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2024-09-30-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 2024

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 10
Independent Auditors' Report on the Financial Statements 11 - 14
Consolidated Statement of Financial Activities 15
Consolidated Balance Sheet 16
Charity Balance Sheet 17
Consolidated Statement of Cash Flows 18
Notes to the Financial Statements 19 - 43

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2024

Trustees The Very Reverend Dr Simon Jones, Chair (resigned 31 January 2024)
Christopher Adams, Chair (appointed 31 January 2024)
Ben Andradi
Helen Couldrey
The Very Reverend Jane Hedges
The Reverend Canon Aidan Platten
T Mark Knight (appointed 31 January 2024)
Company registered
number
01220696
Charity registered
number
270060
Registered office
13a Hellesdon Park Road
Norwich
Norfolk
NR6 5DR
Company secretary
Dominic Vaughan
Chief executive officer
Dominic Vaughan
Independent auditors
MA Partners Audit LLP
Chartered Accountants and Statutory Auditors
7 The Close
Norwich
Norfolk
NR1 4DJ
Bankers
Santander UK PLC
Second Floor
The Bell
5 Orford Hill
Norwich
NR1 3QB
Solicitors
Bates Wells & Braithwaite London LLP
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 2024

The Trustees present their annual report together with the audited financial statements of the the parent charitable company and its subsidiary (the 'group') for the year 1 October 2023 to 30 September 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Objectives and activities

a. Policies and objectives

Hymns Ancient and Modern Limited (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.

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.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Page 2

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Objectives and activities (continued)

b. 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. Since the Covid-19 pandemic, grants have been reduced. 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).

c. Main activities undertaken to further the Charity's purposes for the public benefit

Details of the main activities undertaken are included within Policies and Objectives and Review of Activities.

Page 3

HYMNS ANCIENT AND MODERN LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Strategic report

Achievements and performance

a. Key performance indicators

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

b. Review of activities

The general economy especially post-Covid continues to be a significant challenge for publishers, booksellers and charities. In 2020 and 2021, trading was affected by the lockdown and the effect of closure of bookshops, 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. The general economy has not improved as fast as expected and continues to lag expectations yet costs have increased considerably.

It was agreed by the Trustees that the grants to charities would be limited until further notice to protect funds for the main activity of the promotion of religion. Hymn book grants would continue as before.

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

The service divisions are expected to maintain or where possible, 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 £47,721. Grants to approved charities were £13,000. 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 in this difficult market. 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 and Google and 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. Paul Handley, the Church Times editor has retired after many years' service, and Sarah Meyrick has been appointed in his place.

Book Publishing and Distribution Division

Book publishing under the SCM Press and Canterbury Press imprints have continued to publish 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. The bookselling website continues to sell with direct sales and helps to compensate for fewer trade outlets. Microsites have been developed as part of the services offered to several distribution and publishing clients. Sales are also from titles in digital format, Apple and Android Apps and print on demand versions of many titles. Some audio books are now being offered. Discounts for students and subscribers to Church Times are available. Hymn books sales have suffered from the closure of churches and other related pandemic restrictions but have improved over the

Page 4

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Strategic report (continued)

Achievements and performance (continued)

last year. Christine Smith, the book publishing director has semi-retired, working one day a week and David Shervington has been appointed as director.

Bookshop Division

Church House Bookshop has continued to trade during periods of lockdown and has been able to provide a much needed online and mail order service. Due to refurbishment of Church House, it has temporarily moved to a nearby location within Church House. Physical events have grown over the year together with online and inperson book launches. Other online selling opportunities have been developed and have been very successful.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity 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.

b. 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 2024 this amounted to approximately £855,000.

Total unrestricted funds at the year-end amounted to £6,628,841. This sum includes funds invested in the Charity’s tangible and intangible fixed assets totalling £594,007. It also includes funds held as fixed asset investments of £4,914,141 and cash totalling £563,020 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 £557,673 equivalent to approximately 1.5 month’s operating costs.

Considering 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.

c. 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 policy.

Page 5

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

d. Principal funding

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.

e. Financial review

There was an unrestricted surplus for the year ended 30 September 2024 for the group of £137,940 (2023: £52,625 unrestricted deficit). The unrestricted fund balances at the year end were £6,628,841 (2023: £6,490,564). In both 2024 and 2023 the level of restricted income was matched with the same level of restricted expenditure. The restricted fund balances at the year-end were £NIL (2023: £NIL).

f. 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.

Structure, governance and management

a. 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.

b. Methods 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.

c. Organisational structure and decision-making policies

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 6

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Structure, governance and management (continued)

d. 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 Limited.

e. 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 (retired 2024) Genaro Santos Christine Smith Michael Addison Aude Pasquier

f. Related party relationships

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

Page 7

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Structure, governance and management (continued)

g. Financial 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 an IT specialist to test for system vulnerabilities.

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 have helped in keeping the organisation trading. 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 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.

Page 8

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report including the Strategic 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 Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity 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 Group and the Charity 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:

Page 9

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Auditors

The auditors, MA Partners Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

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

Christopher J H Adams (Chair of Trustees)

Date: 22 January 2025

Page 10

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 subsidiary (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity 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 11

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 12

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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the parent charitable company and the group.

Our approach was as follows:

Page 13

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

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

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

A further description of our responsibilities for the audit of the financial statements is 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.

Frank Shippam BSc FCA DChA (Senior Statutory Auditor)

for and on behalf of

MA Partners Audit LLP

Chartered Accountants and Statutory Auditors 7 The Close Norwich Norfolk NR1 4DJ

14 February 2025

Page 14

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 2024

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 expenditure before net gains on
investments
Net gains on investments
Net movement in funds
Reconciliation of funds:
21
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
-
6,809,762
58,165
120,188
6,988,115
7,535,465
7,535,465
(547,350)
685,290
137,940
6,490,901
137,940
6,628,841		 Restricted
funds
2024
£
49,446
-
-
-
49,446
49,446
49,446
-
-
-
-
-
-		 Total
funds
2024
£
49,446
6,809,762
58,165
120,188
7,037,561
7,584,911
7,584,911
(547,350)
685,290
137,940
6,490,901
137,940
6,628,841		 Total
funds
2023
£
24,723
6,517,899
46,210
145,899
6,734,731
7,043,961
7,043,961
(309,230)
256,605
(52,625)
6,543,526
(52,625)
6,490,901

Page 15

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 01220696

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2024

Note
Fixed assets
Intangible assets
14
Tangible assets
15
Investments
16
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Total net assets
Charity funds
Unrestricted funds
21
Total funds		 1,274,589
807,144
909,554
2,991,287
(1,870,594)		 2024
£
527,737
66,270
4,914,141
5,508,148
1,120,693
6,628,841
6,628,841
6,628,841		 1,241,811
829,083
1,435,114
3,506,008
(1,884,894)		 2023
£
559,831
84,307
4,225,649
4,869,787
1,621,114
6,490,901
6,490,901
6,490,901

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 and signed on their behalf by:

................................................

Christopher J H Adams (Chair of Trustees)

Date: 22 January 2025

The notes on pages 19 to 43 form part of these financial statements.

Page 16

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 01220696

CHARITY BALANCE SHEET AS AT 30 SEPTEMBER 2024

Note
Fixed assets
Intangible assets
14
Tangible assets
15
Investments
16
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Total net assets
Charity funds
Unrestricted funds
21
Total funds		 1,274,589
807,144
909,554
2,991,287
(1,892,929)		 2024
£
527,737
66,270
4,936,141
5,530,148
1,098,358
6,628,506
6,628,506
6,628,506		 1,241,811
829,083
1,435,114
3,506,008
(1,907,229)		 2023
£
559,831
84,307
4,247,649
4,891,787
1,598,779
6,490,566
6,490,566
6,490,566

The Charity's net movement in funds for the year was £ 137,940 (2023 - £(52,625)) .

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 and signed on their behalf by:

................................................

Christopher J H Adams (Chair of Trustees)

Date: 22 January 2025

The notes on pages 19 to 43 form part of these financial statements.

Page 17

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024

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
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 19 to 43 form part of these financial statements		 2024
£
(328,170)
58,165
(252,684)
(2,871)
(197,390)
(525,560)
1,435,114
909,554		 2023
£
73,026
46,210
(195,718)
463
(149,045)
(76,019)
1,511,133
1,435,114

Page 18

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

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.

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.

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.

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 Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity 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 Going concern

The Trustees 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 they deem it appropriate to prepare the financial statements on a going concern basis.

Page 19

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. Accounting policies (continued)

2.3 Income

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

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

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.

Royalty income is recognised on a receipt basis.

Page 20

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. Accounting policies (continued)

2.4 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.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

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.

Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.

2.5 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 institution with whom the funds are deposited.

2.6 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Consolidated Statement of Financial Activities.

Page 21

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. Accounting policies (continued)

2.7 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

2.8 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.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a straight-line basis.

Depreciation is provided on the following bases:

Leasehold improvements - 7-20% of cost
Fixtures and fittings - 20-25% of cost
Office equipment - 20-50% of cost
Computer equipment - 25-33% of cost

2.9 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 the 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 presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

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

Investments held as fixed assets are shown at cost less provision for impairment.

Page 22

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. Accounting policies (continued)

2.10 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.

2.11 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.

2.12 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.

2.13 Financial instruments

The Group has financial assets and financial liabilities 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.

2.14 Pensions

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

2.15 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 aim and use of each restricted fund is set out in the notes to the financial statements.

Page 23

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. Critical accounting estimates and areas of judgment

Estimates and judgments 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 Charity 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 14 and 15 for the carrying amounts of tangible and intangible assets and accounting policies 2.7 and 2.8 for the useful economic lives for each class of assets.

Stock provisioning

The Group 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 stock provision, management considered the nature and condition of stock, as well as applying assumptions around anticipated saleability of finished goods and recoverability of work in progress. See note 17 for the net carrying amount of the stocks and the associated provision.

Page 24

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. Income from donations and legacies

Donations
Legacies		 Restricted
funds
2024
£
19,633
29,813
49,446		 Total
funds
2024
£
19,633
29,813
49,446		 Total
funds
2023
£
24,723
-
24,723

5. Income from charitable activities

Unrestricted
funds
2024
£
Church Times
2,907,028
Books
2,728,856
Bookshop
506,758
Distribution
427,805
Major events
144,110
Periodicals
95,205
6,809,762
Investment income
Unrestricted
funds
2024
£
Investment income
58,165		 Total
funds
2024
£
2,907,028
2,728,856
506,758
427,805
144,110
95,205
6,809,762
Total
funds
2024
£
58,165		 Total
funds
2023
£
2,839,681
2,680,861
471,156
393,550
31,501
101,150
6,517,899
Total
funds
2023
£
46,210

6. Investment income

Page 25

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. Other incoming resources

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Other income 120,188 120,188 145,899

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Administrative expenses
3,230,022
Cost of sales
3,746,537
Distribution
424,456
Governance costs
73,729
Train A Priest
-
Grants of books
47,721
Grants payable to approved charities
13,000
7,535,465
Total 2023
7,019,238		 Restricted
funds
2024
£
-
-
-
-
49,446
-
-
49,446
24,723		 Total
2024
£
3,230,022
3,746,537
424,456
73,729
49,446
47,721
13,000
7,584,911
7,043,961		 Total
2023
£
3,010,427
3,498,188
377,888
69,725
24,723
44,984
18,026
7,043,961

Page 26

HYMNS ANCIENT AND MODERN LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

9. Analysis of expenditure by activities

Administrative expenses
Cost of sales
Distribution
Governance costs
Train A Priest
Grant of books
Grants payable to approved
charities
Total 2023		 Activities
undertaken
directly
2024
£
-
3,746,537
424,456
-
-
-
-
4,170,993
3,876,076		 Grant
funding of
activities
2024
£
-
-
-
-
49,446
47,721
13,000
110,167
87,733		 Support
costs
2024
£
3,230,022
-
-
73,729
-
-
-
3,303,751
3,080,152		 Total
funds
2024
£
3,230,022
3,746,537
424,456
73,729
49,446
47,721
13,000
7,584,911
7,043,961		 Total
funds
2023
£
3,010,427
3,498,188
377,888
69,725
24,723
44,984
18,026
7,043,961

10. Analysis of grants

Grants payable to approved charities
Train A Priest
Grants of books
Total 2023		 Grants to
Institutions
2024
£
13,000
-
47,721
60,721
63,010		 Grants to
Individuals
2024
£
-
49,446
-
49,446
24,723		 Total
funds
2024
£
13,000
49,446
47,721
110,167
87,733		 Total
funds
2023
£
18,026
24,723
44,984
87,733

Page 27

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. Analysis of grants (continued)

Grants of books totalling £47,721 (2023: £44,984) were made to 115 organisations (2023: 88). These grants are typically in the region of £400.

£13,000 Grants were paid to the following approved charities during the year (2023: £18,026):

Bible Reading Fellowship
Dr Clarke Young Organ Scholar's Trust
Engage Worship
Equipping Pastors Worldwide
Hymn Society of GB & Ireland
Kids Alive International
Love Burundi
Passion Trust
St Jude and St Paul's Church, Mildmay
St Luke's Healthcare for the Clergy
Time together SMITF
WaterAid Donation
Total
Anglian Consultative Council
Art and Christianity
Cathedral Music Trust
Church Pastoral Aid Society
Girl Choristers of Merton College
International Anglican Liturgical Consultation
Lambeth Palace Library
Lichfield Cathedral
Love Burundi
Oxford Pastorate
Ripon College
River Church Ipswich
St Lukes
Wakefield Cathedral
Staff Charity-Christians Against Poverty
Old grants expired
Total		 2024
£
500
2,000
1,000
500
1,500
1,000
1,000
2,000
1,000
1,000
1,000
500
13,000
2023
2,000
1,000
5,000
1,000
2,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
450
76
(1,500)
18,026

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 2024

11. Auditors' remuneration

2024 2023
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 13,600 17,250
Fees payable to the Charity's auditor in respect of:
All assurance services not included above 750 700

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2024
£
2,049,695
198,245
193,585
2,441,525		 Group
2023
£
1,950,987
187,904
183,040
2,321,931		 Charity
2024
£
2,049,695
198,245
193,585
2,441,525		 Charity
2023
£
1,950,987
187,904
183,040
2,321,931

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

Group Group
2024 2023
No. No.
Employees 62 63

Page 29

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

12. Staff costs (continued)

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

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 1 2
In the band £70,001 - £80,000 3 2
In the band £130,001 - £140,000 - 1
In the band £140,001 - £150,000 1 -

Employer pension contributions totalling £41,532 (2023 - £40,010) 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 7) and the Trustees. The total remuneration payable to these 14 key personnel members including employers national insurance (2023 - 13) was £762,608 (2023 - £725,965).

Page 30

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

13. Trustees' remuneration and expenses

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:

2024 2023
£ £
The Very Reverend Dr Simon Jones Remuneration 3,535 12,618
Christopher Adams Remuneration 9,644 2,716
Helen Couldrey Remuneration 8,312 8,149
Ben Andradi Remuneration 8,312 8,149
The Very Reverend Jane Hedges Remuneration 8,312 8,149
The Reverend Canon Aidan Platten Remuneration 8,312 5,627
T Mark Knight Remuneration 6,267 -

During the year 1 (2023 - 1) Trustee was paid royalties and other fees totalling £56 (2023 - £494).

During the year expenses totalling £2,327 were reimbursed or paid directly to 5 Trustees (2023 - £4,300 to 5 Trustees).

Page 31

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

14. Intangible assets

Group and Charity

Cost
At 1 October 2023
Additions
Disposals
Transfers
At 30 September 2024
Amortisation
At 1 October 2023
Charge for the year
Disposals
At 30 September 2024
Net book value
At 30 September 2024
At 30 September 2023		 Website
£
1,110,900
1,050
(345,896)
188,395
954,449
766,093
155,538
(345,896)
575,735
378,714
344,807		 Systems
being
developed
£
11,655
229,185
-
(199,912)
40,928
-
-
-
-
40,928
11,655		 Computer
software
£
685,366
-
(81,142)
11,517
615,741
481,997
106,791
(81,142)
507,646
108,095
203,369		 Total
£
1,807,921
230,235
(427,038)
-
1,611,118
1,248,090
262,329
(427,038)
1,083,381
527,737
559,831

Page 32

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

15. Tangible fixed assets

Group and Charity

Cost or valuation
At 1 October 2023
Additions
Disposals
Transfers between classes
At 30 September 2024
Depreciation
At 1 October 2023
Charge for the year
On disposals
Transfers between classes
At 30 September 2024
Net book value
At 30 September 2024
At 30 September 2023		 Leasehold
property
improve'nts
£
192,959
-
-
-
192,959
163,581
8,758
-
-
172,339
20,620
29,378		 Fixtures and
fittings
£
73,014
-
-
(580)
72,434
70,700
522
-
(72)
71,150
1,284
2,314		 Office
equipment
£
197,639
22,449
(19,987)
580
200,681
145,024
30,381
(19,162)
72
156,315
44,366
52,615		 Total
£
463,612
22,449
(19,987)
-
466,074
379,305
39,661
(19,162)
-
399,804
66,270
84,307

Page 33

HYMNS ANCIENT AND MODERN LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

16. Fixed asset investments

Listed
investments
Other fixed
asset
investments
Group
£
£
Cost or valuation
At 1 October 2023
4,216,978
8,671
Additions
-
2,871
Revaluations
685,621
-
At 30 September 2024
4,902,599
11,542
Net book value
At 30 September 2024
4,902,599
11,542
At 30 September 2023
4,216,978
8,671
The historical cost of listed investments is £3,879,942 (2023 - £3,746,271).
The historical cost of other fixed asset investments is £11,542 (2023 - £8,644).
All the fixed asset investments are held in the UK.
Investments
in
subsidiary
companies
Listed
investments
Other fixed
asset
investments
Charity
£
£
£
Cost or valuation
At 1 October 2023
22,000
4,216,978
8,671
Additions
-
-
2,871
Revaluations
-
685,621
-
At 30 September 2024
22,000
4,902,599
11,542
Net book value
At 30 September 2024
22,000
4,902,599
11,542
At 30 September 2023
22,000
4,216,978
8,671		 Total
£
4,225,649
2,871
685,621
4,914,141
4,914,141
4,225,649
Total
£
4,247,649
2,871
685,621
4,936,141
4,936,141
4,247,649

Page 34

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

16. Fixed asset investments (continued)

All the fixed asset investments are held in the UK.

Included within other investments at 30 September 2024 are shares in group undertakings of £22,000 (2023 - £22,000). Details of the subsidiary company are included in note 29.

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:

2024 2023
£ £
Sarasin Endowment Fund Class A (Acc) 4,902,599 4,216,978

17. Stocks

Packaging
Work in progress
Finished goods and goods for resale		 Group
2024
£
8,909
144,312
1,121,368
1,274,589		 Group
2023
£
10,817
168,381
1,062,613
1,241,811		 Charity
2024
£
8,909
144,312
1,121,368
1,274,589		 Charity
2023
£
10,817
168,381
1,062,613
1,241,811

Stock recognised in cost of sales during the year as an expense was £696,058 (2023 - £998,160).

An impairment loss of £52,970 (2023: impairment reversal of £239,736) was recognised as an expense (2023 - credit) in the Consolidated Statement of Financial Activities during the year due to slow-moving and obsolete stock.

18. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Group
2024
£
445,230
141,845
220,069
807,144		 Group
2023
£
427,410
137,300
264,373
829,083		 Charity
2024
£
445,230
141,845
220,069
807,144		 Charity
2023
£
427,410
137,300
264,373
829,083

Page 35

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

19. 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 2023
Amounts released from previous periods
Resources deferred during the year		 Group
2024
£
543,403
-
66,213
456,616
804,362
1,870,594
Group
2024
£
730,225
(730,225)
720,247
720,247		 Group
2023
£
470,507
-
63,886
505,927
844,574
1,884,894
Group
2023
£
668,725
(668,725)
730,225
730,225		 Charity
2024
£
543,403
22,335
66,213
456,616
804,362
1,892,929
Charity
2024
£
730,225
(730,225)
720,247
720,247		 Charity
2023
£
470,507
22,335
63,886
505,927
844,574
1,907,229
Charity
2023
£
668,725
(668,725)
730,225
730,225

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

Page 36

(A Company Limited by Guarantee)

HYMNS ANCIENT AND MODERN LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

20. Financial instruments

Financial assets
Financial assets measured at fair value
through income and expenditure
Financial liabilities
Financial liabilities measured at amortised
cost		 Group
2024
£
4,902,599
Group
2024
£
1,084,134		 Group
2023
£
4,216,978
Group
2023
£
1,090,783		 Charity
2024
£
4,902,599
Charity
2024
£
1,084,134		 Charity
2023
£
4,216,978
Charity
2023
£
1,090,783

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 LLP at the balance sheet date.

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

Page 37

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

21. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Restricted funds
Train A Priest
Total of funds		 Balance at 1
October
2023
£
6,490,901
-
6,490,901		 Income
£
6,988,115
49,446
7,037,561		 Expenditure
£
(7,535,465)
(49,446)
(7,584,911)		 Gains/
(Losses)
£
685,290
-
685,290		 Balance at
30
September
2024
£
6,628,841
-
6,628,841

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HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

21. Statement of funds (continued)

Statement of funds - prior year

Balance at
Balance at 30
1 October Gains/ September
2022 Income Expenditure (Losses) 2023
£ £ £ £ £
Unrestricted funds
General Funds 6,543,526 6,710,008 (7,019,238) 256,605 6,490,901
Restricted funds
Train A Priest - 24,723 (24,723) - -
Total of funds 6,543,526 6,734,731 (7,043,961) 256,605 6,490,901
Analysis of net assets between funds
Analysis of net assets between funds - current period
Unrestricted Total
funds funds
2024 2024
£ £
Tangible fixed assets 66,270 66,270
Intangible fixed assets 527,737 527,737
Fixed asset investments 4,914,141 4,914,141
Current assets 2,991,287 2,991,287
Creditors due within one year (1,870,594) (1,870,594)
Total 6,628,841 6,628,841

22. Analysis of net assets between funds Analysis of net assets between funds - current period

Page 39

HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

22. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
84,307
559,831
4,225,649
3,506,008
(1,884,894)
6,490,901		 Total
funds
2023
£
84,307
559,831
4,225,649
3,506,008
(1,884,894)
6,490,901

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

Net income/expenditure for the period (as per Statement of Financial
Activities)
Adjustments for:
Depreciation and Amortisation charges
Unrealised gain on investments
Dividends, interests and rents from investments
Loss on the sale of fixed assets
(Increase) / decrease in stocks
Decrease in debtors
(Decrease) / increase in creditors
Net cash provided by/(used in) operating activities		 Group
2024
£
137,940
301,990
(685,621)
(58,165)
825
(32,778)
21,939
(14,300)
(328,170)		 Group
2023
£
(52,625)
287,239
(256,605)
(46,210)
-
78,418
22,666
40,143
73,026

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HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

24. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2024
£
909,554
909,554		 Group
2023
£
1,435,114
1,435,114

25. Analysis of changes in net debt

Cash at bank and in hand At 1
October
2023
£
1,435,114
1,435,114		 Cash flows
£
(525,560)
(525,560)		 At 30
September
2024
£
909,554
909,554

26. 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 £193,585 (2023 - £183,040). Contributions totalling £21,400 (2023 - £21,842) were payable to the fund at the balance sheet date and are included in creditors.

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HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

27. Operating lease commitments

At 30 September 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Group
Group
2024
2023
£
£
Annual commitments - leases expiring
Not later than 1 year
352,110
337,509
Later than 1 year and not later than 5 years
756,135
863,538
Later than 5 years
408,417
577,417
1,516,662
1,778,464
The following lease payments have been recognised as an expense in
Activities:
Group
Group
2024
2023
£
£
Operating lease rentals
351,910
381,154		 Charity
2024
£
352,110
756,135
408,417
1,516,662
the Statement
Charity
2024
£
351,910		 Charity
2023
£
337,509
863,538
577,417
1,778,464
of Financia
Charity
2023
£
381,154

The following lease payments have been recognised as an expense in the Statement of Financial Activities:

28. Related party transactions

During the year £7,000 (2023 - £6,700) was received for services provided to The English Hymnal Company Limited a company in which Hymns Ancient and Modern Limited has a minority shareholding. A dividend of £1,296 was due from The English Hymnal Company Limited. Expenses are paid on behalf of The English Hymnal Company Limited and recharged at cost. The total balance receivable at the year end was £3,665 (2023 - £189).

During the year £1,169 (2023 - £1,413) was paid for commission relating to sales of recommended books to Tablet Publishing Company Limited, a company in which Ben Andradi is a director. The balance owed at the year end was £112 (2023 - £nil).

Magazine issues totalling £399 were purchased from Tablet Publishing Company Limited, of which £189 were returned (2023 - net £338). The balance owing at the year end was £nil (2023 - £nil).

The Very Revered Dr Simon Jones purchased books for a total of £169 (after discount of 35%) during the year, no balance was due at the year end.

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HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

29. Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Registered office or principal Principal activity number place of business G.J.Palmer & Sons Limited 00291335 13a Hellesdon Park Road, Dormant Norwich, Norfolk, NR6 5DR Class of Holding Included in shares consolidation Ordinary 100% Yes

The financial results of the subsidiary for the year were:

Name Net assets £ G.J.Palmer & Sons Limited 22,335

Page 43