THE PROTESTANT TRUTH SOCIETY (INCORPORATED) THE PROTESTANT TRUTH SOCIETY (INCORPORATED) (Limited by guarantee) Annual report and financial statements for the year ended 31 March 2025 Cornpany registered number 166825 Charity registered number 248505
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Financial Statements for the year ended 31 March 2025 Contents Page Legal and Administrative Information Council Members, Report Independent Auditor's Report Statement of Financial Activities io Balance Sheet li Statement of Cash Flows 12 Notes forming part of the financial statements 13-22 The following pages do not form part of the statutory financial statements Detailed Statement of Financial Activities 23-24 Bookshop Trading and Profit and Loss Account 25
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.. MrDRLBoydMABA The Rt Rev E J Malcolm Mr K McGrane Bsc Dipl EngCEng MIETMIEEE Mr P Mehrshahi The Rev D Patterson The Rev W L Smith The Rt Rev D F Stockford Thc Dipsw DipHE (resigned 14 July 20251 Arting Chairman The Rt Rev E J Malcolm Secretary MrGRRae Registered office 184 Fleet Street London EC4A 2HI Auditors Geary Partnership Chartered Accountants 159a Chase Side Enfield EN2 OPW Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent MEI9 4JQ Bank of Scotland London Chief Office PO Box 1000 BX2 ILB Solicitors Trowers & Hamlins LLP 3 Bunhill Row London ECIY 8YZ
THE PROTESTANT TRUTH SOCIETY (INCORPORATED} Council Members. Report for the year ended 31 March 2025 The Council Members are pleased to present their report tOEether with the financial statements of the Society for the year ended 31 March 2025. Legal and administrative information set out on page l forms part of this report. Strurture• governance and mana8ement The Society is a company limited by guarantee, and a registered charity. It is governed by its Memorandum and Article5 of As50ciatÉon dated 14 March 1955, as amended. Governance is exercised by it5 Council Members. who are directors of the Society under company law and trustees of the Society under charity law. The following individuals 5eThed a5 Council Members during the year and up to the date of approval of these financial statements.. MrDRLBoydMABA The Rt Rev E J Malcolm Mr K McGrane BSC Dipl Eng CEng MIET MIEEE Mr P Mehrshahi The Rev D Patterson The Rev W L Smith The Rt Rev D F Stockford Thc Dipsw DipHE (resigned 14 July 20251 The Council meets bi-monthly from September to July linclusivel to discuss the running of the Society and to make necessary decisions about its operations. Council Members are appointed by existing Council Member5 during the year and elected by member5 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.. The operation of a ChrTrstian bookshop displaying Bible-based literature with a Protestant and Reformed emphasis; The employment of Wickliffe Preachers to proclaim and propagate Biblical Protestantism, included in which work is the evangelisation of Roman Catholics,. The circulation of the Protestant Truth magazine.. The publication of books, booklets, and leaflets and other ancillary a¢tivities- The publication of a Protestant website to promote Biblical Truth and refute error; Weekly Bite-size School of Theology IBSSTI lunchtime meetings and Spring, Summer and Autumn Saturday study days.. Keeping supporter5 and others informed of proposed changes to legislation or regulations that may affect freedom of Christian speech and/or our nations, present constitution. In consideration of thi5 objective and activities the Council has due regard to the Charity Commission's guidance on public benefrt and in particular the specific guidance on charities for the advancement of religion.
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Council Members, Report for the year ended 31 March 2025 (continued) A¢hievements and performance God's word is far from tomplimentèry about that which is regarded a5 beIng'ne.- 'The thing that hath been, it is that which shall be,. and that which is done is that which shall be done.. and there is no new thing under the sun, IEccle5iastes 1-91. Whereas, in distinct contrast with the ways of the world, which seeks to laud everything that is in it5 eyes 'new' even when utterly abhorrent, God's word is persistent in praising the perseverance of his followers - e.g. Luke 18-7. shall not God avenge his own elect. which cry day and night unto him. thou8h he bear long with them?, Therefore. that our annual report may well bear many resemblances to what has gone before need not trouble. Goil desires that we be faithful in seeking to preach, share. and promulgate his gospel of 5afvation in Christ alone, by grace alone, through faith alone. And he is delighted by those who seek to give him the glory. most particularly when it is done by sharing the truth of him persistently and repeatedly. Whatever else may therefore be said or done. it is clear to us that those involved with the Society have indeed sought to do this very thing. That we, some or all, might not have got things entirely right on every occasion. or may have missed opportunities that others might think we should have seen, does not take away from the constancy of the effort to share Christ Jesus with the world around us. And note, although we are a charitable body operating in the United Kingdom, our activities do have an effect wider afield. For example, some of our publications, especially the booklets, have had an audience in other continents. Some of our activities have been publicised on social media and viewed by those who would think that they have no part with us. And, of course, our website ha5 been attacked repeatedly by those in foreign clime5- attacks which do not take place by chance. This year some of those who work for us have Suffered difficulties in the world which have apparently hampered the work- but the work has continued anyway. even if not in entirely the manner or with the timing that we might desire. Such trials and tribulations, seemingly causing the Lord'5 work to suffer, have always come to faithful Christians. Charles Simeon's lengthy illness is a case in point- although it seemed to create great difficulties for his ministry he continued on. persevering despite the physical challenges, and in God's due time the Lord brought him through such difficulties. Therefore, even though our energie5 may flag, and we may feel that we are simply rolling the same stone up the same hill day after day, that very persistence is in essence what God is asking of us. Let all involved, therefore, be encouraged by the continuing existence of the Society in this dark and hostile world. And let that encouragement also feed into an exhortation to persist in the work of the Society. to improve the work of the Society. and to thank God for the survival of the Society. We have in the past run through names. and their work. We will not repeat that this year. We know that thev have put significant time and effort into the various element5 that make up the main work of the Society- the bookshop. the magazine. the website, and the public talks. We commend them for their efforts, and we encoijrage all to do the same. Wherefore comfort yourselves together, and edify one another'11 Thessalonians 5..111. Positivity towards one another, a5 well os towards the gospel, can only but be an aid to the succes5 of the work we endeavour to do. The shop and the boardroom at Fleet Street. the HQ for our work, continue5 to be a location where much takes place. The weekly talks are of significant benefit; that other groups use our facilities for their meetings is a wider benefit,. the very presence of an overtly biblical Christian bookshop and Christian meetlng place Iwherever it might bel will always be a challenge to the passing world,. and the literature and advice that is on offer from here lin so many different ways) has been of benefrt to many- some of whom we may never know
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Council Members, Report for the year ended 31 March 2025 (continued) Achievements and performance, continued The magazine, that in many ways goes forth from here, has continued to be posted across the nation. That fewer people wish to receive it is not a sign of its failure, but is rather a symptom of the growing darkness and ungodliness that is clearly noticeable within British society generally. That we have had a succession of Prime Ministers of this nation who have given no more than a token nod to the Christian faith that lie5 at the heart of our Protestant constitution is another such symptom. That we now have a cabinet led by an avowed atheist, and packed full of those who clearly have no real concept of Christian truth, demonstrates the struggle that all within faithful Christian ministry are facing- not only for this Society but also within congregation5 up and down the nation. The magazine still goes out. and thereby the light is still shed abroad. In this we persist. The Societ¢s talks have continued to take place. and our speakers have continued to speak. It may be a world that does not want to listen, the tiny (but faithfull number who turned up to hear Edward Malcolm's excellent history of British Protestantism in Portcullis House evidencing the lack of interest. the h05tility even, that the world has for God's truth. While more may turn up for the Protestant Truth Society talks elsewhere across London and the south, buililings are not bursting at the seams with people desperate to hear God's word expouniled and God's truths explained. Maybe we are getting something wrong here, with what we are speaking about, or the way we present such talks- however, we are persisting in our endeavour to spread the light of the gospel. And we should remember that all our endeavours, however worthy we may think them to be, lie under the 50vereignty of God, and are done because of his Spirit guiding us and that Christ's Church has any success at all is solely because of hi5 hand at work in our affairs. We therefore close this report with thanks to God for all he has done and will do for us, and with these words from Paul the apostle- 'Death is swallowed up in victory. O death, where is thy stingP O grave, where is thy victory? The sting of death is sin,. and the strength of sin is the law. But thanks be to God, which giveth us the victory through our Lord Jesus Christ. Therefore, my beloved brethren, be ye stedfast. unmoveable, always abounding in the work of the Lord, forasmuch as ye know that your labour is not in vain in the Lord'11 Corinthians 15.541. Financial review The results for the year are set out in the Statement of Financial Activities on page 10. Overall income for the year was £226.849 compared to £229,647 the previous year. We are pleased to report that the major sources of income- donation5, bookshop sales, and income from the Society's investments - remain at a consistent level despite the increasingly difficult circumstances under which our work as a Society is carried out. Expenditure continues to be kept under close review. Overall expenditure for the year was £250,101 compared to £248.391 in the previous year. The net deficit for the year after movements in the value of our investments was £23,315, compared to £11.466 in the previous year. Our reserves stood at £3,490,316 at 31 March 2025. Cash and bank balances remain healthy and we do not presently have liquidity concerns.
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Council Members, Report for the year ended 31 March 2025 (continued) Financial review. continued Financial Risks Coshflow risk The Society doe5 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 earning5 on dep051ts 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 paysng down the existin@ 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 ha5 an investment portfolio of quoted securities. Given the Society's overall finances, Council considers that the liquidity risk remains low. Directors. indemnities No indemnity policies have been taken out by the Society for the Council Members. Political contribution5 The Protestant Truth Society does not contribute to or support any political party. Plans for future periods The Council continue5 in its determination to continue Protestant Ministry for a5 long as the Lord equips and enables us. To that end careful consideration will be given to any further areas where an increase in income or cost savings may be made so that the Society remains a going concern, sharing the gospel of 'Christ alone, for as long as possible. We pray especially that God will continue to pour out his grace upon us as a Society, that we may remain faithful to the gospel, and that we may be enabled to pursue our ministry even a5 spiritual darkness continues to fall over our nation. "Arise. shine; for thy light is come, and the glory of the LORD is risen upon thee. For. behold, the darkness shall cover the earth. and gross darkness the people.. but the LORD shall arise upon thee, and his glory shall be seen upon thee. And the Gentiles shall come to thy light, and kings to the brightnes5 of thy rising. Lift up thine eyes round about, and see= all they gather themselves together, they come to thee.. thy sons shall come from far, and thy daughters shall be nursed at thy side. Ilsaiah 60'.141
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Council Members, Report for the year ended 31 March 2025 (continued) Council Members. responsibilities In relatron to the financial statements The Council Members, who are directors of The Protestant Truth Society Ilncorporatedl 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 reqvires 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 resource5, including income and expenditure, for that year. In preparing those financial statement5, the Council Members are required to.. select suitable accounting policies and apply them consistently; observe the methods and principles of the Charities Statement of Recommended Practice- make judgments and estimates thèt are reasonable and prudent- state whether applicable UK Accounting Standards hève been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Society will continue in operation. The Council Members are sponsible 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 a150 responsible for safe@uarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregijlarities. Disclosure of information to the auditors To the knowledge and belief of the Council Members, there is no relevant information that the Society's auditor5 are not aware of, and the Council Members have taken all steps necessary to ensure the Council Member5 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 8 September 2025 and signed on its behalf by.. The Rt Rev E J Malcolm Chairman
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Independent Auditorfs Report to the members of The Protestant Truth Society (Incorporated) Opinion We have audited the financial statements of The Protestant Truth Society Ilncorporatedl for the year ended 31 March 2025 which comprise the Statement of Financial Artivities, the Balance Sheet. the Statement of Cash Flow5 and the related notes, including significant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finonciol ReportAng Standord opplicoble An the UK ond Republic of Irelt>nd (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements- give a true and fair view of the state of the Society's affairs as at 31 March 2025 and of its incoming resource5 and application of resources for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standard5 on Auditing IUKIIISASIUKII and applicable law. Our responsibilities under those standards are further described in the Auditor'5 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 FRCS 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 statement5 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 5tatement5 and our auditor'5 report thereon. The Council Members a 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 o* the audit or otherwise appears to be materially misstated. If we
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Independent Auditorfs Report to the members of The Protestant Truth Society Ilncorporated), continued Other information. continued identify such material inconsistencies or apparent material mi5Statement5, we are required to determine whether there is a material misstatement in the financial statement5 themselves. If. based on the work we have performed, we conclude that there 15 a material misstatement of thi5 Other information. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the Coufse of the audit.. the information given in the Council Members. Report Iwhich include5 the Directors, Report prepared for the purpose5 of company lawl for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Directors. Report incluijed within the Council Members. Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge anil understanding of the Society and its environment obtained in the course of the audit. we have not identified material misstatements in the Director5, Report included within the Countil 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: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us,. the finantial statements are not in agreement with the accounting records and returns- or certain disclosures of Council Member5, remuneration specified by law are not made; we have not received all the information and explanations we require for our audit,. or the Council Members were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparinE the Directors, Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report. Responsibilities of Counc41 Members As explained more fully in the statement of Council Members, Responsibilities set out on page 6, the Council Member5 Iwho are trustees of the Society for the purposes of charity law and directors of the Society for the purposes of company lawl are responsible for the preparation o* financial statements and for being satisfied that they give a true and fair view, and for such intern31 control as the Council Members determine is necessary to enable the preparation of financial statements that are free from material mi55tatement, whether due to fraud or error. In preparing the financial 5tatement5, the Council Members are responsible for assessing the Society's ability to continue as a going concern, disc105in& as applicable, matters related to going concern and using the going concern basis of accountinE unless the Council Members either intend to liquidate the Society or to cease operations, or have no realistic alternative but to do so.
THE PROTESTANT TRUTH SOCIETY (INCORPORATED} Independent Auditorfs Report to the members of The Protestant Truth Society Ilncorporated), continued Auditorfs 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 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material mi$5tatement when it exists. Misstatements can arise from fraud or error and are considered material rf, 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 procedure5 in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, includin8 fraud. Procedures capable of detecting such irregularities performed during our audit included.. tests to ensure all bank transactions have been accounted for,. examination of agents. rental statements and investment managers, 5tatement5, till records and donor correspondence to ensure that income 15 fully recorded; verification of legitimacy of expenditure by reference to invoices and statement5; examination of title records and attendance at stock-take to ensure assets have not been misappropriated.. 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 statement5 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 5tatement5. as we will be less likely to become aware of instance5 of non-compliance. The risk is also greater regarding irregularitie5 occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, tollusion, 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.uklauditorslaudit-assurancelauditor-5-responsibilities- for-the-audit-of-the-fi/description-of-the-auditort8E2%80%995-responsibilities-for. This description forms part of our auditorfs report. Use of our report This report 15 made solely to the Society's Council Members, as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undertaken $0 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. drew Geary Bsc FCA Senior Statutory Audltor for and on behalf of= Geary Partnership Statutory Auditor and Chèrtered Accountant5 159a Chase Side Enfield EN2 OPW Date: 8 September 2025
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Statement of Financial Activities for the year ended 31 March 2025 Note5 Unrestricted fund5 Restricted Endowment funds funds 2025 2024 Income DonatlOn5 and legacies Charitable activities.. Bookshop Magazine Investments 59,760 278 60,038 67.864 33,102 2,930 130,779 33,102 2,930 130,779 32,837 2.832 126.114 Total income 226,571 278 226,849 229.647 Expenditure Raising funds Charitable activities 71.120 176,190 71.120 178,981 70,423 177,968 2,791 Total expenditure 247,310 2,791 250.101 248,391 Net income/lexpenditurel before net gains/llossesl on investments 120,7391 12,5131 123.2521 118,7441 Net gainslllossesl on investment5 li 1631 1631 7,278 Net incomel{expenditurel 120,8021 12,5131 123.3151 111,4661 Net movement in funds 120,8021 12,5131 123,3151 111,4661 Total funds brought forward 3,495,416 10,715 7,500 3.513.631 3,525,097 Total funds carried fotward 3,474,614 8,202 7,500 3,490,316 3,513,631 All of the results relate to continuing artivitie5. The notes on pages 13 to 22 form part of these financial statements. io
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Balance Sheet at 31 March 2025 Notes 2025 2024 Fixed assets Tangible asset5 Investments 1,634,528 1,858,213 1,652,205 1,938,424 io 3,492,741 3,590,629 Current assets Stock Debtors Investments Cash at bank and in hand 39,908 15.271 15,988 103.880 42,838 20,982 10,746 337,482 12 175.047 412.048 Current liabilities Creditors.. Amounts falling due within one year 13 1177,4721 146,9081 Net current assetsllliabilitiesl 12,4251 365,140 Total assets less current liabilities 3,490,316 3.955,769 Creditors: Amounts falling due after more than one year 14 1442,1381 Total net assets 3.490,316 3,513,631 Funds Unrestricted funds Restricted funds Endowment funds 15 16 17 3,474,614 8.202 7,500 3,495,416 10,715 7,500 Total funds carried forward 18 3,490,316 3,513,631 The notes on pages 13 to 22 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 216. Approved by the Council on 8 September 2025 and signed on its behalf by- The Rt Rev E J Malcolm Mr K McGrane li
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Statement of Cash Flows for the year ended 31 March 2025 Notes 2025 2024 Net cash generated byllutilised inl operating attivities 21 1131,8961 1122,2811 Cash flows from investing artivitie5 Interest received Dividends and bond income reiVed Rental income Sale of investments Sale of investment properties 1.832 4,203 124,744 80,148 766 10,288 115,060 80,321 Net cash flows from investing activities 210.927 206,435 Cash flows from finan¢rn8 artivitie5 Bank loans repaid 1307,3911 Net cash flow5 from financin8 activities 1307,3911 Net in¢rease/ldecrease) in cash and cash equivalents 1228,3601 84,154 Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 348,228 264,074 119.868 348,228 Reconciliation to tash at bank and in hand Cash at bank and in hand Cash equivalents 103,880 15.988 337,482 10,746 Cash and cash equivalents 119,868 348,228 12
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Notes to the financial statements for the year ended 31 March 2025 l. Accounting policies The principal accounting policies which are adopted consistently in the preparation of the financial statements are set out below. al Basls of accounting The financial statements have been prepared under the historical cost convention a5 modified by the revaluation of investment5, and in compliance with 'Accounting and Reporting by Charities= Statement of Recommended Practice, (Charities SOFIPI applicable to charities preparing their account5 Ifl accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. and the Companies Act 2006. bl Income Donations are credited when received. Legacie5 are credited when the condition5 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. cl Expenditure Expenditure is included in the statement of financial activities on an accruals basFs, inclusive of any irrecoverable VAT. Allocation of eKpenditure Certain expenditure is directly attributable to specific activitie5 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 basi5 of an estimate of the proportion of time spent by staff on those activities. dl Tangible fixed assets and depreciatlon 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 reseNe a5 shown in note 15. Depreciation is provided on tangibSe 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 13
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Notes to the financial statements for the year ended 31 March 2025 (continued) l. Accounting policies {continuedl el Fixed asset investments Investment properties are included in the balance sheet at market value as shown in note Iolal. 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 a5 shown in note 15. No deprecFation is provided on the investment properties as the values are reviewed annually. This represents a departure from the provisions of the Companies Act 2(XJ6 and is required for the accounts to give a true and fair view. The amount of depreciation which might otherwise have been shown is £14,40512024- £14.4051. Listed investments are included at market value at the balance sheet date a5 shown in note Iolbl. Gains or losses on revaluation during the year are reflected through the statement of financial attivities and the fair value reserve as shown in note 15. fj Stock Stock comprises book5 and other products sold through the Society's book-shop. Stock is valued at the lower of cost and estimated net realisable value. gl VAT The Society is partially exempt for VAT purposes. h) Fund accounting The funds held by the Society are either.. Unrestrirted general funds- these are fund5 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 project5. 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 fund5- these are funds the income from which can be used for the general work of the Society. The capital is a permanent endowment. Financial instruments A financial asset or a financial liability is recognised only when the Society 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 transattion, when it is recogni5ed 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. 14
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Notes to the financial statements for the year ended 31 March 2025 (continued) 2. Investment income 2025 2024 Rental income Dividends and bond income Interest receivable 124,744 4.203 1.832 115.060 10,288 766 130,779 126,114 3. Cost of raising funds Dlrett Costs Support costs 2025 2024 Cost of raising funds 60,010 ii,iio 71,120 70,423 4. Charitable activities Activities undertaken directlv Support costs 2025 2024 Bookshop Publications Wickliffe Preachers Other including advertising and conferences 21,007 16.066 26,045 80.709 19,590 13,382 101,716 35,656 39,427 103,083 34,372 37,736 2,182 2,182 2,777 65,300 113,681 178,981 177,968 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 publications112.5%1 and the bookshop187.5%1. 5. Support costs Charitable activities Raising funds 2025 2024 Staff costs Property costs Office running Governance costs Other 68,853 9,812 3,815 6,541 24,660 7,650 76,503 9,812 4,124 7.071 27,279 74,434 12,650 4, 124 7,157 27,105 309 530 2,619 113,681 11,108 124,789 125,470 15
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Notes to the financial statements for the year ended 31 March 2025 {continued} 6. Governance costs The major tomponents of governance costs are.. 2025 2024 Audit fees Non-audit remuneration paid to auditors- Accountancy fees Other costs 4.140 3,992 977 1,944 970 2.195 7.061 7,157 7. Staff numbers and costs 2025 2024 Wages and salaries Employerfs national insurance cost5 Pension costs 88.320 2,389 7,464 85,872 1,897 7,333 98,173 95,102 The average monthly number of employees was: 2025 Number 2024 Number Administration and bookshop Wickliffe Preachers and Time Travellers Club There were no employees with emolument5 above £60,CKJO. 8. Taxation The Society 15 exempt from corporation tax on its charitable artivities. 16
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Notes to the financial statements for the year ended 31 March 2025 (continued) 9. Tangible fixed assets Land and Equipment buildings fixture5 and fittings Total Cost or valuation At l April 2024 Additions Disposals 1,685,000 5,181 1,690,181 At 31 March 2025 1,685.0(K) 5.181 1.690,181 Depreciation At l April 2024 Charge for the year On disposals 33.700 16,850 4,276 827 37,976 17,677 At 31 March 2025 50,550 5,103 55,653 Net book value At 31 March 2025 1,634,450 78 1.634,528 At 31 March 2024 1,651,3(M) 905 1,652,205 The net book value of land and buildings at 31 March 2025 is made up as follows: 2025 2024 Long-term leasehold premises 1,634,450 1,651,300 The Society's leasehold property in Fleet Street was valued by the Council Members at £1,685.000 as at 31 March 2022. The property was last valued professionally by Sneller Commercial, Chartered Surveyors, at £1,425.CX)O on 6 May 2016. The historical cost of the leasehold property at the balance sheet date was £39,78712024 - £39,787) and the carrying amount stated on a historical cost basis would have been £31.83012024- £32.2271. 17
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Notes to the financial statements for the year ended 31 March 2025 (continued) 10. Fixed asset investments a) Investment properties 2025 2024 Market value at beginning of year Additions, at Cost Disposals, at opening market value Net gain on revaluation 1,770,OLKJ 1,755,000 15,000 Market value at end of year 1,770,(K)O 1.770,000 The Society's investment properties were valued by the Council Members as at 31 March 2025 based upon their knov41edge of the properties and market information available on public websites. The historical cost of the investment properties at 31 March 2025 was £1,440,48312024- £1,440,483). bl Listed investments 2025 2024 Market value at beginning of year Additions, at cost Di5P05als, at opening market value Net Ilossl on revaluation 168,424 256.467 177,5551 12,6561 176.9531 111,0901 Market value at end of year 88,213 168,424 Historical cost at 31 March 2025 119,613 199,426 Totsl fixed asset investments, at market value 1,858,213 1.938,424 11. Gains and1055es on revaluations and dt5P05als of investment assets 2025 2024 Net gain on revaluation of investment properties (note Ioal Net Ilossl on revaluation of listed investments (note Iobl Net profit on disposal of listed investments 15,000 111,0901 3,368 12,6561 2,593 1631 7,278 18
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Notes to the financial statements for the year ended 31 March 2025 (continued) 12. Debtors 2025 2024 Prepayments and accrued income Other debtors 2,768 12,503 7,579 13.403 15,271 20.982 13. Creditors: amounts falling due within one year 2025 2024 Trade creditors Accruals and deferred income Taxatron and social security Other creditors Bank loans (secured, see note 141 3,760 34,620 1,824 2,521 134,747 2,977 41,508 2.423 177.472 46,908 14. Creditors: amounts falling due after more than one year 2025 2024 Bank loans Isecuredl 442,138 The bank103ns 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'5 base rate. The bank loans are secured against two of the investment properties. 19
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Notes to the financial statements for the year ended 31 March 2025 (continued) 15. Unrestricted funds Balance at l Apr 2024 Incoming re50vrces Resourtts expended Transfers Balante ot 31 Mar 2025 Revaluation reserve Iland and buildings) 1,612,309 116,4521 1,595.857 Fair value reserve linvestmentsl 298,515 12.6561 2,258 298,117 General fund 1,584,592 229.164 1247,3101 14,194 1,580,640 3,495.416 229,164 1249,9661 3,474,614 16. Restricted funds Balance at l Apr 2024 Incoming Te50urces Resources expended Transfers Balance at 31 Mar 2025 Ladies, Union of Workers 10,073 278 12,7911 7,560 Time Travellers Club 642 642 10,715 278 12,7911 8,202 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 l Apr 2024 It)comiTr resources Resource5 expended Transfers Balance at 31 Mar 2025 Bishop Thompson Memorial Reserve 7.500 7,500 The interest from this fund is available to fund the general work of the Societv. The capital is a permanent endowment. 20
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Notes to the financial statements for the year ended 31 March 2025 (continued) 18. Analysis of net assets among funds Endowment unfe#tted fvnds funds Restrided funds 2025 2024 Fund balances at 31 March 2025 are represented by.. Tangible fiKed assets Fixed asset investments Net current assets Creditors beyond one year 1,634.528 1,858,213 118,1271 1.634,528 1,858,213 12.4251 1,652,205 1,938,424 365.140 1442,1381 7.500 8.202 7,500 3,474.614 8.202 3.490.316 3.513,631 19. Related party transactions During the year, the following related party transactions took place: The Society recharged Kensit Memorial Trust £1,10212024- £9001 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 £1,265 were reimbursed to 4 Council Members12024- £1.364 to 5 Council Members). 20. Pension commitments and other post- retirement benefits Defined Contrlbution S¢heme The Society operates a defined contribution pension scheme. The assets of the scheme are held separately from ihose 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 £7.46412024: £7,3331. 21
THE PROTESTANT TRUTH SOCIETY (INCORPORATED) Notes to the financial statements for the year ended 31 March 2025 (continued) 21. Statement of cash flows: Reconciliation of operating deficit to cash utlli5ed in the Societys activities 2025 2024 Net lexpenditurel Adjustment for- Investment income Net losses/lgainsl on investments 123,3151 111,4661 1130,7791 63 1126.1141 17,2781 IDeficitl on Society's charitable activitie5 Adjustment for: Depreciation 1154,0311 1144,8581 17,677 17,677 Operating Ideficitl before movement in working capit81 1136,3541 1127,1811 Decrease in stock Iln¢reasel/decrease in debtors Increa5e/ldecreasel in creditors 2.930 5,711 14,1831 2,945 17,0421 8.997 Cash lutilised inl charitable operations 1131,8961 1122,2811 22. Preparatlon 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 EntitFes'. 22