ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
The Prayer Foundation
(A company limited by guarantee) Charity registration number: 1123018 Company registration number: 06269030
Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
THE PRAYER FOUNDATION
CONTENTS
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 16 |
THE PRAYER FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees Lady Susan Sainsbury Rev Douglas Williams Mrs Agnes Sullivan Mr Andrew Chua Rev Rod Anderson (resigned 7 November 2023) Rev Julie Anderson (resigned 20 June 2023) Mr Jamie Anderson Charity Registration 1123018 Number Company Registration 06269030 Number Registered Office 6 Calais Street London SE5 9LP Independent Examiner G W Schulz FCMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
Page 1
THE PRAYER FOUNDATION
TRUSTEES' REPORT
The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2023.
Objectives and activities
Objects and aims
The object of the charitable company is the advancement of the Christian faith by such charitable means as the Trustees in their absolute discretion shall think fit. The principal activity is prayer and teaching people to pray more effectively.
Public benefit
The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
The Prayer Foundation (TPF) works from the UK, however the ministry is international. Since its founding, under the leadership of Rod & Julie Anderson, TPF has been in the vanguard of expanding the strategic frontiers of prayer by hosting prayer gatherings, and teaching seminars & conferences, to promote:
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The vision - Raising Christians in confident prayer.
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The mission - Training God's people in biblical accuracy, prophetic insight, intimate worship, and informed intercession.
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The commitment - Sustaining regular intercession for the nation, government, the Church, families and the media.
We facilitate the Deborah Company UK, a gathering of leaders and ladies who maintain Christian values in society. Prayer is facilitated through the Deborah Company UK Prayer Courts meetings. Teaching videos are available to our supporters on our YouTube channel.
During 2022 our CEO at the time, Julie Anderson, suffered a traumatic brain injury, which compelled the charity to limit its activities to online meetings.
The Prayer Foundation has continued to build on strong links with two other charities: Prayer for the Nations (326994) and Commonwealth Christian Fellowship (8011342).
Financial review
Policy on reserves
The Trustees have determined that, in line with their belief that God provides for the work to which He calls His people, no reserves should be maintained for the work of the charity.
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THE PRAYER FOUNDATION
TRUSTEES' REPORT
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Structure, governance and management
Nature of governing document
The Prayer Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
Recruitment and appointment of Trustees
New Trustees are elected by the Board periodically. New trustees are provided with historical charity documentation and referred to the Charity Commission website for guidance and publications on becoming a trustee.
Organisational structure
Day to day management and planning of the Charitable Company are delegated to the Chief Executive, Rod Anderson, and his team. The Trustees are responsible for the general strategic direction, governance and financial viability and control. They monitor the activities of the Trust through regular reports, management accounts and approval of major items of expenditure. The Trustees meet annually, or more frequently if necessary.
Risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
Page 3
THE PRAYER FOUNDATION TRUSTEES. REPORT statement of Responslbllities The Trustees (who are also the director5 of The Prayer Foundation for the purposes of company law) a responsible for preparing the Trustees. report and the financial ststements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). including FRS 102 The Financlal Reporting Standard applicable In the UK and Republic of Ireland" Company law requires the Trustees to prepare finanaal statements for each financlal year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are reqUId to: select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP; make Judgements and estimates that are reasonable and prudent; state whether applicable accounting standards, comprising FRS 102 have been followed, subjett to any material departures disclosed and explained in the financial statements. and prepare the financial Statements on the going concem basis unless it Is inappropriate to presume that the charitable company will continue in business. The Trustees are responslble for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the flnancial statements comply wlth the Companies Act 2006. They are a150 responsible for safeguarding the assets of the charitsble company and hence for taking aSOnable steps for the prevention and detertion of fraud and other irregularities. Small ¢ompanles provision statement This report has been prepared In accordance with the small companies regime under the Companles Act 2006. The annual report was approved by the Trustees of the charity on 16 September 2024 and signed on its behalf by: Lady Susan Sainsbury Trustee Page 4
THE PRAYER FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PRAYER FOUNDATION
I report to the charity Trustees on my examination of the accounts of The Prayer Foundation for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity’s Trustees of The Prayer Foundation (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of The Prayer Foundation are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of The Prayer Foundation as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... G W Schulz FCMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
16 September 2024
Page 5
THE PRAYER FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Unrestricted funds £ Income and Endowments from: Donations and legacies 3 59,675 Other trading activities 4 55 Investment income 5 19 Total income 59,749 Expenditure on: Raising funds 35 Charitable activities 6 29,310 Total expenditure 29,345 Net income/(expenditure) 30,404 Net movement in funds 30,404 Reconciliation of funds Total funds brought forward 186,618 Total funds carried forward 12 217,022 |
Restricted funds £ - - - - - 1,000 1,000 (1,000) (1,000) 1,000 - |
Total 2023 £ 59,675 55 19 59,749 35 30,310 30,345 29,404 29,404 187,618 217,022 |
Total 2022 £ 63,473 214 3 |
|---|---|---|---|
| 63,690 | |||
| 4,448 36,653 |
|||
| 41,101 | |||
| 22,589 | |||
| 22,589 165,029 |
|||
| 187,618 |
The notes on pages 8 to 16 form an integral part of these financial statements. Page 6
THE PRAYER FOUNDATION {REGIsfRATION NUMBER: 06269030) BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Current assets Stocks Debtors Cash at bank and in hand I,oii 342.568 1,028 319,215 io 345.667 325,336 Creditors: Amounts falllng due within one year li Net assets 128 645 137 718 217 022 187 618 Funds of the charity: Restrlrted income funds Restricted funds 1,000 Unrestricted income funds Unrestricted funds 217 022 186 618 Total funds 12 217 022 187 618 For the financial year ending 31 December 2023 the charity was entitled to exemption from audlt under section 477 of the Companies Act 2006 lating to small companles. Direttors, responsibilities: The members have not require<l the charity to obtain an audit of its accounts for the year in question in accordance with 5ettion 476; and The directors acknowledge their respon5ibilitie5 for complying with the requirements of the Att with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the special provisions relating to companies subjert to the small companies regime within Part 15 of the Companies Act 2006. The financial statements on pages 6 to 16 were approved by the Trustees, and authorised for Issue on 16 September 2024 and signed on their behalf by: Lady Susan Sainsbury Trustee The notes on pages 8 to 16 fom an integral part of these financial statements. Page 7
THE PRAYER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Charity status
The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the Trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
The Prayer Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Page 8
THE PRAYER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Gift aid
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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THE PRAYER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Depreciation and amortisation
Asset class Short-term leasehold property Fixtures and fittings Computer equipment Plant and machinery
Depreciation method and rate 20% straight line 20% reducing balance 33% straight line 25% reducing balance
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Liabilities
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Fund structure
Unrestricted income funds are general funds that are available for use at the Trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
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THE PRAYER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
3 Income from donations and legacies
| Donations and legacies; Donations Gift aid reclaimed |
Unrestricted funds General £ 59,034 641 59,675 |
Total 2023 £ 59,034 641 59,675 |
Total 2022 £ 61,972 1,501 |
|---|---|---|---|
| 63,473 |
4 Income from other trading activities
| Trading income; Sales of resources 5 Investment income Interest receivable and similar income; Interest receivable on bank deposits |
Unrestricted funds General £ 55 55 Unrestricted funds General £ 19 |
Total funds £ 55 55 Total 2023 £ 19 |
Total 2022 £ 214 |
|---|---|---|---|
| 214 | |||
| Total 2022 £ 3 |
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THE PRAYER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
6 Expenditure on charitable activities
| Note Rent and storage Repairs and maintenance Motor expenses Travel and subsistence Computer and website Telephone Post, printing and stationery Legal and professional fees Bank and credit card costs Sundry expenses Independent examination Depreciation, amortisation and other similar costs Grant funding of activities 7 Staff costs 9 |
Unrestricted funds Restricted General £ funds £ 838 - 732 - 633 - - - 6,644 - 1,361 - 135 - 648 - 332 - - - 2,100 - - - 360 1,000 15,527 - 29,310 1,000 |
Total 2023 £ 838 732 633 - 6,644 1,361 135 648 332 - 2,100 - 1,360 15,527 30,310 |
Total 2022 £ 4,399 61 3,466 402 7,060 530 196 - 378 279 2,100 846 1,840 15,096 |
|---|---|---|---|
| 36,653 |
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THE PRAYER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
7 Grant-making
Analysis of grants
Grants to individuals 2023 2022 £ £ Grants 1,360 1,840
8 Trustees remuneration and expenses
No Trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
During the year, two Trustees have received other benefits from the charity in performance of their duties and services on behalf of the charity which amounted to £565 (2022 - £570).
9 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Social security costs |
2023 £ 15,445 82 15,527 |
2022 £ 15,017 79 |
|---|---|---|
| 15,096 |
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
| follows: | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| No | No | |||
| Staff | 1 | 1 |
No employee received emoluments of more than £60,000 during the year.
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THE PRAYER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
10 Debtors
| 10 Debtors | ||
|---|---|---|
| Due from group undertakings Accrued income Other debtors |
2023 £ 342,041 56 471 342,568 |
2022 £ 319,060 155 - |
| 319,215 |
11 Creditors: amounts falling due within one year
| 11 Creditors: amounts falling due within one year | ||
|---|---|---|
| Trade creditors Other loans Other taxation and social security Other creditors Accruals |
2023 £ - 126,602 - 42 2,001 128,645 |
2022 £ 725 133,640 84 1,267 2,002 |
| 137,718 |
Other loans includes the sum loaned by an anonymous person. A loan agreement was executed stating that the loan was interest free and unsecured. A letter of support has been received by the charity which states that this loan is subrogated to other creditors of the charity and that this guarantee will remain in place until such time as the charity has sufficient funds to meet all its obligations.
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THE PRAYER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
12 Funds
| Unrestricted funds General General Funds Restricted funds House fund Total funds Unrestricted funds General General Funds Restricted funds House fund Total funds |
Balance at 1 January 2023 £ 186,618 1,000 187,618 Balance at 1 January 2022 £ 164,029 1,000 165,029 |
Incoming resources £ 59,732 - 59,732 Incoming resources £ 59,242 - 59,242 |
Resources expended £ (29,328) (1,000) (30,328) Resources expended £ (36,653) - (36,653) |
Balance at 31 December 2023 £ 217,022 - |
|---|---|---|---|---|
| 217,022 | ||||
| Balance at 31 December 2022 £ 186,618 1,000 |
||||
| 187,618 |
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THE PRAYER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
13 Analysis of net assets between funds
| Current assets Current liabilities Total net assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 340,802 (128,175) 212,627 Unrestricted funds General £ 324,336 (137,718) 186,618 |
Restricted funds £ - - - Restricted funds £ 1,000 - 1,000 |
Total funds at 31 December 2023 £ 340,802 (128,175) |
|---|---|---|---|
| 212,627 | |||
| Total funds at 31 December 2022 £ 325,336 (137,718) |
|||
| 187,618 |
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