2021-12-31-accounts

Charity registration number 1173708

Company registration number 10519554 (England and Wales)

THE WALL OF ANSWERED PRAYER

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

THE WALL OF ANSWERED PRAYER

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Elizabeth Anne de Leyser
	Richard Molloy
	Richard Davis
	Roger Button
	Nicola Paterson
	Gary Spicer
	Thomas Evans	(appointed 24 August 2021)
Secretary	Michael Ison
Charity Number	1173708
Company Number	10519554
Principal Address	Nettle Hill Conference Centre
	Brinklow Road
	Ansty
	Coventry
	West Midlands
	United Kingdom
	CV7 9JL
Registered office	Nettle Hill Conference Centre
	Brinklow Road
	Ansty
	Coventry
	West Midlands
	United Kingdom
	CV7 9JL
Auditor	Dains Audit Limited
	15 Colmore Row
	Birmingham
	B3 2BH
Senior Management Team	Richard Gamble - Founder
	David Silber - Chief Operations Officer
	Phil Laybourne - Executive Officer
	Michael Ison - Chief Financial Officer
	Paul Robertson - Capital Projects Officer

THE WALL OF ANSWERED PRAYER

CONTENTS

	Page
Trustees' report	1 - 4
Statement of Trustees' responsibilities	5
Independent auditor's report	6 -9
Statementsof financial activities	10- 11
Balance sheet	12 - 13
Statementsof cash flows	14
Notes to the financial statements	15-30

THE WALL OF ANSWERED PRAYER

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees present their annual report and financial statements for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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) " (effective 1 January 2019 ).

Objectives and activities

The objectives of the charity are to:

1. Build a national landmark and visitor centre in the UK to promote, raise awareness and increase understanding of the Christian faith and in particular the importance of prayer.

2. To help those that are in need by reason of their youth, age, ill health, disability, financial hardship, or other disadvantage.

Main Activities

The focus of the charity during this period was on:

• Working on the contractual agreement for the land and securing the agreement and handover.

• Developing the construction plan for the Eternal Wall, whilst attempting to keep costs under control.

• Determining the risks to the organisation of procurement strategies before finalising approach and making appointments.

• The planning and implementation of a crowd funding campaign.

• Reviewing the outcome of the crowd funding campaign including learning opportunities for the future.

• The investigation of any additional sources of funding available to the charity.

• Recruitment of a technology trustee.

• Initiating contact with local housing associations who could support us in achieving our ambition of providing affordable social housing as part of the project.

• Developing the processes involved in the collection of answered prayers, their storage, security and ensuring adequate resources are allocated to this aspect of the project.

• The promotion across media of stories of answered prayer.

• Updating policies and procedures to facilitate a growing organisation.

• Minimising the impact of Covid-19 on the activities of the charity.

Public Benefit

The Trustees confirm that they have fulfilled their duty to have due regard to compliance with the guidance on public benefit rules.

Achievements and performance

• The land contract was exchanged in October 2021.

• The crowd funding campaign raised over £590,000.

• The appointment of a trustee with experience in technology.

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THE WALL OF ANSWERED PRAYER

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Financial review

The financial statements cover the year ended 31st December 2021.

Income for the year was £2, 984,251 (2020: £4 95,531 ) and expenditure for the year was £ 677,150 (2020: £ 546,328 ). Cash and bank balances held amounted to £460, 610 (2020: £60,7 85 )

The Trustees consider the financial performance in 2021 to be acceptable for the fifth year of operation.

Principal Funding Sources

Our main source of funding is from donations from individuals, corporations and other charities who share our vision for this project. There are a number of volunteers and organisations who contribute to this project by giving their services free of charge for which we are very thankful.

Investment Policy

The trustees have a low-risk appetite for investments and any surplus funds are moved to a deposit account for a brief period until they are required. Security of funds is the overriding requirement.

Reserves Policy

The value of reserves held at the 31 December 2021 was £2,413,476 (2020: £106,375). Of this, the free reserves equated to £96,815 (2020: £104,825).

The Trustees have reviewed the level of required reserves and have concluded that due to the nature of the project and the current implementation stage which the charity is in, no value can be assigned to the required level as all current and future funds are being used for the project. Trustees are reviewing the level of reserves in detail at their meetings to ensure that there are sufficient funds prior to the commencement of each stage of the project. Trustees will continue to review the reserves position as the charity grows and the project moves into the construction phase and beyond.

Further details of the reserves held can be found in note 22.

Plans for Future Periods

The major activities for future periods will be:

• Finalisation of the construction plan

• Fund Raising

• Ground Works

• Start of the construction of segments of the wall

• Collection of answered prayers

• Development of technology to link bricks to answered prayers.

Structure, Governance and Management

Governing Document

The Wall of Answered Prayer is a Registered Charity and a Company Limited by Guarantee which also has a wholly owned subsidiary company, Wall Developments Limited. It is governed by its Memorandum and Articles of Association and was incorporated on 9th December 2016.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Shirley Dudfield (Resigned 2 November 2021) Elizabeth Anne de Leyser Richard Molloy Richard Davis Roger Button Nicola Paterson Gary Spicer Thomas Evans (Appointed 24 August 2021)

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THE WALL OF ANSWERED PRAYER

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Trustee Recruitment, Appointment, Induction and Training

The recruitment and appointment of trustee’s is based on the relevant skills and expertise that a person can bring into the trust and this initial phase is mainly through, “word of mouth” and recommendations from other trustees. Trustees are appointed in line with its Memorandum and Articles of Association.

In 2022 the trustees will be conducting a governance review to determine how best they can support the organisation in achieving its objectives, what the skill gaps are and to ensure that the trustee board is “diverse”.

Responsibilities of Trustees

The Trustees are determined to ensure good practice is followed and are aware of their obligation to follow and abide by charity and other relevant law.

The trustees are responsible for preparing the Annual Report and Financial Statements in accordance with the applicable law and UK Accounting Standards. Company law requires the directors to prepare financial statements for each financial period, which give a true and fair view of the state of affairs of the charitable company, including the incoming in preparing these financial statements, the trustees are required to:

• Select suitable accounting policies and then apply them consistently.

• Observe methods and principles in the charities SORP.

• Make judgements and estimates that are reasonable and prudent.

• State whether applicable UK Accounting Standards have been followed, subject to any material departure disclosed and explained in the financial statements.

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure that the financial statements comply with the Companies Act 2006.

It is the responsibility of the trustees to also be responsible for safeguarding the assets of the charitable company and its subsidiary, for taking reasonable steps for the prevention and detection of fraud, to regularly review the risk register and to hold the executive team to account.

Risk Management

The organisation has an active risk management policy, and the risk register is regularly reviewed at trustees’ meetings. Items discussed during the year included:

• The effect of Covid-19 on operations and fundraising.

• The diverse nature of the board of trustees.

• The need to keep the cost of the project within agreed cost parameters.

• The amount of funds available to meet the needs of the organisation.

• The risks to the organisation of appointing a main contractor versus appointing multiple contractors.

• Crowd Funding campaign

Our risk management strategy will develop further as the organisation grows.

Organisational Structure

The trust board meets a minimum of four times per year. There is a finance governance sub group that meets on a regular basis. The day to day running of the organisation has been delegated by the trust board to the Founder who has the support of an executive team to ensure operational activities are efficient and effective. Our structure continues to develop as we grow and in response to the changing demands of the project.

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THE WALL OF ANSWERED PRAYER

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees, who are also the directors of The Wall of Answered Prayer for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company 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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent; and

• 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 adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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THE WALL OF ANSWERED PRAYER

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE WALL OF ANSWERED PRAYER

Opinion

We have audited the financial statements of The Wall of Answered Prayer (the 'Charitable Company') and its subsidiaries (the ‘Group’) for the year ended 31 December 2021, which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the Group’s and Charitable Company's affairs as at 31 December 2021 and of the Group’s its incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 Group and 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 Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion

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THE WALL OF ANSWERED PRAYER

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE WALL OF ANSWERED PRAYER

thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinion on other matters prescribed by the Companies Act 2006

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

• 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

• 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 Group and the Charitable 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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of director's remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 3, the Trustees (who are also the directors of the Charitable Company for the purposes of company law) 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 Group and 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 Group or the Charitable Company or to cease operations, or have no realistic alternative but to do so.

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THE WALL OF ANSWERED PRAYER

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE WALL OF ANSWERED PRAYER

Auditors' 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 Auditors' 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 the 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the Group and Charitable Company through discussions with Trustees and other management, and from our commercial knowledge and experience of the charity sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group and Charitable Company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Group and Charitable Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• • tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

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THE WALL OF ANSWERED PRAYER

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2021

Current financial year

Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income and endowments from: Donations and legacies 3 467,779 2,334,576 Charitable activities 4 174,587 - Investments 5 3,105 - Other income 6 4,204 - Total income 649,675 2,334,576 Expenditure on: Raising funds 7 184,941 - Charitable activities 8 472,744 19,465 Total expenditure 657,685 19,465 Net (expenditure)/income for the year/ Net movement in funds (8,010) 2,315,111 Fund balances at 1 January 2021 104,825 1,550 Fund balances at 31 December 2021 96,815 2,316,661	Total 2021 £ 2,802,355 174,587 3,105 4,204 2,984,251 184,941 492,209 677,150 2,307,101 106,375 2,413,476	Total 2020 £ 434,631 54,630 1,629 4,641 495,531 54,630 491,698 546,328 (50,797) 157,172 106,375

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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THE WALL OF ANSWERED PRAYER

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2021

Prior financial year

Unrestricted Restricted funds funds 2020 2020 Notes £ £ Income and endowments from: Donations and legacies 3 420,084 14,547 Charitable activities 4 54,630 - Investments 5 1,629 - Other income 6 4,641 - Total income 480,984 14,547 Expenditure on: Raising funds 7 54,630 - Charitable activities 8 478,091 13,607 Total expenditure 532,721 13,607 Net (expenditure)/income for the year/ Net movement in funds (51,737) 940 Fund balances at 1 January 2020 156,562 610 Fund balances at 31 December 2020 104,825 1,550

Total 2020 £ 434,631 54,630 1,629 4,641 495,531 54,630 491,698 546,328 (50,797) 157,172 106,375

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THE WALL OF ANSWERED PRAYER

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes 14 16 17 18 20 21 22 Fixed assets Intangible assets Tangible assets Investments Current assets Stocks Debtors falling due within one year Cash at bank and in hand Creditors: amount falling due within one year Net current assets Total assets less current assets Creditors: amount falling due after one year Net assets Income funds Restricted funds Unrestricted funds 15	2021 2020 £ £ - 122,224 2,097,765 - - - 2,097,765 122,224 572 - 31,267 154,501 460,610 60,785 492,449 215,286 (142,179) (168,635) 350,270 46,651 2,448,035 168,875 (34,559) (62,500) 2,413,476 106,375 2,316,661 1,550 96,815 104,825 106,375 Group 2,413,476	2021 2020 £ £ - 122,224 2,097,765 - 100 100 2,097,865 122,324 572 - 36,504 139,976 460,580 60,747 497,656 200,723 (142,000) (145,546) 355,656 55,177 2,453,521 177,501 (34,559) (62,500) 2,418,962 115,001 2,316,661 1,550 102,301 113,451 2,418,962 115,001 Charity	2021 2020 £ £ - 122,224 2,097,765 - 100 100 2,097,865 122,324 572 - 36,504 139,976 460,580 60,747 497,656 200,723 (142,000) (145,546) 355,656 55,177 2,453,521 177,501 (34,559) (62,500) 2,418,962 115,001 2,316,661 1,550 102,301 113,451 2,418,962 115,001 Charity
			122,324
			- 139,976 60,747
			200,723 (145,546)
			55,177
			177,501 (62,500)
			115,001
			1,550 113,451
			115,001

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THE WALL OF ANSWERED PRAYER

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

2021 £ £ 2,376,853 - (1,975,966) 3,105 (1,972,861) - (4,167) (4,167) 399,825 60,785 Notes Cash flows from operating activities Cash generated from/(absorbed by) operations Investing activities Purchase of intangible assets Losson disposal of intangibles Investment income received Net cash (used in)/generated from investing activities Financing activities Newborrowings (Repaymentof) / Newbank loans Net cash (used in)/generated from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 460,610

2020 £ £ (192,036) (24,981) 79,611 1,629 56,259 12,500 50,000 62,500 (73,277) 134,062 60,785

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THE WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

The Wall of Answered Prayer is a charitable company limited by guarantee incorporated in England and Wales. The registered office is Nettle Hill Conference Centre, Brinklow Road, Ansty, Coventry, West Midlands, CV7 9JL, United Kingdom.

Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 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. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

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THE WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the time our volunteers give towards the project is not recognised in the accounts. Readers should refer to the trustees’ annual report for more information about their contribution. .

1.5 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. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

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.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs are attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

1.6 Intangible fixed assets other than goodwill

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

The trustees have considered that no amortisation and impairment is required in the financial statements for this year.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Intellectual Property

No amortisation this year

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THE WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

Intangible assets comprise intellectual property. Such assets are defined as having infinite useful lives and no amortisation as been included.

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land Over the term of the lease - 999 years Assets under construction No depreciation

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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THE WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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THE WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

3 Donations and legacies

Unrestricted Restricted funds funds 2021 2021 £ £ Donations and gifts 400,637 619,086 Government grants - 15,490 Donated goods and services 21,979 1,700,000 Gift Aid tax reclaimed 45,163 - 467,779 2,334,576	TotalUnrestricted funds 2021 2020 £ £ 1,019,723 250,129 15,490 - 1,721,979 147,180 45,163 22,775 2,802,355 420,084	Restricted funds 2020 £ 3,960 10,587 - - 14,547	Total 2020 £ 254,089 10,587 147,180 22,775 434,631

4 Charitable activities

Sales of services Book sales	Trading Income 2021 £ 172,178 2,409 174,587	Trading Income 2020 £ 54,630 - 54,630

5 Investments

	Unrestricted	Unrestricted
	funds	funds
	2021	2020
	£	£
Bank interest & other interest receivable	3,105	1,629

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THE WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

6 Other income

	Unrestricted	Unrestricted
	funds	funds
	2021	2020
	£	£
Other income	4,000	4,641
Other sales	204	-
	4,204	4,641
Other income includes £4,000 employers allowance (2020 £4,641)
Raising funds
	Unrestricted	Unrestricted
	funds	funds
	2021	2020
	£	£
Fundraising and publicity
Processing charges	5,709	-
Other fundraising costs	3,553	-
Fundraising and publicity	9,262	-
Trading costs
Cost of goods sold	3,004	-
Packaging & postage	497	-
Cost of services sold	172,178	54,630
Trading costs	175,679	54,630
	184,941	54,630

7 Raising funds

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THE WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

8 Charitable activities

	Build	Build
	national	national
	landmark	landmark
	2021	2020
	£	£
Staff costs	151,098	96,240
Depreciation and impairment	425	-
Rent	21,292	6,671
Insurance	1,203	462
Website development & maintenance	17,629	21,230
Administration expenses	2,420	2,784
Marketing & publicity	53,230	76,506
Professional, legal & accountancy fees	51,758	34,253
Planning fees	9,720	128,268
VAT disallowed	1,408	13,634
Bank charges	885	2,065
Computer software and maintenance costs	7,894	3,488
Subcontract costs	157,277	98,604
Loan interest paid	507	-
Other interest payable	2,943	1,557
Sundry expenses	5,015	4,644
	484,704	490,406
Share of governance costs (see note 9)	7,505	1,292
	492,209	491,698
Analysis by fund
Unrestricted funds	472,744	478,091
Restricted funds	19,465	13,607
	492,209	491,698

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THE WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

9 Support costs

Support costs Governance costs £ £ Accountancy & audit fees - 7,150 Meeting expenses - 342 Companies House fee - 13 - 7,505 Analysed between Charitable activities - 7,505	2021 £ 7,150 342 13 7,505 7,505	Support costs Governance costs £ £ - 1,292 - - - - - 1,292 - 1,292	2020 £ 1,292 - - 1,292 1,292

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year or in the prior year.

11 Employees

The average monthly number of employees during the year was:

Marketing and administration Employment costs Wages and salaries Social security costs Other pension costs	2021 Number 9 2021 £ 141,263 7,971 1,864 151,098	2020 Number 6 2020 £ 90,547 4,821 872 96,240

During the year, key management personnel received total compensation of £161,499 (2020 - £101,920). This includes amounts paid to contractors.

There were no employees whose annual remuneration was more than £60,000 (2020 - none).

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THE WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

12 Taxation

The charity is a registered charity and is therefore exempt from taxation.

13 Pension Committments

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £1,864 (2020 - £842)

Contributions totalling £370 (2020 - £406) were payable to the fund at the balance sheet date and are included in creditors.

14 Intangible Fixed Assets

Intellectual Property Consolidated £ 122,224 (122,224) - - - - Cost At 1st January 2021 Transferred between classes At 31st December 2021 Amortisation and impairment At 1 January 2021 and 31 December 2021 At 31st December 2021 122,224 Carrying amount At 31st December 2021 At 31st December 2020	Charity £ 122,224 (122,224)
	-
	-
	-
	-
	122,224

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THE WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

15Tangible Fixed Assets Leasehold Land Consolidated £ Cost 1,700,000 1,700,000 425 1,699,575 Consolidated £ 275,966 122,224 398,190 - - Additions At 31st December 2021 Depreciation Depreciation charge for the year At 31st December 2021 Carrying amount At 31st December 2021 Assets under construction Cost Additions Transferred between classes At 31st December 2021 Depreciation Depreciation charge for the year At 31st December 2021 Carrying amount At 31st December 2021 Total Tangible Fixed Assets 398,190 425 2,097,765		Charity £ 1,700,000
		1,700,000
		425
		425
		1,699,575
		Charity £ 275,966 122,224
		398,190
		-
		-
		398,190
	2,097,765

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THE WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

16 Subsidiaries

The charity owns 100% of the issued share capital in

	Company
	Investment at
	Cost
	£
The Wall Developments Limited	100
	100

Summarised financial results of The Wall Developments Limited (Company Registration 10542521) are set out below and are included in the consolidated SOFA. All activities relate to continuing operations. There are no intercompany transactions:-

Turnover Other Income Cost of sales Other charges Profit / (Loss) Assets Liabilities Shareholders' funds	2021 £ 172,178 - (172,178) 3,140 3,140 37 (5,524) (5,487)	2020 £ 54,630 1 (54,630) (8,627)
		(8,626)
		128,729 (137,255)
		(8,526)

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THE WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

17 Stock Book sales 18 Debtors Amounts falling due within one year: Trade debtors Amounts owed by subsidiary undertakings Other debtors Prepayments and accrued income	2021 2020 £ £ 572 - 572 - 2021 2020 £ £ 10,500 - - - 10,876 124,224 9,891 30,277 Consolidated Consolidated 31,267 154,501	2021 2020 £ £ 572 - 572 - 2021 2020 £ £ - 10,500 109,701 10,876 - 9,891 30,275 139,976 Charity Charity 36,504 5,237	2021 2020 £ £ 572 - 572 - 2021 2020 £ £ - 10,500 109,701 10,876 - 9,891 30,275 139,976 Charity Charity 36,504 5,237
		36,504	139,976

Interest of 2.25% per annum is being charged on amounts owed by subsidiary

Interest of 2.25% per annum is being charged on amounts owed by takings.

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THE WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

19 Loans and overdrafts

Bank loans Other loans Payable within one year Payable after one year	2021 2020 £ £ 45,833 50,000 12,500 12,500 58,333 62,500 23,774 - 34,599 62,500 Consolidated	2021 2020 £ £ 45,833 50,000 12,500 12,500 58,333 62,500 23,774 - 34,599 62,500 Charity	2021 2020 £ £ 45,833 50,000 12,500 12,500 58,333 62,500 23,774 - 34,599 62,500 Charity
			62,500
			- 62,500

The bank loan is repayable over 6 years at an interest of 2.5%

20 Creditors: amounts falling due within one year

2021 2020 £ £ 11,274 - 12,500 - 2,252 6,812 63,207 35,982 - - Bank loans Other loan Other taxation, social security and pension Trade creditors Other creditors Accruals and deferred income 52,946 125,841 142,179 168,635 Consolidated	2021 2020 £ £ - - 11,177 11,340 100 11,274 12,500 2,259 63,183 100 52,684 122,929 142,000 145,546 Charity	2021 2020 £ £ - - 11,177 11,340 100 11,274 12,500 2,259 63,183 100 52,684 122,929 142,000 145,546 Charity
		145,546

21 Creditors: amounts falling after more one year:

Bankloans Other borrowings	2021 2020 £ £ 34,559 50,000 - 12,500 34,559 62,500 Consolidated	2021 2020 £ £ - 34,559 62,500 Charity 34,559 50,000 12,500	2021 2020 £ £ - 34,559 62,500 Charity 34,559 50,000 12,500
			62,500

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THE WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

22 Restricted funds

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

Balance at 1 January 2020 £ Restricted donations 610 Land and construction - Furlough scheme - Kickstart scheme - 610	Movement in funds Incoming resources Resources expended Balance at 1 January 2021 £ £ £ 2,460 (3,020) 50 1,500 - 1,500 10,587 (10,587) - - - - 14,547 (13,607) 1,550	Movement in funds Incoming resources Resources expended Balance at 31 December 2021 £ £ £ 3,000 (3,050) - 2,316,086 (925) 2,316,661 587 (587) - 14,903 (14,903) - 2,334,576 (19,465) 2,316,661

Land & construction

This fund represents grants and other income received for the Charity to fund the cost of the land and the construction of the wall.

Restricted donations

This fund represents donations which have been received with a request for the money to be spent on specific aspects of the project.

Furlough scheme

This fund represents the income received under the government's Coronavirus Job Retention Scheme to support wages and salaries costs incurred by the Charity .

Kickstart scheme

This fund represents income received under the government's Kickstart Scheme to support wages and salaries costs incurred by the Charity.

• 2 8 -

THE WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

23 Analysis of net assets between funds

Unrestricted funds Restricted funds 2021 2021 £ £ Fund balances at 31 December 2021 are represented by: Intangible fixed assets - - Tangible assets - 2,035,357 Current assets/(liabilities) 68,965 281,304 Long term liabilities (34,559) - 34,406 2,316,661	TotalUnrestricted funds 2021 2020 £ £ - 122,224 2,035,357 - 350,270 45,101 (34,559) (62,500) 2,351,068 104,825	Restricted funds 2020 £ - - 1,550 - 1,550	Total 2020 £ 122,224 - 46,651 (62,500) 106,375

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THE WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

24 Capital commitments

An amount of £60,000 (excl.VAT) will be paid to Snug Architects once post-planning donations to The Wall of Answered Prayer reach £1million. As these donations will reach £1million during 2022, an accrual in line with the amount of post-planning donations made up to 31.12.21 has been included within the financial statements at £42,048. (20 20 - £ NIL ).

A contingent liability exists with KPMG LLP for advice and support in relation to VAT. This liability is based on 20% of the value of VAT saved. The VAT savings are defined in the agreement. Discussions are still taking place with HMRC regarding VAT recovery percentages however the liability to HMRC under this agreement could be in excess of £200,000. The liability will crystalise when VAT on construction costs is repaid by HMRC and is likely to commence in 2022.

25 Related party transactions

During the year the charity entered into the following transactions with related parties:

Phil Laybourne

Payments were made to Phil Laybourne Consulting, which is a business owned by Phil Laybourne and supplied management services to the charity, of £Nil (2020 £4,309). At the balance sheet date the amount due to/from Phil Laybourne Consulting was £Nil (2020 £Nil).

Richard Gamble

Payments were made to RS & SG Gamble Consulting, which is a business part owned by Richard Gamble and supplied consultancy services to the charity, of £76,718 (2020 £54,990). At the balance sheet date the amount due to RS & SG Gamble Consulting was £Nil (2020 £377).

David Silber

Payments were made to Burning Plough Limited, which is a company in which David Silber owns 50% of the issued share capital and supplied management services to the charity, of £44,919 (2020 £30,078). At the balance sheet date the amount due to/from Burning Plough Limited was £Nil (2020 £Nil).

26 Analysis of changes in net funds/(debt)

At 1 January 2021 Cash flows Other £ £ Cash at bank and in hand 60,785 399,825 Loans falling due within one year - 4,167 Loans falling due after more than one year (62,500) - (1,715) 403,992	non-cash changes At 31 December 2021 £ £ - 460,610 (27,941) (23,774) 27,941 (34,559) - 402,277

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