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2020-08-31-accounts

PRAYER STORM ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 AUGUST 2020

Registered Charity Number 1161853

PRAYER STORM FINANCIAL STATEMENTS YEAR ENDING 31 AUGUST 2020

CONTENTS PAGES
Officers and professional advisers 2
Report of the trustees 3 to 17
Report of the Independent Examiner 18
Statement of financial activities 19
Balance sheet 20
Notes to the financial statements 21 to 30

2

PRAYER STORM OFFICERS AND PROFESSIONAL ADVISERS

The Board of Trustees R. Reveley P. Booth P. Lloyd J. Maroa G Enwhistke

Registered Office Lancaster House Harper Road Sharston M22 4RG

Independent Examiner Fiona Norton 150 Lock Lane Partington Manchester M31 4PW

Bankers LLOYDS BANK Cheadle 60-62 High Street Cheadle Cheshire SK8 1AE

3

REPORT OF THE TRUSTEES

31 AUGUST 2020

The Trustees present their report together with the financial statements of the charity for the year ended 31 August 2020. The financial statements have been prepared in accordance with the accounting policies set out on page 12 and comply with the Charity’s Trust Deed and applicable law.

These financial statements comply with the Charities Act 2011, the Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS102) and the Charities Act 2011).

OBJECTIVES AND ACTIVITIES

The objectives of Prayer Storm Trust are for the benefit of the public.

It exists:

To advance the Christian faith in particular (but not limited to) by the provision of Christian literature and other Christian materials, the development of Christian education in schools, universities and colleges, and the provision of training on prayer to churches and other religious and secular education organisations.

Prayer Storm is a movement of worship, prayer and fasting which exists to provoke a spiritual awakening by raising an army of praying warriors. We gather people together around divine encounters and equip them to be increasingly fervent and strategic in prayer.

We have a vision for the mass mobilization of a prayer army who are consecrated to a lifestyle of prayer because they are so gripped with the conviction that only a revival of prayer in the church can revive the heart of a nation. As a result many come to Prayer Storm with distractions and addictions and leave re-fired with a new focus to take awakening prayer back to their churches.

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REPORT OF THE TRUSTEES

31 AUGUST 2020

Our strategy is to engage with a wide audience through our activities, and to see individual lives transformed by a reawakening to the power of prayer. We work to inspire a shift in prayer culture in churches, with a strategy to see church leaders move prayer higher on their agenda as they take ownership of prayer culture.

We measure our impact through metrics (online reach and event attendance) and through personal stories of transformation which we gather after each of our events and courses.

SUMMARY OF ACTIVITIES

Over the year, our YouTube channel has grown from 10,348 subscribers to 17,031, with video views totalling 569,325.

Through Lockdown Lives, our social media presence on Facebook and Instagram has grown considerably with a priority on creating valuable content for these platforms. We now have 14,000 people following on Facebook, 4,000 people on Instagram and 2,800 on Twitter.

EVENTS

– Furnace events – regular gatherings of worship and intercessory prayer

– Prayer Storm Online Gathering – larger conferences featuring worship, teaching and ministry

– Prayer Storm Nazirite School – a ten-week course helping delegates grow in their understanding of prayer, drawing on principles from the Nazirite vow (found in Numbers 6)

– School of Worship and Warfare – an event to equip musicians, worship leaders, sound engineers and church leaders in the role of music in prophetic worship and strategic prayer

5

REPORT OF THE TRUSTEES

31 AUGUST 2020

–Lockdown Live – 90 consecutive nights of live worship, prayer and intercession

RESOURCES-

– Regular television programmes broadcast on TBN

– Teaching available on the Prayer Storm Podcast and on CDs

– Prayer Storm TV – our YouTube channel

– Live.prayerstorm.org an online purpose built platform allowing live personal prayer

–Network.prayerstorm.org a purpose built platform offering subscription services to Prayer Storm content, and ability to livestream our schools and conferences

– Publishing – including Prayer Storm Music and book publishing

CHURCH PARTNERSHIP

– Providing coaching and mentoring for pastors and church leaders to promote prayer

– Church partnership programme

PUBLIC BENEFIT

Throughout the period ending 31 August 2020, the trustees have paid due regard to the Charity Commission's guidance on Public Benefit and, in particular, the specific guidance provided to charities for the advancement of religion. The Trustees are satisfied that the information provided in the report and accounts meets the public benefit reporting requirements.

6

REPORT OF THE TRUSTEES 31 AUGUST 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Prayer Storm Trust s governing document is a constitution. The charity is registered as a Charitable incorporated Organisation, whose only voting members are its trustees

Appointment of Trustees

Trustee selection method is by appointment by the current trustees, of any person meeting the requirements set down in the constitution. Trustees are selected on basis of their experience, expertise, and specific skills which are reasonably expected to in furthering the mission and vision of the charity.

Organisation

As set out in the Charity constitution, The Board of Trustees meets at least quarterly to oversee the vision, strategies and management of the charity.

Day to day management of the Trust’s operations is delegated to CEO James Aladiran and his operations team. The trustees and specialist charity and executive support is provided when required.

Staff and volunteers

Much of the activities during this period were carried out by volunteers, to whom the trustees extend their gratitude.

7

REPORT OF THE TRUSTEES 31 AUGUST 2020

ACHIEVEMENTS AND PERFORMANCE

In 2019-2020 Prayer Storm saw significant growth in our staff team, in addition to some internal restructure of job roles within the existing team. We saw our team grow by an additional 4 members in response to the demands of a growing workload. Restructuring of existing job roles has ensured that roles have stayed relevant to the developing needs of the ministry in order to fulfil and achieve our objectives. The year 2020 has seen a huge shift in the way the world has been able to operate, as a ministry Prayer Storm has adapted and as result has seen growth. Here is a summary of our activities.

EVENTS

In November 2019 we ran a 10-week Nazirite School in Manchester which was attended by 70 people with 27 online students.

In February 2020 we held a two-day Worship + Warfare Conference in Manchester. 161 individuals travelled from across the country to attend and learn how to increase their effectiveness in prophetic worship and intercession.

Prayer Leaders Network ran from October 2019 to July 2020, and saw 83 people sign up for monthly mentoring and training in prayer leadership

We continued to run Furnace, our monthly night of prayer, worship and intercession. We ran these events in-person at Faith Life Centre, Manchester and saw an average of 200 people attend each month and had guest speakers such as Tomi Arayomi & Clive Urquhart. During the UK National Lockdown, we moved Furnace online allowing us to reach an audience of around 5,000 viewers per month.

We held our first Online Gathering - The London Gathering was held in April with an online attendance of over 19,900 people viewing the livestream, and the recording. We were able to have guest speakers such as Rachel Hickson, Luke Finch, Daniel Chand, David Vincent and Tomi Arayomi.

8

REPORT OF THE TRUSTEES 31 AUGUST 2020

The UK National Lockdown disrupted life as we know it, and people all over the world isolated from friends and family. We were fast to respond to this, and following a call from God, Prayer Storm began Lockdown Live; 90 consecutive nights of live worship and prayer streamed to Facebook, YouTube and the Live platform. Through our platform, members of our team were able to personally pray with people, and during this time we saw prodigals return, people giving their life to Christ for the first time, healings and miracles, and a supportive praying community formed. Over the 90 nights we were able to have some amazing guests join us online; Lou Engle joined us twice, Karen Wheaton, John Glass, Julie Meyer and Catherine Mullins to name just a few. We have amassed over 409,950 views on these videos.

Testimony from Livestream – It is my second time joining. My first experience was awesome I stumbled across your link and I know it was God ordained because I was going through so much at the time and your prayer was directed at the time I was contemplating suicide.

Testimony from Live Prayer Platform, received 16[th] May - thank you for your prayers last night myself and my little boy had the best night’s sleep since 1st March thank you Jesus, hallelujah. It feels like I've had a breakthrough.

Testimony received via Email

Three days now praying with your new post on YouTube. I feel different. I get it. Also, I stop it all the time and personalise it and pray for my family and community in a more focused way. I feel you mentor me in prayer. I was not brought up a Christian so it was not modelled to me how to pray. Also, in the church there has not been a mentoring on prayer so Christians stay immature and weak in their prayer. We are rising up.

Testimony received May 2020 I wanted to share my testimony and say thank you for ALL you do in particular last night; when Rebecca saved my life! I had purposed in my heart and even had the audacity to speak with Jesus telling him why I wanted to abort my assignment in the hope to see the Kingdom of heaven prematurely! I was distressed to such a point I was bawling my eyes out and blubbering whilst tuning into Lockdown Live. I had decided I would not make it to the morning as I was committing suicide! I have one song I love you playing and singing since

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REPORT OF THE TRUSTEES

31 AUGUST 2020

Lockdown Live with is called ‘You are Everything’. That song was played yesterday which was my bit of hope and Rebecca began to say ‘sing it and invite God into your situations; work, relationships, etc. She then spoke directly into my life and soul in that precise moment and spoke about someone/people thinking of committing suicide that as I sing the song (my favourite song) and invite God into all areas and make him everything; he will begin to answer and it won’t be the answer you expect.

When I re-watched this I saw the scriptures flash in my mind Psalm 37 & Psalm 51. Psalm 37 spoke into my work situation with my manager and Psalm 51 to me and my broken thinking in deciding to take my life! That moment got me through the night. In the morning I did something I would never do and typed a reflection of what happened in my notes with the intention and peace to share this with a very good friend and confidant. I didn’t send it and just got on with my day. Tonight on Lockdown Live Rebecca & James jumped back into where they left off the night before. They spoke of sharing my mental health with someone and so I chose to share what happened with my confidant and sent her my notes.

Testimony received June 2020

Hi my brothers and sisters,

I have a testimony to share from prayer I received from Jessica on Monday 11th June.

On Monday 7.30pm I was desperate and confused as I realised demons were manifesting in me, the strangest time of my life, and I had no idea what to do. It was awful realising what manifesting in me. I tuned into the Monday live prayer storm, and they sang and focused in on deliverance. It was a complete resonation in my spirit. The presence of God hit me and I couldn't even stand up His presence was so heavy on me. But I also knew there was still more darkness in me that was manifesting that needed to be removed. Again, I didn't know what to do, but then I saw Prayer Storm had prayer available. I took a risk and asked Jessica to help me with deliverance. She prayed for me and then it started coming out of my throat. But Jessica helped me to understand what was going on and then I knew I wasn't just making this up, but really was going through deliverance. She continued to lead me in breathing it out and breathing the

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REPORT OF THE TRUSTEES

31 AUGUST 2020

Holy Spirit in. She equipped me and gave me understanding to carry out this deliverance, even in lockdown!

There is literally nowhere else I know of where I could have gotten this prayer and guidance, as I am from a Church where they do not believe in deliverance like this. I have continued to allow God to purify me, and he is still doing it. Each day I notice I feel purer and purer. Anger is not bubbling up in me, I am kinder, and feel more in control. It is like this deliverance has begun an empowering process, and kick started the working of my inner cogs of my spiritual machine. The Holy Spirit is coming in to replace the dark oil that kick started the machine with clear and pure oil. I have confidence and no fear in taking a stand against the enemy now I know how to do it. I also have so much more love for God. I think I will be able to carry so much more of Him now.

God Bless you all at Prayer Storm with great abundance. You came to my aid when I was very much in need, I thank God for you. May He use you to bless many more.

Testimony from Tiffany aged 10

I started watching Prayer Storm back in April and I really liked it as it gave me something to look forward to at the end of the day and I could always feel the presence of God in the room. Not many people think worship is for kids and not many kids think that worship is something that you can enjoy and some people put an age limit on worship for kids and think that we’re too young to worship. This makes me feel upset as I think worship is for everyone no matter how old you are. There was one night where Rebecca said people were in their houses listening to this worship and God was going to touch them on their heads and said that they would start crying and I really did feel God touch me on my head and I did start crying! Also Rebecca shared a story from when she was young and she felt that there was darkness around her, and one night she had a vision and saw God and saw her reflection in His eyes and she saw a bunch of jewels, pearls and precious stones and she didn’t see any darkness because she was His child and He loved Rebecca. That really touched me because I felt there was darkness in me and that when I walked into a room there was darkness and that made me realise that there wasn’t and that God really loves me!

11

REPORT OF THE TRUSTEES 31 AUGUST 2020

FINANCIAL REVIEW

The Trustees have prepared the accounting policies for Prayer Storm Trust in accordance with the requirements of the SORP and of best accounting practice.

Review of the period

The Trustees are pleased to report a period of financial stability. During the year the baseline income increased to £204,261 (2019: £278,463).

The costs went up to £185,260 (2019: £169,652) but were contained due to strong financial management and good cost control.

Income and Expenditure

Prayer Storm Trust relies on voluntary income as its principal source of funding. Total donation and legacies, amounted to £119,839 (2019:£ 245,832).

Income from Trading activities were £4,016 (2019:£ 7,521).

The costs of raising funds amounted to £12,969 (2019:£ 11,876), and the costs of fund generating activities were £3,705 (2019:£8,483)

'Income from Charitable activities' in the accounts shown as £20,398 (2019: £25,105) includes £15,574 (2019: £18,609) of speaking fees.

Governance

The £800 ‘governance’ costs include the costs associated with independent examination of the accounts.

Surplus

Total of the incoming resources exceeded resources expended in the period by £19,001 (2019:£ 108,811) and this is held as unrestricted funds.

12

REPORT OF THE TRUSTEES YEAR ENDING 31 AUGUST 2020

Balance Sheet

The Balance Sheet as at 31 August 2020 was very strong ensuring that the charity has the assets required to deliver its commitments to the community.

Included in Tangible fixed assets are various items of Computer and Equipment valued at £35,311 (2019: £32,656)

Reserves policy

The Trustees have adopted a reserves policy which they consider appropriate, to ensure the continuing ability of Prayer Storm meet its objectives and obligations. The policy also seeks to maintain an acceptable ratio between the free reserves and the level of unrestricted cash expenditure.

'Free reserves' are represented by the unrestricted funds less the tangible fixed assets.

'Unrestricted cash expenditure' represents the operating costs for the year less the charge for depreciation.

The Charity does not intend to accumulate significant reserves but depends upon the ongoing support of its donors to meet future costs.

In order to be prudent the aim over the next 2 to 3 years to accumulate in general reserves an amount equivalent to 3 month's staff costs".

Risk policy

The Trustees conduct an on-going review of major risks as part of its regular monitoring and reporting. Internal risks are minimised by the implementation of procedures in regard to good practice child protection policies, fire safety and health and safety inspections where the Charity’s activities operate. Financial risks are minimised by the implementation of procedures for the authorisation of all transactions on a regular basis.

13

REPORT OF THE TRUSTEES

31 AUGUST 2020

INVESTMENT POWERS AND POLICIES

The Trustees have the power to invest surplus funds of the charity in investments, securities and property as they think fit. The current policy of the Trustees is to invest funds not immediately required by the charity into a range of Treasury Saving accounts which bear competitive rates of interest.

The Trustees consider the social, environmental and ethical impact of the investment, before placing any new funds with a third party. This policy is reviewed periodically by the Trustees.

REMUNERATION POLICY

The remuneration policy seeks to balance our Christian values and the need to attract and retain staff with appropriate qualifications and skills.

Our minimum wage is based on the Living Wage as set by the Living Wage Foundation, which is higher than the National Living wage as regulated by HMRC. Pay scales are benchmarked against similar jobs in the North-west and a London weighting is applied where appropriate. We review the retail price and consumer price indices for inflation on an annual basis, before deciding upon any annual increments

SHARING OUR RESOURCES

Our commitment to helping others around the world who share our heart for the poor and unreached is expressed through our tithe fund. We tithe a proportion of our unrestricted charitable income, and give it to other organisations and charities who share similar objectives to Prayer Storm

Our total giving during the year amounted to £14,470 these gifts were given freely without any third party benefit being received from any organisations and charities

14

REPORT OF THE TRUSTEES

31 AUGUST 2020

PLANS FOR FUTURE PERIODS

15

REPORT OF THE TRUSTEES YEAR ENDING 31 AUGUST 2020 THE TRUSTEE'S RESPONSIBILITIES

Charity Law requires 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 its financial activities for that year together with its assets and liabilities at the end of the year, adequately distinguishing any material, special trust or other restricted fund of the charity.

In preparing those financial statements, the directors’ are require to:

c. State whether the polices adopted are in accordance with the appropriate SORP on accounting by Charities and the Accounting Regulations and with applicable accounting standards subject to any material departures disclosed and explained in the financial statements; and

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 enable them to ensure that the financial statements comply with the Statements of Recommended Practice and the regulations made under section of the Charities Act 2011.They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and deletion of fraud and irregularities.

The trustees are responsible for the maintenance and integrity of the financial information included in the charity’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees have the power to invest in such assets as they see fit.

16

REPORT OF THE TRUSTEES YEAR ENDING 31 AUGUST 2020

RELATED PARTIES

A summary of transactions with related parties is set out in note 15 of the financial statements.

The Trustees declare that they have approved the trustees' report above

Signed on behalf of the charity's Trustees

Signed by

Date: 16 December 2020

17

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF PRAYER STORM TRUST

I report on the accounts of the Trust for the year ended 31 August 2020, which comprise the Statement of Financial Activities, the Balance Sheet and related notes, as set out on pages 7 to 14.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed. It is my responsibility to:

state whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a true and fair view and the report is limited to those matters set out in the next statement.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

Fiona Norton Date 17 December 2020 150 Lock Lane Partington Manchester M31 4PW

18

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDING 31 AUGUST 2020

Note
Unrestricted
Funds
INCOMING RESOURCES
£
Incoming resources from generating funds:
Donations and legacies
2a
119,839
Other income from Charitable activities
2b & 2c
70,398
Other Trading income
2d
4,016
Investment Income
2e
9
TOTAL INCOMING RESOURCES
194,261
RESOURCES EXPENDED
Charitable Activities
3
174,460
Governance Costs
3
800
TOTAL RESOURCES EXPENDED
175,260
NET(OUTGOING)/INCOMING
RESOURCES BEFORE TRANSFERS
19,001
TRANSFERS
Gross Transfer between Funds
0
NET MOVEMENT IN FUNDS
19,001
Total Funds Brought Forward
138,019
TOTAL FUNDS CARRIED FORWARD
157,020
Note
Unrestricted
Funds
£
INCOMING RESOURCES
194,252
TOTAL RESOURCES EXPENDED
(175,260)
OPERATING SURPLUS
18,992
OTHER INCOME
Investment Income
2d
9
SURPLUS FOR THE FINANCIAL YEAR
19,001		 Note
Unrestricted
Funds
INCOMING RESOURCES
£
Incoming resources from generating funds:
Donations and legacies
2a
119,839
Other income from Charitable activities
2b & 2c
70,398
Other Trading income
2d
4,016
Investment Income
2e
9
TOTAL INCOMING RESOURCES
194,261
RESOURCES EXPENDED
Charitable Activities
3
174,460
Governance Costs
3
800
TOTAL RESOURCES EXPENDED
175,260
NET(OUTGOING)/INCOMING
RESOURCES BEFORE TRANSFERS
19,001
TRANSFERS
Gross Transfer between Funds
0
NET MOVEMENT IN FUNDS
19,001
Total Funds Brought Forward
138,019
TOTAL FUNDS CARRIED FORWARD
157,020
Note
Unrestricted
Funds
£
INCOMING RESOURCES
194,252
TOTAL RESOURCES EXPENDED
(175,260)
OPERATING SURPLUS
18,992
OTHER INCOME
Investment Income
2d
9
SURPLUS FOR THE FINANCIAL YEAR
19,001		 Restricted
Funds
£
0
10,000
0
0
10,000
10,000
0
10,000
0
0		 Total
Total
2020
2019
£
£
119,839
245,832
80,398
25,105
4,016
7,521
9
5
204,261
278,463
184,460
168,952
800
700
185,260
169,652
19,001
108,811
0
0
19,001
108,811
138,019
29,208
157,020
138,019
Total
Total
2020
2019
£
£
204,252
278,463
(185,260)
(169,652)
18,992
108,811
9
0
19,001
108,811
194,261
174,460
800
175,260
19,001
0
19,001
138,019
157,020
Unrestricted
Funds
£
194,252
(175,260)
18,992
9
19,001		 0
0
0
Restricted
Funds
£
10,000
(10,000)
0
0
0

19

BALANCE SHEET

As at 31 AUGUST 2020

Note
FIXED ASSETS
Tangible fixed assets
8a
Intangible fixed assets
8b
CURRENT ASSETS
Stocks
9
Debtors
10
Cash at bank and in hand
11
CREDITORS: Amounts falling due
within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS OF THE CHARITY
Unrestricted Income Funds
13		 PRAYER STORM
PRAYER STORM
2020
2019
£
£
35,311
32,656
2,100
2,100
37,411
34,756
3,254
3,213
8,092
9,274
114,118
105,809
125,464
118,296
5,855
15,032
119,609
103,264
157,020
138,019
157,020
138,019
157,020
138,019
157,020
138,019

These financial statements were approved by the trustees on 16 December 2020 and signed on their behalf by:

--------------------------------------------- Paul Booth -Trustee

20

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDING 31 AUGUST 2020

1. ACCOUNTING POLICIES

Statement of Compliance

The financial statements have been prepared in accordance with FRS 102, “The Financial Reporting Standard applicable in the UK and the Republic of Ireland”, the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.The Charity constitutes a public benefit entity as defined by FRS102.

The trustees consider that, given the level of reserves, there are no material uncertainties about the Trust’s ability to continue as a going concern.

Incoming Resources

Donations & gifts

Donations and gifts are generally only recognised when received by or on behalf of the charity. In exceptional cases where an amount is significant, gifts are recognised as income when the charity is notified of a commitment to make a donation and the trustees are virtually certain they will receive the resources and the monetary value can be measured with sufficient reliability.

Income tax

Income tax recoverable on gift aid donations is recognised on a receivable basis.

Grants

Grants to the charity are accounted for as soon as charity is notified of its legal entitlement and the amount due.

Income from charitable activities

All income from events and activities is recognised when due.

21

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDING 31 AUGUST 2020

Income from fund generating activities

Income raised by special fund raising events, and trading activities are accounted for in the period in which the charity is entitled to receipt.

Resources Expended

Resources expended are included in the Statement of Financial Activities on an accruals basis.

Direct Charitable Expenditure

Directly attributable expenditure, has been allocated to the appropriate fund. Where costs have been shared the expenditure has been allocated to funds on the basis of their estimated consumption of expenses.

Governance

These costs include the costs of governance arrangements which relate to the general running of the charity as opposed to the direct management functions inherent in generating funds and in charitable activities. This includes such items as external audit, legal advice for trustees and costs associated with constitutional and statutory requirements, including trustee’s meetings.

Volunteers and donated services and facilities

The value of services provided by volunteers is not incorporated into these financial statements.

Fixed Assets

Tangible fixed assets for use by the charity are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost, or if gifted, at the value to the charity on receipt..

Depreciation is calculated on the costs or valuation of the assets at the rate of 25% (2019: 25%) using the straight line method.

22

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDING 31 AUGUST 2020

Current Assets

Amounts owing to the charity at 31 August 2020 in respect of income are shown as debtors less provision for amounts that may prove uncollectable.

Funds

Funds held by the charity are either:

These are funds that can be used in accordance with the charitable objects at the discretion of the trustees.

Restricted funds

These are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

23

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDING 31 AUGUST 2020

2a Donations and legacies
Gifts Individuals
Gifts Churches & Ministries
Gifts Business
Gifts Trusts & Foundations
Gifts in Kind
Tax Refund
2b Grant Funding		 Unrestricted
Funds
£
88,535
3,492
315
3,350
24,147
119,839		 Restricted
Funds
£
0
0
0
0
0
0
0		 Total
Total
2020
2019
£
£
88,535
200,323
3,492
3,912
315
6,140
3,350
19,627
0
0
24,147
15,831
119,839
245,832
Government Grants 0 0 0
0
Other Grants
2c Other Income from charitable Activities
Event Income
Teaching and Training income
Equipment Hire
Speaking fees
2d Other Trading Income
Trading Sales		 50,000
50,000
2,573
0
2,250
15,574
20,398
4,016		 10,000
10,000
0
0
0
0
0
0		 60,000
0
60,000
0
2,573
2,524
0
3,972
2,250
0
15,574
18,609
20,398
25,105
4,016
7,521
2e Investment Income
Bank Interest Received
TOTAL INCOMING RESOURCES		 4,016
9
9		 0
0
0
10,000		 4,016
7,521
9
5
9
5
204,261
278,463
194,261

24

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDING 31 AUGUST 2020

3. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE

Costs of Direct Charitable Activities Unrestricted
Funds
£
175,260
175,260		 Restricted
Funds
£
10,000
10,000		 Total
Total
2020
2019
£
£
185,260
169,652
185,260
169,652

0

4. COSTS OF CHARITABLE ACTIVITIES BY ACTIVITIES TYPE

Costs of Generating Voluntary income
Costs of Fund Generating Activities
Costs of Charitable Activities
5. GOVERNANCE COSTS		 Activities
Undertaken
Directly
£
12,969
3,705
168,586
185,260
Unrestricted
Funds
£		 Total
Total
2020
2019
£
£
12,969
11,876
3,705
8,483
168,586
149,293
185,260
169,652
Total
Total
2020
2019
£
£
Independent examiner's fee 800 800
700
Other Governance costs 0 0
0
800
6. NET OUTGOING RESOURCES FOR THE YEAR
This is stated after charging
Independent examiner's fee
Depreciation of owned assets		 800
700
Total
Total
2020
2019
£
£
800
700
10,133
916

25

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDING 31 AUGUST 2020

7. INFORMATION REGARDING TRUSTEES AND EMPLOYEE

Employee costs during the year: Total
Total
2020
2019
£
£
Wages and salaries
Social security costs
Pension costs		 76,384
64,169
4,335
13,819
1,127
1,380
81,845
79,368
Average number of staff employed: No.
No.
Raising funds and Charitable Activities 5
5
5
5

No employee received remuneration of more than £60,000 during the year (2019: Nil) Amount paid or reimbursed to Trustees , in their capacity as trustees - £nil (2019: Nil)

26

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDING 31 AUGUST 2020

8a. Tangible Fixed Assets 2020
£		 2020
£		 2020
£		 Total
£
IT Equipment Equipment
Cost
at 1 September 2019
Additions
Disposals
at 31 August 2020
Depreciation
at 1 September 2019
Charge for year		 10,683
1,853
(300)
12,236
3,626
3,463		 29,785
12,108
(988)
40,904
4,186
6,670		 40,468
13,961
(1,288)
53,141
7,812
10,133
Disposals (87) (28) (115)
at 31 August 2020
Net Book Valueat 31 August 2020
at 31 August 2019
8b. Intangible Fixed Assets
Cost
at 1 September 2019
Additions
Disposals		 7,002
5,234
7,057		 10,828
30,076
25,598
2020
£
2100
0
0		 17,830
35,311
32,656
Total
£
2100
0
0
at 31 August 2020 2,100 2,100
Depreciation
at 1 September 2019
Charge for year
Disposals		 0
0
0		 0
0
0
at 31 August 2020 0 0
Net Book Valueat 31 August 2020 2100 2100
at 31 August 2019 2,100 2,100

27

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDING 31 AUGUST 2020

9. Stocks
Stocks of finished goods and goods for resale
10. Debtors
Trade Debtors
Prepayments
Accrued income
Other Debtors
11. Cash at Bank & In Hand
Current Account
Savings Account
12. Creditors : Amounts falling due within one year
Bank loans, Credit cards & Overdrafts
Trade creditors		 2020
£
3,254
3,254
2020
£
0
0
8,092
0
8,092
2020
£
34,425
79,693
114,118
2020
£
995
1,157		 2019
£
3,213
3,213
2019
£
(106)
0
9,380
0
9,274
2019
£
9,076
96,733
105,809
2019
£
917
168
Other creditors including taxation
and social security
Accruals and deferred income		 954
2,749
5,855		 3,951
9,997
15,032

28

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDING 31 AUGUST 2020

13.RECONCILIATION OF MOVEMENTS IN FUNDS

13a. Restricted Funds
13b. Unrestricted Funds
General Fund		 Balance at
01-Sep-19
£
0
138,019
138,019		 Incoming
£
10,000
194,261
204,261
Movement		 Outgoing
£
10,000
(175,260)
(185,260)
in Resources		 Transfers
Between
Balance at
Funds
31-Aug-20
£
£
0
20,000
0
157,020
0
157,020

14. ANALYSIS OF NET ASSETS BY FUND

Tangible
Fixed
Assets		 Net Current
Assets /
(Liabilities)		 Creditors
Due after
One Year
TOTAL
Unrestricted Funds £
35,311
35,311		 £
121,709
121,709		 £
£
0
157,020
0
157,020

29

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDING 31 AUGUST 2020

15. RELATED PARTY TRANSACTIONS

During the period the related party transactions were as stated below:

The Prayer Storm trust gave a donation of £1000 to CRMI . Mr Paul Booth is a Trustee of that Charity.

It is also gave a restricted gift of £1000 to Victory Outreach Recovery Homes which is part of Victory Outreach Church Manchester. Paul Lloyd is the lead pastor of that church

James Aladiran, Prayer Storm’s CEO was paid a salary and car benefit of £38,098(2019: £38,198). His wife Rebecca Aladiran was paid a salary £ 9,131 (2019: £9,920) and his sister was paid a salary £11,229 (2019: £2,934)

Total Donations made by the Trustees and key management personnel during the period were £2,220

16. CONTINGENCIES

The Trustees have confirmed that there were no contingencies liabilities which should be disclosed at 31 August 2020.

17. GOING CONCERN

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

18. PENSION

The charity operates an ‘automatic enrolment’ workplace pension scheme on behalf of its employees, as required by the Pensions Act 2008. All contributions due have been fully paid.

30