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2021-03-31-accounts

24-7 Prayer Trustees['] Report and Financial Statements

FOR THE Year ended 31[st] March 2021

Report of the Trustees for year ended 31 March 2021

24-7 Prayer TRUSTEES' REPORT AND FINANCIAL STATEMENTS For the year ended 31[st] March 2021

Contents of the Report and Financial Statements

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Charity information 2
Report of the trustees 3
Our vision 3
Principal activities 3
Review of the year’s activities 4
Operational support 8
Factors affecting our achievements 8
Financial review 9
Financial position 9
Reserves 9
Structure, governance and management 10
Independent auditors report to the trustees of 24-7 Prayer 11
Statement of financial activities 14
Balance sheet 15
Statement of cash flows 16
Notes to the financial statements 17
1 General Information 17
2 Accounting policies 17
3 Donations and similar income 19
4 Income from charitable activities 19
5 Expenditure – Raising funds 20
6 Expenditure – Charitable activities 20
7 Employee costs 21
8 Investments 21
9 Analysis of movement of fixed assets 22
10 Stocks 22
11 Debtors 22
12 Creditors: amounts falling due within one year 23
13 Creditors: amounts falling due after more than one year. 23
14 . Operating lease commitments 23
15 . Funds movement 24
16 . Analysis of net assets between funds 28
17 Related party transactions 28
18 . Reconciliation of net income / (expenditure) to net cash flow from operating activities 29
19 Comparative statement of financial activities 29
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1

Report of the Trustees for year ended 31 March 2021

Charity Information FOR THE Year ended 31[st] March 2021

Trustees

E Alberto

P Cheong (Joined 18/3/2021) C Douglas A Eagleson (Chairman)

Registered Office

24-7 Prayer

The Lighthouse, 8-10 High Street Woking GU21 6BG

M Frey

P Greig

T Jupp

Charity Number

1091413

C Kuchanny

M Neville (Resigned 25/09/20) L Nyathi (Joined 18/03/2021) M Neville

Company Number

04176643 (England and Wales)

Executive Team

M Andrea (CEO)

J Clifford R Ellis

Working Names

24-7 Prayer also operates under the names 24-7 Academy, Lectio 365, Living Generously, Order of the Mustard Seed and Prayer Spaces in Schools.

K Grafham

P Greig S Greig C Harding B Heasley J Weber

Auditors

Moore Kingston Smith LLP Orbital House 20 Eastern Road Romford, Essex RM1 3PJ

Bankers

Barclays Bank plc

East Street Chichester West Sussex PO19 1HT

Report of the Trustees

The trustees who are also directors of the charity for the purposes of the Companies Act present their report together with the audited financial statements, for the year ended 31st March 2021. They are also prepared to meet the requirements for a directors report and accounts for Companies Act purposes.

Principal activities

Our Vision

24-7 Prayer exists for the advancement of the Christian faith in the United Kingdom and overseas, particularly within youth culture. Its focus is on combining spiritual formation with social transformation and the principal activities are:

24-7 Prayer is an international, interdenominational, Christian movement that changes lives.

We exist to ‘reconcile the world to God through Jesus Christ.’ (2 Corinthians 5:19).

We pray and work for reconciliation at three levels:

The 24-7 movement began in 1999 when a group of young people in Chichester, England decided to see what would happen if they prayed non-stop for a month. After three months of continual prayer the reports of answered prayer began to spread. The idea caught on and that first unsuspecting 24-7 Prayer Room began spontaneously self-seeding all over the world.

The 24-7 Prayer meeting has continued non-stop since 1999 and has given rise to a family of exciting new communities and ministries all committed to equipping the church to change the world through radical prayer, mission and justice.

24-7 Prayer Rooms are a proven model that can work in almost any context and they continue to spring up in all kinds of unlikely places. Countless people meet God in a new way, experience prayer as a life-changing experience and find a new focus on mission and justice.

In planning our activities for the year, the Trustees kept in mind the Charity Commission’s guidance on public benefit and in particular, the specific guidance on charities for the advancement of religion.

24-7 Prayer welcomes all people to take part in the wider 24-7 Prayer network, regardless of personal background, faith, gender or personal circumstances, and we believe this philosophy of openness to all enriches everyone through the sharing of skills, aptitudes and life experiences.

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Report of the Trustees for year ended 31 March 2021

Review of the year's activities

During the financial year 2020–21, 24-7 Prayer continued to fulfil its basic objectives of catalysing, connecting and resourcing prayer, mobilising mission and justice initiatives, inspiring and enabling Prayer Spaces in Schools, the planting of missional communities and training young leaders.

The charity continues to be supported by a wide range of individual donors, churches and trusts, and these have all helped to significantly develop 24-7 Prayer this year. Throughout the charity, 24-7 Prayer is enhanced by the work of volunteers who desire to further the work of the charity.

24-7 Prayer fundraises through existing users of our resources and those who support our charitable aims and objectives. 24-7 Prayer is registered with the Fundraising Regulator.

key areas OF FOCUS

Prioritising Prayer

Mobilising Mission and Justice

Training and Developing Young Leaders

4 Report of the Trustees for year ended 31 March 2021

Prioritising Prayer

24-7 Prayer is equipping thousands of people to pray, and to live out their prayers in ways that change the world.

Our achievements

Over the last 12 months, the coronavirus pandemic drew many new individuals and communities from all over the world to our international website and resources, and therefore we released a number of new resources and guides, as well as developing existing ones, to meet the growing prayer resource demand.

In April 2020, in response to the pandemic, we developed a new section of our website to equip communities to pray. This Coronavirus Prayer hub contains resources in 16 different languages, with over 80,000 page views in this financial year. Additionally, we began a partnership with YouVersion to produce two Bible plans equipping their largely American audience to pray in the pandemic. The success of these two resources led to a 21-day plan being launched in January 2021 based on Pete Greig’s book, How to Pray. The plan has been subscribed to over 250,000 times in the period January–March 2021.

Over the summer period, we developed a number of 24-7 Prayer web resources, including a new version of the 24-7 Prayer sign up tool, which enables communities all over the world to register and sign up for 1-hour prayer slots. With the increase in communities praying virtually because of the pandemic, this upgrade, launched in October 2020, equipped thousands of communities to manage their days or weeks of non-stop prayer.

We also developed new websites for 24-7 Prayer USA; one of our growing national teams with an increasing audience, and in South Africa, the brand new 24-7 Prayer Africa website was launched to support communities across the continent.

In October 2020, our Inner Room app, which equips individuals to use their phones to pray, was released in Spanish, making it our first bilingual app. We also continued to see increased growth of our Lectio 365 app audience, with topical series at certain times of the year that enabled individuals to pray the Bible every day. In March 2021 114,000 people were regularly accessing the app.

In early 2021, our Prayer Course small group series was translated into Swedish and Czech, with additional translations in progress. Additionally with the re-release of 24-7 Founder Pete Greig’s book God on Mute, a new small group series – The Prayer Course II: Unanswered Prayer – was released in February 2021 for communities all over the world to use leading to Easter. The course was viewed and downloaded 50,000 times in the six-week period.

During the Coronavirus Pandemic, with many nations closing schools, the Prayer Spaces in Schools team launched prayer activities for families to use. Prayer Spaces at Home resources were downloaded 50,000 times. Additionally, the team hosted an online conference in September, in partnership with the UK charity Youthscape. The New Hope conference was virtually attended by 2,000 participants.

The Order of the Mustard Seed (OMS) launched a new website in October 2020, enabling interested people to learn more and for resources to be easily profiled and shared. During this period 62 people joined the OMS.

Looking forward: 2021-22

From April 2021 – March 2022, the charity’s prayer resources will be further expanded and strengthened by:

A number of expansions to existing resources including:

Continued....

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Report of the Trustees for year ended 31 March 2021

Significant website launches:

A number of new resources:

With our increased global reach, there will be continued conversations on the growth and expansion of prayer resources in multiple languages and ensuring that our prayer resources can reach the maximum number of people.

Mobilising Mission and Justice

24-7 Prayer rooms are equipping and encouraging people to take God’s love to the poor and lost, to lead people to Christ, and to catalyse prayer and community all over the world.

Our achievements

After the death of George Floyd in America in May 2020, and the global outcry that followed, we worked to support the 24-7 Prayer USA team as they released resources and prayer guides for racial justice.

Because of the Coronavirus Pandemic our usual rhythm of summer mission was cancelled due to lockdown and travel restrictions, but national teams all over the world were supported by 24-7 Prayer staff to mobilise prayer and meet pastoral needs during this unprecedented season.

Looking forward: 2021-22

During the 2021-22 financial year, we will be continuing and expanding the campaign that has started in 24-7 Prayer USA by releasing global resources and partnering with other organisations to highlight the significance of praying and taking action for racial justice all over the world.

Additionally, with the postponed COP26 Climate Conference in November 2021, we will be developing a prayer campaign and releasing resources to equip communities and individuals to pray and take action for climate justice, working in partnership with the international development charity Tearfund.

6 Report of the Trustees for year ended 31 March 2021

Training and Developing Young Leaders

At the heart of the 24-7 movement is an expanding network of gifted and committed young leaders, and we recognise the urgent need for strategic investment into their training and development at every level.

Our achievements

Looking forward: 2021-22

In May 2020 with the ongoing challenges of the Coronavirus Pandemic, 24-7 Prayer hosted Wildfires Festival online for the first time, with three days of free teaching content to equip church communities, young people and adults. There were over 10,000 viewers over the festival from 24 different nations.

With continued restrictions in the Autumn, the 24-7 Prayer 2020 European Conference was also held online, with live hosting and also translated into Spanish and German. There were 39,000 views of the teaching sessions, with over 7,500 delegates. Additionally, global leaders’ training prior to the conference was given to over 200 leaders from 12 different nations.

As well as larger training and teaching events, support and training has been established and given to those who are developing national teams and communities. In March 2020, a new national team was established in Lebanon, and over the year, five new communities and Houses of Prayer were established. Fifty new leaders have been part of the leadership pathway in this time.

With the ongoing uncertainty around Coronavirus restrictions, the decision has been made to run Wildfires 2021 online, with specific content to equip and resource communities to continue persevering in prayer. We are also anticipating that the 2021 Global Conference will be held online, with continuing travel restrictions limiting the number of in-person attendees. We are hopeful, however, that there will be an opportunity to host a small number of leaders in-person for essential training and equipping after such a challenging online season.

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Report of the Trustees for year ended 31 March 2021

operational support

Staff assist each of the three main areas of 24-7 Prayer to deliver their objectives. As well as supporting all initiatives across the charity throughout the year, we focused on Wildfires Online, the launch of the Prayer Course II: Unanswered Prayer and saw a large increase in communities and individuals starting online and offline non-stop prayer in response to the Coronavirus Pandemic. The team navigated new working rhythms with enforced working from home because of the pandemic, with daily online meetings to support individuals in the challenges of lockdown. Also during this period there were a number of team changes and new members arriving to support and equip the team.

FACTORS AFFECTING OUR ACHIEVEMENTS

The arrival of Coronavirus in March-April 2020 led to rapid adjustments in working schedules that have continued across this year. The operations team had already introduced a number of software tools such as video conferencing and instant messaging ahead of the pandemic, which meant that there was a smooth transition to home working. The large increase in existing projects such as 24-7 Prayer Room sign ups and the Lectio 365 app have taken considerable staff time and capacity in the middle of a challenging, uncertain season. However, the staff team have worked hard and adjusted with resilience to the busy season and new working context.

8 Report of the Trustees for year ended 31 March 2021

Financial Review

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, applicable law and the requirements 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).

Financial Position

The statement of financial activities shows overall net incoming resources of £278,753 (2020: net incoming resources £13,435).

24-7 Prayer doesn’t undertake public fund raising or employ third parties to raise funds on its behalf.

24-7 Prayer received funds from events, foundations, trusts, charities and individuals during the year. Gifts in kind to the value of £15,515 were received during the year (2020: £12,300).

24-7 Prayer also received several significant restricted donations to voluntary income, with restricted income totalling £196,541 (2020: £360,411). These donations are assisting in the furtherance of 24-7’s work in developing the Wildfires Festival, the creation of the Inner Room and Lectio 365 prayer apps, 24-7 Prayer and Prayer Spaces in School’s core running costs, and European development and missions. The charity also received significant unrestricted donations, as part of a total unrestricted income of £1,123,963 (2020: £570,447). These significant donations, totalling £188,766 (2020: £175,316), are being targeted towards all three key areas of 24-7 Prayer’s charitable activity, and general running costs.

Net incoming resources on unrestricted funds amounted to £308,478 (2020: £20,694 net outgoing resources), with total unrestricted funds standing at £422,133 (2020: £113,655).

Reserves

The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be 3 months of the minimum level of resources expended, which equates to approximately £145,000 in general funds. At this level, the trustees feel that they would be able to manage the affairs of the charity in an orderly manner, in the event of a significant drop in funding. At present these reserves, which amount to £189,120 are above target.

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Overall Resources
2021 2020
Net incoming Net incoming
resources resources
£278,753 £13,435
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Unrestricted Resources
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2021 2020
Net outgoing Net incoming
resources resources
£308,478 £20,694
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24-7 Prayer’s reserves at the year end comprise:

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||| |---|---| |£| |Restricted funds|149,414| |Designated funds|223,475| |Funds invested in fixed assets|9,286| |Free reserves|189,372| |571,547|

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Designated funds relate to the charities work on communications, training and development, mission and justice, and training courses and conferences. These funds are planned to be expended during the coming financial year.

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Report of the Trustees for year ended 31 March 2021

Structure, governance and management

Governing Document

The charity is a company limited by guarantee and was formed on 9th March 2001 and received charitable status in March 2002. It is governed by its Memorandum and Articles of Association.

Trustees

The Trustees, who are also directors for the purpose of company law, who served during the year, are named on page 2. New trustees are appointed by the existing trustees in accordance with the charity’s articles of association. They are inducted through meetings with the Chairman and other trustees, covering the history and current activities of the charity, governance and management, and the charities financial accounts and reporting procedures. Trustees are recruited for various skills they bring to the organisation.

All of the Trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

The directors consider the board of directors, who are the charity’s trustees, and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. All directors in acting as directors of 24-7 Prayer, gave of their time freely and received no remuneration. All payments to directors for services or other expenses are listed in the notes to the accounts.

Organisational Structure

Overall control of the charity rests with the trustees, who meet at least three times a year, and delegate the day to day running of the activities of the charity to an executive team. The pay of senior team members is normally reviewed annually. In view of the nature of the charity, the directors benchmark against pay levels in other charities of a similar size. .

To mitigate this, cash is being carefully managed and different budget scenarios have been prepared to match different levels of income.

Statement of Trustees' Responsibilities

Company Law and Charity Law require the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the financial activities of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for ensuring that the company maintains an adequate system of internal control designed to provide reasonable assurance that assets are safeguarded against loss or unauthorised use and to prevent and detect fraud and other irregularities.

In so far as the Trustee are aware:

Major Risks

There are two major risks to which the charity is exposed; reliance on large donations to cover the running costs of the charity, and currency fluctuations. Systems and procedures have been established to manage those risks as deemed appropriate by the Trustees, including the focus on individual giving with small and major donors, and appropriate levels of contingency included in project work reliant on funds received in non-sterling currencies.

Covid-19 has seen an increase in individual donations, and current Trusts and Foundations who have been unable to support 24-7 Prayer being replaced with new ones. However, the outlook remains uncertain into 2022, particularly if there are ongoing restrictions on travelling to raise funds.

Auditors

Moore Kingston Smith LLP were appointed as auditors to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

On behalf of the board

Adrian Eagleson Chairman 23[rd] September 2021

10 Report of the Trustees for year ended 31 March 2021

Independent Auditors Report to the Trustees of 24-7 Prayer

Opinion

We have audited the financial statements of 24-7 Prayer for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our unqualified opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

11

For the year ended 31[st] March 2021

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the trustees’ responsibilities statement set out on page 10, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using

the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

12 24-7 Prayer Trustees’ Report and Financial Statements

Our approach was as follows:

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the charitable company’s members those matters which we are required to include in an Auditor’s report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company’s members as a body, for our work, for this report, or for the opinions we have formed.

Karen Wardell (Senior Statutory Auditor) For and on behalf of Moore Kingston Smith LLP Chartered Accountants

Orbital House 20 Eastern Road

Romford RM1 3PJ

For the year ended 31[st] March 2021 13

Statement of Financial Activities Including Income and Expenditure Account for the year ended 31[st] March 2021

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Unrestricted Restricted Total Total
Funds Funds 2021 2020
Income from: Notes £ £ £ £
Donations and similar income 3 1,123,963 196,541 1,320,504 930,858
Charitable activities 4 24,230 14,127 38,357 557,224
Other trading activities:
– sale of merchandise 6,721 – 6,721 26,072
– rent received 4,375 – 4,375 –
Investments (Bank interest) 208 – 208 261
Total Income 1,159,497 210,668 1,370,165 1,514,415
Expenditure
Raising funds: 5
Cost of merchandise 15,903 – 15,903 24,988
Fundraising costs 44,538 – 44,538 28,582
Publicity costs 13,066 – 13,066 311
Charitable activities 6 777,512 240,393 1,017,905 1,447,099
Total resources expended 851,019 240,393 1,091,412 1,500,980
Net income / (expenditure) for the year 308,478 (29,725) 278,753 13,435
Gross transfers between funds – – – –
Net movement in funds 308,478 (29,725) 278,753 13,435
Reconciliation of funds
Total funds at 1st April 2020 113,655 179,139 292,794 279,359
Total funds at 31st March 2021 422,133 149,414 571,547 292,794
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All amounts derive from continuing activities.

All gains and losses recognised in the period are included in the statement of financial activities.

The attached notes form an integral part of these financial statements.

14 24-7 Prayer Trustees’ Report and Financial Statements

Balance Sheet As at 31[st] March 2021

Company Registration No. 04176643 (England and Wales)

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2021 2020
Fixed Assets Notes £ £ £ £
Investments 8 1 1
Tangible assets 9 9,286 5,645
9,287 5,646
Current assets
Stock 10 2,220 3,630
Debtors 11 32,722 96,418
Cash at bank and in hand 686,118 274,103
721,060 374,151
Creditors: Amounts falling due within one year 12 86,289 87,003
Net current assets 634,771 287,148
Creditors: Amounts falling due after 13 72,511 –
more than one year
Total assets less current liabilities 571,547 292,794
The funds of the charity
Restricted income funds
Restricted fund 14 149,414 179,139
Unrestricted income funds
General fund 14 198,658 15,199
Designated funds 14 223,475 98,456
Total charity funds 571,547 292,794
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The company is subject to audit under the Charities Act 2011. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions of the Companies Act 2006 applicable to companies subject to the small companies regime.

The Financial statements were approved by the board on 23[rd] September 2021.

Adrian Eagleson, Chairman

The attached notes form an integral part of these financial statements.

15

For the year ended 31[st] March 2021

Statement of Cash Flows As at 31[st] March 2021

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2021 2020
Notes £ £ £ £
Cash flow from operating activities 17 422,169 (32,778)
Cash flow from investing activities
Payments to aquire tangible fixed assets (10,362) (7,004)
Interest received 208 261
Net cash flow from investing activities (10,154) (6,743)
Net increase/(decrease) in cash and cash equivalents 412,015 (39,521)
Cash and cash equivalents at 1 [st] April 2020 274,103 313,624
Cash and cash equivalents at 31 [st] March 2021 686,118 274,103
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The attached notes form an integral part of these financial statements.

16 24-7 Prayer Trustees’ Report and Financial Statements

Notes to the Financial Statements

1 General information

24-7 Prayer is a private company, limited by guarantee, incorporated in England and Wales under the Companies Act 2006 and Charities Act 2011. The address of the registered office is provided in Reference and administrative details. Details of the charity’s operations are provided in the Report of the Trustees.

2 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared under the historical cost convention and include the results of the charity's operations which are described in the Trustees' Report and all of which are continuing. The financial statements are prepared under UK Generally Accepted Accounting Practice and in accordance with the Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

basis once the donation has been received. The income from ventures to generate funds is shown gross, with the associated costs included in costs of generating funds.

When donors specify that donations and grants, are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, it is included in income of restricted funds when receivable.

Gifts and services in kind are included at their estimated open market valuation.

d) Expenditure

b) Going Concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and for a period of not less than twelve months from the date of approval of these financial statements. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

c) Income

Income is recognised when the charity is legally entitled to the income and the amount can be measured reliably and it is probable that the income will be received. The related tax credit on donations etc is accounted for on an accruals

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources. Costs of raising funds are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the reporting accountant's fees and costs linked to the strategic management of the charity.

17

Notes to the Financial Statements for the year ended 31 March 2021

2 Accounting policies continued

e) Allocation of costs

Certain types of expenditure are incurred in providing support for activities related directly to the objects of the charity. Payroll costs are allocated on the basis of the estimated percentage of staff time related to various cost centres whilst centralised overhead costs have been allocated to the various cost centres on the basis of staff employed in each area.

f) Restricted and designated funds

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds subject to specific conditions imposed by donors as to how they may be used. The purposes and uses of the restricted funds are set out in note 15 to the accounts.

g) Stock

Stock is stated at the lower of cost and net realisable value.

h) Fixed Assets

Assets costing more than £500 are recorded at cost. Depreciation is provided at 50% on a straight-line basis to write off the cost less estimated residual value of each asset over its expected useful life.

i) Pensions

The charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

j) Foreign currency

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

k) Operating lease commitments

Rentals payable under operating leases are charged against expenditure as incurred over the lease term.

l) Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

m) Financial assets and liabilities

The charitable company only has basic financial instruments.

n) Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the trustees are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty

Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 9 for the carrying amount of the tangible fixed assets and note 2 for the useful economic lives for each class of asset.

18 Notes to the Financial Statements for the year ended 31 March 2021

3 Donations and Similar Income

Unrestricted Restricted Total Unrestricted Restricted Total
funds 2021 £ funds 2021 £ 2021 £ funds 2020 £ funds 2020 £ 2020 £
General Purposes 1,123,963 – 1,123,963 570,447 – 570,447
Students – 3 3 – – –
International Development
and Missions – 8,162 8,162 – 18,900 18,900
Prayer Spaces in Schools – 43,485 43,485 – 82,923 82,923
InnerRoom Prayer App – 20,159 20,159 – 60,050 60,050
24-7 Academy – 3,000 3,000 – 3,000 3,000
Wildfres Festival – 22,307 22,307 – 135,562 135,562
365 Appeal – 19,741 19,741 – 8,931 8,931
Bursaries – 4,637 4,637 – 1,045 1,045
CEO – 30,000 30,000 – 30,000 30,000
24-7 Ireland – 23,486 23,486 – 20,000 20,000
Mother House – 5,092 5,092 – – –
Other Grant Income – 9,906 9,906 – – –
Operations – 6,563 6,563 – – –
1,123,963 196,541 1,320,504 570,447 360,411 930,858

4 Income from Charitable Activities

Unrestricted Restricted Total Unrestricted Restricted Total
funds 2021 £ funds 2021 £ 2021 £ funds 2020 £ funds 2020 £ 2020 £
International Development
and Missions – – – 6,035 – 6,035
Training courses
and conferences 24,230 14,127 38,357 116,594 434,595 551,189
24,230 14,127 38,357 122,629 434,595 557,224

19

Notes to the Financial Statements for the year ended 31 March 2021

5 Expenditure - Raising Funds

5Expenditure - Raising Funds
Total Total
2021 £ 2020 £
Donations and gifts 2,375 40
Ofce Costs 303 6
Staf Costs 41,860 27,950
Travel – 586
Publicity and Communication 44,538
13,066		 28,582
311
Merchandise Costs 15,903 24,988

6 Expenditure -’ Charitable Activities

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Charitable Support Governance Charitable Support Governance
Activities Costs Costs Total Activities Costs Costs Total
2021 £ 2021 £ 2021 £ 2021 £ 2020 £ 2020 £ 2020 £ 2020 £
Prioritising Prayer 367,404 69,748 4,089 441,241 488,757 57,319 1,900 547,976
Mobilising Mission
and Justice 225,188 67,697 4,089 296,974 397,443 55,632 1,900 454,975
Training and
Developing
Young Leaders 207,904 67,697 4,089 279,690 386,615 55,634 1,899 444,148
800,496 205,142 12,267 1,017,905 1,272,815 168,585 5,699 1,447,099
Natural
classification
Donations
and Gifts 79,011 – – 79,011 31,724 100 – 31,824
Staff costs 456,636 168,272 – 624,908 330,337 113,966 – 444,303
Office costs 16,157 23,292 – 39,449 7,736 42,816 – 50,552
Travel Costs 6,860 2,657 – 9,517 50,283 2,801 – 53,084
Trustee expenses – – 249 249 – – 1,197 1,197
Auditor's
remuneration – – 12,018 12,018 – – 4,502 4,502
Depreciation – 6,721 – 6,721 – 4,764 – 4,764
Premises costs 8,750 4,200 – 12,950 – 4,138 – 4,138
Publishing and
Communications 111,101 – – 111,101 74,850 – – 74,850
Training courses
and conferences 67,468 – – 67,468 756,282 – – 756,282
Mission
teams travel,
accommodation
etc – – – – 6,780 – – 6,780
Website costs 54,513 – – 54,513 14,823 – – 14,823
800,496 205,142 12,267 1,017,905 1,272,815 168,585 5,699 1,447,099
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20 Notes to the Financial Statements for the year ended 31 March 2021

7 Employee costs

Details of payments to trustees are included in note 17.

The costs of all staff were:

he costs of all staf were:
2021 £ 2020 £
Wages and salaries 513,082 421,939
Social security costs 39,868 30,147
Pension costs 10,779 8,687
563,729 460,773

The total employee benefits including the cost of employers National Insurance of the Executive team of the Charity were £234,942 (2020: £179,717).

No employee earned more than £60,000 during the period. The average full time equivalent number of staff employed by the charity during the year was as follows:

2021 £ 2020 £
Prioritising Prayer
Mobilising Mission and Justice
Training and Developing Young Leaders
Support Staf
Average full time equivalent number of staf employed		 7.9
2.8
2.1
3.5
16.3		 6.1
2.8
2.6
3.7
15.2
The average number of staf employed (Headcount) 22.3 21.2

8 Investments

The company owns 100% of the issued share capital of one £1 ordinary share of 24-7 Prayer.Com Ltd a UK company. The company was incorporated on 4 December 2001 and has never traded.

2021 £ 2020 £
Interest in subsidiary undertaking at cost 1 1

21

Notes to the Financial Statements for the year ended 31 March 2021

9 Analysis of Movement of Fixed Assets

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Fixtures,
fittings and
equipment £ Total £
Asset cost
Balance brought forward 23,478 23,478
Additions 10,362 10,362
Disposals (4,558) (4,558)
Balance carried forward 29,282 29,282
Depreciation
Balance brought forward 17,833 17,833
Charge for year 6,721 6,721
Disposals (4,558) (4,558)
Balance carried forward 19,996 19,996
Net book value
At 1 [st] April 2020 5,645 5,645
At 31st March 2021 9,286 9,286
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10 STOCKS

10STOCKS
2021 £ 2020 £
Merchandise goods 2,220 3,630

11 Debtors

11Debtors
2021 £ 2020 £
Income tax recoverable 30,722 73,122
Prepayments & accrued income – 15,958
Trade debtors 2,000 7,338
32,722 96,418

22 Notes to the Financial Statements for the year ended 31 March 2021

12 Creditors: amounts falling due within one year

12Creditors: amounts falling due within one year
2021 £ 2020 £
Taxation and Social security 9,315 7,994
Trade Creditors 17,844 40,509
Other Creditors 40,565 3,579
Amount owed to dormant subsidiary undertaking – unpaid share capital 1 1
Accruals 18,564 34,920
86,289 87,003

13 Creditors: Amounts falling due after more than one year

Deferred Income

Income has been deferred due to the postponement of the Wildfires festival.

At 1st April Released in Deferred in At 31st March
2020 £ the year £ the year £ 2021 £
Wildfres Festival – – 72,511 72,511
Total deferred income – – 72,511 72,511

14 Operating Lease Commitments

At the reporting end date the charity had outstanding commitments for future minimum lease agreements under non-cancellable operating leases, which fall due as follows:

2021 £ 2020 £
Due within 1 year 6,250 –

23

Notes to the Financial Statements for the year ended 31 March 2021

15 Funds Movement

----- Start of picture text -----
Net
incoming/ Balances at Balances at
Incoming Outgoing (outgoing) 31 [st] March 31 [st] March
Unrestricted and Designated Funds resources £ resources £ resources £ Transfers £ 2021 £ 2020 £
General Fund 863,202 (656,735) 206,467 (23,008) 198,658 15,199
Designated Funds
1. Training and Development – (231) (231) – 1,329 1,560
2. Mission and Justice 160 (1,474) (1,314) – 560 1,874
3. Training Courses
and Conferences 140,125 (117,819) 22,306 – 43,389 21,083
4. Waverley 24,071 (28,320) (4,249) – 69,439 73,688
5. Wildfires Festival 81 (23,089) (23,008) 23,008 – –
6. Prayer Spaces in Schools 332 (170) 162 – 413 251
7. OMS 12,419 (8,641) 3,778 – 3,778 –
8. Lectio 365 119,107 (14,540) 104,567 – 104,567 –
Total 296,295 (194,284) 102,011 23,008 223,475 98,456
Total Unrestricted Funds 1,159,497 (851,019) 308,478 – 422,133 113,655
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24 Notes to the Financial Statements for the year ended 31 March 2021

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

----- Start of picture text -----
Net
incoming/ Balances at Balances at
Incoming Outgoing (outgoing) 31 [st] March 31 [st] March
Restricted Funds resources £ resources £ resources £ Transfers £ 2021 £ 2020 £
1. Students 3 – 3 – 4,342 4,339
2. International development
and missions 8,162 (12,212) (4,050) – 20,820 24,870
3. Living Generously – (2,745) (2,745) – 3,343 6,088
4. 15:50 Appeal – (5,461) (5,461) – – 5,461
5. InnerRoom Prayer App 20,159 (38,160) (18,001) – 13,992 31,993
6. Prayer Spaces in Schools 43,485 (55,972) (12,487) – 28,802 41,289
7. Training and Development 3,000 (3,000) – – – –
8. Wildfires Festival 36,434 (32,473) 3,961 – 3,961 –
9. Lectio 365 19,741 (29,759) (10,018) – 1,221 11,239
10. Bursaries 4,637 – 4,637 – 5,406 769
11. CEO 30,000 (28,649) 1,351 – 33,959 32,608
12. 24-7 Ireland 23,486 (10,988) 12,498 – 32,498 20,000
13. Mother House 5,092 (4,022) 1,070 – 1,070 –
14. Other Grant Income 9,906 (9,906) – – – –
15. Operations 6,563 (6,563) – – – –
16. Other – (483) (483) – – 483
Total 210,668 (240,393) (29,725) – 149,414 179,139
----- End of picture text -----

10) Bursaries is a fund to support leaders from other countries to attend 24-7 Prayer events

13) Mother House is for developing a centre of spiritual renewal and monastic community at Waverley Abbey House, UK

14) Other Grant Income relates to furlough grants received from the Government

16) An amalgamation of a number of small historic funds

25

Notes to the Financial Statements for the year ended 31 March 2021

15 Funds Movement continued

PREVIOUS YEAR

----- Start of picture text -----
Net
incoming/ Balances at Balances at
Incoming Outgoing (outgoing) 31 [st] March 1 [st] April
Unrestricted and Designated Funds resources £ resources £ resources £ Transfers £ 2020 £ 2019 £
General Fund 497,686 (467,916) 29,770 (80,695) 15,199 66,124
Designated Funds
Communications – (13,955) (13,955) – – 13,955
Training and Development 1,500 (2,588) (1,088) – 1,560 2,648
Mission and Justice 15,198 (14,473) 725 – 1,874 1,149
Courses and Conferences 151,871 (147,348) 4,523 – 21,083 16,560
Waverley 40,054 (279) 39,775 – 73,688 33,913
Wildfires Festival 10,365 (91,060) (80,695) 80,695 – –
Prayer Spaces in Schools 2,736 (2,485) 251 – 251 –
Total 221,723 (272,187) (50,464) 80,695 98,456 68,225
Total Unrestricted Funds 719,409 (740,103) (20,694) – 113,655 134,349
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26 Notes to the Financial Statements for the year ended 31 March 2021

----- Start of picture text -----
Net
incoming/ Balances at Balances at
Incoming Outgoing (outgoing) 31 [st] March 1 [st] April
Restricted Funds resources £ resources £ resources £ Transfers £ 2020 £ 2019 £
Students – – – – 4,339 4,339
International development
and missions 18,900 (37,917) (19,017) – 24,870 43,887
Living Generously – – – – 6,088 6,088
15:50 Appeal – (1,838) (1,838) – 5,461 7,299
InnerRoom Prayer App 60,050 (31,841) 28,209 – 31,993 3,784
Prayer Spaces in Schools 82,923 (73,666) 9,257 – 41,289 32,032
Training and Development 3,000 (4,200) (1,200) – – 1,200
Wildfires festival 570,157 (570,157) – – – –
365 Appeal 8,931 (17,152) (8,221) – 11,239 19,460
Bursaries 1,045 (2,003) (958) – 769 1,727
CEO 30,000 (22,103) 7,897 – 32,608 24,711
24-7 Ireland 20,000 – 20,000 – 20,000 –
Other – – – – 483 483
Total 2020 795,006 (760,877) 34,129 – 179,139 145,010
----- End of picture text -----

Transfers between funds

Transfers between funds have occurred where unrestricted funds have been set aside for work which has been allocated to specific projects.

27

Notes to the Financial Statements for the year ended 31 March 2021

16 Analysis of net assets between funds

16Analysis of net assets between funds
Unrestricted Restricted Total
funds £ funds £ funds £
Investments 1 – 1
Fixed Assets 9,286 – 9,286
Current Assets 499,135 221,925 721,060
Creditors: amounts falling due within one year (86,289) – (86,289)
Creditors: amounts falling due after more than one year – (72,511) (72,511)
422,133 149,414 571,547

PREVIOUS YEAR

PREVIOUS YEAR
Unrestricted Restricted Total
funds £ funds £ funds £
Investments 1 – 1
Fixed Assets 5,645 – 5,645
Current Assets 195,012 179,139 374,151
Creditors: amounts falling due within one year (87,003)
113,655		 –
179,139		 (87,003)
292,794

17 Related Party Transactions

The following payments were made to Trustees during the year relating to services provided in addition to their Trustee role:

Salary Travel Salary Travel
and Fees expenses Pension Total funds and Fees expenses Pension Total funds
2021 £ 2021 £ 2021 £ 2021 £ 2020 £ 2020 £ 2020 £ 2020 £
P Greig 20,292 163 413 20,868 19,750 – 408 20,158
C Kuchanny
26,821		 – – 26,821 – – – –
47,113 163 413 47,689 19,750 – 408 20,158

P Greig is founder of 24-7 Prayer, salaried employee and Trustee.

C Kuchanny was paid as a contractor to facilitate the development of the Mother House.

T Jupp is a freelance CEO of Big Church Day Out. During the year the charity paid fees to Big Church Day Out of £8,869 (2020: £nil).

C Kuchanny has an executive role with Waverley Abbey House. During the year rent and other costs of £20,809 (2020: £nil) were paid to Waverley Abbey House.

The charity rents two rooms from Waverley Abbey House at a cost of £1,250 a month. J Weber, a member of the executive team, lives in one of these rooms permanently and reimburses 24-7 Prayer an amount of £625 per month for the cost of this room. The total amount received from J Weber for the year was £4,375 (2020: £nil).

Donations totalling £57,080 were made to the charity by 5 trustees during the year (2020 £23,614 by 6 trustees).

Expenses of £163 were paid to trustees during the year (2020 £0).

28 Notes to the Financial Statements for the year ended 31 March 2021

18 Reconciliation of net income / (expenditure) to net cash flow from operating activities

----- Start of picture text -----
2021 £ 2020 £
Net income / (expenditure) for year 278,753 13,435
Interest receivable (208) (261)
Depreciation and impairment of tangible fixed assets 6,721 4,764
Decrease / (Increase) in stock 1,410 (556)
Decrease / (Increase) in debtors 63,696 (39,814)
Increase / (decrease) in creditors 71,797 (10,346)
Net cash flow from operating activities 422,169 (32,778)
----- End of picture text -----

19 Comparative Statement of Financial Activities

Including Income and Expenditure Account for the year ended 31[st] March 2020

----- Start of picture text -----
Unrestricted Restricted Total
Notes Funds £ Funds £ 2020 £
Income from:
Donations and similar income 3 570,447 360,411 930,858
Charitable activities 4 122,629 434,595 557,224
Other trading activities:
– sale of merchandise 26,072 – 26,072
Investments (Bank interest) 261 – 261
Total income 719,409 795,006 1,514,415
Expenditure
Raising funds: 5
Cost of merchandise 24,988 – 24,988
Fundraising costs 28,582 – 28,582
Publicity costs 311 – 31I
Charitable activities 6 686,222 760,877 1,447,099
Total resources expended 740,103 760,877 1,500,980
Net income / (expenditure) for the year (20,694) 34,129 13,435
Gross transfers between funds – – –
Net movement in funds (20,694) 34,129 13,435
Reconciliation of funds
Total funds at 1 [st] April 2019 134,349 145,010 279,359
Total funds at 31 [st] March 2020 113,655 179,139 292,794
----- End of picture text -----

29

Notes to the Financial Statements for the year ended 31 March 2021

Charity Registration No. 1091413 Company Registration No. 04176643 (England and Wales)