# **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.
Page 1
## **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.
Page 4
## **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:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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
Page 7
continued...
## **DAVID PAWSON PUBLISHING LIMITED**
## **BALANCE SHEET - continued**
## **31 March 2022**
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (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.
Page 9
continued...
**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|
Page 10
continued...
**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**
Page 11
continued...
## **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|
Page 12
continued...
## **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|
|---|---|---|
||||
Page 13
continued...
## **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|
|---|---|---|
Page 14
continued...
## **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|
|---|---|---|---|---|
Page 15
continued...
**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.
Page 16
## **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
Page 17
## **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
Page 18