £11,466 compared with a deficit of £112,471 in the previous year.

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THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Council Members’ Report for the year ended 31 March 2024 (continued)

Financial review, continued

The values of properties and listed investments are not matters that are in our hands and we look to the Lord to guide our affairs for His glory alone. Following the revaluations, our reserves stood at £3,513,631 at 31 March 2024. Cash and bank balances remain healthy and we do not presently have liquidity concerns.

Financial Risks

Cash flow risk

The Society does not experience much volatility in the level of its income. Donations, bookshop sales, and rents receivable from properties are fairly constant and enable the Council to approach expenditure decisions with an awareness of cash flow expectations. Interest earnings on deposits are at last increasing. The view of Council not to place any expectation on legacies going forward remains in place. The cash flow risk has been significantly reduced with decisions already taken and the Council continues to examine other options.

Credit risk

The Council has no current plans or need to seek additional bank loans. A healthier position on income versus expenditure would improve the options in refinancing or paying down the existing loans. The Society has a strong balance sheet and is able to engage in a straightforward way with its suppliers and providers.

Liquidity risk

The Society continues to hold a significant sum at the bank and has an investment portfolio of quoted securities. Given the Society’s overall finances, Council considers that the liquidity risk remains low.

Reserves policy

It is the policy of the Council to maintain liquid reserves at a level to cover at least two years’ expected operational deficits.

Directors’ indemnities

No indemnity policies have been taken out by the Society for the Council Members.

Political contributions

The Protestant Truth Society does not contribute to or support any political party.

Plans for future periods

The Council once again proclaims its determination to continue our Society’s Protestant Ministry for as long as the Lord equips and enables us. To that end, careful consideration continues to be given to any further areas where an increase in income or cost savings may be made so that the Society makes best use of the resources with which God has entrusted us. However, we should remember that we seek to do the Lord’s work, regardless, knowing that He will provide for what He wants done.

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THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Council Members’ Report for the year ended 31 March 2024 (continued)

Plans for future periods, continued

Psalm 85 v9ff, “Surely his salvation is nigh them that fear him; that glory may dwell in our land. Mercy and truth are met together; righteousness and peace have kissed each other. Truth shall spring out of the earth; and righteousness shall look down from heaven. Yea, the LORD shall give that which is good; and our land shall yield her increase. Righteousness shall go before him; and shall set us in the way of his steps.”

Council Members’ responsibilities in relation to the financial statements

The Council Members, who are directors of The Protestant Truth Society (Incorporated) for the purposes of company law, are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law and the law applicable to charities in England and Wales requires the Council Members to prepare financial statements for each financial year. The Council Members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Society and of the incoming resources and application of resources, including income and expenditure, for that year. In preparing those financial statements, the Council Members are required to:

The Council Members are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Society, and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the auditors

To the knowledge and belief of the Council Members, there is no relevant information that the Society’s auditors are not aware of, and the Council Members have taken all steps necessary to ensure the Council Members are aware of any relevant information and to establish that the Society’s auditors are aware of the information.

This report was prepared in accordance with the small charities regime and was approved by the Council Members on 9 September 2024 and signed on its behalf by:

The Rt Rev D F Stockford Chairman

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THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Independent Auditor’s Report to the members of The Protestant Truth Society (Incorporated)

Opinion

We have audited the financial statements of The Protestant Truth Society (Incorporated) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis 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 statements section of our report. We are independent of the Society in accordance with the ethical requirements that are relevant to our audit of the financial statements 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Council Members’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Society’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Council Members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Council Members’ Report, other than the financial statements and our auditor’s report thereon. The Council Members are responsible for the other information contained within the Council Members’ Report. Our opinion on the financial statements 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 responsibility is to read the other information and, in doing so, to consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we

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THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Independent Auditor’s Report to the members of The Protestant Truth Society (Incorporated), continued

Other information, continued

identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Society and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Council Members’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Council Members

As explained more fully in the statement of Council Members’ Responsibilities set out on page 8, the Council Members (who are trustees of the Society for the purposes of charity law and directors of the Society for the purposes of company law) are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Council Members 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 Council Members are responsible for assessing the Society’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Council Members either intend to liquidate the Society or to cease operations, or have no realistic alternative but to do so.

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THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Independent Auditor’s Report to the members of The Protestant Truth Society (Incorporated), continued

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Procedures capable of detecting such irregularities performed during our audit included:

 tests of analysis to satisfy ourselves that ledger balances are reasonable and in line with expectations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilitiesfor-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Society’s Council Members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Society’s Council Members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Society and the Society’s Council Members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Geary BSc FCA Senior Statutory Auditor

for and on behalf of: Geary Partnership Statutory Auditor and Chartered Accountants 159a Chase Side

Enfield EN2 0PW Date: 9 September 2024

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THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Statement of Financial Activities (incorporating Income and Expenditure Account) for the year ended 31 March 2024

Notes Unrestricted Restricted Endowment 2024 2023
funds funds funds
£ £ £ £ £
Income
Donations and legacies 67,687 177 - 67,864 27,108
Charitable activities:
Bookshop 32,837 - - 32,837 33,684
Magazine 2,832 - - 2,832 3,499
Investments 2 126,114 - - 126,114 100,982
--------------- --------------- --------------- --------------- ---------------
Total income 229,470 177 - 229,647 165,273
--------------- --------------- --------------- --------------- ---------------
Expenditure
Raising funds 3 70,423 - - 70,423 57,252
Charitable activities 4 177,030 938 - 177,968 176,364
--------------- --------------- --------------- --------------- ---------------
Total expenditure 247,453 938 - 248,391 233,616
--------------- --------------- --------------- --------------- ---------------
Net income/(expenditure)
before net gains/(losses)
on investments (17,983) (761)
-		 (18,744) (68,343)
Net gains/(losses) on
investments 11 7,278 - - 7,278 (44,128)
--------------- --------------- --------------- --------------- ---------------
Net income/(expenditure) (10,705) (761)
-		 (11,466) (112,471)
--------------- --------------- --------------- --------------- ---------------
Net movement in funds (10,705) (761)
-		 (11,466) (112,471)
Total funds brought forward 3,506,121 11,476 7,500 3,525,097 3,637,568
------------------ ------------------ ----------------- ------------------ ------------------
Total funds carried forward 3,495,416 10,715 7,500 3,513,631 3,525,097
------------------ ------------------ ----------------- ------------------ ------------------

All of the results relate to continuing activities. The notes on pages 15 to 24 form part of these financial statements.

13

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Balance Sheet as at 31 March 2024

Notes 2024 2023
£ £
Fixed assets
Tangible assets 9 1,652,205 1,669,882
Investments 10 1,938,424 2,011,467
-------------------- --------------------
3,590,629 3,681,349
-------------------- --------------------
Current assets
Stock 42,838 45,783
Debtors 12 20,982 13,940
Investments 10,746 58,109
Cash at bank and in hand 337,482 205,965
-------------------- --------------------
412,048 323,797
-------------------- --------------------
Current liabilities
Creditors: Amounts falling due
within one year 13 (46,908) (37,911)
-------------------- --------------------
Net current assets 365,140 285,886
-------------------- --------------------
Total assets less current liabilities 3,955,769 3,967,235
Creditors: Amounts falling due
after more than one year 14 (442,138) (442,138)
-------------------- --------------------
Total net assets 3,513,631 3,525,097
-------------------- --------------------
Funds
Unrestricted funds 15 3,495,416 3,506,121
Restricted funds 16 10,715 11,476
Endowment funds 17 7,500 7,500
-------------------- --------------------
Total funds carried forward 18 3,513,631 3,525,097
-------------------- --------------------

The notes on pages 15 to 24 form part of these financial statements.

These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Approved by the Council on 9 September 2024 and signed on its behalf by:

The Rt Rev D F Stockford

The Rt Rev E J Malcolm

14

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Statement of Cash Flows for the year ended 31 March 2024

Notes 2024 2023
£ £
Net cash (utilised in) operating activities 21 (122,281) (147,723)
--------------- ---------------
Cash flows from investing activities
Interest received 766 240
Dividends received 10,288 7,682
Rental income 115,060 93,060
(Purchase) of tangible fixed assets - (194)
(Purchase) of listed investments - (74,209)
Sale of listed investments 80,321 -
--------------- ---------------
Net cash flows from investing activities 206,435 26,579
--------------- ---------------
Cash flows from financing activities
Bank loans raised - 2,275
--------------- ---------------
Net cash flows from financing activities - 2,275
--------------- ---------------
Net increase/(decrease) in cash and
cash equivalents 84,154 (118,869)
Cash and cash equivalents at beginning of year 264,074 382,943
--------------- ---------------
Cash and cash equivalents at end of year 348,228 264,074
--------------- ---------------
Reconciliation to cash at bank and in hand
Cash at bank and in hand 337,482 205,965
Cash equivalents 10,746 58,109
--------------- ---------------
Cash and cash equivalents 348,228 264,074
--------------- ---------------

15

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Notes to the financial statements for the year ended 31 March 2024

1. Accounting policies

The principal accounting policies which are adopted consistently in the preparation of the financial statements are set out below.

a) Basis of accounting

The Society is a public benefit entity. The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments, and in compliance with ‘Accounting and Reporting by Charities: Statement of Recommended Practice’ (Charities SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006.

b) Income

Donations are credited when received. Legacies are credited when the conditions of probability, measurement and entitlement have been met. Investment income, gift aid tax reclaims and rents are credited when receivable. Rents received in advance are deferred to the appropriate accounting period.

c) Expenditure

Expenditure is included in the statement of financial activities on an accruals basis, inclusive of any irrecoverable VAT.

Allocation of expenditure

Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned across categories on the basis of an estimate of the proportion of time spent by staff on those activities.

d) Tangible fixed assets and depreciation

Tangible fixed assets are included in the balance sheet at cost or, in the case of land and buildings, at a revaluation as shown in note 9. The aggregate surplus or deficit arising from revaluations of land and buildings is reflected through the statement of financial activities and transferred to the revaluation reserve as shown in note 15.

Depreciation is provided on tangible fixed assets at rates calculated to write them down to their estimated residual values on a straight line basis over their estimated useful lives. The principal rates in use are:

Leasehold property at Fleet Street – over 100 years Equipment, fixtures and fittings – 20 to 25% straight line

16

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Notes to the financial statements for the year ended 31 March 2024 (continued)

1. Accounting policies (continued)

e) Fixed asset investments

Investment properties are included in the balance sheet at market value as shown in note 10(a). The aggregate surplus or deficit arising from revaluations at the balance sheet date is reflected through the statement of financial activities and transferred to the fair value reserve as shown in note 15. No depreciation is provided on the investment properties as the values are reviewed annually. This represents a departure from the provisions of the Companies Act 2006 and is required for the accounts to give a true and fair view. The amount of depreciation which might otherwise have been shown is £14,405 (2023 - £14,405).

Listed investments are included at market value at the balance sheet date as shown in note 10(b). Gains or losses on revaluation during the year are reflected through the statement of financial activities and the fair value reserve as shown in note 15.

f) Stock

Stock comprises books and other products sold through the Society’s book-shop. Stock is valued at the lower of cost and estimated net realisable value.

g) VAT

The Society is partially exempt for VAT purposes.

h) Fund accounting

The funds held by the Society are either:

Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the Council Members.

Designated funds – these are funds set aside by Council Members out of unrestricted general funds for specific future purposes or projects.

Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the Society. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Endowment funds – these are funds the income from which can be used for the general work of the Society. The capital is a permanent endowment.

i) Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

17

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Notes to the financial statements for the year ended 31 March 2024 (continued)

2. Investment income

2. Investment income
2024 2023
£ £
Rental income 115,060 93,060
Dividend income 10,288 7,682
Interest receivable 766 240
-------------- ---------------
126,114 100,982
--------------- ---------------
3. Cost of raising funds
Direct Support
Costs costs 2024 2023
£ £ £ £
Cost of raising funds 59,615 10,808 70,423 57,252
--------------- --------------- --------------- ---------------
4. Charitable activities
Activities
undertaken Support
directly costs 2024 2023
£ £ £ £
Bookshop 22,172 80,911 103,083 108,020
Publications 14,353 20,019 34,372 32,833
Wickliffe Preachers 24,004 13,732 37,736 34,387
Other including advertising
and conferences 2,777 - 2,777 1,124
--------------- --------------- --------------- ---------------
63,306 114,662 177,968 176,364
--------------- --------------- --------------- ---------------

Support costs are estimated on the basis of the amount of time spent by staff on each activity. Depreciation of the Fleet Street premises is allocated to publications (12.5%) and the bookshop (87.5%).

5. Support costs

5. Support costs
Charitable Raising
activities funds 2024 2023
£ £ £ £
Staff costs 66,991 7,443 74,434 71,758
Property costs 12,650 - 12,650 17,548
Office running 3,815 309 4,124 4,241
Governance costs 6,620 537 7,157 6,706
Other 24,586 2,519 27,105 23,986
--------------- --------------- --------------- ---------------
114,662 10,808 125,470 124,239
--------------- --------------- --------------- ---------------

18

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Notes to the financial statements for the year ended 31 March 2024 (continued)

6. Governance costs

The major components of governance costs are:
2024 2023
£ £
Audit fees 3,992 3,911
Non-audit remuneration paid to auditors:
Accountancy fees 970 912
Other costs 2,195 1,883
-------------- ---------------
7,157 6,706
--------------- ---------------
7. Staff numbers and costs
2024 2023
£ £
Wages and salaries 85,872 81,762
Employer’s national insurance costs 1,897 1,778
Pension costs 7,333 7,264
-------------- ---------------
95,102 90,804
--------------- ---------------
The average monthly number of employees was:
2024 2023
Number Number
Administration and bookshop 2 2
Wickliffe Preachers and Time Travellers Club 2 2
-------------- ---------------
4 4
--------------- ---------------

There were no employees with emoluments above £60,000.

8. Taxation

The Society is exempt from corporation tax on its charitable activities.

19

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Notes to the financial statements for the year ended 31 March 2024 (continued)

9. Tangible fixed assets

Land and Equipment Total
buildings fixtures and
fittings
£ £ £
Cost or valuation
At 1 April 2023 1,685,000 5,181 1,690,181
Additions - - -
Disposals - - -
-------------------- --------------- --------------------
At 31 March 2024 1,685,000 5,181 1,690,181
-------------------- --------------- --------------------
Depreciation
At 1 April 2023 16,850 3,449 20,299
Charge for the year 16,850 827 17,677
On disposals - - -
-------------------- --------------- --------------------
At 31 March 2024 33,700 4,276 37,976
-------------------- -------------- --------------------
Net book value
At 31 March 2024 1,651,300 905 1,652,205
-------------------- --------------- --------------------
At 31 March 2023 1,668,150 1,732 1,669,882
-------------------- --------------- --------------------

The net book value of land and buildings at 31 March 2024 is made up as follows:

2024 2023
£ £
Long-term leasehold premises 1,651,300 1,668,150
------------- ------------

The Society’s leasehold property in Fleet Street was valued by the Council Members at £1,685,000 as at 31 March 2022. The net surplus of £340,055 on revaluation was taken to the revaluation reserve. The property was last valued professionally by Sneller Commercial, Chartered Surveyors, at £1,425,000 on 6 May 2016.

The historical cost of the leasehold property at the balance sheet date was £39,787 (2023 - £39,787) and the carrying amount stated on a historical cost basis would have been £36,260 (2023 - £36,658).

20

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Notes to the financial statements for the year ended 31 March 2024 (continued)

10. Fixed asset investments

a) Investment properties

a) Investment properties
2024 2023
£ £
Market value at beginning of year 1,755,000 1,755,000
Additions, at cost - -
Disposals, at opening market value - -
Net gain on revaluation 15,000 -
------------------- --------------------
Market value at end of year 1,770,000 1,755,000
------------------- --------------------

The Society’s investment properties were valued by the Council Members as at 31 March 2024 based upon their knowledge of the properties and market information available on public websites. The historical cost of the investment properties at 31 March 2024 was £1,440,483 (2023 - £1,440,483).

b) Listed investments

b) Listed investments
2024 2023
£ £
Market value at beginning of year 256,467 226,386
Additions, at cost - 74,209
Disposals, at opening market value (76,953) -
Net (loss) on revaluation (11,090) (44,128)
-------------- ---------------
Market value at end of year 168,424 256,467
-------------- ---------------
Historical cost at 31 March 2024 199,426 299,149
--------------- --------------
Total fixed asset investments, at market value 1,938,424 2,011,467
-------------------- --------------------

11. Gains and losses on revaluations and disposals of investment assets

2024 2023
£ £
Net gain on revaluation of investment properties (note 10a) 15,000 -
Net (loss) on revaluation of listed investments (note 10b) (11,090) (44,128)
Net profit on disposal of listed investments 3,368 -
--------------- ---------------
7,278 (44,128)
--------------- ---------------

21

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Notes to the financial statements for the year ended 31 March 2024 (continued)

12. Debtors

2024 2023
£ £
Prepayments and accrued income 7,579 1,480
Other debtors 13,403 12,460
--------------- ---------------
20,982 13,940
--------------- ---------------
13. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 2,977 6,880
Accruals and deferred income 41,508 28,608
Other creditors 2,423 2,423
--------------- ---------------
46,908 37,911
--------------- ---------------
14. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 442,138 442,138
--------------- ---------------

The bank loans are repayable in full by 2026. The variable rate of interest commenced with a reduced rate until 2018 and then increased to a revised rate set above the bank’s base rate. The bank loans are secured against two of the investment properties.

22

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Notes to the financial statements for the year ended 31 March 2024 (continued)

15. Unrestricted funds

Balance at Incoming Resources Transfers Balance at
1 Apr 2023 resources expended 31 Mar 2024
£ £ £ £ £
Revaluation reserve
(land and buildings) 1,628,761 - - (16,452) 1,612,309
Fair value reserve
(investments) 271,835 3,910 - 22,770 298,515
General fund 1,605,525 232,838 (247,453) (6,318) 1,584,592
-------------------- --------------- --------------- --------------- --------------------
3,506,121 236,748 (247,453) - 3,495,416
-------------------- --------------- --------------- --------------- --------------------
16. Restricted funds
Balance at Incoming Resources Transfers Balance at
1 Apr 2023 resources expended 31 Mar 2024
£ £ £ £ £
Ladies’ Union of Workers 10,834 177 (938) - 10,073
Time Travellers Club 642 - - - 642
--------------- --------------- --------------- --------------- ---------------
11,476 177 (938) - 10,715
--------------- --------------- --------------- --------------- ---------------

The Ladies’ Union of Workers fund is to be used for the work of the Wickliffe Preachers. The Time Travellers’ Club fund is to be used in the Club’s work run by the Society.

17. Endowment funds

Balance at Incoming Resources Transfers Balance at
1 Apr 2023 resources expended 31 Mar 2024
£ £ £ £ £
Bishop Thompson Memorial Reserve 7,500 - - - 7,500
--------------- --------------- --------------- --------------- ---------------

The interest from this fund is available to fund the general work of the Society. The capital is a permanent endowment.

23

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Notes to the financial statements for the year ended 31 March 2024 (continued)

18. Analysis of net assets among funds

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Endowment|Unrestricted|Restricted|2024|2023| |funds|funds|funds| |£|£|£|£|£| |Fund balances at 31 March 2024| |are represented by:| |Tangible fixed assets|-|1,652,205|-|1,652,205|1,669,882| |Fixed asset investments|-|1,938,424|-|1,938,424|2,011,467| |Net current assets|7,500|346,925|10,715|365,140|285,886| |Creditors beyond one year|-|(442,138)|-|(442,138)|(442,138)| |-------------------- -------------------- --------------------- --------------------|--------------------| |7,500|3,495,416|10,715|3,513,631|3,525,097| |-------------------- -------------------- --------------------- --------------------|--------------------|

----- End of picture text -----

19. Related party transactions

During the year, the following related party transactions took place:

The Society recharged Kensit Memorial Trust £900 (2023: £880) for pension and life insurance payments. The Rt Rev E J Malcolm is a Trustee and Director of the Kensit Memorial Trust.

No Council Members received any remuneration.

Travel costs of £1,364 were reimbursed to 5 Council Members (2023: £1,299 to 5 Council Members).

20. Pension commitments and other post- retirement benefits

Defined Contribution Scheme

The Society operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Society in an independently administered fund. The pension cost and charge represents contributions payable by the Society to the fund or to separate schemes in which employees are members and amounted to £7,333 (2023: £7,264).

24

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Notes to the financial statements for the year ended 31 March 2024 (continued)

21. Statement of cash flows: Reconciliation of operating deficit to cash utilised in the Society’s activities

2024 2023
£ £
Net (expenditure)/income (11,466) (112,471)
Adjustment for:
Investment income (126,114) (100,982)
Net losses/(gains) on investments (7,278) 44,128
-------------------- --------------------
(Deficit) on Society’s charitable activities (144,858) (169,325)
Adjustment for:
Depreciation 17,677 17,886
-------------------- --------------------
Operating (deficit) before movement in working capital (127,181) (151,439)
Decrease in stock 2,945 3,364
(Increase) in debtors (7,042) (2,179)
Increase in creditors 8,997 2,531
-------------------- --------------------
Cash (utilised in) charitable operations (122,281) (147,723)
-------------------- --------------------

22. Preparation of accounts

In common with many charities of our size and nature, we use our auditors to assist with the preparation of the accounts, as allowed under the FRC Ethical Standard ‘Provisions Available for Audits of Small Entities’.

25

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Detailed Statement of Financial Activities for the year ended 31 March 2024

2024 2023
£ £ £ £
INCOME
Donations and gifts
Covenants and donations 22,822 26,197
Contributions at meetings 111 394
Contributions from Ladies’ Union of Workers 177 317
Contributions from Time Travellers Club - 200
--------------- ---------------
23,110 27,108
Legacies 44,753 -
Investment income
Rental income 115,060 93,060
Dividend income 10,288 7,682
Interest receivable 766 240
--------------- ---------------
126,114 100,982
Magazine 2,832 3,499
Net (loss) on bookshop (24,334) (27,684)
--------------- ---------------
Total income 172,475 103,905
--------------- ---------------
EXPENDITURE
Protestant Truth Magazine
Printing 6,761 5,747
Postage and carriage 5,043 4,414
Other 2,550 2,634
--------------- ---------------
14,354 12,795
Wickliffe Preachers
Salaries and fees 20,265 17,367
Pensions 1,528 1,678
Travelling 175 332
Motor expenses 763 599
TTC expenses 1,273 545
Other - 42
--------------- ---------------
24,004 20,563
--------------- ---------------
Expenditure carried forward 38,358 33,358

26

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Detailed Statement of Financial Activities for the year ended 31 March 2024 (continued)

2024 2023
£ £ £ £
Expenditure brought forward 38,358 33,358
Other
Speakers fees 2,326 455
Conference expenses - -
--------------- ---------------
2,326 455
Support costs
Salaries 68,629 66,173
Pensions and life insurance 5,805 5,586
Property running costs 12,650 13,504
Office running costs 4,124 3,683
Depreciation 17,677 17,886
Other 9,780 11,371
Less: Charged to bookshop (35,000) (34,000)
--------------- ---------------
83,665 84,203
Cost of raising funds
Investment management 13,513 10,265
Investment property costs 31,594 20,787
Bank interest and fees payable 14,202 16,361
Fund-raising printing 404 113
--------------- ---------------
59,713 47,526
Other expenditure
Auditor’s remuneration 3,992 3,911
Legal and professional fees 1,339 903
Council meetings 1,826 1,892
----------- -----------
7,157 6,706
--------------- ---------------
Total expenditure 191,219 172,248
--------------- ---------------
Net (outgoing) resources (18,744) (68,343)
Other recognised gains and losses
Unrealised gain on investment properties 15,000 -
Realised gain on listed investments 3,368 -
Unrealised (loss) on listed investments (11,090) (44,128)
--------------- ---------------
7,278 (44,128)
--------------- ---------------
Net movement in funds (11,466) (112,471)
--------------- ---------------

27

THE PROTESTANT TRUTH SOCIETY (INCORPORATED)

Bookshop Trading and Profit and Loss Account for the year ended 31 March 2024

2024 2023
£ £ £ £
Sales
Bookshop sales 32,837 33,684
Cost of sales
Opening stock 45,783 49,147
Purchases – PTS 1,338 5,450
Purchases – outside 16,633 17,187
--------------- ---------------
63,754 71,784
Less: Closing stock 42,838 45,783
--------------- ---------------
20,916 26,001
--------------- ---------------
Gross profit 11,921 7,683
Overheads
Postage and carriage 291 259
Sundries 179 369
Card merchant charge 785 739
Support costs (notional) 35,000 34,000
--------------- ---------------
36,255 35,367
--------------- ---------------
Net (loss) for the year (24,334) (27,684)
--------------- ---------------

28