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2022-12-31-accounts

Charity registration number 1173708

Company registration number 10519554 (England and Wales)

ETERNAL WALL OF ANSWERED PRAYER (FORMERLY THE WALL OF ANSWERED PRAYER) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

ETERNAL 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
Anthony Bannard-Smith (appointed 1st May2023)
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 (resigned 31st July 2022)
Phil Laybourne - Executive Officer (resgined 31st March 2022)
Michael Ison - Chief Financial Officer
Paul Robertson - Capital Projects Officer (resigned 31st July 2022)
Paul Selvendran - Chief Operating Officer (appointed 11th October 2022)

ETERNAL WALL OF ANSWERED PRAYER

CONTENTS

Page
Trustees' report 1 - 4
Independent auditor's report 5- 8
Statement of financial activities 9-10
Balance sheet 11- 12
Statement of cash flows 13
Notes to the financial statements 14-29

ETERNAL WALL OF ANSWERED PRAYER

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

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:

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

ETERNAL WALL OF ANSWERED PRAYER

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Financial review

The financial statements cover the period 1st January 2022 to 31st December 2022.

Income for the period was £1,574,434 (2021: £2,984,251) and expenditure for the period was £619,229 (2021: £677,150). Cash and bank balances held amounted to £1,243,695 (2021: £460,610).

The Trustees consider the financial performance in 2022 to be acceptable for the sixth year of operation.

Principal Funding Sources

Our main source of funding are 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[st] December 2022 were £3,368,681 (2021: £2,413,476). Of this, the free reserves equated to £22,755 (2021: £96,815)

The trustees have reviewed the level of required reserves and have concluded that due to the nature of this project and the 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 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 detail of the reserves held can be found in note 21.

Plans for Future Periods

The major activities for future periods will be:

Structure, governance and management

Governing Document

Eternal Wall of Answered Prayer is a Registered Charity and a Company Limited by Guarantee which also has a wholly owned subsidiary company, Eternal Wall (Operations) Limited. The Charity changed its name from The Wall of Answered Prayer on 25[th] October 2022 and the wholly owned subsidiary changed its name from Wall Developments Limited on the 5[th] October 2022.

The Charity is governed by its Memorandum and Articles of Association and was incorporated on 9th December 2016.

ETERNAL WALL OF ANSWERED PRAYER

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

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:

Elizabeth Anne de Leyser Richard Molloy Richard Davis Roger Button Nicola Paterson Gary Spicer Thomas Evans

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 2023 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:

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:

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

ETERNAL WALL OF ANSWERED PRAYER

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF ETERNAL WALL OF ANSWERED PRAYER

Opinion

We have audited the financial statements of Eternal Wall of Answered Prayer (the 'Charitable Company') and its subsidiaries (the ‘Group’) for the year ended 31 December 2022, 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:

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

ETERNAL WALL OF ANSWERED PRAYER

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF ETERNAL 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:

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:

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.

ETERNAL WALL OF ANSWERED PRAYER

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF ETERNAL 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:

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:

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

ETERNAL WALL OF ANSWERED PRAYER

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

Current financial year
Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income and endowments from:
Donations and legacies
3
391,044
1,169,915
Charitable activities
4
150
-
Investments
5
6,807
-
Other income
6
6,518
-
Total income
404,519
1,169,915
Expenditure on:
Raising funds
7
6,946
-
Charitable activities
8
471,633
140,650
Total expenditure
478,579
140,650
Net (expenditure)/income for the year/
Net movement in funds
(74,060)
1,029,265
Fund balances at 1 January 2022
96,815
2,316,661
Fund balances at 31 December 2022
22,755
3,345,926		 Total
2022
£
1,560,959
150
6,807
6,518
1,574,434
6,946
612,283
619,229
955,205
2,413,476
3,368,681		 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

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.

ETERNAL WALL OF ANSWERED PRAYER

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

Prior 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

ETERNAL WALL OF ANSWERED PRAYER

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Tangible assets
14
Investments
15
Current assets
Stocks
16
Debtors falling due within one year
17
Cash at bank and in hand
Creditors: amount falling due within
one year
19
Net current assets
Total assets less current assets
Creditors: amount falling due after
one year
20
Net assets
Income funds
Restricted funds
21
Unrestricted funds		 2022
2021
£
£
2,240,575
2,097,765
-
-
2,240,575
2,097,765
-
572
68,569
31,267
1,243,695
460,610
1,312,264
492,449
(158,325)
(142,179)
1,153,939
350,270
3,394,514
2,448,035
(25,833)
(34,559)
3,368,681
2,413,476
3,345,926
2,316,661
22,755
96,815
3,368,681
2,413,476
Group		 2022
2021
£
£
2,240,575
2,097,765
100
100
2,240,675
2,097,865
-
572
74,084
36,504
1,243,667
460,580
1,317,751
497,656
(158,325)
(142,000)
1,159,426
355,656
3,400,101
2,453,521
(25,833)
(34,559)
3,374,268
2,418,962
3,345,927
2,316,661
28,341
102,301
3,374,268
2,418,962
Charity		 2022
2021
£
£
2,240,575
2,097,765
100
100
2,240,675
2,097,865
-
572
74,084
36,504
1,243,667
460,580
1,317,751
497,656
(158,325)
(142,000)
1,159,426
355,656
3,400,101
2,453,521
(25,833)
(34,559)
3,374,268
2,418,962
3,345,927
2,316,661
28,341
102,301
3,374,268
2,418,962
Charity
2,097,865
572
36,504
460,580
497,656
(142,000)
355,656
2,453,521
(34,559)
2,418,962
2,316,661
102,301
2,418,962

ETERNAL WALL OF ANSWERED PRAYER

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

Cash flows from operating activities
Cash generated from operations
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Financing activities
Repayment of other loans
Repayment of bank loans
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
2021
£
£
£
£
943,290
2,376,853
(144,512)
(1,975,966)
6,807
3,105
(137,705)
(1,972,861)
(12,500)
-
(10,000)
(4,167)
(22,500)
(4,167)
783,085
399,825
460,610
60,785
1,243,695
460,610

ETERNAL WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

Eternal 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 amounts 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.

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.

ETERNAL WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

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.

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

1.6 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.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible 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).

ETERNAL WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.8 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.

1.9 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.

1.10 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.

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 payments 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.

ETERNAL WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.11 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.

1.12 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.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
306,988
1,162,115
Government grants
4,706
-
Donated goods and
services
66,501
7,800
Gift Aid tax reclaimed
12,849
-
391,044
1,169,915		 Total
Unrestricted
funds
2022
2021
£
£
1,469,103
400,637
4,706
-
74,301
21,979
12,849
45,163
1,560,959
467,779		 Restricted
funds
2021
£
619,086
15,490
1,700,000
-
2,334,576		 Total
2021
£
1,019,723
15,490
1,721,979
45,163
2,802,355

ETERNAL WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

4 Charitable activities

Sales of services
Book sales		 Trading
Income
2022
£
-
150
150		 Trading
Income
2021
£
172,178
2,409
174,587

5 Investments

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Bank interest & other interest receivable 6,807 3,105

6 Other income

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Other income 6,481 4,000
Other sales 37 204
6,518 4,204

Other income includes £5,000 employers allowance (2021 £4,000)

ETERNAL WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

7 Raising funds

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Fundraising and publicity
Processing charges 3,707 5,709
Other fundraising costs 2,675 3,553
Fundraising and publicity 6,382 9,262
Trading costs
Cost of goods sold 564 3,004
Packaging & postage - 497
Cost of services sold - 172,178
Trading costs 564 175,679
6,946 184,941

ETERNAL WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

8 Charitable activities

Build Build
national national
landmark landmark
2022 2021
£ £
Staff costs 144,541 151,098
Depreciation and impairment 1,702 425
Rent 21,686 21,292
Insurance 1,913 1,203
Website development & maintenance 12,516 17,629
Administration expenses 2,073 2,420
Marketing & publicity 95,906 53,230
Professional, legal & accountancy fees 138,559 51,758
Planning fees 5,086 9,720
VAT disallowed (15,042) 1,408
Bank charges 887 885
Computer software and maintenance costs 5,235 7,894
Subcontract costs 159,217 157,277
Loan interest paid 1,031 507
Other interest payable - 2,943
Events 9,296 -
Sundry expenses 19,979 5,015
604,585 484,704
Share of governance costs (see note 9) 7,698 7,505
612,283 492,209
Analysis by fund
Unrestricted funds 471,633 472,744
Restricted funds 140,650 19,465
612,283 492,209

ETERNAL WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

9 Support costs

Accountancy & audit fees
Meeting expenses
Companies House fee
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
-
7,590
-
95
-
13
-
7,698
-
7,698		 2022
£
7,590
95
13
7,698
7,698		 2021
£
7,150
342
13
7,505
7,505

10 Trustees

None of the trustees, or any persons connected with them, received any remuneration or benefits from the charity for performing the role of trustee during the year or in the prior year.

Nicola Paterson, a trustee, attended a weekend event volunteering, with other volunteers and staff members, working as a host on a pop up stall at the David’s Tent event on the 26th and 27th August 2022. We paid mileage expenses to Nicola of £134 and provided her with accommodation.

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		 2022
Number
9
2022
£
133,986
8,751
1,804
144,541		 2021
Number
9
2021
£
141,263
7,971
1,864
151,098

During the year, key management personnel received total compensation of £137,372 (2021 - £161,499). This includes amounts paid to contractors.

There were no employees whose annual remuneration was more than £60,000 (2021 - none).

ETERNAL WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

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 £1,804 (2021 - £1,864).

Contributions totalling £328 (2021 - £370) were payable to the fund at the balance sheet date and are included in creditors.

ETERNAL WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

14 Tangible Fixed Assets

Leasehold Properties
Consolidated
£
Cost
At 1st January 2022
1,700,000
At 31st December 2022
1,700,000
Depreciation
At 1st January 2022
425
Depreciation charge for the year
1,702
At 31st December 2022
2,127
Carrying amount
At 31st December 2022
1,697,873
Assets under construction
Consolidated
£
Cost
At 1st January 2022
398,190
Additions
144,512
At 31st December 2022
542,702
Depreciation
At 1st January 2022
-
Depreciation charge for the year
At 31st December 2022
-
Carrying amount
At 31st December 2022
542,702
Total Tangible Fixed Assets
2,240,575		 Charity
£
1,700,000
1,700,000
425
1,702
2,127
1,697,873
Charity
£
398,190
144,512
542,702
-
-
542,702
2,240,575

ETERNAL WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

15 Subsidiaries

The charity owns 100% of the issued share capital in

Company
Investment at
Cost
£
Eternal Wall (Operations) Limited(formerly The Wall 100
Developments Limited)
100

Summarised financial results of Eternal Wall (Operations) 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		 2022
£
-
-
-
-
-
28
(5,515)
(5,487)		 2021
£
172,178
-
(172,178)
3,140
3,140
37
(5,524)
(5,487)

ETERNAL WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

16
Stock
Book sales
17
Debtors
Amounts falling due within one year:
Trade debtors
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income		 2022
2021
£
£
-
572
-
572
2022
2021
£
£
1,224
10,500
-
-
62,151
10,876
5,194
9,891
68,569
31,267
Consolidated
Consolidated		 2022
2021
£
£
-
572
-
572
2022
2021
£
£
1,224
10,500
5,515
5,237
62,151
10,876
5,194
9,891
74,084
36,504
Charity
Charity		 2022
2021
£
£
-
572
-
572
2022
2021
£
£
1,224
10,500
5,515
5,237
62,151
10,876
5,194
9,891
74,084
36,504
Charity
Charity
74,084 36,504

Interest of 2.25% per annum charged in 2021 on amounts owed by subsidiary undertakings.

ETERNAL WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS FOR

THE YEAR ENDED 31 DECEMBER 2022

18 Loans and overdrafts

Bank loans
Other loans
Payable within one year
Payable after one year		 2022
2021
£
£
35,833
45,833
-
12,500
35,833
58,333
10,000
23,774
25,833
34,559
Consolidated		 2022
2021
£
£
35,833
45,833
-
12,500
35,833
58,333
10,000
23,774
25,833
34,559
Charity		 2022
2021
£
£
35,833
45,833
-
12,500
35,833
58,333
10,000
23,774
25,833
34,559
Charity
58,333
23,774
34,559

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

19

Creditors: amounts falling due within one year

Bank loans
Other loan
Other taxation, social security and pension
Trade creditors
Other creditors
Accruals and deferred income		 2022
2021
£
£
10,000
11,274
-
12,500
1,240
2,252
88,177
63,207
-
-
58,908
52,946
158,325
142,179
Consolidated		 2022
2021
£
£
10,000
11,274
-
12,500
1,240
2,259
88,177
63,183
-
100
58,908
52,684
158,325
142,000
Charity		 2022
2021
£
£
10,000
11,274
-
12,500
1,240
2,259
88,177
63,183
-
100
58,908
52,684
158,325
142,000
Charity
142,000

20 Creditors: amounts falling after more one year:

Bank Loans 2022
2021
£
£
25,833
34,559
25,833
34,559
Consolidated		 2022
2021
£
£
25,833
34,559
25,833
34,559
Charity		 2022
2021
£
£
25,833
34,559
25,833
34,559
Charity
34,559

ETERNAL WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

21 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:


Restricted donations
Land and construction
Furlough scheme
Kickstart scheme
Blocks
Technology		 Balance at
1 January
2021
£
50
1,500
-
-
-
-
1,550		 Movement in funds
Incoming
resources
Resources
expended

£
£
3,000
(3,050)
2,316,086
(925)
587
(587)
14,903
(14,903)
-
-
-
-
2,334,576
(19,465)		 Balance at
1 January
2022
£
-
2,316,661
-
-
-
-
2,316,661		 Movement in funds
Incoming
resources
Resources
expended
£
£
-
-
1,100,711
(121,446)
-
-
-
-
50,000
-
19,204
(19,204)
1,169,915
(140,650)		 Balance at
31
December
2022
-
3,295,926
-
-
50,000
-
£
3,345,926

Restricted funds

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. Blocks

These funds are to be used towards paying for the physical blocks or segments of the arch.

Technology

This fund is to be used for the development, procurement and installation of the virtual reality offering, phone app, answered prayer database and other infrastructure technology required for the visitor experience.

ETERNAL WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

22 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2022
2022
£
£
Fund balances at 31 December 2022 are represented by:
Tangible assets
-
2,240,575
Current assets/(liabilities)
48,588
1,105,351
Long term liabilities
(25,833)
-
22,755
3,345,926		 Total
Unrestricted
funds
2022
2021
£
£
2,240,575
62,408
1,153,939
68,966
(25,833)
(34,559)
3,368,681
96,815		 Restricted
funds
2021
£
2,035,357
281,304
-
2,316,661		 Total
2021
£
2,097,765
350,270
(34,559)
2,413,476

ETERNAL WALL OF ANSWERED PRAYER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

23 Capital commitments

IM Properties

The charity has agreed to share the cost of building an access road to site. It is anticipated that the cost to the charity will be between £1,500,000 and £1,800,000. This will be funded from reserves we already hold and a donation of £1,000,000 from a high net worth individual.

24 Related party transactions

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

Richard Gamble

Payments were made to RS & SG Gamble Consulting, which is a business part owned by Richard Gamble, in respect of consultancy services supplied to the charity, of £82,398 (2021 £76,718) At the balance sheet date the amount due to RS & SG Gamble Consulting was £Nil (2021 £Nil).

David Sibler

Payments were made to Burning Plough Ltd, which is a company in which David Silber owns 50% of the issued share capital and supplied management services, communication services and fundraising services to the charity, of £39,039 (2021 £44,919). David resigned from the Senior Leadership Team at the 31st July 2022 and continues to supply fundraising services, the amounts of which have been included in the above figures. At the balance sheet date the amount due to Burning Plough Ltd was £Nil (2021 £Nil).

Michael Ison

Payments were made to Ison Management Services Ltd, which is a company that Michael Ison owns 50% of the issued share capital and supplied accounting, finance and management support to the charity, of £27,274 (2021 £21,645) At the balance sheet date the amount due to Ison Management Services Ltd was £3,729 (2021 £2,100).

Gary Spicer

Restricted donations of £800,000 (2021 £100,000) towards construction costs and £300,000 (2021 £475,000) towards operating costs were received during the year from Imagine The Day Limited, a company for which Gary Spicer is also a director. At the balance sheet date £Nil (2021 £Nil) donations were accruing to the Charity.

Unrestricted donations

During the year, the Charity received donations without conditions of £10,000 from related parties.

25 Analysis of changes in net funds

Cash at bank and in hand
Loans falling due within one year
Loans falling due after more than one year
At 1 January
2022
£
460,610
(23,774)
(34,559)
402,277		 Cash flows
At 31 December
2022
£
£
783,085
1,243,695
13,774
(10,000)
8,726
(25,833)
805,585
1,207,862