## **Stanborough Press Limited** 

**Company Number: 00041819 Registered Charity Number: (England and Wales): 235245** 

## **REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED** 

**31 DECEMBER 2021** 



## **Stanborough Press Limited Administration Details For the year ended 31 December 2021** 

Trustees Mr Graham Barham Mr David Neal Pastor George Kumi Mr Trevor Johnson Mr John Middleditch Pastor Emmanuel Osei Mr Wederly Aguilar Miss  Elisabeth Sanguesa-Abenia Pastor John Surridge Pastor Ian Sweeney Mr Paul Thompson Mr Ken Burt Bankers NatWest Bank 27-28 St Peter's Hill Grantham Lincolnshire NG31 6QG Auditors Moore Kingston Smith LLP 4 Victoria Square St Albans AL1 3TF Registered office Alma Park Grantham Lincolnshire NG31 9SL Company registration number 00041819 Charity registration number 235245 

Page: 1 



## **Stanborough Press Limited Trustees' Annual Report For the year ended 31 December 2021** 

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of Stanborough Press Limited (the company) for the year ended 31 December 2021, which have been audited by Moore Kingston Smith LLP. 

The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Charities SORP (FRS 102). 

This Trustees' Report is not only to fulfil the legal and statutory requirements, but it is intended to explain the activities and future plans of this charitable company. 

## **Structure, governance and management** 

## **a. Constitution** 

The company is registered as a members limited liability company and was set up by a Memorandum of Association on 23 August 1894. In order to modernize the governance of the charity a new constitution was agreed by the Board in October 2018. The new constitution was adopted during the year. 

The company is constituted under a Memorandum of Association dated 23 August 1894 and is a registered charity number 235245. 

The principal object of the company is to provide Seventh-day Adventist Christian literature and similar materials to nurture faith and the spiritual development among Seventh-day Adventists and the general public in the United Kingdom and such other countries that can benefit from our supply. 

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. 

Trustees have an ongoing induction program comprising governance, the Company's vision and priorities. Trustees are able to undertake training specific to their role and attend a meeting with the Management Team to review and forward plan. 

## **b. Method of appointment or election of Trustees** 

The management of the company is the responsibility of the Trustees who are appointed annually by the British Union Conference of Seventh-day Adventists. 

## **c. Organizational structure and decision-making** 

The company acts in accordance with the philosophy and operating policies of the world-wide Seventhday Adventist church. It is supported by its parent organization, the British Union Conference of Seventhday Adventists, and has a marketing and credit agreement with its sister publishing house the Pacific Press Publishing Association in the United States of America. 

It is governed by its Board of Directors, which meets three times a year. The day-to-day management is delegated to its officers, three of whom are directors of the company, and report directly to the Board. 

Page: 2 



## **Stanborough Press Limited Trustees' Annual Report For the year ended 31 December 2021 (Continued)** 

## **d. Risk management** 

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. 

The Trustees continue to take appropriate action to face the current energy and supplies crisis. 

## **Objectives and activities** 

## **a. Policies and objectives** 

The principle objective of the company is to procure and distribute Christian literature. 

## **b. Strategies for achieving objectives** 

The company sells its literature to Seventh-day Adventist organizations in foreign countries, and to the general public in the United Kingdom. 

## **Achievements and Performance** 

## **a. Going concern** 

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

## **b. Review of activities** 

Stanborough Press has a portfolio of publishing services provided for the Seventh-day Adventist church. In particular, a biweekly journal intended to motivate and inspire members of the church, those who contribute, and those interested. We produce a quarterly journal 'Focus' for public distribution that concentrates matters of current public interest and their relevance or impact to the Christian Faith. Both of these are sponsored by the founding organization. This represents about a fifth of our activity. While essential to church accountability and mission, there is pressure on the cost of this service. 

Every church operates a Bible Study curricula for every age group from kindergarten through to advanced adult studies. These are provided and distributed on a quarterly basis, and are purchased by those that use them. Given that the resources are also available on the internet, increasing the uptake of these materials becomes more difficult, though those engaged in serious study prefer hard copy. 

Stanborough Press provides several thousand titles by Adventist authors among others in furtherance of the Christian voice. Readers range from the very young to the very educated. This is achieved through direct sales and sales events. The demand of this market is for increasing variety, though with shorter print runs. 

Our efforts to serve the Christian bookshops have increased, even though this is a stressed niche. 

We significantly serve the international market with English language literature. While the demand remains strong, finance and exchange controls and rates are limiting factors. The cycle of trade is longer than 12 months resulting in alternating outcomes from which 2021 was an average year. 

Page: 3 



**Stanborough Press Limited Trustees' Annual Report For the year ended 31 December 2021 (Continued)** 

## **c. Investment policy and performance** 

For the most part funds are utilized for the working capital of the company and the maintenance of stock to furnish our markets. Interest earned in deposit accounts is incidental to the overall operation. 

## **Financial Review** 

## **a. Reserves policy** 

The designated reserves of Stanborough Press are described in note 13 of the accounts. The estimated general reserve requirement of the company based on the level of working capital needed for ongoing operations at 80% of annual operating costs is £2,136,000 (2020: £2,088,000) given the length of the value chain in literature sales and distribution. The actual general reserve as at 31 December 2021 was £1,621,000 (2020: £1,577,000). 

## **b. Financial results** 

The financial results for the year are shown in the attached financial statements. The operating results of the non-charitable subsidiary organization, House of Natural Food Limited, have been brought into the financial statement of activity as fundraising income and expense. 

## **Plans for the future** 

## **a. Future developments** 

The warehouse in Grantham is in need of refurbishment to ensure that adequate storage for stock and workstations are available for all staff. Refurbishment is an on-going process. Plans are in place to build an extension to our Alma Park warehouse using resources from sale of land.   This process has been placed on hold at present due to the impact of Covid-19 but the roof in the main warehouse has been fully repaired in the meantime. 

## **b. Restructuring** 

In 2020 Stanborough Press launched the Lifesource bookshop website allowing customers to order online for the first time. This, along with Covid-19 restrictions, has led to a change in the way business is conducted with less emphasis on physical events and more on virtual sales. The plan is to continue developing this platform even further in years to come, with more resources being invested in this area. 

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## **Stanborough Press Limited Statement of Trustees' Responsibilities** 

The trustees (who are also directors of Stanborough Press Limited for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.) 

Company law required trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and the group and of the outgoing resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- · observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable UK 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 charitable company will continue in business. 

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

## **Statement of Disclosure to Auditors** 

- So far as the trustees are aware, there is no relevant audit information of which the charitable company's auditors are unaware; and 

- the trustees have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information. 

Approved by the Trustees and Directors of Stanborough Press Limited and signed on their behalf by: 

Elisabeth Sanguesa 


Trustee 

Date: 29/05/2022 

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**Stanborough Press Limited Independent Auditors' Report to the Members of Stanborough Press Limited** 

## **Opinion** 

We have audited the financial statements of Stanborough Press Limited (the company) for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- 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, including its income and expenditure, 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 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 financial statements section of our report. We are independent of the charitable company 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 in 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **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. 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. 

Page: 6 



**Stanborough Press Limited Independent Auditors' Report to the Members of Stanborough Press Limited** 

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. 

## **Opinions on other matters prescribed by the Companies Act** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the trustees' annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the trustees' annual report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' annual report. 

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees' Annual Report and from preparing a Strategic Report. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement set out on pages 3 to 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial** 

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Page: 7 



## **Stanborough Press Limited Independent Auditors' Report to the Members of Stanborough Press Limited** 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. 

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

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

Our approach was as follows: 

- We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. 

- We obtained an understanding of how the charitable company complies with these requirements by discussion with management and those charged with governance. 

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. 

- We inquired of management and those charged with governance as to any known instance of noncompliance or suspected non-compliance with laws and regulations. 

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involved collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company's internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 

- Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events 

Page: 8 



## **Stanborough Press Limited Independent Auditors' Report to the Members of Stanborough Press Limited** 

conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members 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 any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. 

Date: **Silvia Vitiello** (Senior Statutory Auditor) 4 Victoria Square for and on behalf of Moore Kingston Smith LLP, Statutory Auditor St Albans Herts AL1 3TF 

Page: 9 



## **Stanborough Press Limited Statement of Financial Activities For the year ended 31 December 2021** 

|**Notes**<br>**Income and Expenditure**<br>**Income and Endowments from:**<br>Donations and legacies<br>2<br>Charitable activities<br>Other trading activities<br>3<br>Investments<br>3<br>**Total**<br>**Expenditure on:**<br>Raising funds<br>Charitable activities<br>**Total**<br>5<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Total funds carried forward|**Unrestricted**<br>**Funds**<br>**£**<br>140,073<br>1,717,347<br>43,358<br>136<br>1,900,915<br>55,489<br>1,741,800<br>1,797,289<br>103,625.58<br>3,555,789<br>3,659,414|**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Total**<br>**2021**<br>**£**<br>140,073<br>1,717,347<br>43,358<br>136<br>1,900,915<br>55,489<br>1,741,800<br>1,797,289<br>103,626<br>3,555,789<br>3,659,414|**Total**<br>**2020**<br>**£**<br>192,921<br>1,139,323<br>65,763<br>2,493<br>1,400,499<br>46,579<br>1,496,834<br>1,543,413<br>(143,004)<br>3,698,793<br>3,555,789|
|---|---|---|---|---|



There were no recognised gains and losses other than those included in the statement of financial activities. 

The notes on pages 13 to 20 form part of these financial statements. 

Page: 10 



Stanborough Press Limited
Balanc• Sheet
As at 31 December 2021
2021
2020
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401,278
339.901
5.755
405.886
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1.513261
1.740,210
715,798
3,969269
1.778,578
1.472.444
722.797
3.971.818
10
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11
581.917
639.467
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3.332,352
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3.660.480
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12
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3.659,414
3.555.789
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3.556
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Company nurnb•r: IV)041819
Chartty numb•r: 23S245
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## **Stanborough Press Limited Cash Flow Statement For the year ended 31 December 2021** 

||**Notes**||**2021**|**2020**|
|---|---|---|---|---|
||||£|£|
|**Cash flows from operating activities:**|||||
|**Net cash provided by (used in) operating activi**|A||71,954|(24,228)|
|Cash flows from investing activities:|||||
|Dividends, interest and rents from investments|||136|2,493|
|Sale of property, plant and equipment|||||
|Purchase of property, plant and equipment|||(79,090)|(2,857)|
|Purchase of intangible assets||||(6,906)|
|Net cash provided by (used in) investing activities|||(78,954)|(7,270)|
|Change in cash and cash equivalents in the period|||**(7,000)**|**(31,498)**|
|Cash and cash equivalents at the beginning of the|period||**722,798**|**754,295**|
|Cash and cash equivalents at the end of the period|||**715,798**|**722,798**|
|A. Reconciliation of net income/(expenditure) to net cash flow||from|operating activities||
|Net income/(expenditure) for the reporting period|||103,626|(143,004)|
|Adjustments for:|||||
|Depreciation charges|||17,477|17,415|
|Amortisation charges|||1,151|1,151|
|Dividends, interest and rents from investments|||(136)|(2,493)|
|Loss/(profit) on the sale of fixed assets|||||
|(Increase)/decrease in stocks|||263,317|(122,445)|
|(Increase)/decrease in debtors|||(267,531)|268,480|
|Increase/(decrease) in creditors|||(45,949)|(43,331)|
|Net cash proficed by (used in) operating activities|||71,954|(24,228)|
|**Analysis of changes in net debt**|||||
||At start of|||At end of|
||year|Cash Flows||year|
|Cash|722,798|-|7,000<br>|715,798|
|Total|||||



Page: 12 



## **Stanborough Press Limited Notes to the Accounts For the year ended 31 December 2021** 

## **1 Accounting Policies** 

## **Basis of preparation** 

The accounts have been prepared in accordance with applicable accounting standards and follow the recommendations in Statement of Recommended Practice (FRS 102) and in accordance with the provisions of FRS 102 Section 1A Small Entities. 

## **Company status** 

The charity is a private company limited by shares, domiciled in England and Wales, registration number 41819. The whole of the share capital is held by nominees on behalf of the British Union Conference of Seventh-day Adventists. 

## **Incoming resources** 

Voluntary income by way of donations and gifts to the charity is included in full in the statement of financial activities when received. Intangible income is not included unless it represents goods or services which would have otherwise been purchased. 

## **Grants received** 

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. 

## **Fund accounting** 

Designated funds are those which have been set aside by the directors of the company to meet future contingencies, as shown in note 13. 

Unrestricted funds are donations and other income received or generated for the furtherance of the objects of the charity without specified purposes and, therefore, are available as general funds. 

## **Grant-making policies** 

The trustees allocate grants in accordance with the objects set out in the Memorandum and Articles of Association of the charitable company, which are summarised in the Trustees' Annual Report. 

## **Resources expended** 

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. 

Support costs are those costs incurred directly in support of expenditure on the objects of the company. 

Governance costs represent expenditure incurred to ensure the charity complies with its statutory obligations. 

## **Risk mitigation** 

The company's directors have given consideration to the major risks to which the charity is exposed and established systems or procedures in order to manage those risks. 

Page: 13 



## **Stanborough Press Limited Notes to the Accounts For the year ended 31 December 2021 (continued)** 

## **1 Accounting Policies (Continued)** 

## **Going Concern** 

The Directors have assessed whether the use of going concern is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Company to continue as a going concern. The Directors have made this assessment for a period of at least one year from the date of the approval of these financial statements. This included consideration of any ongoing impact of COVID-19. 

After making enquiries, the Directors have concluded that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. 

## **Foreign Currency Translations** 

Transactions denominated in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange ruling at the end of the financial year. All exchange differences are dealt with in the Statement of Financial Activities. 

## **Fixed assets** 

Depreciation is provided on tangible fixed assets in order to write off each asset over its expected economic life.  The rates of depreciation applied to each class of asset are: 

Freehold property 1.2% per annum cost basis Fixtures and equipment 6% per annum cost basis 

Items of furniture and equipment costing less than £ 1,000 each are treated as an expense on acquisition. 

The company does not depreciate land held. 

## **Pension costs** 

The charitable company operates a defined contribution pension scheme. The premiums are charged to the Statement of Financial Activities as they arise. 

## **Stock** 

Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. 

## **Operating leases** 

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. 

## **2 Income from donations and legacies** 

|Operating grants from parent organisation<br>Other grants received<br>Donations|**Unrestricted**<br>**Funds**<br>**£**<br>54,400<br>64,200<br>21,473<br>140,073|**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-|**Total**<br>**2021**<br>**£**<br>54,400<br>64,200<br>21,473<br>.<br>140,073|**Total**<br>**2020**<br>**£**<br>54,000<br>108,972<br>29,949<br>.<br>192,921|
|---|---|---|---|---|



Page: 14 



## **Stanborough Press Limited Notes to the Accounts** 

## **For the year ended 31 December 2021 (continued)** 


**----- Start of picture text -----**<br>
|||||||
|---|---|---|---|---|---|
|3|Income from other trading activities and investments|
|Unrestricted|Restricted|Total|Total|
|Funds|Funds|2021|2020|
|£|£|£|£|
|Sales of health foods|35,318|-|35,318|35,939|
|Other income|8,040|-|8,040|29,824|
|-|
|43,358|43,358|65,763|
|Bank interest|136|-|136|2,493|
|4|Resources expended on charitable activities|
|Unrestricted|Restricted|Total|Total|
|Funds|Funds|2021|2020|
|£|£|£|£|
|Production and distribution of books|1,373,096|-|1,373,096|1,009,293|
|-|
|Support costs|355,771|355,771|445,374|
|-|
|1,728,867|1,728,867|1,454,667|
|5|Analysis of resources expended|
|by expenditure type|Staff|Total|Total|
|Costs|Other|Depreciation|2021|2020|
|£|£|£|£|£|
|Cost of generating voluntary income|
|-|-|
|Advertising and publicity|22,320|22,320|16,484|
|-|-|
|Fundraising trading: cost of goods|33,169|33,169|30,095|
|Charitable activities|
|Production and distribution of book|500,192|872,904|-|1,373,096|1,039,293|
|Support costs|140,074|198,219|17,477|355,771|445,374|
|Governance costs|-|12,933|-|12,933|12,167|
|640,266|1,139,545|17,477|1,797,289|1,543,413|

**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
||||
|---|---|---|
|Support costs have been allocated on the basis of staff timings incurred.|
|Included within total expenditure:|Total|Total|
|2021|2020|
|£|£|
|Auditor's remuneration|12,933|12,167|
|Pension costs|55,318|62,715|

**----- End of picture text -----**<br>


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## **Stanborough Press Limited Notes to the Accounts For the year ended 31 December 2021 (continued)** 

## **6 Staff Costs** 

|Staff costs consist of:<br>Salaries<br>Social security costs<br>Pension costs<br>Travel expenses<br>Other staff expenses|**2021**<br>**£**<br>530,749<br>45,590<br>55,318<br>6,666<br>1,944<br>640,266|**2020**<br>**£**<br>642,275<br>48,339<br>62,715<br>15,695<br>906<br>769,929|
|---|---|---|



The average number of employees during the year was 21 (2020 - 25). 

The number of employees whose emoluments exceeded £60,000 was nil (2020 - nil). 

The total remuneration paid to trustees in respect of salaries in 2021 amounted to £142,668 (2020 - £149,452). 

## **7 Tangible Fixed Assets** 

|**Cost**<br>At 1 January 2021<br>Additions<br>Disposals<br>At 31 December 2021<br>**Depreciation**<br>At 1 January 2021<br>Charge for the period<br>Eliminated on disposal<br>At 31 December 2021<br>**Net Book Value**<br>At 31 December 2021<br>At 31 December 2020|**Freehold**<br>**property**<br>**£**<br>323,327<br>79,090<br>-<br>402,417<br>60,236<br>1,800<br>-<br>62,036<br>340,381<br>263,091|**Fixtures and**<br>**Equipment**<br>**£**<br>318,495<br>-<br>-<br>318,495<br>241,922<br>15,677<br>-<br>257,599<br>60,896<br>76,809|**Total**<br>**£**<br>641,823<br>79,090<br>-<br>720,913<br>302,158<br>17,477<br>-<br>319,635<br>401,278<br>339,901|
|---|---|---|---|



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**Stanborough Press Limited Notes to the Accounts For the year ended 31 December 2021 (continued)** 

## **8 Intangible Fixed Assets** 

|**Cost**<br>At 1 January 2021<br>Additions<br>As 31 December 2021<br>**Amortisation**<br>At 1 January 2021<br>Charge for the period<br>At 31 December 2021<br>**Net Book Value**<br>At 31 December 2021<br>At 31 December 2020|**Website**<br>**Costs**<br>6,906<br>-<br>6,906<br>1,151<br>1,151<br>2,302<br>4,604<br>5,755|**Total**<br>6,906<br>-<br>6,906<br>1,151<br>1,151<br>2,302<br>4,604<br>5,755|
|---|---|---|



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## **Stanborough Press Limited Notes to the Accounts For the year ended 31 December 2021 (continued)** 

## **9 Fixed Asset Investments** 

|**Cost**<br>At 1 January 2021 and 31 December 2021<br>**Net book value**<br>At 31 December 2021<br>At 31 December 2020|4<br>4<br>4|
|---|---|



## **Holdings of more than 20%** 

The charitable company holds more than 20% of the share capital of the following companies: 

|**Company**|**Country of registration**|**Class**<br>**%**<br>**Shares held**|
|---|---|---|
|House of Natural Food Limited|England and Wales|Ordinary<br>100%|



The aggregate amount of capital and reserves for these undertakings for the last relevant financial year were as follows: 

|House of Natural Food Limited<br>Retail<br>**10**<br>**Debtors**<br>**Amounts due after more than one year:**<br>Trade debtors<br>**Amounts due within one year:**<br>Trade debtors<br>Grants receivable<br>Amounts due from subsidiary undertakings<br>Other debtors<br>Prepaid expenses<br>**Company**<br>**Principal Activity**|**2021**<br>**£**<br>(3,168)<br>**2021**<br>**£**<br>834,465<br>852,267<br>23,606<br>8,566<br>7,224<br>14,083<br>1,740,211<br>**Capital and**<br>**reserves**|**2021**<br>**£**<br>(2,000)<br>**2020**<br>**£**<br>674,465<br>729,131<br>22,641<br>18,790<br>6,022<br>21,395<br>1,472,445<br>**Profit (Loss)**<br>**for year**|
|---|---|---|



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## **Stanborough Press Limited Notes to the Accounts For the year ended 31 December 2021 (continued)** 

## **11 Creditors** 

|**Amounts falling due within one year:**<br>Trade creditors<br>Amounts due to parent charity<br>Amounts due to other related charities<br>Other taxes and social security costs<br>Accrued expenses and deferred income<br>Other amounts payable<br>**Amounts falling due after one year:**<br>Amounts due to parent charity<br>**12**<br>**Share capital**<br>Allotted, called up and fully paid<br>1,066 Ordinary shares of £1 each|**2021**<br>**£**<br>469,110<br>12,000<br>-<br>11,567<br>58,500<br>30,740<br>581,917<br>132,757<br>**2021**<br>**£**<br>1,066|**2020**<br>**£**<br>538,648<br>9,600<br>-<br>10,859<br>51,245<br>29,115<br>639,467<br>121,157<br>**2020**<br>**£**<br>1,066|
|---|---|---|



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## **Stanborough Press Limited Notes to the Accounts For the year ended 31 December 2021 (continued)** 

|**13**<br>**Funds analysis**<br>**Unrestricted funds**<br>Designated funds<br>Property fund<br>Future bad debts<br>Property maintenance<br>Transitional pension<br>assistance<br>Exchange fluctuation<br>**General funds**<br>General fund<br>Share capital<br>**Total unrestricted funds**<br>**Total funds**|**Balance at**<br>**1 January**<br>**2021**<br>**£**<br>346,806<br>647,000<br>553,532<br>44,604<br>388,329<br>1,980,271<br>1,575,518<br>1,066<br>1,576,584<br>3,556,855<br>3,556,855|**Incoming**<br>**Outgoing**<br>**Transfers**<br>**£**<br>**£**<br>**£**<br>-<br>(18,628)<br>79,090<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(1,881)<br>-<br>(18,628)<br>77,209<br>1,900,915<br>(1,778,661)<br>(77,209)<br>-<br>-<br>-<br>1,900,915<br>(1,778,661)<br>(77,209)<br>1,900,915<br>(1,797,289)<br>-<br>1,900,915<br>(1,797,289)<br>-<br>**Movement in Resources**|**Balance at**<br>**31 December**<br>**2021**<br>**£**<br>407,268<br>647,000<br>553,532<br>44,604<br>386,448<br>2,038,852<br>1,620,562<br>1,066<br>1,621,628<br>3,660,480<br>3,660,480|
|---|---|---|---|



## **14 Related Party Transactions** 

The parent charity is British Union Conference of Seventh-day Adventists (BUC), Stanborough Park, Garston, Watford, Herts, WD24 9JZ, by virtue of its owning the whole of the company's share capital. 

|||**2021**|**2020**|
|---|---|---|---|
||**BUC**|**Total**|**Total**|
|Goods sold to related party|454,831|454,831|342,616|
|Amounts owed to related party|203,125|203,125|178,319|



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