DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
Charity Registration No. 1058879
Company Registration No. 03261721 (England and Wales)
REDEMPTORIST PUBLICATIONS
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
REDEMPTORIST PUBLICATIONS
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Rev C Corrigan |
|---|---|
| Rev R Reid | |
| Rev A Burns | |
| Rev T Buckley | |
| Rev E Gweme | |
| Rev C Randall | |
| Secretary | Rev D McBride |
| Charity number | 1058879 |
| Company number | 03261721 |
| Principal address | Wolfes Lane |
| Chawton | |
| Alton | |
| Hampshire | |
| GU34 3HQ | |
| Registered office | Wolfes Lane |
| Chawton | |
| Alton | |
| Hampshire | |
| GU34 3HQ | |
| Auditor | Fiander Tovell Limited |
| Stag Gates House | |
| 63/64 The Avenue | |
| Southampton | |
| Hampshire | |
| SO17 1XS | |
| Solicitors | Pothecary Witham Weld |
| 70 St George's Square | |
| London | |
| SW1V 3RD |
DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
REDEMPTORIST PUBLICATIONS
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 9 |
| Independent auditor's report | 10 - 12 |
| Statement of financial activities | 13 |
| Balance sheet | 14 |
| Statement of cash flows | 15 |
| Notes to the financial statements | 16 - 28 |
DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
REDEMPTORIST PUBLICATIONS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees present their report and financial statements for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 and "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)".
Objectives and activities
The principle activity of the Charity is the publication and distribution of religious material for both the Catholic Church and Anglican Communion. All activities are faithful to Church teachings for the purposes of the advancement of the charitable objectives, and the advancement of religion. The nature of this religious material is regularly reviewed so as to continually meet the needs of the people who access it: Catholic priests, Clergy and practitioners from other Christian faiths, the laity and also individuals with no explicit religious faith drawn to publications which fall into the categories of Spirituality and Wellbeing. In addition to Church and parish communities the Charity’s activities serve the education sector, families and those at the margins of society. Some of the publications are translated so as to make them accessible for speakers of other languages.
In identifying and setting out the aims and objectives for the Charity’s priorities for 2021, the Charity gave careful consideration to the Charity Commission’s general guidance on public benefit. The objects for which the Charity was established, as set out in the Memorandum and Articles of Association, are “The charitable purposes which advance the religious and other charitable work for the time being carried on by or under the direction of the Society being the voluntary association of men known as The Congregation of the Most Holy Redeemer.
Achievements and performance
When setting the strategic and operational objectives for 2021 and planning the associated operational activities during the final quarter of 2020, the Trustees were mindful of the extraordinary challenges the world had faced throughout 2020 due to the Covid-pandemic. There was, however, a degree of national optimism during the final quarter of the year as the UK began to develop plans to roll-out a national Covid vaccination programme and there was a sense that the worst of the impact of the pandemic had passed. The climate of the country had not yet arrived at a ‘new normal’ but there was hope that the bounce-back was on its way.
It was a significant benefit, and a critical success factor, that the Charity had already created in 2020 digital solutions for the circulation for its regular publications and these continued to be made available for parishes to distribute via email or web downloads to parishioners throughout 2021. Similarly, Redemptorist Publications continued throughout the year to provide access to the celebration of Holy Mass on a weekly basis via YouTube and the Charity’s website, and this enabled the Charity to fulfil its mission to reach out to those at the margins including the medically housebound. Having the skills of a professional film director as an employee since 2016, and the investment made year on year in the Charity’s digital capacity, meant that all videos and films were of the highest quality and appeal - evidenced by the number of weekly views remaining consistent throughout the year.
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DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
REDEMPTORIST PUBLICATIONS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
In December 2020, the Trustees signed off the Charity’s 2021 budget. The forecasts for income and expenditure were deliberately cautious as the Charity’s main customer base – parishes, trade shops and Shrines – remained either closed or with limited access. It was with concern that the UK went back into an unexpected strict lockdown at the beginning of January 2021. Unlike the previous year, income for the first quarter of 2021 was significantly impacted by the new lockdown. However, sales of the diaries and planners to the education sector remained buoyant as schools continued to provide solutions to overcome the challenges faced by the various lockdowns and Covid outbreaks throughout the year.
Fortunately, during 2020 and 2021 parishes developed alternative modes for Sacramental preparation including online Zoom sessions. Sales income from Sacramental and Liturgical resources grew by 96 % in 2021 compared with sales in 2020.
As the year unfolded and Covid restrictions were lifted, attendance levels for parish Sunday mass celebrations in the UK began to increase, however, they did not reach pre-pandemic numbers in the year. The laity remained cautious despite the efforts of the bishops and parishes to attract returners in both Catholic and Anglican parishes.
Nonetheless, 2021 proved to be an exciting and productive year for Redemptorist Publications with a number of new publishing initiatives commissioned, together with the continued focus on providing many on-line resources free of charge to parishes to enable them to circulate these more widely to parishioners. Priority goals were achieved and the Charity remained focused on its mission ‘to be with our customers every step of the journey.’ The workforce was continually heartened by the many messages received from customers and supporters alike, thanking the Charity for all that it was providing despite the global pandemic.
Religious education makes a significant contribution to the overall knowledge pupils need in life. A considerable development opportunity was identified in 2021 by one of the Charity’s employees who spotted a gap in the education market for a series of bible stories incorporating one of the national phonics schemes for primary school children in Reception and Year 1. The Charity commissioned two educational phonic specialists, Dr Marlynne Grant and Jackie Day, to write two sets of books, each set compromising 12 individual bible stories. The aim of the Faith in Phonics™ series is to support the development of children’s reading when taught using systematic synthetic phonics. The phonics used and developed through the Faith in Phonics™ series meets the expectations for England set out in the government’s policy papers, The reading framework (2021), the Ofsted Inspection Framework (2021), the National Curriculum (2014) and the Phonics Screening Check.
The series will enable young children to read bible stories for themselves – perhaps for the first time. With adult support, the reflections and questions provided at the end of each story will help children to apply the stories and their Christian virtues, to their everyday lives, thus reinforcing the school ethos.
Ofsted Review
Faith in Phonics™ will support Section 48 inspections too, through providing pupils with the opportunity to discover and learn about bible stories and by improving the quality of provision available for the Catholic/ Christian life of the school. It is important for schools to offer a depth and breadth of RE resources and Faith in Phonics™ helps children to develop a strong concept of God’s all- encompassing love.
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DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
REDEMPTORIST PUBLICATIONS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Also, within the education sector, there were emerging opportunities in 2021 following the announcement from the Catholic Education Service (CES) that a new Religious Education Curriculum Directory was to be introduced into all Catholic schools from September 2021. The introduction and implementation date was, however, deferred to September 2022 and beyond and this will continue to create uncertainty in the sector in terms of existing RE Key Stage resources. Schools have been reluctant to re-order existing Key Stage resources knowing that at some stage in the near future, current curriculum resources will be replaced by the requirements set out in the new Curriculum Directory.
Redemptorist Publications is the largest charity in the UK publishing single-use Sunday sheets for use in parishes. In addition to this core competency, the Charity published more than 10 significant books/magazines for sale in 2021 and commissioned more than 30 new titles/projects for availability in 2022.
Towards the end of 2020 the Charity launched a new online free weekly Children’s Liturgy video resource for catechists and families – and made this available on YouTube. In 2021 the Charity received donations from supporters for this free resource. All funds received and a monthly stipend were passed, as a charitable donation to the Dominican Sisters of St Joseph, Lymington. The Sisters are partnering with Redemptorist Publications for the delivery of this educational resource which attracts on average 175 views each week.
Four e-books were commissioned in 2021 and the plan had been to make these available only as digital books. The demand, however, from many customers for some of these titles to be made also available in printed format, provided the evidence that the Charity’s customer base still preferred the choice of both hard and soft copy at the point of purchase.
The Charity’s iconographer was commissioned in 2021 to write icons of St Joseph and also St James the Great to mark the significance of 2021 for both these saints. On the 8 December 2020, Pope Francis published the Apostolic Letter, Patris Corde (With a Father’s Heart) recalling the 150th anniversary of the declaration of Saint Joseph as Patron of the Universal Church and declaring 2021 the Year of St Joseph. Meanwhile in Santiago de Compostela, Spain, a major shrine city dedicated to St James, Archbishop Julian Barrio marked the start of Compostela’s 2021 Jubilee Holy Year. Sales of both icons generated additional funds for the Charity.
In 2021 the Charity agreed terms with two new distribution partners: The Catholic Christian Outreach – this organization publishes a Faith Study series – and a project run by Caritas in Action which offers teachers resources covering seven themes for Catholic Social Teaching across all years from foundation learning to Key Stage 5.
In addition to the weekly online masses, the Charity produced 16 reflections: 5 x Reflecting with Paintings (5900 views), and 4 x Journeying with Jonah (3300 views). In the first quarter of 2021, there were also 5 one- off reflections, The Journey (5000 views), Palm Sunday Reflections (1970 views), Stations of the Cross then and now (5130 views) and 2 audio-only (totaling nearly 1500 visitors). In addition, the Charity filmed 9 EducareM videos for Catholic Social Teaching (660 views). For Advent 2021 another online Retreat was offered using Father Denis McBride’s book, Journeying towards Jesus in Advent. There was a significant increase in the sales of books which accompanied the Lenten and Advent retreats.
Towards the end of 2020 the Charity took over the work of the Pastoral Outreach Group – a small charity focusing on spiritual support for those with dementia and their carers. In 2021 Redemptorist Publications celebrated a Mass online during Dementia Week (12-19 March) and commissioned a new publication for spiritual enrichment for carers of individuals diagnosed with dementia; Accompanying people living with Dementia (to be published in 2022).
Overall income from fundraising activities in 2021 totaled £68k (£1k in 2019, £73k in 2020). The overwhelming majority of the donations were linked to the online celebrations of Sunday Mass.
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DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
REDEMPTORIST PUBLICATIONS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
A number of Charitable donations were made including to the following recipients either as cash donations or publications: HMP The Verne on the Isle of Portland, The London Province of the Most Holy Redeemer, the Dominican Sisters of St Joseph, Lymington, and local primary schools.
From the 1 April 2020 the Charity registered and participated in the government’s Job Retention Scheme until its end on the 30 September 2021. The financial support enabled the Charity to continue to provide a seamless service to its customers and continue with the Sunday sheet publication schedule and other priority publishing projects. A key appointment was made of an e-commerce web specialist. There were no redundancies in 2021.
A number of employees completed professional development programmes including a customised management course and refresher training for Health & Safety and First Aid for the workplace.
As of 1 October 2021, the Charity started a trial hybrid-working model for the delivery of its business activities. This model saw full and part time employees split the delivery of their contracted hours between working in the office and their homes where feasible.
Despite the many business and mission successes of 2021, and there being good reason for all to be relatively optimistic about the future, all connected with the Charity ended 2021 with heavy hearts due to the deaths of two employees. The Charity’s Death in Service benefit, underwritten by insurers, paid-out more than £110,000 to the beneficiaries.
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DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
REDEMPTORIST PUBLICATIONS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Financial review
The full detailed figures for financial activities are shown in the accounts. However, it is appropriate to comment on some key points.
The effects of the pandemic continued into 2021 and impacted upon the sales of the Charity for longer than expected. With churches continuing to be closed or restrictions on numbers attending church, the sales of our weekly sheets continued to be significantly below pre pandemic levels. That said the product mix available to our customers, including digital downloadable products, helped to meet our mission and generate sales income
The original budget for 2021 aimed to bring the Charity back to a small surplus of £22k. During the course of the year a substantial review of our stock was undertaken and as a result it was decided to write off approximately £100k of stock. The final £99k deficit outturn reflects this stock write off together with the increased gain in our investments of £142k.
Income for the Charity is derived traditionally from the sales of three main product lines, the Weekly Sheets which are distributed to the parishes, production of our own RP books and resources and a distribution service. During 2020 another source of income was derived from donations made to the Charity largely due to the on-line mass provided each week and this new income stream continued throughout 2021. Total sales in 2021, including this new income stream, amounted to £1.394m, which compares favourably with the 2020 sales of £1.468m. Although lower than in 2020 the Charity had the benefit of 4 months normal trading in 2020 before being impacted by the pandemic. In 2019 pre pandemic sales were £2.092m.
During the year the Charity had reduced staff costs, of some £110k. In addition, the Charity was able to benefit from the Government furlough scheme, receiving £108k during the year. (2020 £134k). Full Time Equivalent staff levels dropped from 23 in 2020 to 18 in 2021.
The Charity has closely monitored its cash position throughout the year to ensure it has sufficient flexibility to perform its mission and deliver its objectives. At the start of the year cash balances were £328k which has reduced to £256k. The Trustees have set a target minimum cash balance of £250k, which is reported and monitored each month.
Debtors have moved from £194k at the start of the year to £212k by the year end. The Charity has continued to
prioritise its debt collection to assist its cash position.
The Charity also ensured its suppliers and creditors continued to be paid on time and the trade creditors have only seen a small change from £52k at the start of the year to £58k at the year end.
The targets for the next 3 years are to a) return the Charity to achieving a small retained surplus and b) continue to make sufficient surpluses to fund charitable donations to the Congregation of the Most Holy Redeemer.
The Charitable Company’s reserves are all unrestricted. It is the policy of the Charitable Company to hold reserves in its unrestricted general funds which have not yet been committed or designated for any particular purpose. Our reserves are designed to be between one year and 18 months of annual turnover. This is to protect the Charity against risk in the market and ensure the on-going continuation of the Charitable mission.
The sum of £518,846 has been identified as a reserve for St Clements, £302,801 for office buildings and £1,000,000 as working capital to support the business. Much of the general reserves are available to provide the Congregation of the Most Holy Redeemer with a financial cushion as it seeks to maintain some of its apostolic ventures and ensure proper provision can be made for its elderly and sick priests and brothers, and an amount has been identified as general reserves. At 31 December 2021 the general reserves amounted to £2.68m (£2.78m at December 2020).
The reserves are sufficient for the working capital requirements to allow for continued research and development so that the Charity can develop new resources in a variety of media and meet its overall objectives.
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DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
REDEMPTORIST PUBLICATIONS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Investment policy
The investment policy is to have a diverse and cautious portfolio of investments in order to minimise risk or capital loss. The Trustees have the power to invest in such assets as they see fit in keeping with the Charity's ethical and moral principles. The policy is to maintain income whilst preserving the real value of investment assets for use in meeting the Charity's objectives.
The investment fund is regularly monitored and reviewed with the Financial Advisor. In this they are guided by the
following principles:
In keeping with good practice, the Trustees endeavor, by the prudent investment of assets, to a) supplement the income of Redemptorist Publications; to help the Charity carry out its purposes effectively in the short term and b) to maintain and, if possible, to increase the value of the invested funds to secure the long-term future of Redemptorist Publications.
During 2021 the investments have performed well, increasing in value by £143k (growth of 17% in year).
Plans for the future
As the market leader in religious publishing in the United Kingdom, both in the volume of publications and the breadth and depth of its spirituality, the Charity will continue to be innovative and solution focused. In this way Redemptorist Publications will continue to set the trend and provide the Catholic Church and Christian communities with access to high quality resources and fulfil its charitable mission to inspire, educate, encourage and support.
In 2021 a new Strategic Plan (2022-24) was completed. The priority for the coming years is to focus on business objectives which will drive recovery from the impact of the Covid pandemic whilst at the same time be a light in the darkness for those at the margins of society, those seeking spiritual accompaniment and those called to deepen their understanding of their faith.
The Charity will continue to distribute a broad range of Sunday sheets and spiritual reading in both print and digital format, communicating the joy of the Gospel in simple everyday language. A major focus in 2022 and 2023 will be the publication of the Faith in Phonics™ series; a collection of bible stories to complement reading schemes for Reception and Year 1 primary school pupils.
In response to on-going demand, the Mass team will continue to provide a weekly Catholic mass online throughout 2022. In addition, the Charity will continue to provide free access to a Lent and Advent online retreat directed by the Charity’s Publishing Director, Father Denis McBride CSsR, an international scripture scholar.
The Charity will continue to invest in technological solutions and build upon the significant benefits it experienced as a result of the digital revolution which rapidly emerged in the early stages of the pandemic. Ensuring workforce skills match technological possibilities will be a critical success factor.
The Charity will aim to be a positive influencer raising awareness of Christians’ responsibilities to the planet.
Structure, governance and management
Redemptorist Publications is a Charitable Company limited by guarantee, having no share capital. The objects for which the Charitable Company is established are set out in the Memorandum and Articles of Association dated 11 July 1996. The Charitable Company was incorporated on 10 October 1996.
All the Trustees are priests of The Congregation of the Most Holy Redeemer, which was authorised by the Roman Catholic Church as a religious order in 1749 and which has spread to most countries throughout the world. The Congregation for the Most Holy Redeemer has been working in the UK since 1845 and has been developing its publication work since 1960.
Rev C Corrigan Rev R Reid Rev A Burns Rev T Buckley Rev E Gweme
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DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
REDEMPTORIST PUBLICATIONS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Rev C Randall
Trustees are elected by members of the Congregation of the Most Holy Redeemer for a term of four years; the Provincial Superior (Chairman) cannot hold office for more than three terms unless permission is granted by the Congregation’s General Superior. Trustees are trained within the ordinary procedures of the Roman Catholic Church and are subject to the laws of the Church. For finance and civil law matters the Trustees are aware of the importance of seeking appropriate professional advice.
Trustees for year ended December 2021 Rev R Reid CSsR (Chair) Rev A Burns CSsR Rev T Buckley CSsR Rev C Corrigan CSsR Rev C Randall CSsR Rev E Gweme CSsR Rev D McBride (Publishing Director)
In addition to the three OPC (Ordinary Provincial Council) post-holders, three Trustees are appointed every four years by all the confreres of the Congregation of the Most Holy Redeemer, London Province. The Trustees delegate the daily running of the Charity to the Redemptorist Publications Trustees’ Committee (RPTC). Two members of the OPC are part of the RPTC.
The Trustees named in this report form the Directors of the Charitable Company with the exception of Father Denis McBride. The power to appoint or elect Trustees of the Charitable Company rests with the board of Trustees. Appointing new members of the Redemptorist Publications Trustees Committee (RPTC) rests with this committee.
The Trustees of Redemptorist Publications are also Trustees of The Congregation of the Most Holy Redeemer (Registered Charity number 252041, Scotland Registration number SCO39359) and The Ace of Clubs (Registered Charity number 1055187, Registered Company number 03080066). Both charities share similar objectives to Redemptorist Publications; to spread the Christian Gospel message and to help those in society who are in greatest need. The work of the Congregation of the Most Holy Redeemer is managed by fundraising and donations. It does not receive any grants for the education of students or the administration of the parishes
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DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
REDEMPTORIST PUBLICATIONS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
The Redemptorist Publications Trustees Committee (RPTC)
In accordance with Article 42 of the Articles of Association, the Trustees of Redemptorist Publications generally delegate their powers to a committee on an annual basis. In 2021 the Trustees started the process of reviewing and updating the Scheme of Delegation. The aim is to complete the work on this during 2022.
The RPTC consists of some of the Trustees, usually two and five other advisors, usually lay men and women, providing specialist business acumen. The skills mix of the advisors is regularly reviewed with new members being appointed as and when appropriate. In 2021 two lay advisors to the RPTC were professional HR specialists with one being a solicitor in employment law.
The RPTC meets quarterly to review activities including monitoring performance against key objectives, both strategic and operational. In 2021 all meetings were organized using Zoom software. Regular reports include: Director’s report, year-to-date Finance report, Editorial projects, Workforce updates, Estates and Health & Safety.
Strategic business management is delivered by the Publishing Director and the other two members of the Leadership Team. In 2021 day-to-day operational activities were managed by the Heads of Departments.
The organisation structure provides for two lay key management posts. These posts are recruited by the RPTC, and with the Publishing Director (who is always an ordained Redemptorist Priest of the London Province) form the Leadership Team. Pay and remuneration is agreed by the RPTC and benchmarked to appropriate specialist salaries for similar posts within the Charitable and publishing sectors.
Trustees do not receive payment for their services although are entitled to submit travel expenses for attending meetings. There were no travel expenses submitted by the trustees in 2021. Expenses for the RPTC advisors totalled £nil (£nil 2020, £900 in 2019).
Statement of Trustees' responsibilities
The Trustees, who are also the directors of Redemptorist Publications for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Trustees are inducted and trained as and when they are appointed.
Auditor
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DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
REDEMPTORIST PUBLICATIONS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
The auditor, Fiander Tovell Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Disclosure of information to auditor
Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
The Trustees' report was approved by the Board of Trustees.
..............................
Rev R Reid Trustee 16/9/2022 | 10:02 BST Dated: .........................
..............................
Rev A Burns
Trustee 16/9/2022 | 09:42 BST Dated:.........................
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DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
REDEMPTORIST PUBLICATIONS
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF REDEMPTORIST PUBLICATIONS
Opinion
We have audited the financial statements of Redemptorist Publications (the ‘Charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2021 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 Charity’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.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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the information given in the Trustees' report, which includes the directors' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors' report included within the Trustees' report has been prepared in accordance with applicable legal requirements.
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DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
REDEMPTORIST PUBLICATIONS
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF REDEMPTORIST PUBLICATIONS
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report.
Responsibilities of Trustees
As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Charity for the purpose 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 Charity’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 charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but 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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
-
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience.
-
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, environmental and health and safety legislation.
-
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.
-
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REDEMPTORIST PUBLICATIONS
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF REDEMPTORIST PUBLICATIONS
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
-
performed analytical procedures to identify any unusual or unexpected relationships.
-
tested journal entries to identify unusual transactions.
-
tested a sample of BACS payments to identify payments being made to unexpected bank accounts.
-
performed transactional testing on payroll costs in respect of those employees with responsibility or
-
authority in connection with the payroll function.
-
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
-
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
agreeing financial statement disclosures to underlying supporting documentation.
-
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Adam Buse ACA (Senior Statutory Auditor) for and on behalf of Fiander Tovell Limited
26/9/2022 | 13:19 BST
.........................
Chartered Accountants Statutory Auditor
Stag Gates House 63/64 The Avenue Southampton Hampshire SO17 1XS
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REDEMPTORIST PUBLICATIONS
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Government grants | 3 | 108,082 | 134,332 |
| Charitable activities | 4 | 1,394,066 | 1,467,966 |
| Investments | 5 | 22 | 351 |
| Other income | 6 | 2,315 | - |
| Total income | 1,504,485 | 1,602,649 | |
| Expenditure on: | |||
| Charitable activities | 7 | 1,745,500 | 1,892,809 |
| Net gains/(losses) on investments | 11 | 142,321 | 152,501 |
| Net movement in funds | (98,694) | (137,659) | |
| Fund balances at 1 January 2021 | 2,776,070 | 2,913,729 | |
| Fund balances at 31 December 2021 | 2,677,376 | 2,776,070 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
REDEMPTORIST PUBLICATIONS
BALANCE SHEET
AS AT 31 DECEMBER 2021
|2021
Notes
£
£
Fixed assets
Tangible assets
12
989,670
Investments
13
985,798
1,975,468
Current assets
Stocks
14
264,116
Debtors
15
314,602
Cash at bank and in hand
256,904
835,622
Creditors: amounts falling due within
one year
16
(133,714)
Net current assets
701,908
Total assets less current liabilities
2,677,376
Income funds
Unrestricted funds
Designated funds:
St Clements fund
518,846
Office buildings fund
302,801
Working capital reserve
1,000,000
19
1,821,647
General unrestricted funds
735,709
Revaluation reserve
120,020
2,677,376
2,677,376
The financial statements were approved by the Trustees on .........................
..............................
..............................
Rev R Reid
Rev A Burns
Trustee
Trustee
16/9/2022 | 10:02 BST|2020
£
£
1,026,400
843,476
1,869,876
439,004
278,787
328,144
1,045,935
(139,741)
906,194
2,776,070
518,846
306,331
1,000,000
1,825,177
827,343
123,550
2,776,070
2,776,070|2020
£
£
1,026,400
843,476
1,869,876
439,004
278,787
328,144
1,045,935
(139,741)
906,194
2,776,070
518,846
306,331
1,000,000
1,825,177
827,343
123,550
2,776,070
2,776,070|
|---|---|---|
|||1,869,876
906,194|
|||2,776,070|
|||2,776,070|
|||2,776,070|
||||
Company Registration No. 03261721
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REDEMPTORIST PUBLICATIONS
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021
| Notes Cash flows from operating activities Cash absorbed by operations 22 Investing activities Purchase of tangible fixed assets Proceeds on disposal of tangible fixed assets Investment income received Net cash used in investing activities Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2021 £ (12,563) 4,100 22 |
£ (62,799) (8,441) - (71,240) 328,144 256,904 |
2020 £ £ (224,485) (60,380) - 351 (60,029) - (284,514) 612,658 328,144 |
|---|---|---|---|
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REDEMPTORIST PUBLICATIONS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
Charity information
Redemptorist Publications is a private company limited by guarantee incorporated in England and Wales. The registered office is Wolfes Lane, Chawton, Alton, Hampshire, GU34 3HQ.
1.1 Accounting convention
The accounts have been prepared in accordance with the Charity's memorandum and articles of association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
The unrestricted funds of the Charitable Company are divided into designated funds and general reserves. Designated funds are determined by the trustees from time to time and are held for specific purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
All incoming resources are included in the statement of financial activities when the Charitable Company is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
-
Incoming resources from charitable trading activity are accounted for when earned. Income relating to publications for dates after the year end is deferred until the period to which it relates.
-
· Investment income is recognised on a receivable basis.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 Expenditure
Expenditure is recognised on an accruals basis when a liability is incurred.
Charitable expenditure comprises expenditure by the Charitable Company in furtherance of the general objectives of the Charity.
Support costs include central functions and have been allocated to the activity cost categories on a basis consistent with the use of resources within these activities.
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REDEMPTORIST PUBLICATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is calculated to write down the cost, or valuation, less estimated residual value of all tangible fixed assets, other than freehold land, held for charity use. Single items costing less than £1,000 are not capitalised.
Freehold property 50 years straight line Plant and machinery 15% reducing balance Computers 3 to 5 years straight line Motor vehicles 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
St Clements is not depreciated on the basis that the residual value is considered to be in excess of cost and therefore the depreciable amount is £nil. The asset is reviewed for impairment on an annual basis.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost. Stock is accounted for on an average cost basis.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Stock provisions are considered for items meeting the policy shown in note 2. Provisions are also considered in respect of slow moving or obsolete product lines on an individual basis.
1.10 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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REDEMPTORIST PUBLICATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
1.11 Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
1.12 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13 Retirement benefits
The Charitable Company operates a money purchase pension scheme. Contributions are charged to the statement of financial activities as incurred. The pensions scheme's assets are held separately from those of the Charitable Company and are managed by independent fund managers, who are responsible for matters of the investment policy and the actual payment of pensions to the persons so entitled to it.
1.14 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net expenditure for the period.
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REDEMPTORIST PUBLICATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
1.15 Debtors
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
1.16 Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
1.17 Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2 Critical accounting estimates and judgements
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Stock provisions
Stock is held at the lower of cost and net realisable value.
At the year end, management reviews each line of stock, considering the number of units held sales in the last 12 and 24 months and whether there is any reason that a stock item might be or might become obsolete and a provision is then calculated.
The total stock provision for the year is £128,046 (2020 - £28,615).
3 Government grants
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Government grants | 108,082 | 134,332 |
The government grants received were classified as unrestricted income.
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REDEMPTORIST PUBLICATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
4 Charitable activities
| Publication sales Royalties Postage, carriage and sundry costs Donations |
2021 £ 1,187,942 (7,137) 144,373 68,888 1,394,066 |
2020 £ 1,227,081 7,772 159,319 73,794 |
|---|---|---|
| 1,467,966 |
5 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Interest receivable | 22 | 351 |
| Other income | ||
| Unrestricted | Total | |
| funds | ||
| 2021 | 2020 | |
| £ | £ | |
| Net gain on disposal of tangible fixed assets | 2,315 | - |
6 Other income
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REDEMPTORIST PUBLICATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
7 Charitable activities
| Donations Publication and distribution of religious materials Staff recruitment, training and welfare Postage and stationery Advertising, conferences and sponsorship Travel and motor expenses Legal and professional fees Computer maintenance Finance costs Share of support costs (see note 8) Share of governance costs (see note 8) |
2021 £ 108,508 773,877 3,768 21,317 28,494 3,576 2,372 44,025 14,215 1,000,152 734,228 11,120 1,745,500 |
2020 £ 142,074 748,999 5,121 28,054 35,006 12,603 2,435 40,333 16,577 |
|---|---|---|
| 1,031,202 850,527 11,080 |
||
| 1,892,809 |
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REDEMPTORIST PUBLICATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
8 Support costs
| Staff costs Depreciation Repairs and renewals Telephone and fax Rent, rates and service charge Insurance Light and heat Sundry expenses Audit fees Analysed between Charitable activities |
Support costs Governance costs £ £ 632,659 - 47,507 - 9,293 - 10,749 - 7 - 5,134 - 15,855 - 13,024 - - 11,120 734,228 11,120 734,228 11,120 |
2021Support costs Governance costs £ £ £ 632,659 745,490 - 47,507 51,832 - 9,293 6,586 - 10,749 7,433 - 7 9,230 - 5,134 4,541 - 15,855 14,503 - 13,024 10,912 - 11,120 - 11,080 745,348 850,527 11,080 745,348 850,527 11,080 |
2020 £ 745,490 51,832 6,586 7,433 9,230 4,541 14,503 10,912 11,080 |
|---|---|---|---|
| 861,607 | |||
| 861,607 |
Support costs are allocated between activities on a basis consistent with the use of resources within these activities.
Governance costs includes payments to the auditors of £11,120 (2020 - £11,080) for audit fees. Included in this £2,000 (2020 - £2,000) was for other financial services.
9 Trustees
None of the Trustees (or any persons connected with them) received any remuneration during the year.
There were also no travel expenses reimbursed to the Congregation of the Most Holy Redeemer, a related charity, regarding the trustees during the year.
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REDEMPTORIST PUBLICATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
10 Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries Social security costs Pension costs |
2021 Number 24 2021 £ 565,617 39,752 27,290 632,659 |
2020 Number 29 |
|---|---|---|
| 2020 £ 660,914 51,204 33,372 |
||
| 745,490 |
The average number of UK-contracted employees throughout the year, calculated on a full-time equivalent basis, was 18 (2020 - 23).
The number of employees whose annual remuneration was £60,000 or more were:
| were: | |||
|---|---|---|---|
| 2021 | 2020 | ||
| Number | Number | ||
| £60,000 | to £69,999 | - | 1 |
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REDEMPTORIST PUBLICATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
11 Net gains/(losses) on investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Revaluation of investments | 142,321 | 152,501 | |
| 12 | Tangible fixed assets |
| Unrestricted Unrestricted funds funds 2021 2020 £ £ Revaluation of investments 142,321 152,501 12 Tangible fixed assets |
Unrestricted Unrestricted funds funds 2021 2020 £ £ Revaluation of investments 142,321 152,501 12 Tangible fixed assets |
Unrestricted Unrestricted funds funds 2021 2020 £ £ Revaluation of investments 142,321 152,501 12 Tangible fixed assets |
Unrestricted Unrestricted funds funds 2021 2020 £ £ Revaluation of investments 142,321 152,501 12 Tangible fixed assets |
Unrestricted Unrestricted funds funds 2021 2020 £ £ Revaluation of investments 142,321 152,501 12 Tangible fixed assets |
Unrestricted Unrestricted funds funds 2021 2020 £ £ Revaluation of investments 142,321 152,501 12 Tangible fixed assets |
|---|---|---|---|---|---|
| Cost or valuation At 1 January 2021 Additions Disposals At 31 December 2021 Depreciation and impairment At 1 January 2021 Depreciation charged in the year At 31 December 2021 Carrying amount At 31 December 2021 At 31 December 2020 |
Freehold property £ 1,118,846 - - 1,118,846 180,000 12,000 192,000 926,846 938,846 |
Plant and machinery £ 200,944 - - 200,944 167,903 4,956 172,859 28,085 33,041 |
Computers Motor vehicles £ £ 351,844 35,923 12,563 - - (1,785) 364,407 34,138 299,116 34,138 30,552 - 329,668 34,138 34,739 - 52,728 1,785 |
Total £ 1,707,557 12,563 (1,785) |
|
| 1,718,335 | |||||
| 681,157 47,508 |
|||||
| 728,665 | |||||
| 989,670 | |||||
| 1,026,400 |
Land and buildings with a carrying amount of £423,500 were revalued to £600,000 at 29 February 2000 by G B Glanfield B.Sc (Hons) ARICS, independent valuers not connected with the Charity on the basis of market value. The valuation conformed to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. Since that date, the charitable company took advantage of the provisions of FRS15 not to implement a policy of revaluation and have since held the property at the carrying value of £600,000.
At 31 December 2021, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £806,826 (2020 - £815,296).
Since the revaluation above additional building costs of £518,846 have been incurred on a residential property on the same site and those additions are shown at cost. This residential property is not depreciated on the basis that the difference between its cost and residual value is not material; it has an estimated useful economic life in excess of 50 years and is the subject of regular maintenance and repair. The trustees undertake an annual impairment review to confirm there is no material impairment of the property.
13 Fixed asset investments
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REDEMPTORIST PUBLICATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
| 13 Fixed asset investments Cost or valuation At 1 January 2021 Valuation changes At 31 December 2021 Carrying amount At 31 December 2021 At 31 December 2020 14 Stocks Finished goods and goods for resale Impairment losses of £99,432 (2020 - £nil) have been charged in the year. 15 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 16 Creditors: amounts falling due within one year Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
(Continued) Listed investments £ 843,476 142,322 985,798 985,798 843,476 2021 2020 £ £ 264,116 439,004 2021 2020 £ £ 211,528 193,548 35,437 14,026 67,637 71,213 314,602 278,787 2021 2020 £ £ 6,931 23,621 58,011 51,673 202 - 68,570 64,447 133,714 139,741 |
|---|---|
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REDEMPTORIST PUBLICATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
17 Government grants
Government grants relate to claims made under the coronavirus job retention scheme and are recognised in the profit and loss account in the same period as the costs to which they relate.
18 Retirement benefit schemes
Defined contribution schemes
The Charitable Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charitable Company in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £27,290 (2020 - £33,372).
At the balance sheet date, £nil (2020 - £nil) was payable in respect of these costs.
19 Designated funds
The income funds of the Charitable Company include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
St Clements fund Office buildings reserve Working capital reserve |
Balance at 1 January 2020 £ 518,846 309,861 1,000,000 1,828,707 |
Transfers £ - (3,530) - (3,530) |
Balance at 1 January 2021 £ 518,846 306,331 1,000,000 1,825,177 |
Transfers £ - (3,530) - (3,530) |
Balance at 31 December 2021 £ 518,846 302,801 1,000,000 |
|---|---|---|---|---|---|
| 1,821,647 |
St Clements fund
This fund is the value of the St Clements property owned by the Charitable Company that is provided for use by the Redemptorist community.
Office buildings reserve
This fund represents the premises used by the Charitable Company in the course of its normal operations. The depreciation related to the revalued part of the 'cost' in the accounts is adjusted against the revaluation reserve. The transfer shown is to correct the revaluation reserve value as at 31 December 2020.
Working capital reserve
This fund represents the working capital designated by the Trustees as being required to maintain the Charitable Company's normal operational capacity.
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REDEMPTORIST PUBLICATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
20 Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Fund balances at 31 December 2021 are represented by: | ||
| Tangible assets | 989,670 | 1,026,400 |
| Investments | 985,798 | 843,476 |
| Current assets/(liabilities) | 701,908 | 906,194 |
| 2,677,376 | 2,776,070 |
21 Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Aggregate compensation | 77,545 | 82,200 |
The Charitable Company is controlled by its members who are also directors and trustees.
During the year, no expenses were reimbursed trustees (2020 - none).
The Charitable Company is related to The Congregation of the Most Holy Redeemer (CMHR), a registered charity, by virtue of the common control by the same group of persons. All transactions during the year were on an arm's length basis.
Charitable donations of £107,351 (2020 - £142,351) were paid and pledged to CMHR during the year.
As part of its charitable support for CMHR the Charitable Company provides payroll and administrative services including the payment of salaries in advance of reimbursement. At the balance sheet date, the Charitable Company was owed £319 (2020 - £2,679).
The Charitable Company is related to Ace of Clubs (Clapham), a registered charity, by virtue of the common control by the same group of persons.
As part of its charitable support for Ace of Clubs (Clapham) the Charitable Company provides payroll and administrative services including the payment of salaries in advance of reimbursement. At the balance sheet date, the Charitable Company was owed £nil (2020 - £6,876).
Residential property owned by Redemptorist Publications is occupied by one of the officers, who is entitled to live there by virtue of his role in the organisation.
- 27 -
DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
REDEMPTORIST PUBLICATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
| 22 | Cash generated from operations | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Deficit for the year | (98,694) | (137,659) | |
| Adjustments for: | |||
| Investment income recognised in statement of financial activities | (22) | (351) | |
| Gain on disposal of tangible fixed assets | (2,315) | - | |
| Fair value gains and losses on investments | (142,321) | (152,501) | |
| Depreciation and impairment of tangible fixed assets | 47,507 | 51,832 | |
| Movements in working capital: | |||
| Decrease/(increase) in stocks | 174,888 | (10,829) | |
| (Increase)/decrease in debtors | (35,791) | 102,474 | |
| (Decrease) in creditors | (6,027) | (80,426) | |
| Cash absorbed by operations | (62,775) | (227,460) |
23 Analysis of changes in net funds
The Charity had no debt during the year.
- 28 -
DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
Redemptorist Publications Wolfes Lane Chawton Alton Hampshire GU34 3HQ
Fiander Tovell
Stag Gates House 63/64 The Avenue Southampton SO17 1XS
Dear Sirs
The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your audit of the Redemptorist Publication’s financial statements for the year ended 31[st] December 2021. These enquiries have included inspection of supporting documentation where appropriate and are sufficient to satisfy ourselves that we can make each of the following representations. All representations are made to the best of our knowledge and belief.
General
-
We have fulfilled our responsibilities as directors / trustees as set out in the terms of your engagement letter dated 12[th] January 2021, under the Companies Act 2006 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurate representations to you.
-
All the transactions undertaken by the Redemptorist Publications have been properly reflected and recorded in the accounting records.
-
All the accounting records have been made available to you for the purpose of your audit. We have provided you with unrestricted access to all appropriate persons within the Redemptorist Publications, and with all other records and related information requested, including minutes of all management and trustee meetings and correspondence with The Charity Commission.
-
The financial statements are free of material misstatements, including omissions.
-
The effects of uncorrected misstatements are immaterial both individually and in total.
Internal control and fraud
-
We acknowledge our responsibility for the design, implementation and maintenance of internal control systems to prevent and detect fraud and error. We have disclosed to you the results of our risk assessment that the financial statements may be misstated as a result of fraud.
-
We have disclosed to you all instances of known or suspected fraud affecting the entity involving management, employees who have a significant role in internal control or others that could have a material effect on the financial statements.
-
We have also disclosed to you all information in relation to allegations of fraud or suspected fraud affecting the entity’s financial statements communicated by current or former employees, analysts, regulators or others.
Assets and liabilities
-
The charitable company has satisfactory title to all assets and there are no liens or encumbrances on the charitable company’s assets, except for those that are disclosed in the notes to the financial statements.
-
All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as appropriate.
-
We have no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflected in the financial statements.
Accounting estimates
- Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.
Loans and arrangements
- The Redemptorist Publications has not granted any advances or credits to, or made guarantees on behalf of, directors other than those disclosed in the financial statements.
DocuSign Envelope ID: A080E5D9-A5AA-4D2B-9DBF-205DECABFD27
Redemptorist Publications Wolfes Lane Chawton Alton Hampshire GU34 3HQ
Legal claims
- We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for and disclosed in the financial statements.
Laws and regulations
- We have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the financial statements.
Related parties
- Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with legislative and accounting standards requirements.
Subsequent events
- All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed.
Going concern
- We believe that the charitable company’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charitable company’s needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charitable company’s ability to continue as a going concern need to be made in the financial statements.
Grants and donations
- All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income.
Restricted grants and donations are as follows / listed overleaf:
We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that so far as we are aware, there is no relevant audit information needed by you in connection with preparing your audit report of which you are unaware.
Each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that you are aware of that information.
Yours faithfully
..............................................................................................................................
Signed on behalf of the board of trustees (Company Number: 03261721)
16/9/2022 | 10:02 BST Date: ……………………..
Certificate Of Completion
Envelope Id: A080E5D9A5AA4D2B9DBF205DECABFD27 Status: Completed Subject: Please DocuSign: Redemptorist Accounts 31.12.2021.pdf, Letter of Rep( 1A51).doc Source Envelope: Document Pages: 33 Signatures: 6 Envelope Originator: Certificate Pages: 8 Initials: 0 Carla Wateridge AutoNav: Enabled Stag Gates House EnvelopeId Stamping: Enabled 63/64 The Avenue Time Zone: (UTC) Dublin, Edinburgh, Lisbon, London Southampton, Hampshire SO17 1XS carlawateridge@fiandertovell.co.uk IP Address: 51.219.209.66 Record Tracking Status: Original Holder: Carla Wateridge Location: DocuSign 15-09-22 | 16:08 carlawateridge@fiandertovell.co.uk Signer Events Signature Timestamp Andrew Burns Sent: 15-09-22 | 16:40 andrewtburns@hotmail.co.uk Viewed: 16-09-22 | 09:41 Security Level: Email, Account Authentication Signed: 16-09-22 | 09:42 (None) Signature Adoption: Pre-selected Style Using IP Address: 62.31.71.120 Electronic Record and Signature Disclosure: Accepted: 16-09-22 | 09:41 ID: 99317f62-5862-4a9e-9ffb-c3d7c0ff9adf Company Name: Fiander Tovell Richard Reid Sent: 16-09-22 | 09:42 richard.reid@redemptorists.co.uk Viewed: 16-09-22 | 09:59 Security Level: Email, Account Authentication Signed: 16-09-22 | 10:02 (None) Signature Adoption: Pre-selected Style Using IP Address: 62.102.158.44 Electronic Record and Signature Disclosure: Accepted: 16-09-22 | 09:59 ID: 458fffef-2842-4be9-8941-649152a23f3b Company Name: Fiander Tovell Adam Buse Sent: 16-09-22 | 10:02 Adambuse@fiandertovell.co.uk Viewed: 26-09-22 | 13:19 Buse Signed: 26-09-22 | 13:19 Fiander Tovell Signature Adoption: Pre-selected Style Security Level: Email, Account Authentication (None) Using IP Address: 51.219.209.66 Electronic Record and Signature Disclosure: Not Offered via DocuSign In Person Signer Events Signature Timestamp Editor Delivery Events Status Timestamp Agent Delivery Events Status Timestamp Intermediary Delivery Events Status Timestamp
| Certified Delivery Events | Status | Timestamp |
|---|---|---|
| Carbon Copy Events | Status | Timestamp |
| Sylvia Perrins | Sent: 26-09-22 | |
| sylvia@rpbooks.co.uk | Viewed: 26-09-22 | |
| Security Level: Email, Account Authentication | ||
| (None) | ||
| Electronic Record and Signature Disclosure: | ||
| Not Offered via DocuSign | ||
| Witness Events | Signature | Timestamp |
| Notary Events | Signature | Timestamp |
| Envelope Summary Events | Status | Timestamps |
| Envelope Sent | Hashed/Encrypted | 15-09-22 |
| Certified Delivered | Security Checked | 26-09-22 |
| Signing Complete | Security Checked | 26-09-22 |
| Completed | Security Checked | 26-09-22 |
| Payment Events | Status | Timestamps |
| Electronic Record and Signature Disclosure |
Electronic Record and Signature Disclosure created on: 08-04-19 | 11:40 Parties agreed to: Andrew Burns
CONSUMER DISCLOSURE
From time to time, Fiander Tovell (we, us or Company) may be required by law to provide to you certain written notices or disclosures. Described below are the terms and conditions for providing to you such notices and disclosures electronically through the DocuSign, Inc. (DocuSign) electronic signing system. Please read the information below carefully and thoroughly, and if you can access this information electronically to your satisfaction and agree to these terms and conditions, please confirm your agreement by clicking the ‘I agree’ button at the bottom of this document.
Getting paper copies
At any time, you may request from us a paper copy of any record provided or made available electronically to you by us. You will have the ability to download and print documents we send to you through the DocuSign system during and immediately after signing session and, if you elect to create a DocuSign signer account, you may access them for a limited period of time (usually 30 days) after such documents are first sent to you. You may request delivery of such paper copies from us by following the procedure described below.
Withdrawing your consent
If you decide to receive notices and disclosures from us electronically, you may at any time change your mind and tell us that thereafter you want to receive required notices and disclosures only in paper format. How you must inform us of your decision to receive future notices and disclosure in paper format and withdraw your consent to receive notices and disclosures electronically is described below.
Consequences of changing your mind
If you elect to receive required notices and disclosures only in paper format, it will slow the speed at which we can complete certain steps in transactions with you and delivering services to you because we will need first to send the required notices or disclosures to you in paper format, and then wait until we receive back from you your acknowledgment of your receipt of such paper notices or disclosures. To indicate to us that you are changing your mind, you must withdraw your consent using the DocuSign ‘Withdraw Consent’ form on the signing page of a DocuSign envelope instead of signing it. This will indicate to us that you have withdrawn your consent to receive required notices and disclosures electronically from us and you will no longer be able to use the DocuSign system to receive required notices and consents electronically from us or to sign electronically documents from us.
All notices and disclosures will be sent to you electronically
Unless you tell us otherwise in accordance with the procedures described herein, we will provide electronically to you through the DocuSign system all required notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to you during the course of our relationship with you. To reduce the chance of you inadvertently not receiving any notice or disclosure, we prefer to provide all of the required notices and disclosures to you by the same method and to the same address that you have given us. Thus, you can receive all the disclosures and notices electronically or in paper format through the paper mail delivery system. If you do not agree with this process, please let us know as described below. Please also see the paragraph immediately above that describes the consequences of your electing not to receive delivery of the notices and disclosures electronically from us.
How to contact Fiander Tovell:
You may contact us to let us know of your changes as to how we may contact you electronically, to request paper copies of certain information from us, and to withdraw your prior consent to receive notices and disclosures electronically as follows:
To advise Fiander Tovell of your new e-mail address
To let us know of a change in your e-mail address where we should send notices and disclosures electronically to you, you must send an email message to us at and in the body of such request you must state: your previous e-mail address, your new e-mail address. .
In addition, you must notify DocuSign, Inc. to arrange for your new email address to be reflected in your DocuSign account by following the process for changing e-mail in the DocuSign system.
To request paper copies from Fiander Tovell
To request delivery from us of paper copies of the notices and disclosures previously provided by us to you electronically, you must send us an e-mail to and in the body of such request you must state your e-mail address, full name, postal address, and telephone number. To withdraw your consent with Fiander Tovell
To inform us that you no longer want to receive future notices and disclosures in electronic format you may:
i. decline to sign a document from within your DocuSign session, and on the subsequent page, select the check-box indicating you wish to withdraw your consent, or you may;
ii. send us an e-mail to and in the body of such request you must state your e-mail, full name, postal Address, and telephone number. . .
Required hardware and software
| Operating Systems: |
Windows® 2000, Windows® XP, Windows Vista®; Mac OS® X |
|---|---|
| Browsers: | Final release versions of Internet Explorer® 6.0 or above (Windows only); Mozilla Firefox 2.0 or above (Windows and Mac); Safari™ 3.0 or above (Mac only) |
| PDF Reader: | Acrobat® or similar software maybe required to view andprint PDF files |
| Screen Resolution: |
800 x 600 minimum |
| Enabled Security Settings: |
Allow per session cookies |
** These minimum requirements are subject to change. If these requirements change, you will be asked to re-accept the disclosure. Pre-release (e.g. beta) versions of operating systems and browsers are not supported.
Acknowledging your access and consent to receive materials electronically
To confirm to us that you can access this information electronically, which will be similar to other electronic notices and disclosures that we will provide to you, please verify that you were
able to read this electronic disclosure and that you also were able to print on paper or electronically save this page for your future reference and access or that you were able to e-mail this disclosure and consent to an address where you will be able to print on paper or save it for your future reference and access. Further, if you consent to receiving notices and disclosures exclusively in electronic format on the terms and conditions described above, please let us know by clicking the ‘I agree’ button below. By checking the ‘I agree’ box, I confirm that:
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I can access and read this Electronic CONSENT TO ELECTRONIC RECEIPT OF ELECTRONIC CONSUMER DISCLOSURES document; and
-
I can print on paper the disclosure or save or send the disclosure to a place where I can print it, for future reference and access; and
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Until or unless I notify Fiander Tovell as described above, I consent to receive from exclusively through electronic means all notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to me by Fiander Tovell during the course of my relationship with you.
Electronic Record and Signature Disclosure created on: 08-05-18 | 15:21 Parties agreed to: Richard Reid
CONSUMER DISCLOSURE
From time to time, Fiander Tovell (we, us or Company) may be required by law to provide to you certain written notices or disclosures. Described below are the terms and conditions for providing to you such notices and disclosures electronically through the DocuSign, Inc. (DocuSign) electronic signing system. Please read the information below carefully and thoroughly, and if you can access this information electronically to your satisfaction and agree to these terms and conditions, please confirm your agreement by clicking the ‘I agree’ button at the bottom of this document.
Getting paper copies
At any time, you may request from us a paper copy of any record provided or made available electronically to you by us. You will have the ability to download and print documents we send to you through the DocuSign system during and immediately after signing session and, if you elect to create a DocuSign signer account, you may access them for a limited period of time (usually 30 days) after such documents are first sent to you. After such time, if you wish for us to send you paper copies of any such documents from our office to you, you will be charged a $0.00 per-page fee. You may request delivery of such paper copies from us by following the procedure described below.
Withdrawing your consent
If you decide to receive notices and disclosures from us electronically, you may at any time change your mind and tell us that thereafter you want to receive required notices and disclosures only in paper format. How you must inform us of your decision to receive future notices and disclosure in paper format and withdraw your consent to receive notices and disclosures electronically is described below.
Consequences of changing your mind
If you elect to receive required notices and disclosures only in paper format, it will slow the speed at which we can complete certain steps in transactions with you and delivering services to you because we will need first to send the required notices or disclosures to you in paper format, and then wait until we receive back from you your acknowledgment of your receipt of such paper notices or disclosures. To indicate to us that you are changing your mind, you must withdraw your consent using the DocuSign ‘Withdraw Consent’ form on the signing page of a DocuSign envelope instead of signing it. This will indicate to us that you have withdrawn your consent to receive required notices and disclosures electronically from us and you will no longer be able to use the DocuSign system to receive required notices and consents electronically from us or to sign electronically documents from us.
All notices and disclosures will be sent to you electronically
Unless you tell us otherwise in accordance with the procedures described herein, we will provide electronically to you through the DocuSign system all required notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to you during the course of our relationship with you. To reduce the chance of you inadvertently not receiving any notice or disclosure, we prefer to provide all of the required notices and disclosures to you by the same method and to the same address that you have given us. Thus, you can receive all the disclosures and notices electronically or in paper format through the paper mail delivery system. If you do not agree with this process, please let us know as described below. Please also see the paragraph immediately above that describes the consequences of your electing not to receive delivery of the notices and disclosures electronically from us.
How to contact Fiander Tovell:
You may contact us to let us know of your changes as to how we may contact you electronically, to request paper copies of certain information from us, and to withdraw your prior consent to receive notices and disclosures electronically as follows:
To contact us by email send messages to: paulmeacher@fiandertovell.co.uk To contact us by paper mail, please send correspondence to: Fiander Tovell Limited FAO Paul Meacher, Fiander Tovell Limited Stag Gates House, 63-63 The Avenue Southampton, UNITED KINGDOM, SO17 1XS
To advise Fiander Tovell of your new e-mail address
To let us know of a change in your e-mail address where we should send notices and disclosures electronically to you, you must send an email message to us at paulmeacher@fiandertovell.co.uk and in the body of such request you must state: your previous e-mail address, your new e-mail address. We do not require any other information from you to change your email address..
In addition, you must notify DocuSign, Inc. to arrange for your new email address to be reflected in your DocuSign account by following the process for changing e-mail in the DocuSign system.
To request paper copies from Fiander Tovell
To request delivery from us of paper copies of the notices and disclosures previously provided by us to you electronically, you must send us an e-mail to paulmeacher@fiandertovell.co.uk and in the body of such request you must state your e-mail address, full name, US Postal address, and telephone number.
To withdraw your consent with Fiander Tovell
To inform us that you no longer want to receive future notices and disclosures in electronic format you may:
i. decline to sign a document from within your DocuSign session, and on the subsequent page, select the check-box indicating you wish to withdraw your consent, or you may;
ii. send us an e-mail to paulmeacher@fiandertovell.co.uk and in the body of such request you must state your e-mail, full name, US Postal Address, and telephone number. We do not need any other information from you to withdraw consent.. The consequences of your withdrawing consent for online documents will be that transactions may take a longer time to process..
Required hardware and software
Operating Windows® 2000, Windows® XP, Windows Vista®; Mac OS® X Systems:
| Browsers: | Final release versions of Internet Explorer® 6.0 or above (Windows only); Mozilla Firefox 2.0 or above (Windows and Mac); Safari™ 3.0 or above (Mac only) |
|---|---|
| PDF Reader: | Acrobat® or similar software maybe required to view andprint PDF files |
| Screen Resolution: |
800 x 600 minimum |
| Enabled Security Settings: |
Allow per session cookies |
** These minimum requirements are subject to change. If these requirements change, you will be asked to re-accept the disclosure. Pre-release (e.g. beta) versions of operating systems and browsers are not supported.
Acknowledging your access and consent to receive materials electronically
To confirm to us that you can access this information electronically, which will be similar to other electronic notices and disclosures that we will provide to you, please verify that you were able to read this electronic disclosure and that you also were able to print on paper or electronically save this page for your future reference and access or that you were able to e-mail this disclosure and consent to an address where you will be able to print on paper or save it for your future reference and access. Further, if you consent to receiving notices and disclosures exclusively in electronic format on the terms and conditions described above, please let us know by clicking the ‘I agree’ button below.
By checking the ‘I agree’ box, I confirm that:
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I can access and read this Electronic CONSENT TO ELECTRONIC RECEIPT OF ELECTRONIC CONSUMER DISCLOSURES document; and
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I can print on paper the disclosure or save or send the disclosure to a place where I can print it, for future reference and access; and
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Until or unless I notify Fiander Tovell as described above, I consent to receive from exclusively through electronic means all notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to me by Fiander Tovell during the course of my relationship with you.