Rogistered number: 01220696 Charlty number: 270Q60 cient odern. HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 HYMNS ANCIENT AND MODERN LIMITED IA Company Limit•d by Guarantee) CONTENTS Pag9 Referoncè and Admlnl$tr4tlv• D•tail$ of thè Charlty, Its Tnbstees and Advisers Tru$tè•s' Roport Indgp8nd•nt Auditor¥' R•port on the Flnan¢ial Statem•nts Consolidated Statsmont of Flnanclal Actlvftlos 2-10 15 Consolidatod Balance Sh99t 16 harlty Balane• Sh••t Con$olldatÈd Statement of Cash Flows 17 18 Note$ to thè Flnanclal Stat•monts 19-42 HYMNS ANCIENT AND MODERN LIMITED IA Company Limitèd by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Truste9$ The Very Reverend Dr Simon Jones. Chair from 23 January 2025 {appointed 22 January 20251 Christopher Adams. Chalr to 22 January 2025 Ben Andradi Helen Couldrey The Very Reverend Jane Hedge3 The Reverend Canon ￿'dan Platten T Mark Knight Company roglstered number 01220696 Charlty reglster number 270060 R•glstgr•d offl¢• 13a Hellesdon Park Road Norwi Norfolk NR6 51)R Company secretary Dominic Vau9han (to 31 Dècambèr 20251., Chris Lilley (from 1 January 20261 Chlof •xècutlve offl¢er Dominic Vaughan Irelired 31 December 20251 Michael Addison lint&rim Chief èxècutwe officer from 22 December 202SI Ind•p•ndgnt auditors hAA Partners Audit LLP Chartered Accountants and Statutory Auditors 7 The Closè Norwich Norfolk NR1 4DJ Bankèrs S8nlander UK PLC Second Floor The Bell S Orford Hrll Norwich NR1 30B Solieitors Bales Wells & Braithwaite London LLP 10 Queen Street Pla London EC4R 1BE Page 1 HYMNS ANCIENT AND MODERN LIMITED IA Company LIMIt￿ by Guarant8¢1 TRUSTEES. REPORT FOR TFIE YEAR ENDED 30 SEPTEMBER 2025 The Trustèes present their annual report together wth the audited financial ststements of the parent ch8rttablè company and its subsidiary (the 'group'} for the year 1 October 2024 to 30 September 2Q25. The Annual Report seNes the twrposes of both a Tnjstees. report and a directors. report under company18w. The Trustees confirm thal the Annual Report and finandal statements ol the charitable company comply with thè currènt statutory requirèments, the requirements of the charitable companls governing document and the provisions ol the Statement of Recommended Practice ISORPI applicable to charities preparing Iheir accounts in accordance wllh the Finanryal Raporting Star￿8rd applicable in the UK and Republic of Ireland IFRS1021 leffectlve 1 January 20191. Obj•ctlv•s and activlties . Polici•s and objoctiv•s Hymns Ancient and Modem Limited's IHA&M'sl vision is to enable a greater engagement of the Christian religion workjwide Ihrough high quality publishlng activities and targeted grant 9iving. It aims io build on its strong Anglican heritage to be the publisher and partner ol choice in thè world of Christian le8¢hing. lilurgy and music. It will provide prixlucts. servicès. èvents and financial SLJPPOrt to achi8Vè this goal. More infomiation about HA&M can be found on our website www.hyTnns8m.co.uk. The objeGts ol HA&M ar¢.. to promote the advancement of religion- to establish and support or aid in the establishment and support of any Charitable Corporation, AssoGiation, Instilulion. College, School, Society or Body whatsotrver which in the opinion ol the Hymns Ancient and Modem is ¢onn8Cted with the work of the Church of England or any Church in Communlon with it, and to 3ubscribe aThJ guar8nt¢tr money lor any such ¢hariiable purposè." lo aid and SLbPPOrt any Charitable Corporation, Association, Institution, College, School, Sooety or Body which may not be in a direct rèlationship wlh the Church of England as aforesaid but whose aims and objects are, in tho opinion of Iha Associalion. su¢h as a Church of England organisation could propedy ald and support. The main objedives for the y8ar continue to be those as stated abovo. The means employed to achieve Ihg Charity'$ objectivès a￿ as follows. The organisation engag8s in the publishing of religious joumals, books, electronic products and provides publishing, distribution and related services lo other rèligious organi%ations and publishers. In setting obje¢llves and planning for activili88, Ihè Trustees have given due consideration to general guidance published by tho Charity Commi$511Jn relatsng to rAAblic benefit. Ir￿lUding the guidance 'Public benefit.. running a charity (P621'. Page 2 HYMNS ANCIENT AND MODERN LIMITED IA Company Umlted by Guarant99) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Objective5 and aetlvltlÈs {contSnuodl b. Grant-maklng pollclo$ Grants are awardad based on the folbwing ¢riteria'. the projecl will be of real value and wlll make a dIffe￿nCe to a subslanli81 group ol paople. A project which is of limited interest or value will not norrnal￿ bè Cons￿ored unless the project will clearly hav8 a wid$r benefiÈ,' The ap￿1¢an[ is capable of carrying out the projecl.. The applicant has 8 carèfully budgeled woject and has, and will, makè full disclosure to the Trustees ol thè sources of other funding anil if fortunate enough to be given more than suffitiÉnt for the project will immediately inform the Trustees to consider the surplus. The applicant should also Supply a copy of Iheir latest published financial statement il requested.. and In order to ¢omplele the successful grant process th8 Tnjstees will expect a report on completion of shorl lerm projects OT an annual progress report for long term projects. e. Proactlve glving The Trustees will solicit ideas fron) olhers to help dovelop initiatives in our fields of Interesl. HA&M will seek advice on how t¢ might be more proactive, rathgr than simply raact to applications. QU￿entlY thèrè are thrèe main aieas of inleresl.. Muslc and Education.. the development of church music understanding. kno￿edge arbd re181ed educational opportunities. Liturgy Iwth special reference lo training in lilurgyl. Book5 lin print and eleclronlc formsl- to provide training college5 and organisalions, particularly in d8velopiThJ countries. with PUbl￿atIonS th8y need to further their work and develop their library. The Trustees continue lo res¢tva the right tcp vary the arnounl alloGat8d irb total and lo each area and are solely responsible lor arxepting or rèjècting requests. This is being reviewed règularly. Staff have been en¢ouraged lo propose a single suit8ble charity, possibly local. that we would ￿ able to work with directly, as well as provide grants for specific projects. Delails ar8 shown on the company website {WW¥V.h￿nS#m.¢0.uk>. d. Maln aetlvitiès und•rtaken to furth•r th• Charitys purp¢)s•s for the public benefit Details of Iho maln aclivitl8s undertak8n are includ$d within Policies and objectives and Review of aetivitl8S. Pag8 3 HYMNS ANCIENT AND MODERN LIMITED {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2025 Strat&gi¢ report Achievgments and perfgrniance a. perfgrniance inditstors The main koy P6rtorman¢8 indicators used by the council of mana9ernenl are perfortn8nce against bvdgel and rèlatad largets induding contribution. b. Rovl•w of aetlvltles The general economy especially post-covid eonb.nues to be a si9nificant challenge for publishers, booksellers nd charities. In 2020 and 2021. trading was 8ffeded by the lockdown and the effect of closure of bookshops. churches. and many businesses. Advertising was also grèally reducgd for at least 6 months when fewer jobs and church resources werè bèing promoted. Since then, activily has picked up 81though many specialist Christian bookshop3 have not reopened and Churches a¥e suffering from lack of congregation and funds. The general economy has not improved as fast as expected and continues to lag expectations. It was agreed by the Trust8ès that the granls to charities would be limited until furthér notice to proted fvnds for the main activity of the promotion ol ￿lIgIOn. Hymn book grants would continue as before. E&h divisiot) has dear flnancial obj8clives which reflect Ihe overall annual budget. The Servi￿ divisKJns aré èxpected lo maintain or where possible, grow the service client base. All the dlvlslons reflecl Ihe c>verall charitable aims and have achieved th& financial and olher related objectives sel at the inning of tha year. Grants of hwnn books have been made arnounting lo £61.188. Grants to appiovèd charities were £24,950. No funds have been designaltsd for grants offeTed lo chartlies which ara contingenl on future criteria. Church TIMK and Porlodicalg Divislon Church Times coniinugs to maintain its po&tson as the lgadlng Anglican we8￿Y nawspaper in this diffieult market. The website and app are well used. All issues since Ihe first in 1863 are available in digital format as part of the subscription or as a separats purchase. The cost of the app to users is part of the paper subscription, it can b& purchased diréctly from Apple and Google and from the HA&M website. Other publications are continuing to develop in print and digital form. Ordinands contlnue to gel a free subscription duriny training. Chureh Times together with the books and bookshop division has staged many successful online and In-person ev8nts. Many of thesg are also availablè to watch after the event and the number of participants is v8ry encouraging. Paul Hanley, the Church Times editor retired on 30 Septembgr 2024. and Sarah Mèyrick has b88n 8ppointed in hi8 place from 1 OGlober 2024. Book Publlshing and Distrlbution Dlvision Book publishing under the SCM P￿sS and Canterbury Press imprints have continued to publish over thg ye8r. Church House Publishing t￿￿9 were published on behaW of The Archbishops, Counoil. St Andrew Press. PLJblished on behalf of The church of scoll8rKI, also contributed to book sales. The bookselling website continLJes to sell with diracl sales and helps to comptrnsate for fewer trad8 outlets. Microsile$ hav¢ been developed as part ol the seNices offered to several distribution and publishing clients. Sales are also trom titles In digital format, Apple and ArKlroid Apps and print on demand versions ol many tides. Some audio books are now boing offgr8d. Discounts for Students and subscrfbers to Chvreh Timès are availablg. Page 4 HY&qNS ANCIENT AND MODERN LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENDED 30 SEPTEMBER 2025 Strat991¢ report leontlnuedl Achlevements and perfomiane• Icontinuedl Hymn books $81è9 have suffered from the Ck)SU￿ of thurches and other related pandemic rgslriclions but have improved over the last year. Christine Smith. the book publlshlng dSreclor has semi-relirèd, working day a week and David Shervington has been appointèd as director *rom 1 October 2024. Bookshop Dlvlslon Church House Bookshop has conth'nued lo trade for much of the year from temporary Premises due lo refurbishment of ChLJr¢h House. mo￿ng back into the n8￿Y refurbished bookshop in May. Provision of online and mail order service was unaffected. Physical events have grown over the year together wth online and in- person book laun¢hes. Other online selling opportunits'es have been developed and have been very successful. Proactiv• givlng An analysis of grants awardèd in thè year is given in note 10. Since 1952, the Church Times has supported the training of ordinand5 thiou9h its annual Train-a-Priesl ITAPI fund. An annual Gampaign runs during Lent to invit8 contributions by readers. The appeal opens on Ash w￿nesdaY and runs until Pentecost, after which donations are disbursed. Until 2020, all donations wer¢ sènt to the knhbish¢)ps' Council for distribution to ordinands in financial hardship. However. a substantial legacy from a retired headmistrèss eharoed that. This means that any ordinand who suffers financial difficulties whil8 training for the priesthood in the Church ol England now can gpply lor a TAP grant via the National Ministry Team in Westminster. Donations to our annual appeal are n¢)w disbursed to ordinands in training in Africa, vi8 the Council of Anglican Provinces of Africa ICAPAI. Donations arè disbursed by HA&M after thg cut-off date of Pentecost. Any futher donatK)ns are held over until the following year. TAP is accounted lor in the annual accounts as a donation to HA&M and as a specified grant paid out. 1115 also reptsrted as part of our Charity Commission annual return. Any balance carried forward is held in the restrided reserve. Details 8re shown on Ihe company webslle Iwww.hymnsam.co.ukl- Flnancial revigw a. Golng concern After making appropriale enquiries, the Trustees have a rttasonable expectatitsn that the Charity has adequate resources lo continue in operatitsnal existence for the foreseeable future. For this reason, they Continua to adopt the going concern basis in prep81ing the financial stslements. Further details of the circumstances surrounding this a55umption can be found in the Revièw of ActNitres section of thi5 report and the Accounting Policie$. Page 5 HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee} TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 b. Reserves pallcy The Council of Management has reviewed the reserves of the Chafity. The review uinduded that HA&M needed to maintain adequate reserves io continue to be a￿e to fund grants, as part of routine business risk and busingss continuity planning and as a conlingenw In the event C*f major disruplion to the business. The tar9et level of frèe reserves required lo me8t these objectives is •stimaled at thretr months operatin9 eosts. At 30 September 2025 this amounted to approximately £900,471. Total unrestrictéd funds at the year-end amounled to £6.486,271. This sum includes funds Invested in thè Chantls tangible and intangible fixed assets tolalling £465,791. It also includes funds held as fLxed asset investments of £5,151.633 which thè Trustees regard as beiTrJ 8ar tnarked for strategic investment opportunitiès. When these strategic inve$trn&nt funds and the charitls fixed assets are excludgd, unrastricted resèrves amount•d lo £868,847, broadty equivalènt to the targèt leval of reserves. Considèring the lev¢1 of strategic inv85tment funds that are readily available should these be required at short notice the Trustees consider this levèl of reserves to be adequate in the ciicumsiances. c. Matgrlal Inv•stm•nts policy Under the Memorandurn and Artides ol Association, the Trustees have wide powers of investment. Funds afe held in short and longer term investments to provide for long tom development, to provi¢Je working ￿p1￿1 and to enable grant giving. The Charity is loo￿ng for inv8Stments to supptsrt the Charitys obj'ects. For long term investments. the Council has oppoinie¢J Invg$tm8nt managgrs wth a mandate to maintain the real capital v8lue and produce an income that can be used to support ongoing operations and grant m8klng. Invoslments arg h&hl in acwrdance with the Church ol England's ethical investment policy. d, Princlpal lundlng The main Sou￿9 ol funding lor HA&M is Ihe Sale, distribLrtion and publishing of books and periodicals and events 8ttendance and managément. Expenditure has twn direclly linked to thése income sourcas. ¢. Financlal revigw Thare was an unrestricted deficit for the year ended 30 September 2025 for th8 groLJP of £142.570 12024.. surplu5 01 £137,940). The unrestrided fund balances at the year gnd were £6,486,271 12024". £6,628,841). In 2025 8 surplus on the restricted fund was made of £83,961 12024.. the level of rèstricted incom8 was matched with the same level of reslrirt8d expendilurèl. The restricted fund balances at th8 year-end were £83,961 (2024.. £NILI. f. Corporation tax HA&M is registei6d as a charitable organisation 8n¢J has been granted exemption from corporation lax under Ihg provisions of secliorb 466 to 493 of the Co￿Oration Tax Act 2010. Page 6 HYMNS ANCIENT AND MODERN LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER2025 Slructure, governance and management a. Constltutlon Hymns Ancient Èrbd Modern Limited is a company limlted by guarantee and accordingly do85 Mt have a shar& capital. The liability ot the mémbèrs 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 18 registered Bs a chaiity with the Charty Commission. b. Methods of appointm•nt or 81octlon of Trustèes The Council of Managefft8nt (Trustees), which should number not less than three nor more than seven, admlnisters the Charity. Trust8es retire aftèr three years bul are able to be re-elected lup to three times plus 1 yearl. The Council ol Management regularfy reviews the range of skills amongst TTuslegs. Th8 chaim8n is appointed by the Council of Management and there is no limit on the length ol lem) the chairman can serve within the ov8rall limit of a Trustee. New Trustees a￿ found from the contacts and nefv40rks of existing Trustees, outside advisors and by advertising. When iecruiling new Trustees. the Council of Management looks lor individuals with sknlls and experience which are olvalue lo the Charily. c. Organlsatlonal structure and d*¢l$lon-maklng pollcl•s The Council ol Management meets quart8rly. A Chief Executive is appointed by the Council of Management lo rnanage the Charity. As a result of the size of the Charity, the Trustees delegate responsibiltty for day-to-day management to staff using planning and budgeting procedures, and delegation wlth segregaticn of duties. d. Poliei•s adopted for the induction and tralning of Twstees Polentl81 Trustees are inleTviewed by the Council of Management and arè provided wrth a pack of inlomialion including rècènt accounts and a copy of the M¢morandum and Articles of Association. When a naw Trustee joins the Council ol Managernent they are provided wth further information ragarding finances, governance and charitable objectives including minutès of m&etlngs for the previous year. They also receive documenis on besl practice tsken from the Charity Commission websit8. Trustees are highly experienced individuals and have a good understanding of what is involved in being a tTU5tee of a eharty. Where appropriate. the Charity supports the training of Trustees including, lor example, atlendan al relevant s8tninars or events. The Tfuslees are the ￿1￿ctorS of the company for the purposes ol the Comparbi$S Act 2006. During the year th8se Trustaas may receive remuneration within the limits sel by the Articles ol Assod8tlon of Hymns Ancient & Modern Limited. Page 7 HYMNS ANCIENT AND MODERN LIMITED IA Company Lbmited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2(125 Structure. governance and management {¢ontinu•dl e. Pay poliey for key management per¥onn•l Remuneration lor all staff is set by the Council of Management at lèast annually, tsking into account inflation and the perfomiance of the business. Key management cnmprises thè Sènior Management Team.. Dominic Vaughan Sue Stapleford Pink Gen8ro Santos David Sh¢Mngton Michael Addison Aude Pasquier Sarah Meynck Sue Keighlgy f. Related party r•latlonships HA&M has one 100% subsidh8ry company, G J Palmer & Sor)s Limited, which is dormant. g. Financial rlsk management The CounGil of Managemént has examined th6 principal areas ol the Charity5 opgr8tion and consider the majoi risks faced in èach of those areas. In the opinion of the Council ol Management, the Charity has established r8sources and rewew systems which have b88n fully documented and which should allow these risks to be mitigaÈed to an a¢¢eptable level in its day- to-day operation5. In addth'on to procedures and process mitigation. where p05sible Insurance has been purchased to mth'gale financial rfsk. Thé key risk area for the organisation is polenlial ch8nge to the mad(et resulting in challenges to salas. The￿ is a strategy for managing risk and this is supported by the Risk Assessment Docurnent which rates risks according lo thelr impact and probabilily. Int81nal control risks are minimised by the implementation of prO￿dureS lor authorisation of all transactions and projects. Originally developed wth Seenaris Ltd, there is a business ¢ontlnuity plan wh￿h would be implernent8d in thè event of a major disaster. A lest of the major elemants of Ihg plan has been carried out and lessons beamed and documented. It is intended lo carry oul occasional tests from time to tirn8. The Covid pandemiG provided an opportunity in pracbcg ftsr the plan to be implemented regarding working from home and the robustness of systems. During this b'me operations (ontinued wlthout any signrficant problems. HA&M have engaged Stallard Kane Associates Ltd to help ensure that typst practice is followed in hèalth and safety management and Bates Wells logether with an HR consultant provide human resources support lo ensure tho sal&ty and wellbeing of staff. customers and visitors to the Charitys buildings and events. The organisation has qLsalified for an annual Cybgr Essentials certth¢ala and has an IT spocialist to test for system vulnerabilities. Pago 8 HYMNS ANCIENT AND MODERN LIMITED IA Company Limit•d by Guaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 Plans for future perlod$ Future developments The group 18tnains in a strong financial and strategic position with Its spread of products. customers 8nd investments. HA&M has a good reputation as a charity. publisher, publishing service provider and patlner. 11 wll continue to develop relationships With like-minded organisalions and provide its experience and expertis8 to help thètll succ*￿. Inveslments in new techrbtslogies have helped in keeping the organisation trading. These wll Continue to help to ensure that customers can obtsin the ieligious information and music they need even t￿￿9h the number ol specialist ouuets 15 likely to be sm8ller Ihan èvèr. There will be continuing monitoring of perftsrmance to ensure all areas are (x)ntrftAJting as budgeted. produets are produced according to plan and 8erviGes maintained al the current level. Post balan¢e sheet evenl$ Subsequent lo the ye8r 8nd there have been a number of staff ￿￿reMentS among the sènior management team. The Trustees would like to thank èach of tham for their contribution and service over many years our CEO Dominio Vaughan. as well as Finance Director. Sue Slapleford Pink, 8nd ftsmer book publishing director. ChTlStine Smith. Statoment of Truste85' responsibilities Thè Trustees (who are also the dir8Ctors of the Charity for thè purposes of company lawl a￿ responsible for preparing the Trustees, Report including the Strategic Report and the financial statements in accordance wilh appliGable IAW and Uniled lfjngdom Accounting Standards (United Kingdom Gen&rally Accepled Accounting Practice). Company law requires tho Trustees to prepare financial stat8rHonts for each financial year. Under Com￿nY1#w, the Trustees must not approve the financial statements unless they are satSsfied that they give a true and fair view of the state of affairs of the Group and thè Charity and of Iheir in¢omin9 resources and application of resources, induding thelr Income and expendilure, for that period. In preparing these fin8naal statements, the Trustees are required to.. select suitaNe accounting poI￿leS and then apply Ihem consist8ntly,' observe the methods and principles of the Charities SORP IFRS 1021., make judgments and 8ccounting estimates that are r8asonable and prudent-, state whether applicable UK Accounting Standards IFRS 1021 have been followed, svbject to èrry material departuie5 disdosed and explained in th8 financial statements.. prepar8 the financial stateménls on the going ¢oncem basis unless it is inapproprfiate to presume that tha Group will ￿ntinUe in business. The Trustees are responsible for keeping adequate accounting record5 that are sufficient to show and èxplain the Group and the Chariws transaction5 and disclose with reasonable accur8cy at any time the financial posilion ol the Group and the Charity and enable them lo ensure that the fi'nancial stalemenls comply with the Companies Act 2006. Th8y are also responsible for safeguardlng the assets ol the Group and the Charity and hèneè for taking reasonable steps for the wevention and detectson of fraud and other irregularities. The Trustèes aro responsible for the maintenance and integrity of the corporate and financial information includeil on the charllable group's website. Legislaiion in Ihe United Kingdom govèming the preparation and dissèmination ol financial stalemenls may diff8r from legislation in other jurisdictions. Page 9 HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Gu4ranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 202S Dlsclosurg of Infomiatlon to auditors Each of the pgrsons who are Trustgès at the time when this Trustees. Report is approved has confirmed that.. so far as that Trustee is awarè. there is no r6lavant audit information of which the ¢h8ritsbla oroup's auditors ar8 unaware. and that Trustèe has taken all the steps that ought to have been tsken as o T¥ustee in order to be aware of 8ny r81ovant audit information and to establish Ihal the ¢harit8ble group's avdilors are aware of that information. Auditors The audiiors. MA Partners Audlt LLP, have indicatèd IhoSr willingn8SS to continue in office. The dÉswnated Trustees will propose a molion reappoinb.ng the auditors at a meetsng of the Trustees. Approved by order of the members of the board of Trustees and signed (K) their behalf by= The Very R•verend Dr Simon Jones (Chair ol Trustees) Dats: 3 Febwary 2026 Page 10 HYMNS ANCIENT ANO MODERN LIMITED IA Company Limited by GuaranteÈ) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HYMNS ANCIENT AND MODERN LIMITED Opinion We have audrtèd the financial slalements of Hymns Ancient and Modem Limbted Ilhe 'parent ¢haritab compansll and ils svbsidiary (the 'group'l lor the year ended 30 September 2025 which comprisè the Con501idaled Staternenl of Financial Activib"ès, the Consolidaled Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant acwunting policies. The finanThal reporting framework Ihal has been applied in their preparation Is applicable law and United l accordance with ISAS {UKI wll always detect a material misstatement when it Èxists. Misstatements can arise from fraud or error and are considered rnateri81 if, Individually or in the aggregate, they could rea50n3bly be expected lo influence the economic decisions of users tsken on the basis of these financial $18tements. Irregularities, including fraud, arè instances of Th)n-compliance wth laws and regulations. We design proc8durè$ in linè ￿th our responsibilities, Outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregul81ities, including fraud is dètailed below. Explanatlon as to what extent the audlt was ¢on$ldèred capable of delacting irrogularltiès, Includlng fraud Th8 obi8clives of our audit in respect ol fraud, 8re,' lo identify and assess the risks of material misslalemenl of the financial statements due to fraud., lo obtain sufficient 8ppropriate audit evidènce regarding the as$è$9ed risks of material misslalemenl due tr) fraud, through designing aNI implamenling approprialg responses to thosè assessed risks.. and lo respond appropriately (o instances of fraud or 5USPèCted fraud identified during thè audit. However. the primary reswnsibility for thè prevention and detection of fraud rests wlh both management and those charged with govemance of th8 parent charitabl¥ Company and the group. Our approach was as follows.. We obtained an und8r5tanding of the legal and regulatory raquirements appl1rab￿ to the p8renl charitable company and the group and considered that the rnost signfficant are the Companies A¢1 2006, the Charitses Act 2011, the Charity SORP, and UK financial reportirvj slandards as issued by the Financial Reporbng C¢Juncil. We obtained an understanding of how the parent charitable company and the group Cornplies with Ih888 r8quiremenls by discussions with management and those charged ￿th governance. We assessed tha risk of material misstatement of thè financial statements, including thè risk of material misstatement dué to fraud and how it might OCCUT, by holding dlscussions with management and those tharged with govemance. Page 13 HYMNS ANCIENT AND MOOERN LIMITED {A Company Llmlted by Guaranl••l INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HYMNS ANCIENT AND MODERN LIMITED ICONTINUEDI We inquirgd of management and those charged with gtsvernance as lo any known instances of non- compliance or suspected non-compliance with laws 8nd regulations. Based on Ihls underslanding, w8 designed sp¥cific appr(priate audrt Pfocedures to identrfy instsn¢es ol non. compliance wth laws and regulations. This inclLKled rnaking enquiries of manag8ment and those charged g)vemance and obtaining additional coffoboratsve evidencg a5 raquirad. Because of the inherent limilatsons of an audit. there is a risk that we w511 not detect all irr￿u12r1tie$, including thos81oading to a material mSsstatement in the financial statements iy non-compliance with wulation. This risk increases tha more that cornpliance with a law tsr regulation is rernoved from the events and transactions rellected in the financial stslemgnts, as we will be less likaly to become avrarè ol instances of non-ccxnpliance. The risk is also greater regarding irregularities o¢curring due to fraud rather than error, as frauij invdves intèntional concealment. forgery, collusion. omissb)n or mi8repre8entÈtion. A furth8r descriplion of ouf responsibiliti85 for the auijit ol the financial sialemenls is loc8le¢J on the Financial Reporting Council's websitè at.. www.frc.or udilorsres This description forms part of OLÈr Auditors, Report. Use of our rèport This report is made solely lo lh8 charitable companls members, as a body, in accordance with Chapter 3 of Part 16 01 the Companies Act 2006. Our audit work has been undertaken so that we might slate to th8 charitab18 compan￿$ mernbèrs those malters we are required to slate to them in an Auditors, Report and for no other purpose. To the fullest 9Xtent pemitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members. as 8 body, for our audit work. for this report. or for the opinlons we have formed. Frnnk Shlppam 8Sc FCA DChA Isenlor Statutory Auditor) for and on behalf of MA Partnors Audit LLP Chartered A¢¢ountants and Statutory Auditors 7 The Clos8 Norwich Norfolk NR1 4DJ 4 Fèbruary 2026 Page 14 HYMNS ANCIENT AND MODERN LIMITED IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTtVlTIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 SEPTEMBER 2025 As restaled Tot81 funds 2024 Unrestricted funds 2025 Restrfel•d funds 2025 Total funds 2025 Notè Income from: Donations and legacies Charitable actNities 108,891 108,891 6,826,750 160,230 138,526 49,446 6,809, 762 189,320 120,188 6.82fj,750 160,230 138,526 Investments Other income Total Income 7,125,506 108,891 7,234,397 7,168,716 Expgndlturo on- Charitable a¢livitias 7,393,757 24930 7,418,687 7,584,911 Total gxyndlture 7.393,757 24930 7.418,687 7,584,911 Net {èxp•nditurèVincome before ngt gains on lrtv•stm•nts Nel galns on Invesim•nts {268,2511 12S,681 83,961 1184,2901 125,681 (416, 195J 554, 735 Net mc*vement in funds 1142.5701 83,961 158.609} 137.940 Reconclllatlon of funds: Total funds brought forward Nel movement in funds 6.628,841 1142,5701 6.628.841 158,6091 6,490,901 137,940 83,961 Totsl funds carrled forward 6.486,271 83,961 6,570,232 6,628,841 Thè notgs on pages 19 - 42 form part of these financial ststemgnts. Page 15 HYMNS ANCIENT AND MODERN LIMITED IA Company Llmltod by Guarantee) REGISTERED NUMBER: 01220696 CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2025 2025 2024 Note Flxed assèts Intsnglble assets T8ngiblo assets Investments 14 395,124 70,667 5.151,633 527.737 66,270 4,914,141 15 16 5,617,424 5.508,148 Current a$$ets Stocks 17 1.274.925 787,627 803,289 1,274,569 807.144 909.554 Debtors Cash at bank and in hand 18 2,865,841 2.991.287 Curfent Ilablllti8s Creditors= amount$ falling due wilhin orhe year 19 11.913.033} (1,870,594) M•t current ass¥ts 952,808 1. 120.693 Total n•t a880ts 6,570,232 6,628,841 Charity funds Reslrfctad funds Unrestricted funds 22 22 83.961 6.486,271 6,628,841 Total fvnds 6.570,232 6.628.841 The Trustees ad(nowledge thoir responsibilitie5 for complying with the requirements of the Ad with respect to accounting ￿0)rdS and preparation of financial statements. Th8 finan¢ig1 statements were approved and authorised for issue by the Trustees and signed on their behalf by.. The Very Re erend Dr Simon Jontrs (Chair of TnJ$leesl Date.. 3 Fabruary 2026 The [￿teS on pages 19 to 42 form part of these financial st8t&ments. Page 16 HYMNS ANCIENT AND MODERN LIMITED IA Company Llmlted by Guarantee) REGISTERED NUMBER: 01220696 CHARITY BALAIICE SHEET AS AT 30 SEPTEMBER 2025 2025 2024 Fix•d assèts Intangible assets Tangible assets Investments 14 15 16 395,124 70,667 ,173,633 527.737 66,270 4,936, 141 5.639,424 5,530.148 Currnnt assets Stocks 17 18 1,274.925 787.627 803,289 1.274,589 807, 144 909,554 Debtors Cash at bank and in hand 2,865,841 2,991,287 Currtnt liabilitiès Credilors.. ar￿UnIS falling due within one year 19 11,935,368 {1,892.929) Net ¢urrent ass•ts 930.473 1,098,358 Total net as$•ts 6,569,897 6,628,506 CharSty funds Restricted funds 22 22 81961 6,485,936 Unrestrlcted funds 6,628,506 Totsl funds 6.569.897 6,628,506 The Charity$ nèt movemgnl in funds for the year was1£58,6091 (2024- £137,940?. The Tru5t885 acknowledge their responsibilitiés for cOmpl￿ng wlh the requirernertts of the Act Mllth respect to accounting records arKI preparation of financial slalements. The fi I stat s were approved and authorised fi% issua by the Truslees and signed on their behalf by- The V$ry rend Dr Slmon Jone¥ (Chair of Trusteès) Date.. 3 February 2026 The notes on pages 19 10 42 form part of these financial stalerments. Page 17 HYMNS ANCIENT AND MODERN LIMITED IA Company Llmited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025 As ￿$(81￿d 2024 2025 Cash tlows from opgratlng activities Ngt cash usod In operating acknv￿es 157,6841 (328. 170) Cash flows from InvestÉng actlvilies Dividends, intor8sts and rents from investments Purc*ase of tsnglble and Intangib￿ fixed assets Salellpurchas81 of investments 160,230 189.320 1120,4521 (252,684) {88,3591 f134,026) Net cash u$¥d In Inv•sting actSvltl•s 148.5811 {197.390) Chang• In cash and ¢ash equivalonts In the year Cash and c8sh aquivalents at the beginning of Ihe y8ar {106.2651 9Q9,554 1525,5601 1,435,114 Cash and ￿5h •qulvalents at thè ond of the yèar 803.289 909,554 Tha notes on page5 19 to 42 fomi part of these financial statèmènts Pa99 18 HYMNS ANCIENT AND MODERN LIMITEO IA Company Limited by Guarantee) NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Genero1 information Hymns Ancient and Modern Limited is a company limited by gU8fdntèe incorporated in England, registration number 01220696. The regislttred offic8 Is 13a Hellesdon Park Road, N¢rwieh, NR6 5DR. Th8 company is a company lirrited by guarantèè. The members of the eompany are the Trustees named on page 1. In the event of the company being wound LJP. the liability in respgct of the guarant99 is limitod to £1 per member of th8 company. A summary ol the principal accounting policies adoptèd Ivthich have been applied ¢on$islently, except where noledl, judgements and key sources of eslimalion uneèrtainty, is set oul below. Aeeountlng pollcles 2.1 Basis of prèparatlon of financial statemènts Th8 financial statements have been p￿Pared in accordance with the Charities SORP IFRS 102}- Accounting and Reporting by Charrtie5.' Statèrnent of Recommended Practice applicable to charities p￿par1r￿ their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffective 1 January 20191, thé Financial Reporting Standard applicable in the UK and Republ￿ of Ir81and IFRS 1021 and the Companrès Act 2008. Hymns Ancient and Modern Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially r8eo9nised at historical cost or tr8nsaciion value unless olherwse slated in the relevant accounting policy. Thg Consolidated Statèment of Financial Activities ISOFAI and Consolidated Balance Sheet tsnsolidale the financral slatements of the Charity and its subsidiary und8rtaking. The resulis of the subsidiary ar& consolidated on a line by linè basis. The Charity has taken 8dvantagg of the exemption allowed under section 408 of the Companies Ad 2006 and has not presented ils own Statement of Financial AclD]itiès in these financial 51alements. 2.2 Going concem The Trustees consider that the Charlty has sufficient financial resources to continue for the fore8eegble hjture. Cur￿n1 trading is al a lev815ufficienl lo supporl this assumption and therefore they deem il appropriat8 to prèpara the financAal statements on a goin9 concern basis. Page 19 HYMNS AMCIENT AND MODERN LIMITED (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Attountlng pollcl88 leontlnued) 2.3 Income AJI income is recognisèd orte the Charity has ent￿ement to Ihe income. it 1$ probable that the income will be received and the SM￿n( of incorne r￿1vablts can ￿ measured reliabty. The recogniuon of income from legacies is dependent on establishi￿ entillemenl. the probability of receipt and the ability lo estimate with sufficient accuracy the amount receivable. Evidencè of entidgment to a legacy exists when ihe Charity has sufficient ev￿enCe that a gift has been left to them Ilhrough knowledge of the èxistence of a valid will and the death of the bengfactorl and the 8xecutor is s8tislied thal the property in question will not be required to satisfy claims In the eslale. Receipt ol a legaGy must be ￿cognised when it is probable that it will be received and the fair value of the amount receivatAè. which will generally be the expected cash amount to be distributed to the Charily, can be reliably measurèd. For all book 581es and distribution incomè Is rawgnised al the point of dispatch. Periodicals income is re¢ognised on a straight line ovor the term of the 8ubs¢ription. Royalty inwrne is recognised on a receipt basis. 2.4 Exp•ndlture Expenditure is recognised once there Is a legal or constructs.vè obligation to transfer 8conornic benefit to a third party, il is probable that a transfer of economic ben8fits will be required in settlement and the amount of the obligation can be measured reliabby. Expenditure is classifled by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undèrtaking each activity. Direct cosls attributable to a single activity are alloGated dir8clly to that activity. Shared costs whlch contfibute lo more than one athvity and support costs which ar not attribvtable to a slngl¢ activty are apportionèd ba￿een those activities on a basis consistent with the use ol resources. Central staff costs are allocated on the basis of timg spen( and depreciation charges allocated on the pOrt￿n Of the asset's use. Expenditur8 on Charitats￿ activthes is incurred on directly Underta￿￿￿ tha activities which further the Group's Dbiecliv9s. as well as any associated suppcrtt costs. Grants payable are charged the yearvthen the offer is rnado except in those cases where Ihg offer is conditional, such grants being rewgnised as expenditure whèn the conditions attaching are fulfill¢d. Grant5 offerÈd subject to conditions which have not been met at the year end are noted as a commitment. but not 8¢erued as expenditure. Support costs are those costs i￿urred direcdy in support of oxpenditure on thg obje¢15 of the charity. Govemance w5ts are those incurred in connectSon wilh adminislrats'on of the Charity and compliance with constitutional and statuiory requirements. 2.5 Intgr8$t receivablo Interest on fijnds held on deposfi is induded whwb receivable and tho amount can be measured liably by the Group., this is ntsmally upon notification of the interest paid or pay8bla by the instityjtion wrth whorn the funds are deposited. Page 20 HYMNS ANCIENT AND MODERN LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountlng polle￿$ leontlnugdl 2.6 Foreign currencle$ oneiary assets and liabililies denominatèd in foreign CUTrencies 8re translated into sterling at rate8 of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterfing al the rate ruling on the datg of the transaction. Exchangè gains and losses are rvtgnised in the Consolidated Stslement of Financial Aclivthes. 2.7 Intanglbl• assets and amortlsallon Intangible assets costing £250 or morè are capitalised and recojnised when fyjture economic bènafits are probable, and the cost or value of the asset can be measured reliably. Inlangible a$$èts are Inlually recognised al cost. Aftèr recognition, und8r the eosl model, Intangible assets are measured * cost less any accumulated amortisation and any accumulaltrd impaimient losses. No amortisation is charged on systems und8r dèvèlopment. On completion. they are transferred to W&￿'t8 costs and depreriated in line with the polw ststed below. Amorbsalion is prowded on intangible 8558ts at ralés calculated lo write off the cost of each asset, less their eslimaled residual valuè, on a straight4ine basis QV8r its expected useful lifè. Amortisalion is provided on the following bases.- Website costs Computer So￿are 25¥0 25 / 2.8 Tanglble fixed assets and depreelatlon Tangible fixed assets costing £250 or more are capilalised and recognised when future economic benefits are probable and the cost or value of the assèt can be measured reliably. Tongible fixed assets are initially recoynised al cost. After reccy3nfttJn, under the cost model, langlble fixed asset$ 8r8 measured at cost less accumulatèd deprecialion and any accumulated impairment losses. All costs incurred to brbng a tangible fixed as8et Into Its intended working condrtitsn should be included in the measurement of cost. Depreciation is charged so as lo allocatè th8 Cost of tangible f￿ed assets less their residual v￿u8 over their estimated usèlul Ilvès, on a straight-line basis. Depreci8tion is provided on the follo￿n9 bases.. Leasehdd irnprov8m•nts Fixtures and fittings Officè equipment Cornputèr èquipment 7.20Q/. of eost 20-$0/¢ ol cost 25-33% 01 cost Page 21 HYMNS ANCIENT AND MODERN LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accounting polici•s {continuedl 2.9 Invo$tm•nts Fixed as5el inv98tmènts are a lorrn ol financial instrument and are initially re¢ognised at thèir transaction cost and subsequently measured atfair value at the Balance Sheel date. unless the value cannot b6 measured reliably in which case it is m¢asured at cost less imp8irm8nt. Inveslrnent gains and Iossgs, whether realised or unrealised, are combin￿ and p￿ented As 'GainsllLossesl on investments. in th8 Consc4idaled Slatomenl ol Financial Activitiès. Investments in subsidiaries afe valued al cost less provision for irroaiment. Investments held as flxed asse1$ arè shown al cost less provisitsn for impairment. 2.10 Stocks and work In progress Stocks and work in progress are valued at the k)wer of cost and net realisable value after Ma￿ng due allowance foi obsolel8 and slowvmoving slo(kn. Cost includes all dirèct costs. 2.11 Debtor$ Trad8 and other debtors are reo)gni$8d at the settlement amounl after any trade discount off8rad. Prepayynents are valued èt the amount prepaid nèt of any trade disGount5 due. 2.12 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short rnalurily of thr&0 months or less from the date of acquisition or opening of the deposit or similar account. 2.13 Financlal instruments The Group has finan￿al assets and financi81 liabilities that qualify as baslc finandal instruments. asic financièl instruments are initially recognised at transaction value and sub$equently measured at their settlemènt value with th8 exception ol bank loans which are subsequently measured at amortysed cost usin9 the effectsve int8rest Met￿d. Fixèd a$set investments are not basic financial instruments and are initially recognised al transadion value and subsequently measured at fair value. 2.14 Ptrnslons The Group opeiatès a defined conlributlon pension scheme and the pension charge represents the amounts payable by tha Group to the fund in respect of the ygar. 2.15 Fund a¢ctruntlng General fvjnds are unrestrictgd fund8 which a￿ available fgr use at the discretion Df the Trustèès in furth8rance ol the gen8ral objectives of thè Group and wh￿h have not been designated for 0th8r purposes. Reslricled funds are funds which are lo be used in accordancè with specific restrictions imposed by (Jonors or which havè baen raised by the Group for particular purpos85. The airn and use ol each restricted fund is sel out in the notes lo the finan¢ial statements. Page 22 HYMNS ANCIENT AND MODERN LIMITED IA Company Llmited by Guarant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Crltlcal accounting estimates and argas of ludgmont Estimates and judgments ar¢ continualty evaluated and arg basgd on historical experience and oth8r factors, including expectations of future events that are believed to be reasonable under the circumstsnees. Critical accounting eslimales and assumpt￿n$.. Th8 Charity makes estimates and assumptions conceming the luiure. The resulting accounting e51rm8tes and assumptions wll, by definibon, seldom equal the related actual results. The estimates and assumptions that have a signifitrdnt risk ol causing a malerial adjustment lo tha canyng amounts of assets 8nd liabilitiès within the next financial year are discussed below. Useful economlc Ilvos of tan9iblg and Intanglbl• assets The annual depreciation ¢harge for tangible and intangrble assets TS sensitive to changes in the useful 8conomic lives and residual values of the assgts. These useful e¢onomic live5 and residual valu9s ar8 re- assessed annually. They are amended when neeÈssary to rÈfl6cl current estimates. basèd on technological advarttment, future investments, economic ulili88lion and the physical condition of the assets. See notes 14 and 15 for tha catNng amounts of tangible and intangiblè assets and accounting policiès 2.7 and 2.8 for the useful economic lives for each class ol assets. Stock provlslonlng The GTOIIP sells tKoks and periodicals and is subject lo consumer demands and trends. As a result, it is necessary lo consider the recoverability ol the cost of stock and the associated provisioning Tequired. When calculating the stock provlsion, management considered Ihe nature arhd condition ol stock. as well as applying assumptions around anticipated saleability of finished goods and recoverability of work in progress. See note 17 for the n8t carryirvJ amount of the stocks and th8 associated provision. Page 23 HYMNS ANCIENT AND MODERN LIMITED IA Company Limlled by Guarantgel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Incom• from donatlon$ and1gga¢i8s Restricted lunds 2025 Total funds 2025 Totsl nds 2024 Donations Legaci$s 29,200 79,691 29,200 79.691 19,633 29,813 108,891 108,891 49,446 Incom¢ from charftabl• arAivitie$ Unr•strleted funds 2025 Total funds 2025 Total fiJnds 2024 Church Times Book5 2,916,517 2.713,456 467,831 574,250 64,682 90.034 2.916,517 2.713,456 467,831 574,250 64.682 90.014 2.907,028 2,728.656 506, 758 427,805 144, 110 95,205 Bookshop Distribution Major events Periodicals 6,826,750 6,826,750 6,809,762 Investment income As reslat Total funds 2024 unreStrf￿9d funds 2025 Total funds 2025 Investsnent income 160,230 160,230 189,320 Page 24 HYMNS ANCIENT AND MODERN LIMITEO IA Company Limited by Guarants¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Analysis of expenditure by activities Actlvltles undertakèn dlrectly 202S Grant lundlng of a¢tivitie5 2025 Support costs 2025 Total funds 2025 Tol81 lunds 2024 AdministralNe expense5 Cost of sales 3,236.996 3,236,996 3,482,189 503,009 85,427 24,930 61,186 3.230,022 3,746,537 424,456 73,729 49,446 47,727 3,482,189 503,009 Distribution Governance GO8ts 85,427 Train A Priest 24,930 61,186 Grant of books Grants payable lo approved ¢hariti8s 24,950 24,9SO 13,000 3.985.198 111,066 3,322,423 7,418,687 7,584,977 Tolal 2024 4,17CI,993 110,167 3,303, 751 7.584.911 10. Anatysls of grants Grants to Inslitutions 2025 Grants to Individuals 2025 Total funds 2025 Tolal funds 2024 Grants payable to approved charities Train A Prièst Grar)Is of books 24,950 24,950 24,930 61,186 13,0(10 49,446 47,721 24,930 61,186 86,136 24,930 111.066 110, 167 TO1￿ 2024 60, 721 49.446 110, 167 Page 26 HYMNS ANCIENT AND MODERN LIMITED (A Company Limltod by Guarantge) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Other In¢omlng resources Unrestricted funds 21125 Total funds 2025 Tofal funds 2024 Other ineome 138,526 138,526 120, 188 Anatysis of 8xpenditur• on ¢haritsble a¢tlvltles Summary by fund typ• Unreslrlcted R•striet•d funds fvnd$ 2023 2025 Total 2025 Ttstèl 2024 Administrativ8 Èxpenses Cost of sales Distribution GovemancÈ costs Train A Piiest Grants of books Grants payable to approved charitles 3.236,9 3.482,189 503,009 85,427 3,236,996 3,482,189 503.009 85.427 24.930 61,186 24.950 3,230,022 3,746,537 424,456 73, 729 49,446 47, T21 13,000 24.930 61,186 24,950 7.393,757 24,930 7,418.687 T,584,911 Tot812024 7,535,465 49.446 7,584,911 Page 25 HYMNS ANCIENT AND MODERN LIMITED (A ¢ts1 Group Cost or valuatlon At 1 Octobar 2024 Additions Disposal$ Revaluatior 4.902,599 6.009,547 15.921,189} 149,134 11,542 4,914,141 6,009,547 15,921,189} 149,134 At 30 September 2025 S,140,091 11.542 5,151,633 Net book value At 30 Septembèr 2025 5,140.091 11,542 5.151.633 At 30 September 2024 4,902,599 11,542 4,914, 141 The historicol cost of the listed investments held al th¢ balance sheet date is £4,874,722 12024 £3,879.9421. The histr)rical cost of other fixad asset invasknents is £11,54212024- £7 1,5421. l the fixed asset investrnents are held in the UK. Page 32 HYMNS ANCIENT AND MODERN LIMITED IA Company Limited by Guaranieg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER2025 16. Flx•d assot investments Icontlnu•d} Investmènts in Other fixed Subsidiary Listed asset ¢ompanie$ Inv•stm•nts Investments Total Charfty Cost or valuatlon At 1 October 2024 Adllitions Disposals RevaluatiC*n5 22,QOO 4,902,599 6,009,547 15,921,189) 149.134 11.542 4.936.141 6.009,547 15.921,1891 149,134 AI 30 September 2025 22,000 5,140,091 11.542 5.173,633 Mèt book value At 30 September 2025 22,000 5,140.091 11.542 5,173.633 AI 30 September 2024 22,000 4,902,599 11,542 4,936, 141 I the fKxed 8sset investments are held in thé UK. Details of the subsidiary company are included in note 30. Listed Securities are shown al market value on the balance sheet date. Unlisted securikne$ are held at cost less impairynenl. Group matèrial Investments The following inve5tment5 aré considered to be malerlal.. 2025 2024 WS Epworth Multi Asset Fund Sarasin dimale activè èndowmènts (Accl Sarasin Enéowmgnt Fund Class A (Accl 1,045,954 4.094,137 4,902,599 Page 33 HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEM8ER 2025 17. Stocks Group 2025 Group 2024 Charity 2025 Charity 2024 Packaglng Work in progress Finished ￿0d$ and goods for resal6 6,806 83,208 1,184,911 8,909 144,312 1, 121.368 6,806 83,208 1,184.911 8.909 144.312 1. 121,368 1,274,925 1.274,589 1,274.925 1,274,589 Stock re¢x)gnis8d in cost of sales during the year as an 8XPgnse was £751,30412024- £696,058}. An impairment1055 of £56.60312024- impaifment reversal of £52,970) was rectsgnised as an exp¢ns& in the Consolidated Statement of Financial Aclivities during tha year due io slow-moving and obsoletè stock. 18. Debtors Group 2025 Group 2024 Charity 2025 Charity 2024 Due within one year Trade debtors 414.628 137.359 235,640 445,230 147.845 220.069 414,628 137.359 235,640 445,230 147,845 220,069 Othar debtors Prepa￿nentS and accrued incom 787,627 8ts7, 144 787,627 807, 144 Page 34 HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarant•o1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 202S 19. Credltors: Amounts fallin9 due within one year Group 2025 Group 2024 Charlty 2025 Charity 2024 Tra 83.961 Tatal of funds 6,628,841 7,234,397 17,418,687> 125,681 6,570,232 Oelails of thè funds purpose is in the Trustees report. Pag8 37 HYMNS ANCIENT AND MODERN LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Statemgnt of funds {continuod) statemont ol funds- prior y•ar Balanc& al 30 September 2024 Balance 8t l October As restafed 2023 Income Expendiluro As r&stalèd (Losses) Unmstricted funds General Funds 6.490,907 7. 119,270 (7,535,465) 554,135 6.628.841 R•stri¢ted funds Train A Priesl 49,446 (49,446) Totsl of funds 6,490.901 7,168.776 17,584,911) 554, 135 6.628.841 23. Analysls ot nel assets betsyeen funds Analysis ol net assets betsyegn funds- current yèor Unr8Stricted R•$tricted funds funds 2025 2025 Total fund5 2025 Tangible fixed assets Intangible fixed assets Fix8d asset inv8stments Current assets Creditors due within year 70.667 395,124 5,151,633 2.781,880 11,913,C133} 70.667 395,124 S,1SI.633 2.865.841 {1.913.0331 83,961 Total 6,486.271 83,961 6,570,232 Pa￿ 38 HYMNS ANCIENT AND MODERN LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Analysis of ngt assets between funds Icontinued} Analysi$ of net assets betrM•n lunds - prior ygar UnreslriGled funds 2024 Total fvrid$ 2024 Tangibla fixed 8ssets Intangible fixed assets Fix$d asset investments Current assets Crèditors due within one year 66.270 66,270 527,737 527,737 4,914, 141 4.914, 141 2.991,287 2.991,287 (1,870,594) (1,870,594) Total 6,628,841 6.628,841 24. R•con¢iliation of nel movement in funds to n•t Cash fltsw from op8rating activltle Group Group As restated 2025 2024 Net lexpendrturellSncomo for the year las per the Statement of Financial Advlllesl 158.6091 13T,940 Adju5tm•nts tor= Depreciatlon and Amortisation charges Unrealised gain on Invesllnents Dividends, int8res1s and rents from investments Loss tsn the sale of fixed assets (In¢￿a$&I In slo¢ks Decrease in d8btors 248.669 1149,1341 1160.2301 301.990 (554.466) {189.32Q) 825 (32,778) 21,939 f14,300J 13361 19,517 42.439 lncreaselldec￿asél in ctedilors Net eash uJod in operating activities (57.6841 (328, 170) Page 39 HYMNS ANCIENT AND MODERN LIMITED (A Company Limltsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 25. Analy$ls of ¢ash and ¢ash •qulvalents Group 202S Group 2024 Cash in hand 803,289 909,554 Total cash Jnd cash equivalgnts 803,289 909,554 26. An41y$ls of chang•$ In net debt At1 October 2024 Cash flows At30 SepteM￿r 2025 Cash at bank and in hand 909,554 1106,2651 803,289 909.SS4 {106,2651 803.289 27. Pension cèmmiknents Tho group operat9s a defined contribution pension s¢heme. The a8S8ts of the scheme are hgld sgparatèly from those ol the group in an independently administgred fund. The pension G05t charge represents conlributtins payable by the group to th8 fund and amounted to £192,796 12024 £193,5851. Conlributioris totalling £21,99212024 - £21,4(K)I war8 payable lo th$ fund at the balance sheet date and are Induded in creditors. Page 40 HYMNS ANCIENT AND MODERN LIMITED {A Company Limited by GuaTantse} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 28. Operating lease commitrnents At 30 Sèptember 2025 the Group and the Charity had commitments to make future minimum lease payments under nOn-can￿118b￿ operating leases as follows: Group 2025 Group 2024 Charity 2025 Charity 3024 Annual eommltm•nts - leases expiring Ntsl later than 1 year Later than 1 ygar and ￿lt lator than 5 years Later than 5 yèars 224.643 796,508 239,417 352, 110 756. Y35 408.4t7 224,643 796,508 239.417 352, 7 10 756, 135 408.417 1,260.568 1.516,662 1,260,568 7,516,662 The folk)wing lease payments have been recognised as an expense in the Statement of Financial Aclivitiès.. Group 2025 Gmup 2024 CharSty 2025 Charity 2024 Operating lease Tentsls 372.685 351,910 372.685 351,970 29. Related party transaetlons During the year £7,250 12024 - £7,000) was received for services Provided to The English Hymnal ornpany Limited a company in which Hymns Ancient and Modern Limited has a minority 8° sh8rehdding. A dividènd of £1,29612024 . £1.2961 was due from The English Hymnal Company Limited. Expenses are paid on behalf of The English Hymnal Company Limited and recharged al cost. The total balance receivable al the year ertd was £4012024 - E3,6651. During th8 year £1,36112024- £1.1691 was paid for commi$$lon ralatlng to sales of recommended books lo Tablet Publishing Company Lirnited, a company in which Ben Andradi is a direetor. The balance owed at the year end was £20012024- £1121. Magazine issues totalling £453 (2024 - £3991 were purcha8ed from T8blel Publishing Company Limited. of which £256 12024 £1891 w8re rgtumsd £197 net12024 - nel £2101. Tha balance owèd at thè yaar end was £2312024- £nill. The Very Reverend Dr Simon Jones purchased books for a total of £Nil12024 - £1691 (after discount of 35Y.) during the year, no balance was due at the year end12024- nill. Page 41 HYMNS ANCIENT AND MODERN LIMrrED IA Company Limit?d by Guarantee) NOTES TO ThE FlhlANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 30. Prlnclpal $ubsidiarlo$ The following was a subsidkgry undertaking of the Charity. Nam• Company number Registered office or principal Principal activity place of bu$ln888 G.J.Palmer & Son5 Limrted 00291335 138 Hellesdon Parf( Road, Ncfwich, Norfolk, NR6 5DR Dormant Class of sharès Holdlng Included in ¢onsolldation Ordinary 100V• Yes The financial results of the subsidiary for Ihe year We￿.. Name Nèt assots G.J.Palmer & Sons Limited 22.335 Page 42