REGISTERED COMPANY NUMBER: 00661108 (England and Wales) REGISTERED CHARITY NUMBER: 224579
DAVID PAWSON PUBLISHING LIMITED UNAUDITED FINANCIAL STTEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Shaw Gibbs Limited Wey Court West Union Road Farnham Surrey GU9 7PT
DAVID PAWSON PUBLISHING LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024
| Page | Page | |
|---|---|---|
| Repor of the Trustees | 1to | 3 |
| Independent Examiner's Report | 4to | 5 |
| Statement of Financial Activities | 6 | |
| Balance Sheet | 7to | 8 |
| Notes to the Financial Satements | 9to | 15 |
| Detailed Statement of Financial Activities | 16to | 17 |
DAVID PAWSON PUBLISHING LIMITED
REPORT OF THE TRUSTEES for the year ended 31 March 2024
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 2024. 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 on line 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 2023/24 has been the ongoing publishing of books and increasingly other language translations. Sales of these books is mostly via online Print on Demand platforms however orders are still received via the online shop for fulfilment of books, DVDs, and USB memory sticks. We continue to add new translations to the book catalogue
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 2024
FINANCIAL REVIEW
Financial position
The company is reporting a surplus of £236,997 (2023: deficit of £22,128) for the year to 31st March 2024. This was heavily impacted by a single donation given to support the distribution of the works of David Pawson and this has been reflected in the creation of the new restricted "David Pawson Teaching Fund" (see note 11).
The change in business model in 2011, moving from the commercial sales of media to "free to download" continues to suppress income ..
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-eserves 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 2024
Registered office Station House Connaught Road Brookwood WOKING Surrey GU24 DER
Trustees
S C Dally Company Director Reverend A Dinnie D T Rebbettes Company Director
Company Secretary Reverend A Dinnie
Independent Examiner
L Redman Shaw Gibbs Limited Wey Court West Union Road Farnham :�::::: by order of the boam of trustees on ?� ··[1][/ ] ..... ? and signed on its behalf ?. . -+f. 7 � ········· �L ·h, .. � . . . . '.. 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 2024.
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
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 Jndertake 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 matters have come to my attention in connection with the examination giving me cause to beieve:
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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 reland (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
Shaw Gibbs Limited Wey Court West Union Road Farnham Surrey GU97PT Date . ............................................ . . \ '>�cw
Page 5
DAVID PAWSON PUBLISHING LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING Al',I INCOME 8ND l;XPl;l',IQITURI; ACCOUNT) for the year ended 31 March 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Incoming resources from charitable activities Investment income 2 Total EXPENDITURE ON Raising funds Charitable activities Incoming resources from charitable activities Direct charity activities Suppor costs Investment costs Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forard TOTAL FUNDS CARRIED FORWARD |
Unrestricted fnd £ 31,618 43,894 6,472 81,984 223 362 75,937 10,239 4,544 91,305 (9,321) 537,668 528,347 |
Restricted fund £ 343,882 343,882 16,075 81,489 97,564 246,318 246,318 |
2024 Total funds £ 375,500 43,894 6,472 425,866 223 362 92,012 91,728 4,544 188,869 236,997 537,668 774,665 |
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 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 6
DAVID PAWSON PUBLISHING LIMITED
BALANCE SHEET ~~31~~ [March ][2024]
| FIXED ASSETS Tangible assets CURRENT ASSETS Stocks Debtors Cash at bank CREDITORS Amounts flling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds Restrcted funds TOTAL FUNDS Unrestricted fund Notes £ 7 2,697 8 1,436 9 14,682 523,268 539,386 10 (13,736) 525,650 528,347 528,347 11 |
Restricted fund £ 246,318 246,318 246,318 246,318 246,318 |
2024 2023 Total Total funds funds £ £ 2,697 6,714 1,436 471 14,682 11,539 769,586 534,794 785,704 546,804 (13,736) (15,850) 771,968 530,954 774,665 537,668 774,665 537,668 528,347 537,668 246,318 774,665 537,668 |
|---|---|---|
TOTAL FUNDS
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
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 charltable 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 otheiwise 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 7
DAVID PAWSON PUBLISHING LIMITED
BALANCE SHEET - continued 31 March 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financia}' s7'.3tements were approved by the Board of Trustees and authorised for issue on ............. . . Y?./fl/�¼ ............. 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 STTEMENTS for the year ended 31 March 2024
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.
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.
continued ...
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DAVID PAWSON PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
1. ACCOUNTING POLICIES - continued
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
| INVESTMENT INCOME | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Interest receivable - trading | 6,472 | 2,109 |
| -- | -- |
3. NET INCOMEl(EXPENDITURE)
Net income/(expenditure) is stated afler charging/(crediting):
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 4,544 | 8,877 |
4. TRUSTEES' REMUNERATION AND BENEFITS
None of the trustees received any remuneration or other benefits for acting as trustees for the year ended 31st March 2024, nor for the year ended 31st March 2023.
Trustees' expenses
There were no trustees' expenses for the year ended 31st March 2024 (2023: none)
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| Sales, distribution & administration | 2 | 3 |
| No employees received emoluments in excess of £60,000. |
The directors are the only individuals considered to be key maragement personnel. One trustee received payment for the provision of management and other services through a company under their control, as disclosed in note 12.
continued ...
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DAVID PAWSON PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS· continued for the year ended 31 March 2024
| 6. COMPARATIVES FOR THE STATE'ENT OF FINANCIAL ACTIVITIES Unrestrtcted Restricted fund fnd £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 93,091 Charitable activities Incoming resources from charitable activities 49,467 Investment income 2,109 Total 144,667 EXPENDITURE ON Raising funds 1,652 Charitble activities Incoming resources from charitable activities 98 Direc 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 forard 559,796 TOTAL FUNDS CARRIED FORWARD 537,668 |
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 |
|---|---|
continued ...
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DAVID PAWSON PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS -continued for the year ended 31 March 2024
7. TANGIBLE FIXED ASSETS
| 7. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Fixtures and fittings |
Office equipment |
Totals | |||
| £ | £ | £ | |||
| COST | |||||
| At 1 April 2023 | 108,662 | 29,645 | 138,307 | ||
| Additions | 527 | 527 | |||
| Disposals | (108,662) | (108,662) | |||
| At 31 March 2024 | 30,172 | 30,172 | |||
| DEPRECIATION | |||||
| At 1 April 2023 | 108,662 | 22,931 | 131,593 | ||
| Charge for year | 4,544 | 4,544 | |||
| Eliminated on disposal | (108,662) | (108,662) | |||
| At 31 March 2024 | 27,475 | 27,475 | |||
| NET BOOK VALUE | |||||
| At 31 March 2024 | 2,697 | 2,697 | |||
| At 31 March 2023 | 6,714 | 6,714 | |||
| 8. | STOCKS | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Stocks | 1,436 | 471 | |||
| -- | -- | ||||
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Trade debtors | 292 | 211 | |||
| Other debtors | 8,061 | 2,598 | |||
| Prepayments and accrued income | 6,329 | 8,730 | |||
| 14,682 | 11,539 |
continued ...
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DAVID PAWSON PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS -continued fr the year ended 31 Ma ~~r~~ ch 2024
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |
|---|---|
| Social securityand other taxes Other creditors Accrued expenses 2024 £ 340 13,396 13,736 |
2023 £ 348 3,142 12,360 |
| 15,850 |
11. MOVEMENT IN FUNDS
| At 1.4.23 £ Unrestricted funds General fund 537,668 Restricted funds David Pawson TeachingFund TOTL FUNDS 537,668 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 81,984 Restricted funds David Pawson Teaching Fund 343,882 TOTAL FUNDS 425,866 |
Net movement in funds £ (9,321) 246,318 236,997 Resources expended £ (91,305) (97,564) (188,869) |
At 31.3.24 £ 528,347 246,318 774,665 Movement in funds £ (9,321) 246,318 236,997 |
|---|---|---|
continued ...
Pa[g] e 13
DAVID PAWSON PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS -continued for the year ended 31 March 2024
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.22 | in fnds | 31.3.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 559,796 | (22,128) | 537,668 |
| TOTAL FUNDS | 559,796 | (22,128) | 537,668 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources resources expended £ £ 144,667 (166,795) 144,667 (166,795) |
Movement in funds £ (22,128) (22,128) |
|---|---|---|
12. RELATED PARTY DISCLOSURES
The Company operates under a Licence to distribute the works of the Reverend David Pawson. The intellectual property rights to those works are owned by David Pawson Ministry CIO ("DPM"), registered charity no. 1112737. Mr S Dally, a director and trustee of David Pawson Publishing Ltd ("DPPL"), is also a trustee of David Pawson Ministry CIO.
Royalties paid to DPM in the financial year totalled £986 (2023: £5,912). During the year DPPL received donations from DPM of £295,907 (2023 : £63,604). At the balance sheet date DPPL was owed £4,124 by DPM (2023: owed £2,903 to DPM). This amount is included in the financial statements within either "Other debtocs" or "Other creditors".
For the year ended 31st March 2024 the company paid £28,780 to a company controlled by Mr S Dally for consultancy services (Year ended 31st March 2023 : £18,081). In both years the payments were for services relating to specific project work including Business Development.
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continued ...