REGISTERED COMPANY NUMBER: 00661108 (England and Wales) REGISTERED CHARITY NUMBER: 224579
DAVID PAWSON PUBLISHING LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
HPCA Limited Chartered Accountants Station House Connaught Road Brookwood Woking Surrey GU24 0ER
DAVID PAWSON PUBLISHING LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 to 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 to 8 |
| Notes to the Financial Statements | 9 to 16 |
| Detailed Statement of Financial Activities | 17 to 18 |
DAVID PAWSON PUBLISHING LIMITED
REPORT OF THE TRUSTEES
for the year ended 31 March 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. 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 principle objectives of the charity are the production, supply and distribution of bible teaching material.
Significant activities
The principal activities of the charity have evolved from the production and sale of audio cassettes, to producing and distributing compact discs, and DVDs, from a variety of Christian writers and speakers to, in more recent times, publishing an extensive range of books with a particular focus on the works of the late Reverend David Pawson MA BSc. This material is supplied to customers worldwide. Whilst production of physical media has reduced significantly, Anchor has successfully evolved into the digital era, with online streaming services including audio and video programmes and most recently the launch of a free online book reader.
Public benefit
The directors have complied with their duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The major focus in 2021/22 continued to be the work to digitise the extensive library of speakers' sermons, whilst fulfilling online orders for physical media such as books, CDs, DVDs and USB memory sticks. A number of new titles have been added to the lists of books published in 2022.
The change in business model in 2011, moving from the commercial sales of physical media to a ''free to download'' online streaming service continues to suppress income. Income has switched from sales of physical media to voluntary donations and royalties from digital sales, including Amazon Books/Kindle and numerous International Book Publishers.
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DAVID PAWSON PUBLISHING LIMITED
REPORT OF THE TRUSTEES for the year ended 31 March 2022
FINANCIAL REVIEW
Financial position
The company is reporting a surplus of £16,876 (2021: surplus of £47,018) for the year to 31 March 2022. The decrease in surplus is due to an increase in costs compared to last year. The surplus includes property valuation gains of £nil (2021: £7,000).
The change in business model in 2011, moving from the commercial sales of media to ''free to download'' continues to suppress income, but the company is now seeing a gradually increasing income from digital sales, including Amazon Books/Kindle eBooks, and Royalties from International Publishers for which Anchor has the book rights.
The company continues to hold a sufficient level of funds to continue its charitable activities in line with the current strategy.
Reserves policy
The Trustees have considered the levels of reserves and consider them to be appropriate.
FUTURE PLANS
Working in conjunction with the David Pawson Ministry CIO the company plans to continue the work in digitising its existing library of material with a view to increasing the availability of this material for free streaming/download.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is constituted as a company limited by guarantee, with the amount of the guarantee restricted to a maximum of £1 per member. The company is governed by its memorandum and articles of association. The governance and running of the charity is the responsibility of the trustees who also form the board of directors of the company. The trustees usually meet twice a year.
Organisational structure
The charity was historically based in Ashford, Kent. In 2020 the warehouse and office were officially closed and sold, and exited this site completely during 2021 after the sale of the remaining property in Kennington, Ashford. The charity has successfully transferred all activities to the office in Reading that deals with order fulfilment and all charitable activities. Day to day operations of the charity are supported by a team of volunteers assisted by one full time and three part time employees. During 2020/2021 the Company registered a change of name from Anchor Recordings Ltd to David Pawson Publishing Ltd to reflect the nature and focus of the business.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
00661108 (England and Wales)
Registered Charity number
224579
Page 2
DAVID PAWSON PUBLISHING LIMITED
REPORT OF THE TRUSTEES
for the year ended 31 March 2022
Registered office
Station House Connaught Road Brookwood WOKING Surrey GU24 0ER
Trustees
S C Dally Company Director Reverend A Dinnie D T Rebbettes Company Director
Company Secretary
Reverend A Dinnie
Independent Examiner
L Redman FCCA HPCA Limited Chartered Accountants Station House Connaught Road Brookwood Woking Surrey GU24 0ER
Approved by order of the board of trustees on 3 December 2022 and signed on its behalf by:
S C Dally - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DAVID PAWSON PUBLISHING LIMITED
Independent examiner's report to the trustees of David Pawson Publishing Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DAVID PAWSON PUBLISHING LIMITED
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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 FCCA HPCA Limited Chartered Accountants Station House Connaught Road Brookwood Woking Surrey GU24 0ER
8 December 2022
Page 5
DAVID PAWSON PUBLISHING LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 March 2022
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 129,774 Charitable activities Incoming resources from charitable activities 79,214 Investment income 2 4,159 Other income 289 Total 213,436 EXPENDITURE ON Raising funds 1,648 Charitable activities Direct charity activities 104,039 Support costs 90,873 Other - Total 196,560 Net gains on investments - NET INCOME 16,876 RECONCILIATION OF FUNDS Total funds brought forward 542,920 TOTAL FUNDS CARRIED FORWARD 559,796 |
Restricted fund £ - - - - - - - - - - - - - - |
2022 Total funds £ 129,774 79,214 4,159 289 213,436 1,648 104,039 90,873 - 196,560 - 16,876 542,920 559,796 |
2021 Total funds £ 124,116 88,559 5,967 - |
|---|---|---|---|
| 218,642 | |||
| 15,630 66,675 95,319 1,000 |
|||
| 178,624 | |||
| 7,000 | |||
| 47,018 495,902 |
|||
| 542,920 |
The notes form part of these financial statements
Page 6
DAVID PAWSON PUBLISHING LIMITED
BALANCE SHEET
31 March 2022
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 12,516 Investment property 8 - 12,516 CURRENT ASSETS Stocks 9 2,269 Debtors 10 21,627 Cash at bank and in hand 555,458 579,354 CREDITORS Amounts falling due within one year 11 (32,074) NET CURRENT ASSETS 547,280 TOTAL ASSETS LESS CURRENT LIABILITIES 559,796 NET ASSETS 559,796 FUNDS 12 Unrestricted funds TOTAL FUNDS |
Restricted fund £ - - - - - - - - - - - |
2022 Total funds £ 12,516 - 12,516 2,269 21,627 555,458 579,354 (32,074) 547,280 559,796 559,796 559,796 559,796 |
2021 Total funds £ 12,234 272,000 284,234 2,351 17,222 276,865 296,438 (37,752) 258,686 542,920 542,920 542,920 542,920 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.
The notes form part of these financial statements
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DAVID PAWSON PUBLISHING LIMITED
BALANCE SHEET - continued
31 March 2022
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 3 December 2022 and were signed on its behalf by:
S C Dally - Trustee
The notes form part of these financial statements
Page 8
DAVID PAWSON PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
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.
More specifically royalty income includes what is received in the year together with what is receivable for the year and can be estimated with reasonable accuracy.
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.
Tangible fixed assets
The charity owned a property comprising a small shop and flat, both of which were generating rental income, and were classified as investment property. This property was sold during the year.
Investment property
Investment properties are shown at their most recent valuation.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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DAVID PAWSON PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
1. ACCOUNTING POLICIES - continued
Fund accounting
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.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. INVESTMENT INCOME
| Rents received Shop/Flat Electric and Gas Interest receivable - trading |
2022 £ 3,980 149 30 4,159 |
2021 £ 5,604 347 16 |
|---|---|---|
| 5,967 |
3.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 6,901 | 4,759 |
| Deficit on disposal of fixed assets | - | 1,000 |
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DAVID PAWSON PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2022, nor for the year ended 31st March 2021. However the company paid £17,500 (2021:£30,000) to a company controlled by a trustee for services relating to the sale of investment properties, the subsequent relocation of the company's operations, and the digitising of the company's recordings.
Trustees' expenses
One of the trustees had expenses reimbursed totalling £16.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2022 Sales, distribution & administration 3 No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 124,116 - Charitable activities Incoming resources from charitable activities 88,559 - Investment income 5,967 - Total 218,642 - EXPENDITURE ON Raising funds 15,630 - Charitable activities Direct charity activities 66,675 - Support costs 95,319 - Other 1,000 - Total 178,624 - |
2021 4 Total funds £ 124,116 88,559 5,967 |
|---|---|
| 218,642 | |
| 15,630 66,675 95,319 1,000 |
|
| 178,624 |
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
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DAVID PAWSON PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | |
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| fund | fund | funds | ||
| £ | £ | £ | ||
| Net gains on investments | 7,000 | - | 7,000 | |
| NET INCOME | 47,018 | - | 47,018 | |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 495,902 | - | 495,902 | |
| TOTAL FUNDS CARRIED FORWARD | 542,920 | - | 542,920 | |
| 7. | TANGIBLE FIXED ASSETS | |||
| Fixtures | ||||
| and | Office | |||
| fittings | equipment | Totals | ||
| £ | £ | £ | ||
| COST | ||||
| At 1 April 2021 | 108,662 | 19,387 | 128,049 | |
| Additions | - | 7,183 | 7,183 | |
| At 31 March 2022 | 108,662 | 26,570 | 135,232 | |
| DEPRECIATION | ||||
| At 1 April 2021 | 105,088 | 10,727 | 115,815 | |
| Charge for year | 540 | 6,361 | 6,901 | |
| At 31 March 2022 | 105,628 | 17,088 | 122,716 | |
| NET BOOK VALUE | ||||
| At 31 March 2022 | 3,034 | 9,482 | 12,516 | |
| At 31 March 2021 | 3,574 | 8,660 | 12,234 |
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DAVID PAWSON PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
| 8. INVESTMENT PROPERTY FAIR VALUE At 1 April 2021 Disposals At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 9. STOCKS Stocks 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income |
2022 £ 2,269 2022 £ 596 4,520 16,511 21,627 |
£ 272,000 (272,000) - - 272,000 2021 £ 2,351 2021 £ 959 2,296 13,967 17,222 |
|---|---|---|
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DAVID PAWSON PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
| 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Accrued expenses 12. MOVEMENT IN FUNDS At 1.4.21 £ Unrestricted funds General fund 542,920 TOTAL FUNDS 542,920 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 213,436 TOTAL FUNDS 213,436 Comparatives for movement in funds At 1.4.20 £ Unrestricted funds General fund 495,902 TOTAL FUNDS 495,902 |
2022 £ 19,354 12,720 32,074 Net movement in funds £ 16,876 16,876 Resources expended £ (196,560) (196,560) Net movement in funds £ 47,018 47,018 |
2021 £ 19,834 17,918 37,752 At 31.3.22 £ 559,796 559,796 Movement in funds £ 16,876 16,876 At 31.3.21 £ 542,920 542,920 |
|---|---|---|
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DAVID PAWSON PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 218,642 (178,624) 7,000 TOTAL FUNDS 218,642 (178,624) 7,000 A current year 12 months and prior year 12 months combined position is as follows: Net movement At 1.4.20 in funds £ £ Unrestricted funds General fund 495,902 63,894 TOTAL FUNDS 495,902 63,894 |
Movement in funds £ 47,018 47,018 At 31.3.22 £ 559,796 559,796 |
|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 432,078 432,078 |
Resources expended £ (375,184) (375,184) |
Gains and losses £ 7,000 7,000 |
Movement in funds £ 63,894 63,894 |
|---|---|---|---|---|
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DAVID PAWSON PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
13. RELATED PARTY DISCLOSURES
The company is a significant channel of distribution for the works of David Pawson, whose written and other materials are distributed by The David Pawson Ministry CIO (DPM) (charity no 1112737).
The company recharges costs incurred for distributing products on behalf of DPM and also pays the Trust for any royalties due to David Pawson £9,957 (2021: £11,246). At the balance sheet date the company owed £19,158 to DPM (2021: £17,390). This amount is being included within "Other creditors".
DPM met the company's accountancy costs and Independent Examination fees up to 2019.
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DAVID PAWSON PUBLISHING LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2022
| INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Investment income Rents received Shop/Flat Electric and Gas Interest receivable - trading Charitable activities Trading Income Other income Sundry income Total incoming resources EXPENDITURE Raising donations and legacies Rates and water Light and heat Premises Expenses Other trading activities Bad debts Charitable activities Wages Pensions Postage and Carriage Carried forward |
2022 £ 128,681 1,093 129,774 3,980 149 30 4,159 79,214 289 213,436 699 37 847 1,583 65 36,595 962 3,265 40,822 |
2021 £ 123,071 1,045 |
|---|---|---|
| 124,116 5,604 347 16 |
||
| 5,967 88,559 - |
||
| 218,642 2,013 494 13,123 |
||
| 15,630 - 33,304 600 5,373 39,277 |
This page does not form part of the statutory financial statements
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DAVID PAWSON PUBLISHING LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 March 2022
| Charitable activities Brought forward Royalties Book/dvd production costs Opening Stock Purchases Closing Stock Office equipment Rent Television broadcasting Other Loss on sale of tangible fixed assets Support costs Management Insurance Telephone Sundries Computer support services Equipment maintenance Exchange rate variances Computer equipment Bank interest Governance costs Annual Accounts & Independent Examination Legal and professional fees Total resources expended Net income |
2022 £ 40,822 9,957 22,482 2,351 5,004 (2,269) 1,005 7,848 28,080 115,280 - 1,046 258 10,472 14,827 7,773 - 6,901 1,695 42,972 8,562 28,098 36,660 196,560 16,876 |
2021 £ 39,277 11,246 26,045 2,731 8,231 (2,351) 386 7,848 - 93,413 1,000 1,240 385 5,088 9,493 170 (2) 4,759 1,952 23,085 8,134 37,362 45,496 178,624 40,018 |
|---|---|---|
This page does not form part of the statutory financial statements
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