**(Registered Charity No. 1173924)**
## **THE TABLET TRUST**
## **REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED**
**31 January 2021**
**THE TABLET TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021**
|Chairperson|Dame Helen Ghosh|
|---|---|
|Vice Chairman|Mike Craven|
|Trustees|John Adshead|
||Dame Collette Bowe|
||Mike Craven|
||Julie Etchingham|
||Dame Helen Ghosh|
||Edward Stourton|
||Paul Vallely|
||Lady Rachel Billington (Appointed 7thAugust 2020)|
|Finance Committee||
||Carmel McConnell|
||Mike Craven|
||Amanda Davison-Young|
||Katherine Jeffrey|
|Secretary|Amanda Davison-Young|
Page 1
## **THE TABLET TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
Auditors Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading RG1 1PL Bankers HSBC 123 Chancery Lane London WC2A 1QH NatWest 1[st] Floor 22 Kings Mall Hammersmith London W6 0PZ Financial Advisers Sarasin & Partners LLP Juxon House 100 St Paul’s Churchyard London EC4M 8BU Charity Number 1173924 Registered Office 1 King Street Cloisters Clifton Walk London W6 0GY
Page 2
## **THE TABLET TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2021**
The Trustees present their report together with the audited financial statements for the year ended 31 January 2021.
## **REFERENCE AND ADMINSTRATIVE INFORMATION**
The Tablet Trust is a registered charity, number 1173924.
The Trustees, key addresses and advisers are set out on the previous two pages.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Tablet Trust is constituted as a Foundation Charitable Incorporated Organisation (CIO). The CIO was entered into the Register of Charities on the 24th July 2017 with the registered charity number 1173924. The assets of the previous Trust were transferred to the CIO on 1 February 2018. The CIO is now the sole trustee of the previous Trust (charity number 271537) which remains on the register as a shell charity.
## **Governing Body**
Any nominations for new Trustees in the period under review were placed before the annual meeting of Trustees and approved by a majority of the Trustees prior to any appointments.
## **Trustee-training**
For the period under review new Trustees were inducted into the workings of the Charity and its subsidiary company at an induction workshop organised by the Secretary to the Trust, the Chairman of the Publishing Company, the Editor and the Publisher. A welcome pack was provided, which included: a copy of the governing Trust deed; a note on the role of Trustees; background to the Tablet Publishing Company including the structure of the Board, its mission, overall aims and the current specific activities and goals
## **Organisational Management**
The Finance Committee, consisted of seven Trustees, and managed the affairs of the Trust. They met formally at least twice a year. At these meetings the committee: received the report of the Publishing Company Chairman; considered any applications for grants or donations from the publishing company or any external bodies; reviewed the investments and accounts of the Trust; and approved any disbursements. The Trustees currently meet only once a year, unless there is some special need. The day to day administration of grants and the processing and handling of applications prior to consideration by the Finance Committee is delegated to the Secretary. The management of the Publishing Company is vested in a Board of Directors who report to The Trust through the Finance Committee and at the AGM.
## **Key Management Personnel Remuneration**
Our approach to remuneration has been designed to ensure we can attract and retain the talented and motivated people we need to achieve our mission and deliver our strategic goals. It is applied consistently across the organisation. We aim to pay competitively in the not-for-profit sector within the context of affordability. We therefore take into account factors such as salaries paid in comparable organisations.
.
Page 3
## **THE TABLET TRUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
## **Group Structure and Relationships**
The Charity has a wholly owned subsidiary, The Tablet Publishing Company Limited (registered company 311249).
The principal activity of the subsidiary company is the publication of “The Tablet” and “The Pastoral Review”. Fifty issues of “The Tablet” are produced per annum, Historically six, reduced during the year to four, issues of “The Pastoral Review” are produced per annum.
## **Risk Management**
The Trustees are responsible for oversight of the risks faced by the charity. Detailed considerations of risk are delegated to the Finance Committee, which is assisted by the senior staff of both the Charity and the subsidiary. Risks are identified and assessed, and controls have been established. A formal review of the charity’s risk management processes is undertaken on an annual basis. The key controls used by the Charity include:
- Formal agenda for the Board of Trustees
- Detailed terms of reference for the Directors and management of the subsidiary
- Comprehensive reviews of management accounts, budgets and plans
- Established organisational and governance structure and lines of reporting
- Formal written policies
- Hierarchical authorisation and approval levels
Through the risk management processes established for the Charity, the Trustees have identified that the most significant risk it faces is the decline of its trading subsidiary’s traditional print publishing model caused by the influence of digital publishing – a disruptive technology, fuelled by the ever-expanding reach of the internet and the impact this has on how everyone accesses information. Strict cost control along with the development of appropriate digital products to deliver digital content to this evolving market place have been identified as a means to address this challenge. The Trustees are satisfied that all other major risks are identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
## **COVID-19 and Going Concern**
In their assessment of going concern the Trustees have considered the current and developing impact on the group as a result of the COVID19 virus. This has had only a small impact on the trading company’s operations due to the agility of the business and its capability to react decisively to the situation by altering the pullers and leavers of the business in terms of income and expenditure to offset as much of the potential immediate losses as possible. However, the Trustees recognise the commercial challenges in publishing relatively small journals in these uncertain times.
The Trustees also recognise that there could be a risk to donation and investment income as giving priorities change and investment performances fall.
The bank has confirmed that the publishing company would qualify for certain government loans. At the balance sheet date, the group also held investments of £257,696 which could be liquidated and a freehold property which was previously valued at £1.65m which could be leveraged to secure additional funding should the need arise.
Based on the above the Trustees believe that the group's financial resources and contingency planning is sufficient to ensure the ability of the group to continue as a going concern for the foreseeable future.
Page 4
## **THE TABLET TRUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
## **Fundraising**
The Tablet Trust is a small charity that historically raised funds through the activities of its wholly owned subsidiary, The Tablet Publishing Co Ltd, some small regular donations (individuals and trusts) and occasional legacies. In 2017, following a research exercise undertaken amongst supporters, the Trustees decided to launch a fundraising campaign to bring The Tablet and the values it stands for to new audiences especially through digital technology. An initial target of £1.5m was set and, recognising the importance using good fundraising standards and practices, Craigmyle Consultants were appointed. Craigmyle has its own code of practice, and remains a member of the Association of Fundraising Consultants, an organisation it helped found in 1991 to promote best practice in fundraising consultancy. AFC members abide by both the AFC and Fundraising Regulator’s codes of practice. Gill Moody, the lead consultant, is also a member of the Institute of Fundraising. In 2019, The Tablet Publishing Company appointed an Events and Fundraising Officer to carry on this work in house. All best practices in this field continue to be followed.
Donations and pledges are solicited by Trustee volunteers and approaches are personal focused on those individuals and institutions who have expressed interest in our proposed developments.
The Tablet Trust does not engage in large scale fundraising activities like data screening, mass mailing, telephone fundraising or door-to-door campaigns. Under no circumstances will The Tablet Trust share personal information of our supporters for the purposes of third-party marketing or processing. The Trust along with The Tablet Publishing Company work within the scope of GDPR.
The fundraising activities are monitored through regular meetings which review the progress of the different initiatives
During the year we have not received or are aware of any complaints or breaches about our fundraising activities.
The Tablet Trust takes its responsibility to protect vulnerable people and other members of the public from behaviour which might be considered an unreasonable intrusion on their privacy or unreasonably persistent very seriously. It has taken measures to comply with GDPR and, as part of this, all individual and financial records are password protected.
## **OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES**
## **Charitable Objectives**
The objectives of the charity as set out in its foundation documents are:
- a) to advance the Christian religion. b) to promote, present and disseminate the teachings of the Christian religion and to promote understanding of the Roman Catholic faith, values and principles.
- c) to advance the education of the public. d) to pursue such other charitable objectives as shall not be inconsistent with the objects hereunto before set out.
The objectives of the Trust are carried out by its support of the religious and educational aspects of “The Tablet” and “The Pastoral Review”, and support of outside bodies whose activities fall within the Trust Deed objectives.
Page 5
**THE TABLET TRUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
## **Objectives for the year**
The Trust and its successor CIO look to achieve its strategic aims principally through the activities of the Publishing Company. Specifically, the company is charged with:
- a) maintaining the high journalistic quality and Catholic ethos, informed by the teaching of the Second Vatican Council, of _The Tablet_ and _The Pastoral Review_
- b) increasing the influence of _The Tablet_ and _The Pastoral Review_ in the religious and secular spheres in the UK and beyond; and
- c) increasing the circulation of both titles.
The above objectives will be continuous.
## **Strategic Aims and Intended Effect**
The Trust and its successor CIO seek to fulfil its objectives through its support of the Publishing Company’s flagship title _The Tablet._ Through this support it aims to grow _The Tablet’s_ influence in the UK and internationally, as a journal of comment and analysis. This in turn will engender amongst its growing readership a discernment of the Christian message reflected within the intellectual values of providing informed opinion, a forum for debate and a journal of record. It seeks to create a spiritual counterbalance to the political polarisation of society and in particular intellectual life. It also seeks to provide a resource to the Church through _The Pastoral Review_ .
## **Principal Activity**
The Trust’s principal activity is affected through The Tablet Publishing Company. It publishes _The Tablet_ , a weekly journal of record and opinion that is concerned with the world as with the Church and seeks to interpret each to the other; and _The Pastoral Review_ , a now quarterly journal of pastoral theology and practice. The website has been developed to provide faster updates of news to a global audience. In addition, lectures; events and webinars are hosted for readers, which also provides for an opportunity to meet the Editor and staff of _The Tablet_ .
## **Ensuring our work delivers our aims**
We review our aims, objectives and activities twice a year. This review looks at the success of each key activity, and the benefits brought to the groups we were set up to nurture. Through these reviews we are able to ensure that our aim, objectives and activities remain focused. The Charity Trustees have therefore complied with their duty in section 17(5) of the Charities Act 2011 to have due regard to the Charity Commission’s published general guidance concerning the operation of the public benefit requirement under that Act. The Trustees continually consider how planned activities will contribute to the set aims and objectives.
## **The focus of our work**
Our main objectives for the year continued to be the support of the religious and educational aspects of “The Tablet” and “The Pastoral Review”, and support of outside bodies whose activities fall within the Trust Deed objectives.
## **How our activities deliver public benefit**
Our main activities and who we benefit are described below. Other than through the provision of grants we seek to deliver public benefit through our publishing company’s activities.
Page 6
## **THE TABLET TRUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
Who used and benefited from our activities
_The Tablet_ ’s print circulation during the year was on average 13,740 per week (2020: 15,426 per week); a reduction due to management of efficiencies and a shift in the market from print to digital readership of _The Tablet_ . For _The Pastoral Review_ , circulation averaged 1,358 per issue (from six to quarterly per year). Additionally, digital subscriptions now make up an additional 1,896 average readers of the online Tablet compared to 1,623 subscribers in 2020, with an average readership per issue, based on market research, of circa 100,000 readers of all the journals overall. Overall multi-media subscription to _The Tablet_ has increased by 1% in 2021 compared to the previous year. _The Tablet_ provides thought provoking articles designed to stimulate debate on issues of morals, ethics and religion in the contemporary world, thereby promoting a better understanding of the divisive issues facing society today. _The Pastoral Review_ provides support to those involved in pastoral work through articles that inform as well as enhance their particular vocation.
Through The Publishing Company, _The Tablet_ provides the general public with a broad range of information on Catholic matters, daily news updates, blogs and additional letters to the casual browser, along with a resource section for religious knowledge educators and students - whilst in addition providing an enhanced service to print subscribers. During the year our websites see over 5,946 daily visitors to _The Tablet_ web site. Audience engagement is on average 1.71 page views, whilst the average time on site has increased over the year by 26%. Bounce rates have increased marginally by 2%. The free e-newsletter is now distributed twice weekly and both have a distribution of 27,355 (2020: 22,000) and is sent to those people who registered for this service. We also receive requests to republish material published in _The Tablet_ in other publications. The new web site for _The Tablet_ was launched in December 2018.
## **Disbursement Policy**
There is an agreed disbursement policy under which the majority of funds are retained for the present and future development of _The Tablet_ and _The Pastoral Review_ , but some funds are available to respond to grant applications from other sources which meet any of the following criteria:
- a) advance the Christian religion
- b) promote, present and disseminate the teachings of the Christian religion and promote understanding of the Roman Catholic faith, values and principles
- c) advance the education of the public
- d) are consistent with and enhance the promotion of these principles as already embodied in _The Tablet_ and _The Pastoral Review_
- e) Digital upgrades including the web site and marketing of _The Tablet_
- f) Archive digitisation
- g) Appointment of a events / fundraising resource
£119,678 of internal grants were made during the year from The Tablet Trust to The Publishing Company (2020: £123,207).
## **Volunteers**
The Trust does not make any significant use of volunteers and relies on the staff of The Publishing Company for most tasks.
Page 7
## **THE TABLET TRUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
## **REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR**
Progress by The Tablet Trust towards the achievement of its objectives has continued over the past year. _The Tablet_ ’s print circulation declined by 11%, (mainly as a measure to improve the efficiencies and reduce costs as part of the Covid cost saving plan in the year); print subscriptions only fell by 1.1% in the year and digital subscriptions showed growth in the year of 17%. Multi-media subscriptions grew by 1% overall in 2021 compared to the previous year. Advertisement sales came in 37% short of an ambitious budget and 34% down on last year mainly as a result of Covid. Excellent cost control management offset some of the losses to budget.
The main income of The Tablet Publishing Company, a wholly owned subsidiary of The Tablet Trust, comes from the copy sales (subscriptions, parish sales and commercial retail outlets) and advertisement space sales in both journals. The subsidiary hopes to see continued progress in the current year, but recognises, particularly in these uncertain economic times, the commercial challenges in publishing relatively small journals.
As part of the backing that the Trust affords the Publishing Company, a 'Letter of Support' has been provided.
## **FINANCIAL REVIEW AND RESULTS FOR THE YEAR**
The Tablet Trust Accounts to the year ending January 2021 reflects the increasing stabilisation of the business brought about through eighteen months of restructuring and re-engineering. This work needs to continue with a focus on increasing multi-media subscriptions and developing the fundraising scope of the business.
Before consolidation, The Tablet Trust made a deficit of £40,677; _(2020: deficit of £81,228)_ . This deficit has arisen after £9,321 of investment gains ( _2020: £24,414 investment gains)_ made on the Tablet Trust’s investments during the year. The principal funding sources of the Trust are investment income and donations. The consolidated results have produced a deficit in the year of £94,121 _(2020: 111,151)_ .
There is a deficit on group unrestricted general funds due to the past accumulated trading losses in the publishing company.
Fundraising costs have reduced in the year due to The Tablet now having a dedicated part time fundraising and events resource as opposed to last year where the fundraising was outsourced to a consultancy.
## **Reserves policy**
Funds are retained to meet the future needs of _The Tablet_ and _The Pastoral Review_ through which the aims of the charity are primarily achieved. In this context, reserves are being maintained to fund the publishing and accommodation needs of the company.
Free reserves are defined by the Charity Commission as unrestricted funds available to spend on the general purposes of the Charity and therefore excluding those designated for particular purposes and those already utilised in purchasing tangible fixed assets. Free reserves should not be mistaken for cash reserves.
After adjusting unrestricted funds for functional fixed assets, there were no free reserves at the 31 January 2021 or 2020.
The current aim is to build up free reserves of £20k to mitigate against unmeasurable risks.
Further information on funds can be seen in Note 15 of the financial statements.
Page 8
## **THE TABLET TRUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
## **Investment Powers, Policy and Performance Investment principles**
- i) The Trustees will appoint investment managers to advise on the investment of assets of the Fund in accordance with the principles set out in this statement and within the guidelines set down from time to time by the Trustees.
- ii) The Trustees will monitor the performance of the investment managers against the stated Performance Objective. Performance reports will be obtained quarterly but it is expected that any manager will, in normal circumstances, be given a period of tenure of between 3 and 5 years. Trustees will, prior to the end of the period of tenure, conduct a review to establish whether alternative investment managers should be appointed.
- iii) The Trustees wish their investment advisers to take into account their desire that the investment choices made should have regard to appropriate ethical considerations.
- iv) Risks will be mitigated by spreading investments either by purchasing managed funds or by limiting purchases to not more than 5% of the investment fund’s value.
- v) There will be no direct investments in warrants, options, futures and contracts for differences.
- vi) An annual review of the portfolio to be undertaken by Trustees with the investment managers
## **Investment objectives**
- a) The primary objective of the Trustees is that the Fund, together with any donations made in the future, is invested to produce a level of distributable income, as agreed between the Trust and its fund manager(s), to support charitable causes in line with the purposes of the Trust, while maintaining as far as is possible its real value in the long term.
- b) The assets of the Fund are to be invested in a diverse portfolio consistent with a medium-risk profile. The Trustees will look for the manager or managers to achieve, over rolling five-year periods, a total return on investments not less than the average of the WM Unconstrained Charities Universe (excluding property).
## **Current investment arrangements**
- a) Sarasin & Partners LLP are the fund manager. b) The assets are invested in three funds – Sarasin Global Higher Dividend- I inc, Sarasin Endowment Fund Class A Inc and Sarasin Income and Reserves Fund Class A Inc.
## **Investment Performance**
Portfolio value as at 31st January 2021 was £257,696.
In the 12 months to 31st January 2021, the portfolio produced a return of +13.4% (after all fees and costs) which compared to the index-based benchmark return of +13.6% and the Charity Peer Group return (as measured by the ARC Steady Growth Charity Index) of +11.4%. Income generation continued to be strong over the period with the portfolio yielding 3.3% as at 31st January.
Page 9
## **THE TABLET TRUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
## **FUTURE PLANS**
The Trust recognises that to support the growth of the Publishing Company’s ongoing investment, it is necessary to develop modern outreach through international multi-media methods and has begun a focused fundraising exercise.
In addition, the Publishing Company has restructured and re-engineered the business and has developed a 3-year strategic plan to bring the Tablet close to a break-even position.
## **AUDITORS**
A resolution proposing the re-appointment of Crowe U.K. LLP as auditors to the Charity will be put to the Annual General Meeting.
Dame Helen Ghosh Trustee Date: 25 June 2021
Mr Michael Craven Trustee Date: 25 June 2021
Page 10
## **THE TABLET TRUST STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
## **Statement of Trustees’ responsibilities**
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).
The law applicable to charities in England and Wales 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 the group and of the incoming resources and application of resources of the group for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions, 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 Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 11
## **Crowe U.K. LLP**
_Chartered Accountants_ Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE TABLET TRUST**
## **Opinion**
We have audited the financial statements of the Tablet Trust for the year ended 31 January 2021 which comprise the consolidated statement of financial activity, the Group and Charity Balance Sheets, the Group Cash Flow Statement and the related notes., including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the group’s and of the parent charity’s affairs as at 31 January 2021 and of the group’s incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 group 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**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group’s or the parent charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Page 12
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE TABLET TRUST (CONTINUED)**
## **Other information**
The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine
whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the Trustees’ report; or
- sufficient accounting records have not been kept by the parent charity; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit
## **Responsibilities of Trustees**
As explained more fully in the Trustees’ responsibilities statement set out on page 10, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the group’s and the parent 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 charity or to cease operations, or have no realistic alternative but to do so.
Page 13
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE TABLET TRUST (CONTINUED)**
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context for the UK operations were the Charities Act 2011, together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statements.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Charity for fraud. The laws and regulations we considered in this context for the Charity were Charity Commission regulations and General Data Protection Regulation (GDPR). Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be completeness of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 14
## **Use of our report**
This report is made solely to the charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Crowe U.K. LLP
Statutory Auditor
## **Reading**
## **Date: 25 June 2021**
Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 15
## **THE TABLET TRUST**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2021**
|Notes
**INCOME FROM**
**Donations and legacies**
Donations and tax recoverable
**Investments**
4
**Charitable activities**
Publication income
5
**Total income**
**EXPENDITURE ON**
**Raising funds**
Fundraising costs
**Charitable Activities**
Publication expenditure
5
Support costs
**Total expenditure**
6
Net gain/(loss) on investments
11
**Net (expenditure)**
8
Fund balances 1 February 2020
**Fund balances 31 January 2021**
15|**Unrestricted**
**Funds**
**2021**
_2020_
**Total**
_Total_
**£**
_£_
**127,899**
_130,570_
**7,704**
_6,663_
**1,948,642**
_2,030,357_
**2,084,245**
_2,167,590_
**10,527**
_19,474_
**2,153,284**
_2,245,575_
**23,876**
_38,106_
**2,187,687**
_2,303,155_
**9,321**
_24,414_
**(94,121)**
_(111,151)_
**1,127,552**
_1,238,703_
**1,033,431**
_1,127,552_|
|---|---|
The statement of financial activities concerns all recognised gains and losses in the year and the results reported relate to continuing operations.
The notes on pages 19 to 32 form part of these financial statements
Page 16
## **THE TABLET TRUST BALANCE SHEET**
## **AS AT 31 JANUARY 2021**
|**FIXED ASSETS**
Tangible assets
10
Investments
11
**CURRENT ASSETS**
Debtors
12
Cash at bank
**CREDITORS**: Amounts falling
due within one year
13
**NET CURRENT**
**(LIABILITIES)/ASSETS**
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
**FUNDS**
15
**Unrestricted funds**
Revaluation Reserve
General Unrestricted Fund
16|**Group**
**2021**
_2020_
**£**
_£_
**1,457,289**
_1,500,129_
**257,696**
_248,375_
**1,714,985**
_1,748,504_
**182,442**
_174,222_
**36,459**
_70,203_
**218,901**
_244,425_
**(900,455)**
_(865,377)_
**(681,554)**
_(620,952)_
**1,033,431**
_1,127,552_
**1,216,470**
_1,281,423_
**(183,039)**
_(153,871)_
**1,033,431**
_1,127,552_|**Charity**
**2021**
_2020_
**£**
_£_
**-**
_-_
**688,761**
_773,374_
**688,761**
_773,374_
**160,933**
_94,974_
**21,917**
_27,498_
**182,850**
_122,472_
**(32,007)**
_(15,565) _
**150,843**
_106,907_
**839,604**
_880,281_
_-_
_-_
_839,604_
_880,281_
_839,604_
_880,281_|
|---|---|---|
The net outgoing resources for the financial year dealt with in the financial statements of the parent entity was £40,677 _(2020: £81,228)_ .
These financial statements were approved and authorised for issue by the Board of Trustees on 25 June 2021 and signed on its behalf by:
Dame Helen Ghosh Trustee
Mr Michael Craven Trustee
The notes on pages 19 to 32 form part of these financial statements
Page 17
## **THE TABLET TRUST CASH FLOW STATEMENT AS AT 31 JANUARY 2021**
|**Cash flows from operating activities:**
Net expenditure
Depreciation
(Gain) on investments
Dividends and interest received
Loss on disposal of fixed assets
(Increase)/decrease in debtors
Increase/(decrease) in creditors
**Net cash used in operating activities**
**Cash flows from investing activities**
Dividends and interest received
Proceeds from sales of investments
Purchase of investments
Purchase of tangible fixed assets
**Net cash provided by investing activities**
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
**Reconciliation of net cash flow to movement in net**
**funds/debt:**
Net funds at 1 February 2020
(Decrease) in cash in the year
**Net funds at 31 January 2021**|**2021**
**£**
**(94,121)**
**42,840**
**(9,321)**
**(7,704)**
**-**
**(8,220)**
**35,078**
**(41,448)**
**7,704**
**-**
**-**
**-**
**7,704**
**(33,744)**
**70,203**
**36,459**
**70,203**
**(33,744)**
**36,459**|_2020_
_£_
_(111,151)_
_49,753_
_(24,414)_
_(6,663)_
_465_
_36,268_
_(65,649)_
_(121,391)_
_6,663_
_80,000_
_-_
_(8,985)_
_77,678_
_(43,713)_
_113,916_
_70,203_
_113,916_
_(43,713)_|
|---|---|---|
|||_70,203_|
The notes on pages 19 to 32 form part of these financial statements
Page 18
**THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021**
## **1 Charity Information**
The principal activity of The Tablet Trust is the publication of “The Tablet” and “The Pastoral Review”. The unincorporated (charity number 1173924) is domiciled in the UK. The address of the registered office is 1 King Street Cloisters, Clifton Walk, London, W6 0GY **.**
## **2. ACCOUNTING POLICIES**
## **a) Basis of preparation**
The financial statements have been prepared in accordance with 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 2015) – Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The accounts (financial statements) have been prepared to give a true and fair view and have departed from the _Charities (Accounts and Reports) Regulations 2008_ only to the extent required to provide a true and fair view. This departure has involved following _Accounting and Reporting by Charities_ , preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 rather than the _Accounting and Reporting by Charities: Statement of Recommended Practice_ effective from 1 April 2005, which has since been withdrawn.
The Tablet Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
## **Going Concern**
In their assessment of going concern the Trustees have considered the current and developing impact on the group as a result of the COVID19 virus. This has had only a small impact on the trading company’s operations due to the agility of the business and its capability to react decisively to the situation by altering the pullers and leavers of the business in terms of income and expenditure to offset as much of the potential immediate losses as possible. However, the Trustees recognise the commercial challenges in publishing relatively small journals in these uncertain times.
The Trustees also recognise that there could be a risk to donation and investment income as giving priorities change and investment performances fall.
The bank has confirmed that the publishing company would qualify for certain government loans. At the balance sheet date, the group also held investments of £257,696 which could be liquidated and a freehold property which was previously valued at £1.65m which could be leveraged to secure additional funding should the need arise.
Based on the above the Trustees believe that the group's financial resources and contingency planning is sufficient to ensure the ability of the group to continue as a going concern for the foreseeable future.
Page 19
## **THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021**
## **2. ACCOUNTING POLICIES (CONTINUED)**
## **b) Basis of consolidation**
The consolidated accounts include the trading activities, assets and liabilities of the group subsidiary companies in accordance with the Charity SORP. Intra-group transactions have been eliminated on consolidation.
As permitted by FRS 102, no separate Statement of Financial Activities has been presented. The net outgoing resources of the Charity (excluding the Tablet Publishing Company) were £40,677 _(2020: £81,228)_ .
## **c) Accounting for income and expenditure**
Income is accounted for on an accruals basis, with the exception of donations which are accounted for when received.
Publication income relates to copy sales and advertisement space sales generated in the publishing company and is accounted for on an accruals basis.
All of the charity’s expenditure is accounted for on the accruals basis. All of the charity’s expenditure is allocated to the most appropriate expenditure category within the statement of financial activities.
Publication expenditure relates to production costs, advertising commissions, selling and distribution costs and administrative costs.
## **d) Fund Accounting**
## _Unrestricted General Funds_
These are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.
## _Restricted Funds_
Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those purposes is charged to the fund.
Transfers between funds may occur where the restriction has been satisfied and there is a release to unrestricted funds.
## **e) Grants**
The charity’s grant-making process is informed by the best practices of peer organisations, and the Charity Commission’s guidelines and recommendations.
Grants payable are payments made in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant.
Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.
## **f) Support costs**
Support costs comprise the costs of running the charity, including strategic planning for its future development, also internal and external audit, any legal advice for the Charity and all the costs of complying with constitutional and statutory requirements.
Page 20
## **THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021**
## **2. ACCOUNTING POLICIES (CONTINUED)**
## **g) Tangible fixed assets**
Depreciation is provided to write off the cost or valuation, less estimated residual values, of the assets over the expected useful lives at the following rates:
Long leasehold property 2% per annum on cost Office equipment 20% - 33.3% per annum on cost
Items costing less than £100 are written off as an expense as acquired.
## **h) Investments**
Investments are shown at middle market value and all investment income is accounted for on an accruals basis. Any unrealised or realised gains arising from investments are taken to the fund for which the investments are held.
All unlisted investments are held at historic cost.
The programme related investment relates to an interest free loan that the Tablet Trust has provided to the Tablet Publishing Company for a maximum period of 3 years.
## **i) Foreign currencies**
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in trading profit.
## **j) Pension costs**
The subsidiary company operates a defined contribution pension scheme. The amount charged in the statement of financial activities in respect of pension costs is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
## **k) Investment charges**
In relation to investment fees whilst there is no fund manager’s explicit charge, there is an AMC (Annual Management Charge) of 0.75% per annum based on the fund value.
## **l) Operating Leases**
Rentals under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.
## **m) Financial instruments**
Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. Note 19 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to fixed asset investments and debtor balances excluding prepayments, and financial liabilities referring to all creditor balances excluding deferred income and other taxes and social security.
Page 21
## **THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
## **3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY**
Preparation of the financial statements requires management to make significant judgments and estimates. The items in the financial statements where these judgments and estimates have been made include:
In the application of the charity’s accounting policies, which are described in note 2, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.
Preparation of the financial statements required management to make the following material judgement and estimate.
With respect to the trading subsidiary, a net deferred tax asset or liability is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. All profits are gift aided up to the parent the Tablet Trust. Therefore, deferred tax liabilities relating to capital gains and deferred tax assets relating to trading losses have not been recognised within the financial statements.
## **4. INVESTMENT INCOME**
|Dividends
Bank interest|**2021**
**£**
**7,701**
**3**
**7,704**|_2020_
_£_
_6,612_
_51_
_6,663_|
|---|---|---|
Dividend earnings reflect income achieved by the investment manager Sarasin & Partners LLP’s, whereas bank interest reflects income earned by the trading subsidiary on cash balances generated from subscription income received in advance.
Page 22
## **THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
## **5. TRADING ACTIVITIES OF SUBSIDIARY**
The Charity has a wholly-owned trading subsidiary, The Tablet Publishing Company Limited, which is incorporated in the UK, Company Number 00311249. The company’s principal activity is in publishing religious journals, and hence it supports the charity by publishing journals which aid the charity to achieve its objectives. Its registered office is 1 King Street Cloisters, Clifton Walk, London. W6 0GY.
A summary of its trading results for the year ended 31 January 2021 is shown below. Audited accounts are filed with the Registrar of Companies.
|Publication income
Cost of sales
Gross profit
Distribution and selling costs
Administration expenses
Exceptional administrative expenses
Other operating income
Interest received
Net (loss)
Total Net assets|**2021**
**£**
**1,951,230**
**(386,303)**
**1,564,927**
**(588,056)**
**(1,202,169)**
**(3,460)**
**175,311**
**3**
**(53,444)**
**328,827**|_2020_
_£_
_2,030,357_
_(428,859)_|
|---|---|---|
|||
_1,601,498_
_(618,226)_
_(1,197,827)_
_(14,626)_
_199,207_
_51_
_(29,923)_|
|||
_382,271_|
The publication income noted above can be reconciled to that shown in the Statement of Financial Activities as follows:
|Income as above
Less amounts from The Tablet Trust removed on consolidation
**_Income from publications as per Statement of Financial_**
**_Activities_**|**2021**
**£**
**1,951,230**
**(2,588)**
**1,948,642**|_2020_
_£_
_2,030,357_
_-_
_2,030,357_|
|---|---|---|
The expenditure detailed above can be reconciled to that shown in the Statement of Financial Activities as follows:
|_Costs as above:_
Cost of sales
Distribution and selling costs
Administration expenses
Exceptional administrative expenses
_Less audit fees included in support costs_
Less fundraising costs shown separately
**_Publication costs as per Statement of Financial Activities_**|**2021**
**£**
**386,303**
**588,056**
**1,202,169**
**3,460**
**2,179,988**
**(16,177)**
**(10,527)**
**£ 2,153,284**|_2020_
_£_
_428,859_
_618,226_
_1,197,827_
_14,626_
_2,259,538_
_(13,963)_
_- _
_£ 2,245,575_|
|---|---|---|
Page 23
## **THE TABLET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
## **6. ANALYSIS OF TOTAL RESOURCES EXPENDED**
|**Cost of generating funds**
Fundraising costs
**Charitable activities**
Publication expenditure
Support costs
**Total resources expended**|**Staff costs**
**(7b)**
£
-
788,231
-
£ 788,231|**Depreciation**
£
-
42,840
-
£
42,840|**Other**
**costs**
£
-
1,332,740
23,876
£ 1,356,616|**Total**
**2021**
**£**
**-**
**2,163,811**
**23,876**
**£2,187,687**|_Total_
_2020_
_£_
_19,474_
_2,245,575_
_38,106_
_£2,303,155_|
|---|---|---|---|---|---|
## **7a. GRANTS**
The Tablet Trust made net grants and other contributions of £119,678 ( _2020: £123,207)_ to its subsidiary company in support of The Tablet and The Pastoral Review and other expenditure items from unrestricted funds. These balances are eliminated on consolidation.
## **7b. STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL**
|Wages and salaries
Social security costs
Pension costs
Average number of employees during the year:
Editorial and publishing
Administration|**2021**
**£**
**675,807**
**61,350**
**51,074**
**£**
**788,231**
**No**
**9**
**10**
**19**|_2020_
_£_
_656,685_
_62,058_
_62,117_
_£_
_780,860_
_No._
_10_
_11_
_21_|
|---|---|---|
Page 24
**THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
## **7b. STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL (continued)**
The number of employees whose emoluments exceeded £60,000 were:
|£70,000 - £80,000
£90,000 - £100,000|**2021**
_2020_
**No.**
_No._
**1**
_1_
**1**
_1_
**2**
_2_|
|---|---|
The total contributions in the year towards pension scheme contributions for the above 2 _(2020: 2)_ staff members were £14,000 _(2020: £13,708)._
The Trust considers its key management personnel comprise the Trustees, the Trust secretary, the Publishing Company Directors and the Tablet Editor. The total employment benefits (including employers’ pension contributions and employers’ national insurance contributions) of the key management personnel were £221,532 _(2020: £245,491)._
Non-contractual payments of £Nil _(2020: £11,886)_ were made during the year.
## **8. NET EXPENDITURE**
|Expenditure includes:
Depreciation- owned assets
Operating lease rentals:
Other operating leases
Auditor’s remuneration:
For charity
For subsidiary
Non-audit services
Difference in foreign exchange|**2021**
**£**
**42,840**
**2,748**
**6,975**
**13,565**
**3,217**
**12,180**|_2020_
_£_
_49,753_
_3,005_
_5,540_
_12,935_
_27,305_
_6,271_|
|---|---|---|
## **9. TRUSTEES’ REMUNERATION AND EXPENSES**
One of the Trustees acts as a director of The Tablet Publishing Company Limited and he received an attendance allowance to cover the cost of attending directors’ meetings The total paid to all Directors by the subsidiary in respect of these allowances was £10,800 _(2020: £8,000)_ .
In addition, Trustees were reimbursed £Nil _(2020: £1,332)_ of expenses by the charity.
Page 25
## **THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
## **10. TANGIBLE FIXED ASSETS GROUP**
|**GROUP**
**Deemed cost:**
At 1 February 2020 and at 31 January 2021
**Depreciation:**
At 1 February 2020
Provided for the year
At 31 January 2021
**Net book value:**
At 31 January 2021
_At 31 January 2020_|**Long**
**leasehold**
**property**
**£**
1,650,000
165,000
33,000
198,000
**1,452,000**
_1,485,000_|**Office**
**equipment**
**£**
372,213
357,084
9,840
366,924
**5,289**
_15,129_|**Total**
**£**
2,022,213|
|---|---|---|---|
||||
522,084
42,840|
||||564,924|
||||**1,457,289**|
||||
_1,500,129_|
All the fixed assets are held by the trading subsidiary.
On transition to FRS 102 long leasehold property was revalued using the sale price of an identical property. Had the valuation not been made, long leasehold property would have been included on the historical cost basis at the following amounts:
|Cost
Aggregate depreciation
Net book value at 31 January 2021|**2021**
**£**
567,446
(331,916)
235,530|**2020**
**£**
567,446
(320,567)
246,879|
|---|---|---|
Page 26
## **THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
## **11. INVESTMENTS**
|UK quoted investments:
Market value at 1 February 2020
Additions
Disposals
Net investment gain/(loss)
Market value at 31 January 2021
Unquoted investments
Programme related investment
Historical cost of quoted
investments
Listed investments comprise:
Equities
Fixed income
Property
Alternative investments
Liquid assets/cash|**Group**
**2021**
_2020_
**£**
_£_
**248,374**
_303,960_
**-**
_-_
**-**
_(80,000)_
**9,321**
_24,414_
**257,695**
_248,374_
**1**
_1_
**-**
_-_
**£ 257,696**
_£ 248,375_
**174,025**
_173,970_|**Charity**
**2021**
_2021_
**£**
_£_
**248,374**
_303,960_
**-**
_-_
**-**
_(80,000)_
**9,321**
_24,414_
**257,695**
_248,374_
**135,000**
_135,000_
**296,066**
_390,000_
**£**
**688,761**
_£_
_773,374_
**£**
**174,025**
_£_
_173,970_
**2021**
_2020_
**£**
_£_
**179,924**
_160,568_
**48,851**
_54,300_
**3,855**
_17,201_
**16,059**
_9,815_
**9,006**
_6,490_
**£**
**257,695**
_£_
_248,374_|
|---|---|---|
Investments that comprise more than 5% of total market value of investments:
|Sarasin Global Higher Dividend - Inc
Sarasin Endowment Fund – Class A Inc
Sarasin Income and Reserve – Class A Inc|**Total**
**2021**
**£**
**60,469**
**150,009**
**47,065**|_Total_
_2020_
_£_
_58,893_
_143,122_
_46,262_|
|---|---|---|
During the year end of 31 January 2021 the market value of the investment portfolio has risen by 3.75%. The Trustees are continually monitoring the portfolio with their advisors.
## Unquoted investments:
The Charity also owns the whole of the issued share capital of The Tablet Publishing Company Limited which was received from the settlers under the Trust Deed dated 7 May 1976. The subsidiary publishes “The Tablet” and “The Pastoral Review” which helps meet the objectives of the charity.
The subsidiary’s net assets at 31 January 2021 amounted to £328,827 ( _2020: £382,271)._
The programme related investment relates to a loan extended by The Tablet Trust to The Publishing Company. The Publishing Company is engaged in activities that directly further the charitable purposes of the charity. The loan is for a maximum of 3 years and is unsecured and interest free.
Page 27
## **THE TABLET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
## **12. DEBTORS**
|Trade debtors
Other debtors
Prepayments and accrued income
Owed by trading company|**Group**
**2021**
_2020_
**£**
_£_
**72,733**
_80,812_
**55,761**
_40,869_
**53,948**
_52,541_
**-**
_-_
**182,442**
_£_
_174,222_|**Charity**
**2021**
_2020_
**£**
_£_
**-**
_-_
**25,021**
_9,102_
**-**
_-_
**135,912**
_85,872_
**160,933**
_94,974_|**Charity**
**2021**
_2020_
**£**
_£_
**-**
_-_
**25,021**
_9,102_
**-**
_-_
**135,912**
_85,872_
**160,933**
_94,974_|
|---|---|---|---|
||||_94,974_|
**13. CREDITORS:** Amounts falling due within one year
|Trade creditors
Other taxes and social security
Accruals and other creditors
Subscriptions in advance|**Group**
**2021**
_2020_
**£**
_£_
**203,400**
_182,608_
**18,228**
_16,669_
**50,337**
_40,625_
**628,490**
_625,475_
**900,455**
_865,377_|**Charity**
**2021**
_2020_
**£**
_£_
**-**
_-_
**-**
_-_
**32,007**
_15,565_
**-**
_-_
**32,007**
_£_
_15,565_|
|---|---|---|
Subscriptions in advance relate to payments made by customers in relation to publications not yet received. Analysis of the movement is as follows:
|Balance as at 1 February 2020
New subscriptions in the year
Income released during the year
Balance as at 31 January 2021|**2021**
**£**
**625,475**
**1,608,874**
**(1,605,859)**|
|---|---|
||**628,490**|
## **14. OPERATING LEASES**
At 31 January the charity had future minimum lease payments under non-cancellable operating leases as follows:
|**Operating leases expiring:**
within one year
between two and five years
All the operating leases are held by the trading subsidiary.|**2021**
**£**
**4,407**
**5,954**
**10,361**|_2020_
_£_
_2,748_
_8,702_
_11,450_|
|---|---|---|
Page 28
## **THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
## **15. FUNDS- MOVEMENTS IN THE YEAR**
|General Fund
Revaluation
Reserve
Total Unrestricted
funds|_1 February_
_2020_
_£_
_(153,871)_
_1,281,423_
_1,127,552_|**Incoming**
**resources**
£
2,084,245
-
2,084,245|**Resources**
**expended**
£
(2,187,687)
-
(2,187,687)|**Investment**
**gains/(losses)**
£
9,321
-
9,321|**Transfers**
**£**
64,953
(64,953)
**-**|**31 January**
**2021**
**£**
**(183,039)**
**1,216,470**
**1,033,431**|
|---|---|---|---|---|---|---|
The transfers relate to the revalued element of depreciation on the long leasehold property as per Note 10.
## _FUNDS- MOVEMENTS IN THE 2020 COMPARATIVE YEAR_
|_General Fund_
_Revaluation_
_Reserve_
_Total Unrestricted_
_funds_|_1 February_
_2019_
_£_
_(64,371)_
_1,303,074_
_1,238,703_|_Incoming_
_resources_
_£_
_2,167,590_
_-_
_2,167,590_|_Resources_
_expended_
_£_
_(2,303,155)_
_-_
_(2,303,155)_|_Investment_
_gains/(losses)_
_£_
_24,414_
_-_
_24,414_|_Transfers_
_£_
_21,651_
_(21,651)_
**_-_**|_31 January_
_2020_
_£_
_(153,871)_
_1,281,423_
_1,127,552_|
|---|---|---|---|---|---|---|
Page 29
## **THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
## **16. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**Charity**
Unrestricted funds
**Group**
Unrestricted funds - revaluation
reserve
Unrestricted funds - general fund|**Tangible**
**fixed**
**assets**
**£**
-
£
-
1,216,470
240,819
£ 1,457,289|**Investments**
**£**
688,761
£
688,761
-
257,696
£
257,696|**Net assets/**
**(liabilities)**
**£**
150,843
£
150,843
-
(681,554)
£
(681,554)|**Total**
**£**
**839,604**
**£ 839,604**
**1,216,470**
**(183,039)**
**£ 1,033,431**|
|---|---|---|---|---|
## _ANALYSIS OF ASSETS BETWEEN FUNDS COMPARATIVE YEAR 2020_
|_Charity_
_Unrestricted funds_
_Group_
_Unrestricted funds - revaluation_
_reserve_
_Unrestricted funds - general fund_|_Tangible_
_fixed_
_assets_
_£_
_-_
_£_
_-_
_1,281,423_
_218,706_
_£ 1,500,129_|_Investments_
_£_
_773,374_
_£_
_773,374_
_-_
_248,375_
_£_
_248,375_|_Net assets/_
_(liabilities)_
_£_
_106,907_
_£_
_106,907_
_-_
_(620,952)_
_£_
_(620,952)_|_Total_
_£_
_880,281_
_£ 880,281_
_1,281,423_
_(153,871)_
_£ 1,127,552_|
|---|---|---|---|---|
## **17. RELATED PARTY TRANSACTIONS**
The Trust entered into related party transactions with The Tablet Publishing Company a 100% owned subsidiary during the year, and provided grants of £119,678 ( _2020: £123,207_ ) and a programme related investment totalling £296,066 _(2020: £390,000)_ at the year end (See Note 11 for further details). In addition, a charge for secretarial services of £50,000 _(2020: £48,000)_ was made from The Tablet Publishing Company to the Tablet Trust. At the year-end The Trust was due £135,912 from The Tablet Publishing Company ( _2020: £85,872_ ).
Donations of £24,262 were received from the Trustees _(2020: £11,546)_ .
Page 30
**THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
## **18. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES COMPARATIVES**
|_INCOME FROM_
_Donations and legacies_
_Donations and tax recoverable_
_Investments_
_Charitable activities_
_Publication income_
_Other income_
_Total income_
_EXPENDITURE ON_
_Raising funds_
_Fundraising costs_
_Charitable Activities_
_Publication expenditure_
_Grant-making_
_Support costs_
_Total expenditure_
_Net gains on Investments_
_Net (expenditure)_
_Transfer between funds_
_Net movement on funds_
_Fund balances 1 February 2019_
_Fund balances 31 January 2020_|_Unrestricted_
_funds_
_£_
_130,570_
_6,663_
_2,030,357_
_2,167,590_
_19,474_
_2,245,575_
_38,106_
_2,303,155_
_24,414_
_(111,151)_
_1,238,703_
_1,127,552_|_2020_
_Total_
_£_
_130,570_
_6,663_
_2,030,357_
_2,167,590_
_19,474_
_2,245,575_
_38,106_
_2,303,155_
_24,414_
_(111,151)_
_1,238,703_
_1,127,552_|
|---|---|---|
Page 31
## **THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021**
## **19. FINANCIAL INSTRUMENTS**
|**Group**
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost
Financial assets measured at fair value|**2021**
**£**
**164,953**
**(253,737)**
**257,696**|_2020_
_£_
_201,844_
_(223,233)_
_248,375_|
|---|---|---|
The group’s income, expense, gains and losses in respect of financial instruments are summarised below:
|**2021**
**£**
**Interest income and expense:**
Total interest income for financial assets held at amortised cost
**7,704**
**2021**
**£**
**Charity**
Financial assets measured at amortised cost
**182,850**
Financial liabilities measured at amortised cost
**(32,007)**
Financial Assets measured at fair value
**688,761**
The company’s income, expense, gains and losses in respect of financial instruments
summarised below
**2021**
**£**
**Interest income and expense:**
Dividend and interest income for financial assets held at amortised
cost
**7,704**|_2020_
_£_
_6,663_
_2020_
_£_
_122,472_
_(15,565)_
_773,374_
are
_2020_
_£_
_6,663_|
|---|---|
Included within financial assets held at amortised cost are Trade Debtors, Other Debtors, Intercompany balances, Cash at Bank less prepayments.
Included within financial liabilities are Trade Creditors and Accruals.
Included with financial assets held at fair value are Investments.
Page 32