**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
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
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
- (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.
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