## **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**|**1**to|**3**|
|**Independent Examiner's Report**|**4**to|**5**|
|**Statement of Financial Activities**|**6**||
|**Balance Sheet**|**7**to|**8**|
|**Notes to the Financial Satements**|**9**to|**15**|
|**Detailed Statement of Financial Activities**|**16**to|**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.
Page 4
## **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:
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 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
- (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 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 ...
Page 9
## **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 ...
Page 10
## 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 ...
Page 11
## **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 ...
Page 12
## **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.
Page 14
continued ...