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 21￿6.
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 re￿iVed
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