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2023-03-31-accounts

REGISTERED COMPANY NUMBER: 00661108 (England and Wales) REGISTERED CHARITY NUMBER: 224579

DAVID PAWSON PUBLISHING LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023

HPCA Limited Station House Connaught Road Brookwood Woking Surrey GU24 0ER

DAVID PAWSON PUBLISHING LIMITED

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 to 6
Notes to the Financial Statements 7 to 12
Detailed Statement of Financial Activities 13 to 14

DAVID PAWSON PUBLISHING LIMITED

REPORT OF THE TRUSTEES for the year ended 31st March 2023

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 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 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, David Pawson Publishing Ltd 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 2022/23 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 2023.

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.

FINANCIAL REVIEW

Financial position

The company is reporting a deficit of £22,128 (2022: surplus of £16,876) for the year to 31st March 2023.

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.

Page 1

DAVID PAWSON PUBLISHING LIMITED

REPORT OF THE TRUSTEES for the year ended 31st March 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

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

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 HPCA Limited Station House Connaught Road Brookwood Woking Surrey GU24 0ER

Approved by order of the board of trustees on 2nd December 2023 and signed on its behalf by:

S C Dally - Trustee

Page 2

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 31st March 2023.

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.

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

  2. 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

  3. 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

HPCA Limited Station House Connaught Road Brookwood Woking Surrey GU24 0ER

13th December 2023

Page 3

DAVID PAWSON PUBLISHING LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the year ended 31st March 2023

Unrestricted
Restricted
fund
fund
Notes
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
93,091
-
Charitable activities
Incoming resources from charitable activities
49,467
-
Investment income
2
2,109
-
Other income
-
-
Total
144,667
-
EXPENDITURE ON
Raising funds
1,652
-
Charitable activities
Incoming resources from charitable activities
98
-
Direct charity activities
82,080
-
Support costs
74,088
-
Investment costs
8,877
-
Total
166,795
-
NET INCOME/(EXPENDITURE)
(22,128)
-
RECONCILIATION OF FUNDS
Total funds brought forward
559,796
-
TOTAL FUNDS CARRIED FORWARD
537,668
-		 2023
Total
funds
£
93,091
49,467
2,109
-
144,667
1,652
98
82,080
74,088
8,877
166,795
(22,128)
559,796
537,668		 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

The notes form part of these financial statements

Page 4

DAVID PAWSON PUBLISHING LIMITED

BALANCE SHEET

31st March 2023

Unrestricted
Restricted
fund
fund
Notes
£
£
FIXED ASSETS
Tangible assets
7
6,714
-
CURRENT ASSETS
Stocks
8
471
-
Debtors
9
11,539
-
Cash at bank and in hand
534,794
-
546,804
-
CREDITORS
Amounts falling due within one year
10
(15,850)
-
NET CURRENT ASSETS
530,954
-
TOTAL ASSETS LESS CURRENT
LIABILITIES
537,668
-
NET ASSETS
537,668
-
FUNDS
11
Unrestricted funds
TOTAL FUNDS		 2023
Total
funds
£
6,714
471
11,539
534,794
546,804
(15,850)
530,954
537,668
537,668
537,668
537,668		 2022
Total
funds
£
12,516
2,269
21,627
555,458
579,354
(32,074)
547,280
559,796
559,796
559,796
559,796

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 5

DAVID PAWSON PUBLISHING LIMITED

BALANCE SHEET - continued

31st March 2023

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 2nd December 2023 and were signed on its behalf by:

S C Dally - Trustee

The notes form part of these financial statements

Page 6

DAVID PAWSON PUBLISHING LIMITED

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 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.

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.

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.

continued...

Page 7

DAVID PAWSON PUBLISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31st March 2023

2. INVESTMENT INCOME

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |£|£| |Rents received|-|3,980| |Shop/Flat Electric and Gas|-|149| |Interest receivable - trading|2,109|30| |2,109|4,159| |NET INCOME/(EXPENDITURE)| |Net income/(expenditure) is stated after charging/(crediting):| |2023|2022| |£|£| |Depreciation - owned assets|8,877|6,901|

----- End of picture text -----

3. NET INCOME/(EXPENDITURE)

4. 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.

However the company paid £18,081 to a company controlled by a trustee for consultancy services. For the year ended, 31st March 2022 the company paid £17,500 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

There were no trustees' expenses for the year ended 31st March 2023 (2022: one of the trustees had expenses reimbursed totalling £16).

5. STAFF COSTS

The average monthly number of employees during the year was as follows:

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |Sales, distribution & administration|3|3|

----- End of picture text -----

No employees received emoluments in excess of £60,000.

There are no employees or trustees' who are considered to be key management personnel. However, one trustee received payment for their services through a company they control; this has been disclosed in note 4.

continued...

Page 8

DAVID PAWSON PUBLISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31st March 2023

6.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
fund
fund
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
129,774
-
Charitable activities
Incoming resources from charitable activities
79,214
-
Investment income
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
-
Total
196,560
-
NET INCOME
16,876
-
RECONCILIATION OF FUNDS
Total funds brought forward
542,920
-
TOTAL FUNDS CARRIED FORWARD
559,796
-		 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

continued...

Page 9

DAVID PAWSON PUBLISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31st March 2023

7. TANGIBLE FIXED ASSETS

Fixtures
and
Office
fittings
equipment
£
£
COST
At 1st April 2022
108,662
26,570
Additions
-
3,075
At 31st March 2023
108,662
29,645
DEPRECIATION
At 1st April 2022
105,628
17,088
Charge for year
3,034
5,843
At 31st March 2023
108,662
22,931
NET BOOK VALUE
At 31st March 2023
-
6,714
At 31st March 2022
3,034
9,482
8.
STOCKS
2023
£
Stocks
471
9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
£
Trade debtors
211
Other debtors
2,598
Prepayments and accrued income
8,730
11,539		 Totals
£
135,232
3,075
138,307
122,716
8,877
131,593
6,714
12,516
2022
£
2,269
2022
£
596
4,520
16,511
21,627

continued...

Page 10

DAVID PAWSON PUBLISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31st March 2023

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Social security and other taxes
Other creditors
Accrued expenses
11.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS		 2023
2022
£
£
348
-
3,142
19,354
12,360
12,720
15,850
32,074
Net
movement
At
At 1.4.22
in funds
31.3.23
£
£
£
559,796
(22,128)
537,668
559,796
(22,128)
537,668
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
144,667
(166,795)
(22,128)
144,667
(166,795)
(22,128)
Net
movement
At
At 1.4.21
in funds
31.3.22
£
£
£
542,920
16,876
559,796
542,920
16,876
559,796

continued...

Page 11

DAVID PAWSON PUBLISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31st March 2023

11. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
Resources
Movement
resources
expended
in funds
£
£
£
213,436
(196,560)
16,876
213,436
(196,560)
16,876

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Net
movement
At 1.4.21
in funds
£
£
542,920
(5,252)
542,920
(5,252)		 At
31.3.23
£
537,668
537,668

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
Movement
resources
expended
in funds
£
£
£
358,103
(363,355)
(5,252)
358,103
(363,355)
(5,252)

12. RELATED PARTY DISCLOSURES

The Company operates under a Licence to distribute the works of David Pawson owned by CIO (DPM) (registered charity no. 1112737) and in return pays an annual licence fee and associated royalties. Royalties paid to DPM totalled £5912.00 (2022: £7,774) in the financial year.

At the balance sheet date, the company owed £2,903 (2022: owed £19,158); this is included within "Other creditors".

Page 12

DAVID PAWSON PUBLISHING LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31st March 2023

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
Royalties
Book/dvd production costs
Opening Stock
Purchases
Closing Stock
Office equipment
Translation
Rent
Television broadcasting		 2023
£
92,843
248
93,091
-
-
2,109
2,109
49,467
-
144,667
-
-
1,652
1,652
-
36,044
1,048
1,447
6,928
15,021
2,269
5,375
(471)
27
48
7,848
30,960
106,544		 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
9,957
22,482
2,351
5,004
(2,269)
1,005
-
7,848
28,080
115,280

This page does not form part of the statutory financial statements

Page 13

DAVID PAWSON PUBLISHING LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31st March 2023

Support costs
Management
Insurance
Telephone
Sundries
Computer support services
Equipment maintenance
Computer equipment
Bank interest
Governance costs
Annual Accounts & Independent Examination
Legal and professional fees
Total resources expended
Net (expenditure)/income		 2023
£
742
193
6,749
14,420
-
8,877
1,578
32,559
7,990
18,050
26,040
166,795
(22,128)		 2022
£
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

This page does not form part of the statutory financial statements

Page 14