**REGISTERED CHARITY NUMBER: 1189318** ## **REPORT OF THE TRUSTEES AND** **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023** ## **FOR** ## **DAVID PAWSON MINISTRY CIO** HPCA Limited Station House Connaught Road Brookwood Woking Surrey GU24 0ER **DAVID PAWSON MINISTRY CIO** ## **CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31st March 2023** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|2| |**Independent Examiner's Report**||3|| |**Statement of Financial Activities**||4|| |**Balance Sheet**||5|| |**Notes to the Financial Statements**|6|to|10| |**Detailed Statement of Financial Activities**|11|to|12| **DAVID PAWSON MINISTRY CIO** ## **REPORT OF THE TRUSTEES for the year ended 31st March 2023** The trustees present their report with the financial statements of the charity for the year ended 31st March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The principal objective of the charity is the promotion of Christian teaching throughout the world. ## **Significant activities** In seeking to fulfil its principal charitable objective the trustees have focussed on the provision of books and pre-recorded material by the Reverend David Pawson M.A., BSc. In more recent years the trustees have recognised the opportunities provided by new technology, and investment has been made to create digital copies of many of David's works to make them available for download from the internet. ## **Public benefit** The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** The Trust has continued its trajectory to provide teaching at the highest possible quality, to the highest number of people at the lowest possible cost. Free of charge wherever possible. ## **FINANCIAL REVIEW** ## **Financial position** At the balance sheet date the charity had accumulated funds of £1,160,736 (2022: £901,620). Of these amounts £35,085 (2022: £35,085) related to restricted funds. The funds of the charity are primarily held in the form of bank balances. During the year donations and endowments to the charity decreased by £195,056 and total expenditure has decreased by £18,088. ## **Reserves policy** Total reserves at the Balance sheet date amounted to £1,160,736 of which £35,085 was Restricted Funds. The Trustees have considered that there should be sufficient unrestricted funds to cover at least 6 months of operations should the need arise, that is approximately £100,000. Current reserves are considerably in excess of this figure as a result of some substantial donations received in the past. The trustees are giving consideration as to these funds can be best applied in order that the actual reserves held will be nearer to the stated reserves policy. ## **FUTURE PLANS** The current priority for the Trust is to do with future proofing. This involves looking at upgrading our digital platform and our media into formats that will survive into the future. This includes video, eBooks and audiobooks. The work of translating, digitising and sub titling continues at good pace as well as the growing move towards eBooks. We are currently looking into the development of audiobooks. The Trustees remain very thankful for all its staff, volunteers and supporters. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The Charity is controlled by its governing document, a CIO-Foundation. On 4 May 2020 David Pawson Ministry CIO was registered under charity number 1189318 at the Charity Commission and on 30 September 2020 it took over all assets and activities of The David Pawson Teaching Trust. Page 1 **DAVID PAWSON MINISTRY CIO** ## **REPORT OF THE TRUSTEES** ## **for the year ended 31st March 2023** ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1189318 ## **Principal address** Wishing Well Cottage The Ridges FINCHAMPSTED Berkshire RG40 3HS ## **Trustees** D Rebbettes M Tinling S C Dally Company Director ## **Independent Examiner** L Redman HPCA Limited Station House Connaught Road Brookwood Woking Surrey GU24 0ER ## **Solicitors** Barlow Robbins LLP Concord House 165 Church Street East Woking Approved by order of the board of trustees on 13th December 2023 and signed on its behalf by: D Rebbettes - Trustee Page 2 ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DAVID PAWSON MINISTRY CIO** ## **Independent examiner's report to the trustees of David Pawson Ministry CIO** I report to the charity trustees on my examination of the accounts of David Pawson Ministry CIO (the Trust) for the year ended 31st March 2023. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. L Redman HPCA Limited Station House Connaught Road Brookwood Woking Surrey GU24 0ER 13th December 2023 Page 3 ## **DAVID PAWSON MINISTRY CIO** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **for the year ended 31st March 2023** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
Other income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Direct Charitable Expenses
Administration
Other
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
411,522
3,001
21,058
435,581
160,453
16,012
-
176,465
259,116
866,535
1,125,651|Restricted
funds
£
-
-
-
-
-
-
-
-
-
35,085
35,085|2023
Total
funds
£
411,522
3,001
21,058
435,581
160,453
16,012
-
176,465
259,116
901,620
1,160,736|2022
Total
funds
£
606,578
26
8,741
615,345
160,323
34,230
-
194,553
420,792
480,828
901,620| |---|---|---|---|---| The notes form part of these financial statements Page 4 ## **DAVID PAWSON MINISTRY CIO** ## **BALANCE SHEET** ## **31st March 2023** |Notes
**FIXED ASSETS**
Intangible assets
6
**CURRENT ASSETS**
Debtors
7
Cash at bank
**CREDITORS**
Amounts falling due within one year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
9
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Unrestricted
fund
£
3,013
463,041
672,864
1,135,905
(13,267)
1,122,638
1,125,651
1,125,651|Restricted
funds
£
-
-
35,085
35,085
-
35,085
35,085
35,085|2023
Total
funds
£
3,013
463,041
707,949
1,170,990
(13,267)
1,157,723
1,160,736
1,160,736
1,125,651
35,085
1,160,736|2022
Total
funds
£
4,520
174,093
739,448
913,541
(16,441)
897,100
901,620
901,620
866,535
35,085
901,620| |---|---|---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 13th December 2023 and were signed on its behalf by: D Rebbettes - Trustee The notes form part of these financial statements Page 5 **DAVID PAWSON MINISTRY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st March 2023** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Intangible fixed assets** Depreciation is provided at the following annual rates in order to write off intangible assets. Website - 3 years Repurchase of rights to written works - 10 years After the passing of David and Enid Pawson, all rights and royalties are owned by David Pawson Ministry CIO. ## **Taxation** The charity is exempt from income tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. INVESTMENT INCOME** |**INVESTMENT INCOME**||| |---|---|---| ||2023|2022| ||£|£| |Deposit account interest|3,001|26| continued... Page 6 **DAVID PAWSON MINISTRY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31st March 2023** ## **3. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31st March 2023 nor for the year ended 31st March 2022. ## **4. EXCEPTIONAL ITEMS** David and Enid Pawson left a legacy of 50% of their net estate to David Pawson Ministry CIO. Our share of the current estimate of the final net value of the estate, is approximately £498,204, Of this, £340,000 has already been received as of 31 March 2023 by the trust. Therefore, we have included a debtor of £158,204 for the remainder. Sheila Marven left a legacy of 50% of their net estate to David Pawson Ministry CIO. Our share of the current estimate of the final net value of the estate, is approximately £295,907. None of which had been received as of 31 March 2023 by the trust. Therefore, we have included a debtor of £295,907. ## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |Unrestricted
Restricted
fund
funds
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
606,578
-
Investment income
26
-
Other income
8,741
-
**Total**
615,345
-
**EXPENDITURE ON**
**Charitable activities**
Direct Charitable Expenses
142,985
17,338
Administration
34,230
-
Other
-
-
**Total**
177,215
17,338
**NET INCOME/(EXPENDITURE)**
438,130
(17,338)
**RECONCILIATION OF FUNDS**
Total funds brought forward
428,405
52,423
**TOTAL FUNDS CARRIED FORWARD**
866,535
35,085|Total
funds
£
606,578
26
8,741
615,345
160,323
34,230
-
194,553
420,792
480,828
901,620| |---|---| continued... Page 7 **DAVID PAWSON MINISTRY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31st March 2023** ## **6. INTANGIBLE FIXED ASSETS** |**6.**|**INTANGIBLE FIXED ASSETS**||| |---|---|---|---| |||Patents|| |||and|Website| |||licences|costs
Totals| |||£|£
£| ||**COST**||| ||At 1st April 2022 and 31st March 2023|15,064|17,688
32,752| ||**AMORTISATION**
At 1st April 2022
Charge for year|10,544
1,507|17,688
28,232
-
1,507| ||At 31st March 2023|12,051|17,688
29,739| ||**NET BOOK VALUE**
At 31st March 2023|3,013|-
3,013| ||At 31st March 2022|4,520|-
4,520| |**7.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors||2023
2022
£
£
463,041
174,093| ||Within this £158,204 relates to the legacy of David and|Enid Pawson which has|been subsequently received.|been subsequently received.| |---|---|---|---|---| ||However, £295,907 relates to the legacy of Sheila Marven|which remains unpaid.||| |**8.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| ||Trade creditors||2023
£
5,266|2022
£
4,014| ||Other creditors||8,001|12,427| ||||13,267|16,441| |**9.**|**MOVEMENT IN FUNDS**|||| ||**Unrestricted funds**|At 1.4.22
£|Net
movement
in funds
£|At
31.3.23
£| ||General fund|866,535|259,116|1,125,651| ||**Restricted funds**|||| ||Work of the Trust in China|35,085|-|35,085| ||**TOTAL FUNDS**|901,620|259,116|1,160,736| continued... Page 8 **DAVID PAWSON MINISTRY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31st March 2023** ## **9. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|435,581|(176,465)|259,116| |**TOTAL FUNDS**|435,581|(176,465)|259,116| |**Comparatives for movement in funds**|||| |**Unrestricted funds**|At 1.4.21
£|Net
movement
in funds
£|At
31.3.22
£| |General fund|428,405|438,130|866,535| |**Restricted funds**|||| |Work of the Trust in China|52,423|(17,338)|35,085| |**TOTAL FUNDS**|480,828|420,792|901,620| |Comparative net movement in funds, included in the above are as follows:|||| |**Unrestricted funds**|Incoming
resources
£|Resources
expended
£|Movement
in funds
£| |General fund|615,345|(177,215)|438,130| |**Restricted funds**|||| |Work of the Trust in China|-|(17,338)|(17,338)| |**TOTAL FUNDS**|615,345|(194,553)|420,792| continued... Page 9 **DAVID PAWSON MINISTRY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31st March 2023** ## **9. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**Restricted funds**
Work of the Trust in China
**TOTAL FUNDS**|Net
movement
At
At 1.4.21
in funds
31.3.23
£
£
£
428,405
697,246
1,125,651
52,423
(17,338)
35,085
480,828
679,908
1,160,736| |---|---| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**|Incoming
resources
£|Resources
Movement
expended
in funds
£
£| |---|---|---| |General fund|1,050,926|(353,680)
697,246| |**Restricted funds**||| |Work of the Trust in China|-|(17,338)
(17,338)| |**TOTAL FUNDS**|1,050,926|(371,018)
679,908| ## **10. RELATED PARTY DISCLOSURES** A significant channel of distribution for the works of David Pawson, now owned by David Pawson Ministry CIO, is David Pawson Publishing Limited (DPPL), a charitable company (registered charity no. 224579). There is a formal agreement that the charity will make an annual contribution to DPPL to contribute towards its costs of distributing the works of David Pawson. The total paid in the year to 31 March 2023 was £63,604 (2022: £79,000). Royalties received from DPPL totalled £5,912 (2022: £7,774) in the financial year. At the balance sheet date, the charity was owed £2,903 to DPPL (2022: was owed £19,158); this is included within "Other debtors". Page 10 ## **DAVID PAWSON MINISTRY CIO** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31st March 2023** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Gift aid
Exceptional items
**Investment income**
Deposit account interest
**Other income**
Royalty income
Other income
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Website costs
Other Charitable Gifts
Printed media
Video
Transcription costs
Travelling
Equipment costs
Television broadcast
Computer and software
Distribution costs
**Support costs**
**Management**
Insurance
Sundries
Title amortisation
**Finance**
Bank charges
Legal fees
Accountancy|2023
£
106,321
1,090
304,111
411,522
3,001
21,058
-
21,058
435,581
1,243
63,604
40,221
7,304
-
5,632
-
-
2,921
15,399
136,324
1,123
(143)
1,506
2,486
2,264
30,041
3,350
35,655|2022
£
115,284
1,294
490,000
606,578
26
7,774
967
8,741
615,345
3,730
79,000
43,107
11,111
394
-
5,951
9,360
1,797
5,392
159,842
1,123
481
1,506
3,110
1,739
23,600
4,182
29,521| |---|---|---| This page does not form part of the statutory financial statements Page 11 **DAVID PAWSON MINISTRY CIO** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES** ## **for the year ended 31st March 2023** |**Finance**
**Governance costs**
Independent Examination fee
Total resources expended
**Net income**|2023
£
2,000
176,465
259,116|2022
£
2,080
194,553
420,792| |---|---|---| This page does not form part of the statutory financial statements Page 12