**Trustees’ Report and Financial Statements For the year ended 31[st] March 2023** 24-7 PRAYER | Charity Registration No. 1091413 Company Registration No. 04176643 (England and Wales) 2023 24-7 Prayer Trustees’ Report And Financial Statements i ## **Contents of the Report and Financial Statements** For the year ended 31st March 2023 |**Report of the trustees**|**3**| |---|---| |Our vision|3| |Principal activities|4| |**Review of the year’s activities**|**5**| |Operational support|10| |Factors afecting our achievements|10| |**Financial Statements **|**11**| |Financial review|12| |Financial position|12| |Reserves|12| |Structure, governance and management|13| |Statement of trustees’ responsibilities|14| |Independent auditors’ report to the trustees of 24-7 Prayer|15| |Statement of fnancial activities
Balance sheet|19
20| |Statement of cash fows
**Notes to the fnancial statements**
1) General information|21
**22**
22| |2) Accounting policies|22| |3) Donations and similar income|24| |4) Income from charitable activities|25| |5) Expenditure – raising funds|25| |6) Expenditure - charitable activities|25| |7) Employee costs|26| |8) Investments|26| |9) Analysis of movement of fxed assets
10) Stocks|27
27| |11) Debtors|27| |12) Creditors: amounts falling due within one year|28| |13) Deferred income|28| |14) Operating lease commitments|28| |15) Funds movement|29| |16) Analysis of net assets between funds|32| |17) Related party transactions
18) Reconciliation of net income / (expenditure) to net cash fow from operating activities
19) Comparative statement of fnancial activities|32
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33| 24-7 Prayer Trustees’ Report And Financial Statements 1 ## **Charity Information** For the year ended 31st March 2023 ## **Trustees** ## **Executive Team** E Alberto S Bower P Cheong C Douglas _(Chairman appointed 06/09/22)_ A Eagleson ( _Chairman resigned 06/09/22)_ M Frey P Greig C Kuchanny L Nyathi B Heasley _(Interim CEO until September)_ A Eagleson _(CEO from October)_ J Callender S Greig C Harding J Clifford R Ellis R Piper K Grafham J Weber P Greig ## **Registered Office** 24-7 Prayer The Lighthouse 8-10 High Street Woking, Surrey GU21 6BG ## **Charity Number** 1091413 ## **Company Number** 04176643 _(England & Wales)_ ## **Working Names** 24-7 Prayer also operates under the names 24-7 Academy, Lectio 365, Order of the Mustard Seed and Prayer Spaces in Schools ## **Company Secretary** G Micklewright ## **Auditors** ## **Bankers** Moore Kingston Smith LLP Orbital House 20 Eastern Road Romford, Essex RM1 3PJ Barclays Bank plc East Street Chichester, West Sussex PO19 1HT 24-7 Prayer Trustees’ Report And Financial Statements 2 ## **Report of the Trustees** For the year ended 31[st] March 2023 **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 2023. They are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.** 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: - ç **spiritually** - where there is broken relationship with God - ç **socially** - where there is broken relationship between people - ç **environmentally** - where there is broken relationship with our world **24-7 Prayer Trustees’ Report And Financial Statements** **3** ## **Principal Activities** 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: 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. - ç **encouraging prayer** through the use of new media, night-and-day prayer rooms, partnerships, publications and conferences - ç **mobilising mission and justice** through partnerships with NGOs, cross-cultural mission work, and the establishment of missional Christian communities - ç **training leaders** through a range of Bible-based courses as well as a mentoring programme 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. 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, encounter 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. **----- Start of picture text -----**
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## Review of the year’s activities ## 2022-2023 **During the financial year 2022-23, 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 leaders** We continue 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. The impact of the charity is enhanced by volunteers who desire to further our work. 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. **24-7 Prayer Trustees’ Report And Financial Statements** **5** ## **Prioritising Prayer** ## **Our Achievements** ## **24-7 Prayer is equipping thousands of people to pray, and to live out their prayers in ways that change the world.** ## **In-Person Prayer** Globally, 24-7 Prayer has tracked and supported 1,439 prayer rooms in 57 different nations over the past financial year. Aided by the recruitment of a Prayer Spaces in Schools GB leader and a Prayer Spaces in School admin officer, Prayer Spaces in Schools tracked and supported 370 prayer spaces in schools in 13 nations over the last financial year, giving thousands of students and children a chance to meet with God. We continue to support national teams all over the world. Over the last year, we have established the board of 24-7 Prayer Sweden and developed our presence in Germany and Peru. Pastoral visits were made to the USA, Lebanon, Peru, and Australia to strengthen the teams. Prayer partnership with Waverley Abbey has offered many exciting opportunities for creating a ‘furnace’ of day and night prayer. The community there regularly host prayer and worship events and currently have 400 hours of intentional prayer each month, as well as hosting extended prayer retreats. The 24-7 Prayer team have begun hosting live versions of Lectio 365 at conferences and festivals, as well as trialling a live version of Lectio for Families at UK festival CreationFest. ## **Apps** The user base for Lectio 365 has continued to grow, with an average of 250,000 monthly users. In February 2023, Lectio 365 launched in Spanish, and both morning and night prayers are now running concurrently in English and Spanish. In September, 24-7 Prayer International worked with 24-7 Prayer USA to launch significant improvements to the Inner Room app, including a new feature designed to help people cultivate a daily rhythm of prayer. As a result, we saw the audience engaging with Inner Room grow from 2,000 people to an average of 8,500 people each month. We celebrated the partnership between 24-7 Prayer and Waverley Abbey in September with our first annual Founders Day, welcoming over 200 people to the Waverley Abbey site for a celebration. The 24-7 Lectio for Families continues to equip families to pray the Bible together with approximately 18,000 adults and children using the resource each month. 24-7 Prayer Trustees’ Report And Financial Statements ## **Other Digital Resources** In August 2022, we relaunched the Origins Course - a new and improved youth prayer course helping young people go deeper in prayer. We launched The Lectio Course in January 2023, hosted by Pete Greig. This course is based on his book ‘How to Hear God’ and is designed to help small groups learn how to hear God in prayer, both as individuals and communities. The course received 30,000 views between January – March 2023 on 24-7 Prayer’s hosted version. The course is also hosted on partner platform RightNow Media, which saw 20,000 course completions in the same period. This year we continued our partnership with the YouVersion Bible app by submitting two new Bible reading plans around two 24-7 Prayer books by Pete Greig: ‘How to Hear God’ and ‘God on Mute’. The Prayer Spaces in Schools team continues to create unique and creative prayer activities, and they have seen more than 18,665 prayer spaces resources downloaded for free from their website. ## **Looking Forward: 2023-24** From April 2023 – March 2024, the charity’s prayer resources will be further expanded and strengthened by: ## A number of expansions to existing resources including: - ç Re-platforming the Lectio 365 app, moving away from less supported technology to build an app able to support its growing community for years to come. - ç Researching potential new translation opportunities for Lectio 365. - ç Releasing new 24-7 Prayer room resources globally, including a revised “How to Run a 24-7 Prayer Room” resource and new “Why 24-7 Prayer” resource. - ç Running an early summer campaign to grow our Lectio for Families app users. - ç Launching a core 24-7 Prayer book, “How To Be Unsuccessful”, and accompanying video series. - ç Launching a new 24-7 Prayer Podcast to tell the stories of the 24-7 Prayer movement. ## Our global 24-7 Prayer presence will be expanded by: - ç Hosting a gathering of youth leaders and organisations to pray for young people and hear about the work of 24-7 Youth. - ç Launching 24-7 Prayer in Austria, New Zealand, France, and exploring several other nations. - ç Recruiting national coordinators for Prayer Spaces in Schools in five new nations. - ç Tracking and supporting more than 500 Prayer Spaces in schools globally. - ç Delivering 50 Prayer Spaces in Schools training events. ## A number of new resources: - ç Beginning to develop an Origins Course follow-up aimed at young people. - ç Developing a book about Prayer Spaces in Schools. As our global reach continues to grow, we are engaged in conversations about establishing a robust function for translating prayer resources and support so that they can reach the maximum number of people. **24-7 Prayer Trustees’ Report And Financial Statements** **7** ## **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** We have continued to respond to global world events and equip people to pray for them. Over the last year, we have produced topical prayer guides for personal and corporate responses to justice issues and world events. These included guides to praying for the humanitarian crisis in Yemen, the death of Elizabeth II, and an International Women’s Day prayer guide produced in partnership with Elam Ministries to pray for the rights of women in Iran, which received over 6,000 page views. In February 2023, following the news of the earthquake across Türkiye and Syria, we hosted a blog calling our audience to pray. This was posted in English and Arabic and led to 5% of our February web traffic being from Lebanon. We also released a written prayer on social media, which reached 12,900 accounts on Instagram. In response to the headlines about a move of God at Asbury University, we hosted a YouTube livestream conversation with Pete Greig to hear the stories from campus and draw our audience to pray. The livestream was viewed 41,900 times in the month of February, and 94% of the watch time was from non-subscribers. 24-7 Youth events have created opportunities for young people to make first-time commitments to follow Jesus. We have grown a network of church leaders and youth groups who host regular 24-7 Youth prayer nights in Manchester and Birmingham, as well as launching in Stoke, London, and Nottingham. These events regularly see young people giving their lives to Jesus and bringing their friends to hear the gospel. The Order of the Mustard Seed (OMS) has grown by 167 members this year for a total of 500, with 148 in the year of preparation. A variety of initiatives led by national team leaders are taking the gospel to their context, including a mobile prayer caravan touring the Czech Republic which gives passers-by the opportunity to ask for prayer and hear about Jesus. ## **Looking Forward: 2023-24** - ç Launching six new locations of youth prayer nights: Black Country, Coventry, Liverpool, Blackpool, Leeds, and Bracknell. - ç Improving and strengthening translation systems so that prayer guides will be made available in multiple languages. - ç Following recommendations from the OMS taskforce to recruit a younger audience. - ç Developing a global communities network strategy that will see churches and Houses of Prayer supported and developed over the next five years. 24-7 Prayer Trustees’ Report And Financial Statements ## **Training and Developing Leaders** **At the heart of the 24-7 movement is an expanding network of gifted and committed leaders, and we recognise the urgent need for strategic investment into their training and development at every level.** ## **Our Achievements** This year we were able to return to hosting in-person events to connect, encourage, and train leaders. In October 2022, we held The Gathering 2022 in Belfast. This event was attended in person by 800 delegates from 39 countries, and it was streamed online to over 6500 people in 33 nations. We provided translation so that the event could be livestreamed in Spanish and German. The EuroLeaders conference in January 2023 allowed 123 leaders from our Communities Network and national teams from across Europe to meet in person for the first time post-pandemic. Prayer Spaces in Schools continued to train and equip churches to run prayer spaces in their local schools, delivering 28 training events to 450 people over the course of the year. We also hosted the first Prayer Spaces conference in Germany and administered our first training in the United States. In October, 24-7 Prayer USA hosted a national gathering in Portland, Oregon with over 500 delegates. In November, 24-7 Prayer Canada hosted their own national gathering in Vancouver with 180 delegates. We hosted Wildfires Festival in-person in May 2022, welcoming 3,042 people onsite with the help of 250 volunteers. **----- Start of picture text -----**
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**Looking Forward: 2023-24** - ç A North American Gathering will be hosted in the USA in September and an Asian Gathering in Kuala Lumpur in February 2024. ## Spiritual formation resources: - ç The Order of the Mustard Seed aims to develop a ‘6 Practices Learning Lab’ geared towards young adults. - ç The team at Waverley Abbey are continuing to develop a Centre for Spiritual Formation at Waverley to develop ongoing spiritual formation resources for the OMS and the larger movement. ## Events to connect, encourage, and train: - ç The European Gathering 2023 will be hosted in Vienna with the anticipation of having 600+ people on site and streaming in English and Spanish, with German translation live on-site. - ç Wildfires Festival 2023 will welcome 3500 people on site and aim to grow Wildfires Youth to over 500 young people. - ç Wildfires Festival will be expanded to reach a wider audience in 2024. - ç Lectio 365 Retreats will be hosted at Waverley Abbey. ## **Operational Support** Staff assist each of the three main areas of 24-7 Prayer to deliver their objectives. Adrian Eagleson began his tenure as CEO of 24-7 Prayer in October 2022 and began a complete review of our structures and processes. This has resulted in an operational audit to identify key operational and technological needs in the organisation as well as a complete review and re-write of all policies. We have significantly strengthened our metric reporting across departments. All-staff quarterly report meetings have improved our internal communications along with a variety of other measures, including consultant training in ‘Heartstyles’, a behavioural tool. 24-7 Prayer has made nine new hires in the past year as well as securing approval to fill six more roles in the coming financial year. The majority of these roles are on the officer level, helping to expand our capacity by supporting the day-to-day admin and running of the charity. ## **Factors affecting our achievements** With the resignation of Mike Andrea as CEO in April 2022, Brian Heasley, International Prayer Director, stepped in as interim CEO. His time was split between his role developing national teams, overseeing charity operations, and the recruitment process for a new CEO. This set a slower pace for international growth and development during this period. Additionally, multiple leadership transitions meant that pre-existing strategic objectives were not carried forward, and strategic development was effectively on hold until the arrival of Adrian Eagleson as CEO in the autumn of 2022. The new strategic objectives are: 1. A focus on strengthening our structures and expanding into key nations 2. Developing resources that deepen individuals to go longer and deeper in prayer including a focus on translation and user journeys 3. Developing a culture that remains ‘movemental’, listens to the margins and remains true to our DNA 4. Leveraging Waverley as an enabler for key movement initiatives such as the training of leaders 5. Creating a sustainable fundraising model that ensures long-term financial health of the organization Once defined, these objectives were adopted by the international staff team at the start of the 2023 calendar year. In the past year, 24-7 Prayer and Waverley Abbey Trust have entered into a partnership agreement. Supporters of 24-7 Prayer gave £1.1m to Waverley Abbey Trust during the financial year, as it embarks on its new vision of Encounter (a house of prayer for the nations), Education (a university campus), Enterprise (a centre of social enterprise) and Engagement (a mission base). **24-7 Prayer Trustees’ Report And Financial Statements** **10** ## Financial Statements **For the year ended 31[st] March 2023** 24-7 Prayer Trustees’ Report And Financial Statements 11 ## **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 £219,928 (2022: £294,537). 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 £23,491 were received during the year (2022: £18,781). 24-7 Prayer also received several significant restricted donations to voluntary income, with restricted income totalling £1,735,476 (2022: £738,906). These donations are assisting in the furtherance of 24-7’s work in developing the Wildfires Festival, supporting the creation of a modern day monastery at Waverley Abbey, 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 £1,557,428 (2022: £1,430,472). These significant donations, totalling £230,000 (2022: £220,000), 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 £198,360 (2022: £332,987), with total unrestricted funds standing at £910,542 (2022: £755,120). ## **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 £350,000 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 amount to £18,497 below target. 24-7 Prayer’s reserves at the year end comprise: **----- Start of picture text -----**
Fund £
Restricted funds 175,470
Designated funds 573,978
5,061
Funds invested in fixed assets
Free reserves 331,503
Total 1,086,012
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Designated funds relate to the charity’s 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. 24-7 Prayer Trustees’ Report And Financial Statements ## **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 charity’s 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 to 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. ## 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 if the cost of living crisis results in a significant reduction in small donations. Systems and procedures have been established to manage these risks as deemed appropriate by the Trustees, including the focus on individual giving with small and major donors. Covid-19 has seen an increase in individual donations, and current Trusts and Foundations who have been unable to support 24-7 Prayer have been replaced with new ones. However, the outlook remains uncertain into 2024, with the impact of the cost of living crisis unclear on future donor behaviour. To mitigate this, cash is being carefully managed, income carefully monitored and different budget scenarios have been prepared to match different levels of income. 24-7 Prayer Trustees’ Report And Financial Statements ## **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: - ç select suitable accounting policies and then apply them consistently; - ç observe the methods and principals in the Charities SORP; - ç make judgements and estimates that are reasonable and prudent; - ç state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - ç prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 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 Trustees are aware: - ç there is no relevant audit information of which the charitable company’s auditors are unaware; and - ç the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. ## Auditors The auditors, Moore Kingston Smith are deemed to be reappointed under section 487(2) of the Companies Act 2006. This report has been prepared in accordance with the small companies regime under the Companies Act 2006. ON BEHALF OF THE BOARD: Chairman Charles Douglas Date 28th September 2023 24-7 Prayer Trustees’ Report And Financial Statements ## **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 2023 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: - ç give a true and fair view of the state of the charitable company’s affairs as at 31 March 2023 and of its surplus for the year then ended; - ç have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - ç have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. ## **Basis of 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 24-7 Prayer Trustees’ Report And Financial Statements 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. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - ç the information given in the trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and - ç the trustees’ report has been prepared in accordance with applicable legal requirements. ## **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: - ç adequate accounting records have not been kept by the charitable company, or returns adequate for our audit have not been received from branches not visited by us; or - ç the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not made; or - ç - ç we have not received all the information and explanations we required for our audit. ## **Responsibilities of directors** As explained more fully in the trustees’ responsibilities statement set out on page 14, 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. 24-7 Prayer Trustees’ Report And Financial Statements ## **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. Our approach was as follows: - ç We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. - ç We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. - ç We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. - ç We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. - ç Based on this understanding, we designed specific appropriate audit procedures to identify instances of noncompliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: - ç Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - ç Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control. 24-7 Prayer Trustees’ Report And Financial Statements - ç Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. - ç Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. - ç Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 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. Orbital House 20 Eastern Road Romford Essex RM1 3PJ Karen Wardell (Senior Statutory Auditor) For and on behalf of Moore Kingston Smith LLP Chartered Accountants Dated: … 5 October 2023 ……………… 24-7 Prayer Trustees’ Report And Financial Statements ## **Statement of Financial Activities** Including Income and Expenditure Account for the year ended 31st March 2023 **----- Start of picture text -----**
Notes Unrestricted Restricted Total Total
Funds Funds 2023 2022
£ £ £ £
Income from:
Donations and similar income 3 1,557,428 1,735,476 3,292,904 2,169,378
Charitable activities 4 162,462 300,173 462,635 54,535
Other trading activities:
- sale of merchandise 22,797 - 22,797 17,151
- rent received - - - 7,500
Investments (Bank interest) 5,348 - 5,348 961
Total Income 1,748,035 2,035,649 3,783,684 2,249,525
Expenditure
Raising funds: 5
Cost of merchandise 44,321 - 44,321 31,185
Fundraising costs 78,514 - 78,514 52,532
Publicity costs 7,484 - 7,484 3,487
Charitable activities 6 1,419,356 2,014,081 3,433,437 1,867,784
Total resources expended 1,549,675 2,014,081 3,563,756 1,954,988
Net income / (expenditure) for the 198,360 21,568 219,928 294,537
year
Gross transfers between funds (42,938) 42,938 - -
Net movement in funds 155,422 64,506 219,928 294,537
Reconciliation of funds
Total funds at 1st April 2022 755,120 110,964 866,084 571,547
Total funds at 31st March 2023 910,542 175,470 1,086,012 866,084
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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. 24-7 Prayer Trustees’ Report And Financial Statements ## **Balance Sheet** As at 31st March 2023 Company Registration No. 04176643 (England and Wales) **----- Start of picture text -----**
2023 2022
Notes £ £ £ £
Fixed Assets
Investments 8 1 1
Tangible assets 9 5,061 26,890
5,062 26,891
Current assets
Stock 10 1,000 1,112
Debtors 11 289,520 49,348
Cash at bank and in hand 1,154,055 1,021,035
1,444,575 1,071,495
Creditors: Amounts falling due 12 363,625 232,302
within one year
Net current assets 1,080,950 839,193
Total assets less current liabilities 1,086,012 866,084
The funds of the charity:
Restricted income funds:
Restricted fund 15 175,470 110,964
Unrestricted income funds:
General fund 15 336,564 201,711
Designated funds 15 573,978 553,409
Total charity funds 1,086,012 866,084
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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 28th September 2023. Charles Douglas, Chairman The attached notes form an integral part of these financial statements. 24-7 Prayer Trustees’ Report And Financial Statements ## **Statement of Cash Flows** As at 31st March 2023 **----- Start of picture text -----**
2023 2022
Notes £ £ £ £
g activities 18 135,064 368,763
Cash flow from operatin
g activities
Cash flow from investin
(7,392) (34,807)
Payments to acquire tangible fixed assets
Interest received 5,348 961
g activities (2,044) (33,846)
Net cash flow from investin
Net increase / (decrease) in cash and cash equivalents 133,020 334,917
Cash and cash equivalents at 1st April 2022 1,021,035 686,118
Cash and cash equivalents at 31st March 2023 1,154,055 1,021,035
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The attached notes form an integral part of these financial statements. 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. ## 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 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 preconditions 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 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 24-7 Prayer Trustees’ Report And Financial Statements 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. ## 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 £1,000 are recorded at cost (£500 from previous financial years). 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. 24-7 Prayer Trustees’ Report And Financial Statements ## 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. ## **3) Donations and Similar Income** **----- Start of picture text -----**
Unrestricted Restricted Total Unrestricted Restricted Total
funds 2023 funds 2023 2023 funds 2022 funds 2022 2022
£ £ £ £ £ £
General Purposes 1,557,428 - 1,557,428 1,430,472 - 1,430,472
Intl. Development and - 33,823 33,823 - 41,735 41,735
Missions
Prayer Spaces in Schools - 11,698 11,698 - 22,335 22,335
Inner Room Prayer App - 59,370 59,370 - 20,064 20,064
- 278,849 278,849 - 27,972 27,972
Wildfires Festival
365 Appeal - 166,865 166,865 - 111,481 111,481
24-7 Ireland - 10,000 10,000 - 1,186 1,186
Mother House - 1,161,818 1,161,818 - 505,124 505,124
Other Grant Income - - - - 2,259 2,259
Operations - 3,270 3,270 - 6,750 6,750
Youth - 9,783 9,783 - - -
1,557,428 1,735,476 3,292,904 1,430,472 738,906 2,169,378
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24-7 Prayer Trustees’ Report And Financial Statements ## **4) Income from Charitable Activities** **----- Start of picture text -----**
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Training courses and conferences 162,462 300,173 462,635 43,535 11,000 54,535
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## **5) Expenditure – Raising Funds** **----- Start of picture text -----**
Total 2023 Total 2022
£ £
Donations and Gifts 153 2,315
10 108
Office Costs
76,571 50,104
Staff Costs
Travel 1,780 5
78,514 52,532
Publicity and Communication 7,484 3,487
Merchandise Costs 44,321 31,185
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## **6) Expenditure - Charitable Activities** **----- Start of picture text -----**
Charitable Support Gover- Total Charitable Support Gover- Total
Activities Costs nance Activities Costs nance
Costs Costs
2023 2023 2023 2023 2022 2022 2022 2022
£ £ £ £ £ £ £ £
Prioritising Prayer 1,289,486 110,835 5,650 1,405,971 692,633 102,623 4,309 799,565
Mobilising Mission 871,481 107,575 5,650 984,706 418,021 99,606 4,309 521,936
and Justice
Training and Developing 929,535 107,575 5,650 1,042,760 442,368 99,606 4,309 546,283
Leaders
3,090,502 325,985 16,950 3,433,437 1,553,022 301,835 12,927 1,867,784
Natural classification:
Donations and Gifts 1,232,681 - - 1,232,681 569,289 - - 569,289
605,999 237,681 - 843,680 384,727 229,250 - 613,977
Staff Costs
47,720 50,131 - 97,851 40,666 41,311 - 81,977
Office Costs
Travel Costs 68,050 6,272 - 74,322 33,548 5,191 - 38,739
Trustee Expenses - - 2,055 2,055 - - 1,107 1,107
Auditor's Remuneration - - 14,895 14,895 - - 11,820 11,820
Depreciation - 22,961 - 22,961 - 17,203 - 17,203
Premises Costs 6,835 4,200 - 11,035 15,819 4,200 - 20,019
Publishing and 229,374 4,740 - 234,114 155,538 4,680 - 160,218
Communications
Training Courses 841,012 - - 841,012 203,621 - - 203,621
and Conferences
Website Costs 58,831 - - 58,831 149,814 - - 149,814
3,090,502 325,985 16,950 3,433,437 1,553,022 301,835 12,927 1,867,784
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24-7 Prayer Trustees’ Report And Financial Statements ## **7) Employee costs** Details of payments to trustees are included in note 17. The costs of all staff were: **----- Start of picture text -----**
2023 2022
£ £
Wages and salaries 790,172 562,787
Social security costs 74,215 46,395
Pension costs 16,898 12,331
881,285 621,513
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The total employee benefits including the cost of employers National Insurance of the Executive team of the Charity were £408,144 (2022: £276,573) 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: **----- Start of picture text -----**
2023 2022
No No
Prioritising Prayer 10.3 8.5
Mobilising Mission and Justice 2.4 2.0
Training and Developing Leaders 3.9 2.8
5.3 3.9
Support Staff
Averag 21.9 17.2
e full time equivalent number of staff employed
28.8 24.8
The average number of staff employed (Headcount)
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## **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. **----- Start of picture text -----**
2023 2022
£ £
Interest in subsidiary undertaking at cost 1 1
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24-7 Prayer Trustees’ Report And Financial Statements ## **9) Analysis of Movement of Fixed Assets** **----- Start of picture text -----**
Total
Fixtures, fittings and equipment
£ £
Asset cost
Balance brought forward 63,505 63,505
Additions 7,392 7,392
Disposals (35,494) (35,494)
Balance carried forward 35,403 35,403
Depreciation
Balance brought forward 36,615 36,615
Charge for year 22,961 22,961
Disposals (29,234) (29,234)
Balance carried forward 30,342 30,342
Net book value
At 1st April 2022 26,890 26,890
At 31st March 2023 5,061 5,061
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## **10) Stocks** **----- Start of picture text -----**
2023 2022
£ £
Merchandise goods 1,000 1,112
**----- End of picture text -----**
## **11) Debtors** **----- Start of picture text -----**
2023 2022
£ £
Other debtors 38,713 27,831
Prepayments and accrued income 220,463 18,900
Trade debtors 30,344 2,617
289,520 49,348
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24-7 Prayer Trustees’ Report And Financial Statements ## **12) Creditors: amounts falling due within one year** **----- Start of picture text -----**
2023 2022
£ £
Taxation and social security 24,971 12,764
Trade creditors 13,575 58,023
Other creditors 77,077 56,845
Amount owed to dormant subsidiary undertaking - unpaid share capital 1 1
Accruals and deferred income 248,001 104,669
363,625 232,302
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## **13) Deferred Income** Income has been deferred due to the postponement of the Wildfires festival. Income has been deferred from ticket sales for the Wildfires festival in the new financial year. **----- Start of picture text -----**
At 1st April 2022 Released in the year Deferred in the year At 31st March 2023
£ £ £ £
72,511 72,511 234,586 234,586
Wildfires Festival
Total deferred income 72,511 72,511 234,586 234,586
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## **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: **----- Start of picture text -----**
2023 2022
£ £
Due within 1 year 680 7,515
Between 1 to 2 years 510 1,191
Total 1,190 8,706
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24-7 Prayer Trustees’ Report And Financial Statements ## **15) Funds Movement** Unrestricted and Designated Funds **----- Start of picture text -----**
Incoming Outgoing Net incoming Transfers Balances at Balances at
resources resources / (outgoing) 31st March 31st March
resources 2023 2022
£ £ £ £ £ £
General Fund 738,340 (1,126,230) (387,890) 522,743 336,564 201,711
Designated Funds
1. Training and Development - (2) (2) - 774 776
2. Mission and Justice - (388) (388) - - 388
3. Training Courses and 309,948 (234,969) 74,979 (57,681) 52,541 35,243
Conferences
4. Waverley 55,532 (44,232) 11,300 - 44,193 32,893
- (16,685) (16,685) - - 16,685
5. Wildfires Festival
6. Prayer Spaces in Schools 2,359 (15) 2,344 - 2,757 413
7. OMS 29,594 (22,514) 7,080 (8,000) 27,024 27,944
8. Lectio 365 612,262 (104,640) 507,622 (500,000) 446,689 439,067
Total 1,009,695 (423,445) 586,250 (565,681) 573,978 553,409
Total Unrestricted Funds 1,748,035 (1,549,675) 198,360 (42,938) 910,542 755,120
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Designated funds are set aside for work which has not yet been allocated to specific projects, or to indicate funds set aside for a particular activity and therefore not usually available for general purposes. Management approved £7,681 on 15/12/22 and £50k on 31/03/23 transfer from Training Courses & Conferences to general funds and £8k on 31/08/22 from OMS to general funds. Management also approved transfers £100k on each of 30/06/22, 31/08/22 & 31/01/23. Also transfers of £150k on 31/10/22 and £50k on 31/03/23, all from Lectio 365 to general funds 1. For developing international initiatives and leaders 2. To support international development and justice issues 3. Tickets bought for training and events to promote prayer 4. Mother House is for developing a centre of spiritual renewal and monastic community at Waverley Abbey House, UK 5. Wildfires is an annual festival that takes place each May with the aim of facilitating a space where people can encounter God in prayer 6. Prayer Spaces in Schools enable children and young people, of all faiths and none, to explore life’s questions, spirituality and faith in a safe, creative and interactive way 7. The Order of Mustard Seed (OMS) is an ecumenical, lay-led, dispersed community of over 500 members, inspired by the original Moravian OMS of the 18th Century. Today’s OMS shares the wider objectives of the 24-7 Prayer movement, to revive the church and to re-wire the culture through the mobilisation of prayer, mission and justice 8. Lectio 365 is a free daily devotional resource that helps people pray the Bible every day. Funds support the cost of creating new daily content and IT costs of running the app 24-7 Prayer Trustees’ Report And Financial Statements The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: ## Restricted Funds **----- Start of picture text -----**
Incoming Outgoing Net incoming Transfers Balances at Balances at
resources resources / (outgoing) 31st March 31st March
resources 2023 2022
£ £ £ £ £ £
1. Students - - - - 181 181
2. International 33,823 (4,219) 29,604 - 86,365 56,761
Development
and Missions
3. Inner Room Prayer App 59,370 (46,225) 13,145 - 30,257 17,112
4. Prayer Spaces 11,698 (6,239) 5,459 - 8,893 3,434
in Schools
579,022 (640,860) (61,838) 42,938 - 18,900
5. Wildfires Festival
6. Lectio 365 166,865 (132,416) 34,449 - 41,053 6,604
7. Bursaries - - - - 3,840 3,840
8. 24-7 Ireland 10,000 (10,000) - - - -
9. Mother House 1,161,818 (1,161,126) 692 - 4,824 4,132
10. Operations 3,270 (3,270) - - - -
11. Youth 9,783 (9,726) 57 - 57 -
Total 2,035,649 (2,014,081) 21,568 42,938 175,470 110,964
**----- End of picture text -----**
1. To help 24-7 Prayer’s work with Students 2. For developing international initiatives and leaders 3. Inner Room is a free app that helps individuals all over the world to use their phones to pray 4. Prayer Spaces in Schools enable children and young people, of all faiths and none, to explore life’s questions, spirituality and faith in a safe, creative and interactive way 5. Wildfires is an annual festival that takes place each May with the aim of facilitating a space where people can encounter God in prayer 6. Lectio 365 is to develop a free daily devotional resource that helps people pray the Bible every day 7. Bursaries is a fund to support leaders from other countries to attend 24-7 Prayer events 8. For developing prayer in Ireland 9. Mother House is for developing a centre of spiritual renewal and monastic community at Waverley Abbey House, UK 10. Operations is towards the salary of a member of the Operations team 11. For youth initiatives 24-7 Prayer Trustees’ Report And Financial Statements ## Previous Year ## Unrestricted and Designated Funds **----- Start of picture text -----**
Incoming Outgoing Net incoming Transfers Balances at Balances at
resources resources / (outgoing) 31st March 31st March
resources 2022 2021
£ £ £ £ £ £
General Fund 667,122 (864,069) (196,947) 200,000 201,711 198,658
Designated Funds
1. Training and Development - (553) (553) - 776 1,329
2. Mission and Justice - (172) (172) - 388 560
3. Training Courses and 113,081 (121,227) (8,146) - 35,243 43,389
Conferences
4. Waverley 54,240 (90,786) (36,546) - 32,893 69,439
- (36,333) (36,333) 53,018 16,685 -
5. Wildfires Festival
6. Prayer Spaces in Schools - - - - 413 413
7. OMS 31,868 (7,702) 24,166 - 27,944 3,778
8. Lectio 365 633,308 (45,790) 587,518 (253,018) 439,067 104,567
Total 832,497 (302,563) 529,934 (200,000) 553,409 223,475
Total Unrestricted Funds 1,499,619 (1,166,632) 332,987 - 755,120 422,133
**----- End of picture text -----**
## Restricted Funds **----- Start of picture text -----**
Incoming Outgoing Net incoming Transfers Balances at Balances at
resources resources / (outgoing) 31st March 31st March
resources 2022 2021
£ £ £ £ £ £
1. Students - (4,161) (4,161) - 181 4,342
2. International 41,735 (5,794) 35,941 - 56,761 20,820
Development
and Missions
3. Living Generously - (3,343) (3,343) - - 3,343
4. Inner Room Prayer App 20,064 (16,944) 3,120 - 17,112 13,992
5. Prayer Spaces 22,335 (47,703) (25,368) - 3,434 28,802
in Schools
38,972 (24,033) 14,939 - 18,900 3,961
6. Wildfires Festival
7. Lectio 365 111,481 (106,098) 5,383 - 6,604 1,221
8. Bursaries - (1,566) (1,566) - 3,840 5,406
9. CEO - (33,959) (33,959) - - 33,959
10. 24-7 Ireland 1,186 (33,684) (32,498) - - 32,498
11. Mother House 505,125 (502,063) 3,062 - 4,132 1,070
12. Other Grant Income 2,259 (2,259) - - - -
13. Operations 6,750 (6,750) - - - -
Total 749,907 (788,357) (38,450) - 110,964 149,414
**----- 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. 24-7 Prayer Trustees’ Report And Financial Statements ## **16) Analysis of net assets between funds** **----- Start of picture text -----**
Unrestricted funds Restricted funds Total funds
£ £ £
Investments 1 - 1
Fixed Assets 5,061 - 5,061
Current Assets 1,269,105 175,470 1,444,575
Creditors: amounts falling due within one year (363,625) - (363,625)
910,542 175,470 1,086,012
**----- End of picture text -----**
## Previous year **----- Start of picture text -----**
Unrestricted funds Restricted funds Total funds
£ £ £
Investments 1 - 1
Fixed Assets 26,890 - 26,890
Current Assets 960,531 110,964 1,071,495
Creditors: amounts falling due within one year (232,302) - (232,302)
755,120 110,964 866,084
**----- End of picture text -----**
## **17) Related Party Transactions** The following payments were made to Trustees during the year relating to services provided in addition to their Trustee role: **----- Start of picture text -----**
Salary Expenses Pension Total Salary Expenses Pension Total
and Fees 2023 2023 2023 and Fees 2022 2022 2022
2023 2022
£ £ £ £ £ £ £ £
P Greig 21,512 278 455 22,245 23,874 3,975 419 28,268
C Kuchanny 11,200 - - 11,200 29,400 - - 29,400
32,712 278 455 33,445 53,274 3,975 419 57,668
**----- End of picture text -----**
P Greig is founder of 24-7 Prayer, salaried employee and Trustee. Within trade debtors, at the year end is an amount of £1,987 (2022: £nil) due from P Greig. C Kuchanny was paid as a contractor to facilitate the development of the Mother House. C Kuchanny has an executive role with Waverley Abbey Trust. C Kuchanny and P Greig were appointed Trustees/ Directors of the Waverley Abbey Trust on 8 August 2022. During the year rent and other costs of £27,017 (2022: £28,030) were paid to Waverley Abbey Trust. From April to August, the charity rented two rooms from Waverley Abbey House at a cost of £1,367 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 £3,125 (2022: £7,500). Donations totalling £26,417 were made to the charity by 6 trustees during the year (2022 £69,529 by 8 trustees). Trustee expenses relate to £278 for Travel (2022 £3,847 for Travel, £90 for Equipment and £38 for Entertaining). 24-7 Prayer Trustees’ Report And Financial Statements ## **18) Reconciliation of net income / (expenditure) to net cash flow from operating activities** **----- Start of picture text -----**
2023 2022
£ £
Net income / (expenditure) for the year 219,928 294,537
Interest receivable (5,348) (961)
Depreciation and impairment of tang 22,961 17,203
ible fixed assets
Decrease in stock 112 1,108
6,260
Loss of deposal of fixed asset
Decrease / (Increase) in debtors (240,172) (16,626)
Increase in creditors 131,323 73,502
135,064 368,763
Net cash flow from operating activities
**----- End of picture text -----**
## **19) Comparative Statement of Financial Activities** Including Income and Expenditure Account for the year ended 31st March 2022 **----- Start of picture text -----**
Notes Unrestricted Restricted Total
Funds Funds 2022
£ £ £
Income from:
Donations and similar income 3 1,430,472 738,906 2,169,378
Charitable activities 4 43,535 11,000 54,535
Other trading activities:
- sale of merchandise 17,151 - 17,151
- rent received 7,500 - 7,500
Investments (Bank interest) 961 - 961
Total Income 1,499,619 749,906 2,249,525
Expenditure
Raising funds: 5
Cost of merchandise 31,185 - 31,185
Fundraising costs 52,532 - 52,532
Publicity costs 3,487 - 3,487
Charitable activities 6 1,079,428 788,356 1,867,784
Total resources expended 1,166,632 788,356 1,954,988
Net income / (expenditure) 332,987 (38,450) 294,537
for the year
Gross transfers between funds - - -
Net movement in funds 332,987 (38,450) 294,537
Reconciliation of funds
Total funds at 1st April 2021 422,133 149,414 571,547
Total funds at 31st March 2022 755,120 110,964 866,084
**----- End of picture text -----**
24-7 Prayer Trustees’ Report And Financial Statements • 24-7 PRAYER