Earlier in the year we shared some reflections on 2019, and now we're pleased to report that PAK7’s Annual Report for 2019 has been finalised.
Andrew Hart, PAK7 International CEO writes:
What happened before the Coronavirus seems rather irrelevant now, but 2019 was a hugely significant year in the life of PAK7, as we began the process of building a team and turning our vision into a reality. We made great progress with VideoStar (our reality-TV show), training young people, and some early steps in Social Media. Now with the virus having a massive impact on Pakistan, we have to ask ourselves if it was an accident that we started PAK7 at this time? Or was it "for such a time as this"? If we want to see the nation of Pakistan transformed by his love, now is the time, like never before, and media has the most incredible role to play. Although you may be anxious about the future, please raise your eyes to the unique opportunity before us for the gospel in Pakistan today.
Our long term strategy remains unchanged, but clearly in 2020 we are having to make some revisions in order to meet the needs of our audience during this coronavirus pandemic. The Annual Report has been updated to reflect this. Sadly you will note that one of the projects we have decided to postpone is the 2020 Media School as there is too much uncertainty about whether this would be possible to run.
In 2019 PAK7 raised income of $398,000. Gifts came from some long term supporters, but also from a number of new investors - we thank God for each of our partners. However, in this our first year, it was difficult to forecast income and as such we did fall short of our income budget. 2019 was PAK7’s first full year of operation and we stretched ourselves to achieve the things that we felt God had called us to. However, given the shortfall in income, expense exceeded income by $116,000 and we ended the year in deficit. We also invested $47,000 in equipment which is reflected on the balance sheet. We are grateful to one of our partners for a loan facility that in addition to the reserves we held at the start of the year, enabled us to manage through the year. Consequently, equity dropped from $81,000 to -$35,000 during the period. The 2020 budget is designed to fully repay the loan and recapitalize the balance sheet.
Clearly fundraising during this time of crisis is going to be somewhat more challenging than we had originally anticipated, but we remain dependent on God for his provision. If he has called us to this work, then he is more than able to provide for it.
Be encouraged by this report! God is at work! Please do continue to pray for the work of PAK7 and, in particular, for the people of Pakistan.