OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-09-30-accounts

Registered number: 01220696 Charity number: 270060

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 9
Independent auditors' report on the financial statements 10 - 13
Consolidated statement of financial activities 14
Consolidated balance sheet 15
Company balance sheet 16
Consolidated statement of cash flows 17
Notes to the financial statements 18 - 45

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2022

Trustees

The Reverend Canon Dr Simon M Jones, Chair
Ben Andradi
Christopher J H Adams
Helen M K Couldrey
The Very Reverend Jane Hedges
Company registered
number
01220696
Charity registered
number
270060
Registered office
13a Hellesdon Park Road
Norwich
NR6 5DR
Company secretary
Dominic G Vaughan
Chief executive officer
Dominic G Vaughan
Independent auditors
Larking Gowen LLP
Chartered Accountants
King Street House
15 Upper King Street
Norwich
NR3 1RB
Bankers
Santander UK PLC
Second Floor
The Bell
5 Orford Hill
Norwich
NR1 3QB
Solicitors
Bates Wells
10 Queen Street Place
London
EC4R 1BE

Page 1

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of Hymns Ancient & Modern Limited (the company and the group) for the ended 30 September 2022. The Trustees confirm that the Annual Report and financial statements of the company and the group comply with the current statutory requirements, the requirements of the company and the group's governing document and the provisions of the Statement of Recommended Practice (FRS102) "Accounting and Reporting by Charities" (SORP (FRS102)).

Structure, governance and management

CONSTITUTION

Hymns Ancient and Modern Limited (HA&M) is a company limited by guarantee and accordingly does not have a share capital. The liability of the members is limited to an amount not exceeding £1 each. The company is governed by its Memorandum and Articles of Association formed in 1975 and amended in 2008. It is registered as a charity with the Charity Commission.

METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

The Council of Management (Trustees), which should number not less than three nor more than seven, administers the charity. Trustees retire after three years but are able to be re-elected (up to three times plus 1 year). The Council of Management regularly reviews the range of skills amongst Trustees. The chairman is appointed by the Council of Management and there is no limit on the length of term the chairman can serve within the overall limit of a Trustee. New Trustees are found from the contacts and networks of existing Trustees, outside advisors and by advertising. When recruiting new Trustees, the Council of Management looks for individuals with skills and experience which are of value to the charity.

POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

Potential Trustees are interviewed by the Council of Management and are provided with a pack of information including recent accounts and a copy of the Memorandum and Articles of Association. When a new Trustee joins the Council of Management they are provided with further information regarding finances, governance and charitable objectives including minutes of meetings for the previous year. They also receive documents on best practice taken from the Charity Commission website.

Trustees are highly experienced individuals and have a good understanding of what is involved in being a trustee of a charity. Where appropriate, the charity supports the training of Trustees including, for example, attendance at relevant seminars or events.

The Trustees are the directors of the company for the purposes of the Companies Act 2006. During the year these Trustees may receive remuneration within the limits set by the Articles of Association of Hymns Ancient & Modern Ltd.

ORGANISATIONAL STRUCTURE AND DECISION MAKING

The Council of Management meets quarterly. A Chief Executive is appointed by the Council of Management to manage the Charity. As a result of the size of the Charity, the Trustees delegate responsibility for day-to-day management to staff using planning and budgeting procedures, and delegation with segregation of duties.

Page 2

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

PAY POLICY FOR KEY MANAGEMENT PERSONNEL

Remuneration for all staff is set by the Council of Management at least annually, taking into account inflation and the performance of the business. Key management comprises the Senior Management Team:

Dominic Vaughan Sue Stapleford Pink Stephen Dutton Paul Handley Genaro Santos Christine Smith Michael Addison Aude Pasquier

RELATED PARTY RELATIONSHIPS

HA&M has one 100% subsidiary company, G J Palmer & Sons Limited, which is dormant.

RISK MANAGEMENT

The Council of Management has examined the principal areas of the Charity's operation and consider the major risks faced in each of those areas.

In the opinion of the Council of Management, the Charity has established resources and review systems which have been fully documented and which should allow these risks to be mitigated to an acceptable level in its dayto-day operations. In addition to procedures and process mitigation, where possible insurance has been purchased to mitigate financial risk. The key risk area for the organisation is potential change to the market resulting in challenges to sales.

There is a strategy for managing risk and this is supported by the Risk Assessment Document which rates risks according to their impact and probability. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects.

Originally developed with Scenaris Ltd, there is a business continuity plan which would be implemented in the event of a major disaster. A test of the major elements of the plan has been carried out and lessons learned and documented. It is intended to carry out occasional tests from time to time. The Covid pandemic provided an opportunity in practice for the plan to be implemented regarding working from home and the robustness of systems. During this time operations continued without any significant problems.

HA&M have engaged Stallard Kane Associates Ltd to help ensure that best practice is followed in health and safety management and Bates Wells together with an HR consultant provide human resources support to ensure the safety and wellbeing of staff, customers and visitors to the charity's buildings and events. The organisation has qualified for an annual Cyber Essentials certificate and has engaged a cyber security firm to test for system vulnerabilities.

Objectives and Activities

POLICIES AND OBJECTIVES

HA&M's vision is to enable a greater engagement of the Christian religion worldwide through high quality publishing activities and targeted grant giving. It aims to build on its strong Anglican heritage to be the publisher and partner of choice in the world of Christian teaching, liturgy and music. It will provide products, services, events and financial support to achieve this goal.

Page 3

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

More information about HA&M can be found on our website www.hymnsam.co.uk.

The objects of HA&M are:

The main objectives for the year continue to be those as stated above.

The means employed to achieve the Charity's objectives are as follows. The organisation engages in the publishing of religious journals, books, electronic products and provides publishing, distribution and related services to other religious organisations and publishers.

MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY'S PURPOSES FOR PUBLIC BENEFIT

Details of the main activities undertaken are included within Policies and Objectives (above) and Review of Activities (below).

Page 4

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

GRANT MAKING POLICIES

Grants are awarded based on the following criteria:

Proactive giving:

The Trustees will solicit ideas from others to help develop initiatives in our fields of interest. HA&M will seek advice on how it might be more proactive, rather than simply react to applications. Currently there are three main areas of interest:

The Trustees continue to reserve the right to vary the amount allocated in total and to each area and are solely responsible for accepting or rejecting requests. During the Covid-19 pandemic, grants have been reduced or not awarded. This is being reviewed regularly.

Staff have been encouraged to propose a single suitable charity, possibly local, that we would be able to work with directly, as well as provide grants for specific projects. Details are shown on the company website (www.hymnsam.co.uk).

Page 5

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Group Strategic Report

Achievements and Performance

REVIEW OF ACTIVITIES

The general economy continues to be a challenge for publishers, booksellers and charities, and from March 2020 the effects of the Covid-19 Pandemic. In 2020 and 2021, trading was affected by the lockdown and the effect of closure of bookshop, churches and many businesses. Advertising was also greatly reduced for at least 6 months when fewer jobs and church resources were being promoted. Since then, activity has picked up although many specialist Christian bookshops have not reopened and Churches are suffering from lack of congregation and funds. It was agreed by the trustees that the grants to charities would be a maximum of £500 until further notice to protect funds for the main activity of the promotion of religion. Hymn book grants would continue.

Each division has clear financial objectives which reflect the overall annual budget.

The service divisions are expected to maintain or grow the service client base. All the divisions reflect the overall charitable aims and have achieved the financial and other related objectives set at the beginning of the year.

Grants of hymn books have been made amounting to £31,492. Grants to approved charities were £4,632. No funds have been designated for grants offered to charities which are contingent on future criteria.

Church Times and Periodicals Division

Church Times continues to maintain its position as the leading Anglican weekly newspaper. The website and app are well used. All issues since the first in 1863 are available in digital format as part of the subscription or as a separate purchase. The cost of the app to users is part of the paper subscription, it can be purchased directly from Apple or from the HA&M website. Other publications are continuing to develop in print and digital form. Ordinands continue to get a free subscription during training. Church Times together with the books and bookshop division has staged many successful online and in-person events. Many of these are also available to watch after the event and the number of participants is very encouraging.

Book Publishing and Distribution Division

Book publishing under the SCM Press and Canterbury Press imprints have continued to thrive over the year. Church House Publishing titles were published on behalf of The Archbishops' Council. St Andrew Press, published on behalf of The Church of Scotland, also contributed to book sales. Overall, titles have sold well. The bookselling website has done very well with direct sales and compensated for fewer trade outlets. Microsites have been developed as part of the services offered to several distribution and publishing clients. Sales were improved by providing titles in digital format. Apple and Android Apps and print on demand versions of many titles continue to be added to the list and are providing a significant contribution to sales. Some audio books are now being offered. Discounts for students and subscriber to Church Times are available. Hymn books had suffered from the closure of churches and other related pandemic restrictions but have improved over the last year.

Bookshop Division

Church House Bookshop has continued to trade during the Covid-19 crisis and during periods of lockdown has been able to provide a much needed online and mail order service. Physical events have grown over the year together with online and in-person book launches. Other online selling opportunities have been developed and have been very successful.

Page 6

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Key Performance Indicators

The main key performance indicators used by the council of management are performance against budget and related targets including contribution.

Financial review

RESERVES POLICY

The Council of Management has reviewed the reserves of the charity. The review concluded that HA&M needed to maintain adequate reserves to continue to be able to fund grants, as part of routine business risk and business continuity planning and as a contingency in the event of major disruption to the business. The target level of free reserves required to meet these objectives is estimated at three months operating costs. At 30 September 2022 this amounted to approximately £1,650,000.

Total unrestricted funds at the year end amounted to £6,543,526. This sum includes funds invested in the charity’s tangible and intangible fixed assets totalling £735,661. It also includes funds held as fixed asset investments of £3,969,507 and cash totalling £994,399 which the trustees regard as being ear marked for strategic investment opportunities. When these strategic investment funds and the charity’s fixed assets are excluded, unrestricted reserves amounted to £843,959, equivalent to approximately one month’s operating costs. Taking into account the level of strategic investment funds that are readily available in cash should these be required at short notice the trustees consider this level of reserves to be adequate in the circumstances.

FINANCIAL REVIEW

There was an unrestricted deficit for the year ended 30 September 2022 for the group of £286,341 (2021: £433,260 unrestricted surplus). The unrestricted fund balances at the year end were £6,543,526 (2021: £6,829,867). In both 2022 and 2021 the level of restricted income was matched with the same level of restricted expenditure. The restricted fund balances at the year-end were £NIL (2021: £NIL).

The main source of funding for HA&M is the sale, distribution and publishing of books and periodicals and events attendance and management. Expenditure has been directly linked to these income sources.

CORPORATION TAX

HA&M is registered as a charitable organisation and has been granted exemption from corporation tax under the provisions of section 466 to 493 of the Corporation Tax Act 2010.

MATERIAL INVESTMENTS POLICY

Under the Memorandum and Articles of Association, the Trustees have wide powers of investment. Funds are held in short and longer term investments to provide for long term development, to provide working capital and to enable grant giving. The Charity is looking for investments to support the Charity's objects.

For long term investments, the Council has appointed investment managers with a mandate to maintain the real capital value and produce an income of 3% that can be used to support ongoing operations and grant making. Investments are held in accordance with the Church of England’s ethical investment exclusion policy.

Page 7

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Plans for future periods

FUTURE DEVELOPMENTS

The group remains in a strong financial and strategic position with its spread of products, customers and investments. HA&M has a good reputation as a charity, publisher, publishing service provider and partner. It will continue to develop relationships with like-minded organisations and provide its experience and expertise to help them succeed. Investments in new technologies has helped in keeping the organisation trading since the Covid19 virus struck. These will continue to help to ensure that customers can obtain the religious information and music they need even though the number of specialist outlets is likely to be smaller than ever. There will be a continuing monitoring of performance to ensure all areas are contributing as budgeted, products are produced according to plan and services maintained at the current level.

KEY FINANCIAL PERFORMANCE INDICATORS

As mentioned in Review of Activities above, the main key financial performance indicators used by the Council of Management are performance against budget and related targets including contribution.

GOING CONCERN

After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details of the circumstances surrounding this assumption can be found in the Review of Activities section of this report and the Accounting Policies.

TRUSTEES' RESPONSIBILITIES STATEMENT

The Trustees (who are also directors of HA&M for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees 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 charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

Page 8

HYMNS ANCIENT AND MODERN LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Approved by order of the members of the board of Trustees on 26 January 2023 and signed on their behalf by:

................................................ The Reverend Canon Dr Simon M Jones

Page 9

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HYMNS ANCIENT AND MODERN LIMITED

Opinion

We have audited the financial statements of Hymns Ancient and Modern Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 30 September 2022 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Trustees' 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 Group's or the parent charitable company'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 Trustees with respect to going concern are described in the relevant sections of this report.

Page 10

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HYMNS ANCIENT AND MODERN LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual 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, 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 identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to 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.

Opinion 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 our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report including the Strategic report.

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

Page 11

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HYMNS ANCIENT AND MODERN LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company'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 Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 Auditors' 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Due to the field in which the group operates, we identified the following areas as those most likely to have a material impact on the financial statements: health and safety; employment law; environmental regulations; GDPR; and compliance with the UK Companies Act and Charities Act.

Our approach to identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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.

Page 12

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HYMNS ANCIENT AND MODERN LIMITED (CONTINUED)

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 located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Julie Grimmer FCA DChA (Senior statutory auditor)

for and on behalf of Larking Gowen LLP

Chartered Accountants Statutory Auditors

Norwich

30 January 20236 February 2023

Page 13

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Note
Income from:
Donations and legacies
4
Charitable activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Charitable activities
8
Total expenditure
Net income before net (losses)/gains
on investments
Net (losses)/gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
-
6,499,076
8,358
113,877
6,621,311
6,548,263
6,548,263
73,048
(359,389)
(286,341)
6,829,867
(286,341)
6,543,526		 Restricted
funds
2022
£
38,122
-
-
-
38,122
38,122
38,122
-
-
-
-
-
-		 Total
funds
2022
£
38,122
6,499,076
8,358
113,877
6,659,433
6,586,385
6,586,385
73,048
(359,389)
(286,341)
6,829,867
(286,341)
6,543,526		 Total
funds
2021
£
60,561
6,238,541
4,565
158,575
6,462,242
6,455,915
6,455,915
6,327
426,933
433,260
6,396,607
433,260
6,829,867

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 18 to 45 form part of these financial statements.

Page 14

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 01220696

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2022

Note
Fixed assets
Intangible assets
15
Tangible assets
16
Investments
17
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current assets
Total net assets
Charity funds
Unrestricted funds
22
Total funds		 1,320,227
851,749
1,511,133
3,683,109
(1,844,751)		 2022
£
658,504
77,157
3,969,507
4,705,168
1,838,358
6,543,526
6,543,526
6,543,526		 1,202,485
691,617
1,671,390
3,565,492
(1,799,684)		 2021
£
649,030
87,718
4,327,311
5,064,059
1,765,808
6,829,867
6,829,867
6,829,867

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on 26 January 2023 and signed on their behalf by:

................................................ The Reverend Canon Dr Simon Jones

The notes on pages 18 to 45 form part of these financial statements.

Page 15

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 01220696

COMPANY BALANCE SHEET AS AT 30 SEPTEMBER 2022

Note
Fixed assets
Intangible assets
15
Tangible assets
16
Investments
17
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current assets
Total net assets
Charity funds
Unrestricted funds
22
Total funds		 1,320,227
851,749
1,511,133
3,683,109
(1,867,086)		 2022
£
658,504
77,157
3,991,507
4,727,168
1,816,023
6,543,191
6,543,191
6,543,191		 1,202,485
691,617
1,671,390
3,565,492
(1,822,019)		 2021
£
649,030
87,718
4,349,311
5,086,059
1,743,473
6,829,532
6,829,532
6,829,532

The Company's deficit for the year was £286,341 (2021 - £433,260 surplus).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on 26 January 2023 and signed on their behalf by:

................................................ The Reverend Canon Dr Simon Jones

The notes on pages 18 to 45 form part of these financial statements.

Page 16

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2022

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible and intangible fixed assets
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 18 to 45 form part of these financial statements		 2022
£
102,858
8,358
(269,888)
(1,585)
(263,115)
-
(160,257)
1,671,390
1,511,133		 2021
£
407,553
4,565
(288,547)
(2,357)
(286,339)
-
121,214
1,550,176
1,671,390

Page 17

HYMNS ANCIENT AND MODERN LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

1. General information

Hymns Ancient and Modern Limited is a company limited by guarantee incorporated in England, registration number 01220696. The registered office is 13a Hellesdon Park Road, Norwich, NR6 5DR.

A summary of the principal accounting policies adopted (which have been applied consistently, except where noted), judgements and key sources of estimation uncertainty, is set out below.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Hymns Ancient and Modern Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Statement of financial activities (SOFA) and Balance sheet consolidate the financial statements of the company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Company Status

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

2.3 Going concern

The Directors consider that the charity has sufficient financial resources to continue for the foreseeable future. Current trading is at a level sufficient to support this assumption and therefore deem it appropriate to prepare the financial statements on a going concern basis.

Page 18

HYMNS ANCIENT AND MODERN LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. Accounting policies (continued)

2.4 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For all book sales and distribution income is recognised at the point of dispatch.

Periodicals income is recognised on a straight line over the term of the subscription.

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

2.6 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.

2.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the Bank.

Page 19

HYMNS ANCIENT AND MODERN LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. Accounting policies (continued)

2.8 Intangible assets and amortisation

Intangible assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

No amortisation is charged on systems under development. On completion, they are transferred to website costs and depreciated in line with the policy stated below.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset, less their estimated residual value, on a straight-line basis over its expected useful life.

Amortisation is provided on the following bases:

Website costs - 25 % of cost Computer software - 25 % of cost

2.9 Tangible fixed assets and depreciation

Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, on a straight line basis over their expected useful lives.

Depreciation is provided on the following bases:

Leasehold improvements - 7-20% of cost Fixtures, fittings, office - 20-25% of cost equipment & computer equipment Office equipment - 20-50% of cost Computer equipment - 25-33% of cost

Page 20

HYMNS ANCIENT AND MODERN LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. Accounting policies (continued)

2.10 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.11 Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.12 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.13 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.14 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.15 Financial instruments

The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Fixed asset investments are not basic financial instruments and are initially recognised at transaction value and subsequently measured at fair value.

Page 21

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. Accounting policies (continued)

2.16 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rate of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the last day of the preceding month.

Exchange gains and losses are recognised in the Statement of financial activities.

2.17 Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

2.18 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statementsfinancial statements.

Page 22

HYMNS ANCIENT AND MODERN LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Useful economic lives of tangible and intangible assets

The annual depreciation charge for tangible and intangible assets is sensitive to changes in the useful economic lives and residual values of the assets. These useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes 15 and 16 for the carrying amounts of tangible and intangible assets and accounting policies 2.8 and 2.9 for the useful economic lives for each class of assets.

Stock provisioning

The charity sells books and periodicals and is subject to consumer demands and trends. As a result, it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the inventory provision, management considered the nature and condition of stock, as well as applying assumptions around anticipated saleability or finished goods and recoverability of work in progress. See note 18 for the net carrying amount of the stocks and the associated provision.

4. Income from donations and legacies

Donations
Donations		 Restricted
funds
2022
£
38,122
Restricted
funds
2021
£
60,561		 Total
funds
2022
£
38,122
Total
funds
2021
£
60,561

Page 23

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

5. Income from charitable activities

Unrestricted
funds
2022
£
Bookshop
461,194
Books
2,655,087
Distribution
397,195
Church Times
2,795,986
Periodicals
114,499
Major events
75,115
Total 2022
6,499,076
Unrestricted
funds
2021
£
Bookshop
333,159
Books
2,808,237
Distribution
407,525
Church Times
2,495,001
Periodicals
138,211
Major events
56,408
Total 2021
6,238,541
6.
Investment income
Unrestricted
funds
2022
£
Investment income
8,358		 Total
funds
2022
£
461,194
2,655,087
397,195
2,795,986
114,499
75,115
6,499,076
Total
funds
2021
£
333,159
2,808,237
407,525
2,495,001
138,211
56,408
6,238,541
Total
funds
2022
£
8,358

Page 24

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

6. Investment income (continued)

Unrestricted Total
funds funds
2021 2021
£ £
Investment income 4,565 4,565

7. Other incoming resources

Other income
Other income
Small Business grant
Coronavirus Job Retention Scheme income		 Unrestricted
funds
2021
£
92,413
22,855
-
115,268		 Unrestricted
funds
2022
£
113,877
Restricted
funds
2021
£
-
-
43,307
43,307		 Total
funds
2022
£
113,877
Total
funds
2021
£
92,413
22,855
43,307
158,575

During the prior year the Charity received exceptional Government funding as part of the Coronavirus Job Retention Scheme. Funding represents the costs of employing certain staff unable to carry out their duties as a result of the Coronavirus crisis.

Page 25

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2022
£
Governance costs
60,799
Cost of sales
3,348,345
Distribution
407,014
Administrative expenses
2,696,581
Grants payable to approved charities
4,032
Train A Priest
-
Grants of books
31,492
Total 2022
6,548,263
Unrestricted
funds
2021
£
Governance costs
57,122
Cost of sales
3,375,183
Distribution
394,882
Administrative expenses
2,560,666
Train A Priest
-
Grants of books
7,501
Total 2021
6,395,354		 Restricted
funds
2022
£
-
-
-
-
-
38,122
-
38,122
Restricted
funds
2021
£
-
-
-
-
60,561
-
60,561		 Total
2022
£
60,799
3,348,345
407,014
2,696,581
4,032
38,122
31,492
6,586,385
Total
2021
£
57,122
3,375,183
394,882
2,560,666
60,561
7,501
6,455,915

Page 26

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

9. Analysis of grants

Grants payable to approved charities
Train A Priest
Grants of books
Train A Priest
Grants of books		 Grants to
Institutions
2022
£
4,032
-
31,492
35,524
Grants to
Institutions
2021
£
-
7,501
7,501		 Grants to
Individuals
2022
£
-
38,122
-
38,122
Grants to
Individuals
2021
£
60,561
-
60,561		 Total
funds
2022
£
4,032
38,122
31,492
73,646
Total
funds
2021
£
60,561
7,501
68,062

Page 27

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

Analysis of grants (continued)

£4,032 Grants were paid to the following approved charities during the year (2021 - £Nil):

Beaufort Singers Chamber Choir
Bible Reading Fellowship
Christian Books Worldwide
CPAS - Falcon Holidays
Dr Martin Clarke Young Organ Scholars Trust
From Pub to Pulpit
Leicester Cathedral
Monkland Hymn Singing Weekend
Oddments Theatre
Open Doors
Southwark Cathedral
St John the Divine, Kennington
St Mary Le Tower
The Annunciation, Brighton
Winchester School of Mission		 2022
£
350
500
500
500
500
500
500
500
500
500
500
500
500
(1,500)
(818)
4,032		 2021
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

Grants of books totalling £31,942 (2021: £7,501) were made to 95 organisations (2021: 23). These grants are typically in the region of £300.

Negative grants are amounts that were awarded in previous years, but that were not claimed and have therefore expired.

Page 28

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

10. Governance costs

Unrestricted
funds
2022
£
Auditors' remuneration
14,625
Trustees' remuneration including national insurance
43,641
Trustees' reimbursed expenses for attendance at meetings and meeting
costs
2,245
Meeting Expenses
288
60,799
Unrestricted
funds
2021
£
Auditors' remuneration
13,800
Trustees' remuneration including national insurance
42,390
Trustees' reimbursed expenses for attendance at meetings and meeting
costs
932
57,122		 Total
funds
2022
£
14,625
43,641
2,245
288
60,799
Total
funds
2021
£
13,800
42,390
932
57,122

Page 29

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

11. Analysis of expenditure by activities

Governance
Cost of sales
Distribution
Administrative expenses
Grants payable to approved charities
Train A Priest
Grant of books		 Activities
undertaken
directly
2022
£
-
3,348,345
407,014
-
-
-
-
3,755,359		 Grant
funding of
activities
2022
£
-
-
-
-
4,032
38,122
31,492
73,646		 Support
costs
2022
£
60,799
-
-
2,696,581
-
-
-
2,757,380		 Total
funds
2022
£
60,799
3,348,345
407,014
2,696,581
4,032
38,122
31,492
6,586,385
Governance
Cost of sales
Distribution
Administrative expenses
Train A Priest
Grant of books		 Activities
undertaken
directly
2021
£
-
3,375,183
394,882
-
-
-
3,770,065		 Grant
funding of
activities
2021
£
-
-
-
-
60,561
7,501
68,062		 Support
costs
2021
£
57,122
-
-
2,560,666
-
-
2,617,788		 Total
funds
2021
£
57,122
3,375,183
394,882
2,560,666
60,561
7,501
6,455,915

12. Auditors' remuneration

- The auditors' remuneration amounts to an audit fee of £14,625 (2021 £13,000) , and other assurance services of £635 ( 2021 - £1,200 ).

Page 30

HYMNS ANCIENT AND MODERN LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

13. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2022
£
1,775,965
175,741
167,996
2,119,702		 Group
2021
£
1,792,463
171,113
174,061
2,137,637		 Company
2022
£
1,775,965
175,741
167,996
2,119,702		 Company
2021
£
1,792,463
171,113
174,061
2,137,637

The average number of persons employed by the Company during the year was as follows:

Group Group
2022 2021
No. No.
60 61

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2022 2021
No. No.
In the band £60,001 - £70,000 2 1
In the band £70,001 - £80,000 1 3
In the band £130,001 - £140,000 1 1

Employer pension contributions totalling £33,209 (2021 - £38,439) were made in the year for the provision of a defined contribution scheme for the higher paid employees.

Key management personnel consists of the Senior Management Team (as disclosed on page 3) and the Trustees. The total remuneration payable to these 13 key personnel members including employers national insurance (2021 - 9) was £693,831 (2021 - £699,173).

Page 31

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

14. Trustees' remuneration and expenses

During the year ended 30 September 2022, expenses totalling £ 2,245 were reimbursed or paid directly to 5 Trustees (2021 - £932 to 5 Trustees) .

During the year 1 (2021: 1) Trustee was paid royalties and other fees totalling £499 (2021: £408).

The Memorandum and Articles of Association authorise the reasonable and proper remuneration of the Council of Management. Authorised remuneration for the period was as follows:

The Reverend Canon Dr Simon Jones
Christopher Adams
Helen Couldrey
Ben Andradi
The Very Reverend Jane Hedges		 2022
£
12,149
7,873
7,873
7,873
7,873
43,641		 2021
£
11,546
7,498
7,498
7,498
7,498
41,538

Page 32

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

15. Intangible assets

Group and Company

Cost
At 1 October 2021
Additions
Disposals
Transfers
At 30 September 2022
Amortisation
At 1 October 2021
Charge for the year
On Disposal
At 30 September 2022
Net book value
At 30 September 2022
At 30 September 2021		 Website
£
1,043,264
69,417
(168,963)
35,857
979,575
790,113
111,217
(168,963)
732,367
247,208
253,151		 Systems
being
developed
£
32,977
134,360
-
(42,857)
124,480
-
-
-
-
124,480
32,977		 Computer
software
£
566,757
20,638
(37,912)
7,000
556,483
203,855
103,724
(37,912)
269,667
286,816
362,902		 Total
£
1,642,998
224,415
(206,875)
-
1,660,538
993,968
214,941
(206,875)
1,002,034
658,504
649,030

Page 33

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

16. Tangible fixed assets

Group and Company

Cost or valuation
At 1 October 2021
Additions
Disposals
At 30 September 2022
Depreciation
At 1 October 2021
Charge for the year
On disposals
At 30 September 2022
Net book value
At 30 September 2022
At 30 September 2021		 Long-term
leasehold
property
£
214,567
-
-
214,567
186,416
11,621
-
198,037
16,530
28,151		 Fixtures and
fittings
£
110,024
364
(1,315)
109,073
104,211
5,354
(1,315)
108,250
823
5,813		 Office
equipment
£
180,247
45,109
(34,720)
190,636
126,493
39,059
(34,720)
130,832
59,804
53,754		 Total
£
504,838
45,473
(36,035)
514,276
417,120
56,034
(36,035)
437,119
77,157
87,718

Page 34

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

17. Fixed asset investments

Group
Cost or valuation
At 1 October 2021
Additions
Revaluations
At 30 September 2022
Net book value
At 30 September 2022
At 30 September 2021		 Listed
investments
£
4,318,640
1,585
(359,389)
3,960,836
3,960,836
4,318,640		 Other fixed
asset
investments
£
8,671
-
-
8,671
8,671
8,671		 Total
£
4,327,311
1,585
(359,389)
3,969,507
3,969,507
4,327,311

Page 35

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

17. Fixed asset investments (continued)

The historical cost of listed investments is £3,624,199 (2021: £3,505,322).

The historical cost of other fixed asset investments is £8,644 (2021: £8,644).

All the fixed asset investments are held in the UK.

Investments

Company
Cost or valuation
At 1 October 2021
Additions
Revaluations
At 30 September 2022
Net book value
At 30 September 2022
At 30 September 2021		 in
subsidiary
companies
£
22,000
-
-
22,000
22,000
22,000		 Listed
investments
£
4,318,640
1,585
(359,389)
3,960,836
3,960,836
4,318,640		 Other fixed
asset
investments
£
8,671
-
-
8,671
8,671
8,671		 Total
£
4,349,311
1,585
(359,389)
3,991,507
3,991,507
4,349,311

All the fixed asset investments are held in the UK.

Included within other investments at 30 September 2022 are shares in group undertakings of £22,000 (2021: £22,000). Details of the subsidiary company are included in note 31.

Listed securities are shown at market value on the balance sheet date. Unlisted securities are held at cost less impairment.

Group material investments

The following investments are considered to be material:

2022 2021
£ £
Sarasin Endowment Fund Class A (Acc) 3,960,836 4,318,640

Page 36

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

18. Stocks

Packaging
Work in progress
Finished goods and goods for resale		 Group
2022
£
7,522
142,659
1,170,046
1,320,227		 Group
2021
£
7,897
156,938
1,037,650
1,202,485		 Company
2022
£
7,522
142,659
1,170,046
1,320,227		 Company
2021
£
7,897
156,938
1,037,650
1,202,485

Stock recognised in cost of sales during the year as an expense was £722,591 (2021: £846,356).

19. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Group
2022
£
503,211
109,107
239,431
851,749		 Group
2021
£
330,701
134,666
226,250
691,617		 Company
2022
£
503,211
109,107
239,431
851,749		 Company
2021
£
330,701
134,666
226,250
691,617

Page 37

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

20. Creditors: Amounts falling due within one year

Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 October 2021
Resources deferred during the year
Amounts released from previous periods		 Group
2022
£
519,579
-
108,332
548,115
668,725
1,844,751
Group
2022
£
686,736
668,725
(686,736)
668,725		 Group
2021
£
352,771
-
176,009
584,168
686,736
1,799,684
Group
2021
£
638,364
686,736
(638,364)
686,736		 Company
2022
£
519,579
22,335
108,332
548,115
668,725
1,867,086
Company
2022
£
686,736
668,725
(686,736)
668,725		 Company
2021
£
352,771
22,335
176,009
584,168
686,736
1,822,019
Company
2021
£
638,364
686,736
(638,364)
686,736

Deferred income is made up of subscription fees for various periodicals.

Page 38

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

21. Financial instruments

Financial assets
Financial assets measured at fair value through income and expenditure
Financial assets that are debt instruments measured at amortised cost
Financial liabilities
Financial liabilities measured at amortised cost		 Group
2022
£
3,969,507
612,318
4,581,825
1,067,694		 Group
2021
£
4,327,311
465,367
4,792,678
936,939

Financial assets measured at fair value through income and expenditure comprise listed fixed asset investments. The fair value is taken as the market value of the investments based on the portfolio valuation report obtained from Sarasin & Partners at the balance sheet date.

Financial assets measured at amortised cost comprise trade and other debtors.

Financial liabilities measured at amortised cost comprise trade and other creditors.

Page 39

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

22. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Restricted funds
Train A Priest
Total of funds		 Balance at 1
October
2021
£
6,829,867
-
6,829,867		 Income
£
6,621,311
38,122
6,659,433		 Expenditure
£
(6,548,263)
(38,122)
(6,586,385)		 Gains/
(Losses)
£
(359,389)
-
(359,389)		 Balance at
30
September
2022
£
6,543,526
-
6,543,526

Page 40

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

22. Statement of funds (continued)

Statement of funds - prior year

Balance at
Balance at 30
1 October Transfers Gains/ September
2020 Income Expenditure in/out (Losses) 2021
£ £ £ £ £ £
Unrestricted
funds
General Funds 6,396,607 6,358,374 (6,395,354) 43,307 426,933 6,829,867
Restricted
funds
Train A Priest - 60,561 (60,561) - - -
Government
Grants - 43,307 - (43,307) - -
- 103,868 (60,561) (43,307) - -
Total of funds 6,396,607 6,462,242 (6,455,915) - 426,933 6,829,867
Summary of funds
Summary of funds - current year
Balance at
Balance at 1 30
October Gains/ September
2021 Income Expenditure (Losses) 2022
£ £ £ £ £
General funds 6,829,867 6,621,311 (6,548,263) (359,389) 6,543,526
Restricted funds - 38,122 (38,122) - -
6,829,867 6,659,433 (6,586,385) (359,389) 6,543,526

23. Summary of funds

Page 41

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

23. Summary of funds (continued)

Summary of funds - prior year

General funds
Restricted funds		 Balance at
1 October
2020
£
6,396,607
-
6,396,607		 Income
£
6,358,374
103,868
6,462,242		 Expenditure
£
(6,395,354)
(60,561)
(6,455,915)		 Transfers
in/out
£
43,307
(43,307)
-		 Gains/
(Losses)
£
426,933
-
426,933		 Balance at
30
September
2021
£
6,829,867
-
6,829,867

24. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2022
£
Tangible fixed assets
77,157
Intangible fixed assets
658,504
Fixed asset investments
3,969,507
Current assets
3,683,109
Creditors due within one year
(1,844,751)
Total
6,543,526		 Total
funds
2022
£
77,157
658,504
3,969,507
3,683,109
(1,844,751)
6,543,526

Page 42

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

24. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2021
£
87,718
649,030
4,327,311
3,565,492
(1,799,684)
6,829,867		 Total
funds
2021
£
87,718
649,030
4,327,311
3,565,492
(1,799,684)
6,829,867

25. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation and amortisation charges
Unrealised loss/(gain) on investments
Dividends, interests and rents from investments
Increase in stocks
(Increase)/decrease in debtors
Increase in creditors
Net cash provided by operating activities		 Group
2022
£
(286,341)
270,975
359,389
(8,358)
(117,742)
(160,132)
45,067
102,858		 Group
2021
£
433,260
284,237
(425,311)
(4,565)
(26,131)
26,673
119,390
407,553

Page 43

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

26. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2022
£
1,511,133
1,511,133		 Group
2021
£
1,671,390
1,671,390

27. Analysis of changes in net debt

Cash at bank and in hand At 1
October
2021
£
1,671,390
1,671,390		 Cash flows
£
(160,257)
(160,257)		 At 30
September
2022
£
1,511,133
1,511,133

28. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £167,996 (2021 - £174,061). Contributions totalling £19,479 (2021 - £18,236) were payable to the fund at the balance sheet date and are included in creditors.

29. Operating lease commitments

At 30 September 2022 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Amounts payable for leases on land and
buildings and other leases:
Within 1 year
In years 2 to 5
After more than 5 years		 Group
2022
£
371,750
1,107,625
908,917
2,388,292		 Group
2021
£
285,307
504,180
-
789,487		 Company
2022
£
371,750
1,107,625
908,917
2,388,292		 Company
2021
£
285,307
504,180
-
789,487

Page 44

HYMNS ANCIENT AND MODERN LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

30. Related party transactions

During the year £6,350 (2021 - £6,350) was received for services provided to The English Hymnal Company Limited a company in which Hymns Ancient and Modern Limited has a minority shareholding; the balance receivable at the year end was £nil (2021 - £nil).

During the year £1,643 (2021- Nil) was paid for commission relating to sales of recommended books to Tablet Publishing Company Limited a company in which B Andradi is a director; the balance owed at the year end was £nil (2021 - £nil).

31. Principal subsidiaries

The following was a subsidiary undertaking of the Company:

Name Company Holding Included in
number consolidation
G.J.Palmer and Sons Limited 00291335 100% Yes
The financial results of the subsidiary for the year were:
Name Net assets
£
G.J.Palmer and Sons Limited 22,335

Page 45