## **PRAYER WORKS MINISTRY** _**Charity Registration Number 1196023**_ ## _**Financial Report for the period to 30 September 2024**_ Registered Address: 5 The Arcade, Hatfield, Hertfordshire AL10 0JY ## **PRAYER WORKS MINISTRY** ## **Charity No. 1196023** **Financial Report for the period to 30 September 2024** |**_Contents_**|| |---|---| ||**Page**| |Charity Information|1| |Trustees Report|2| |Income & Expenditure - SOFA|3 - 3A| |Balance Sheet|4| |Notes to the accounts|5 - 8| |Independent Examiner's Report|9| |Income & Expenditure Trend|10| Prayer Works Ministry **PRAYER WORKS MINISTRY** ## **Charity No. 1196023** ## **Financial Report for the period to 30 September 2024** ## **Charity Information** **Trustees** Angela Ngozi Segun Chris Fleming Stella Ogunleye **Registered Address:** 5 The Arcade Hatfield Hertfordshire AL10 0JY **Registered Charity Number:** 1196023 **Accountants:** Valiant Waters Associates 15 Marden Road Croydon CR0 3ET Page 1 Prayer Works Ministry PRAYERllfJPKS MINISTRY Flnancial Reportforthe peviod to 30 September 2024 Trustees Report FF￿1 m.. o. **Charity No. 1196023** ## **PRAYER WORKS MINISTRY** ## **Financial Report for the period to 30 September 2024** ## **Income and Expenditure Account** |**Income**
**Expenditure**
Travel & Subsistence
Telephone/Broadband
Expensed Equipment & Furniture
Support
Administrative Costs
Bank Charges
Retreat & Convention
Rent & Hire
Registration Costs
Sundries
Accountancy
**Total Administrative Expenses**
Net Surplus Before Tax
Corporation Tax Payable
**Net Surplus After Tax**|**2024**
**£**
**4,099**
-
-
369
1,268
239
-
1,990
-
-
-
300
**4166**
(68)
-
**(68)**|**2023**
**£**| |---|---|---| |||**3,470**| |||-
114
344
785
153
-
444
866
-
119
300| |||**3,125**| |||345| |||-| |||**345**| Page 3 Prayer Works Ministry **PRAYER WORKS MINISTRY** **Charity No. 1196023** ## **Financial Report for the period to 30 September 2024** ## **Statement of Financial Activities** |**Incoming Resources**
Offerings
Tithes
Events
Total Incoming Resources
**Outgoing Resources**
Charitable Activities
Governance
Total Outgoing Resources
**Net Incoming/(Outgoing) Resources**
Transfer between funds
Funds Brought Forward
**Funds Carried Forward**|**Unrestricted**
**Restricted**
**Total Funds**
**Funds**
**Funds**
**2024**
**£**
**£**
**£**
1,106
-
1,106
1,433
-
1,433
-
1,560
1,560
2,539
1,560
4,099
1,268
1,990
3,258
908
-
908
2,176
1,990
4,166
362
(430)
(68)
(430)
430
-
697
-
697
**629**
**-**
**629**|**Total Funds**
**2023**
**£**| |---|---|---| |||1,100
1,200
1,170| |||3,470| |||2,008
1,116| |||3,124| |||| |||345
-
352| |||**697**| Page 3A Prayer Works Ministry priAYERWORKS MINISTRY FlTraNclal Rwrtforthe perfDd ts 30 S•ptember 2ts24 CDRRENT*SSETS 9gT >wr e4DI¢ **Charity No. 1196023** ## **PRAYER WORKS MINISTRY** ## **Financial Report for the period to 30 September 2024** ## **1 ACCOUNTING POLICIES** ## **1a Basis of accounting** The accounts have been prepared under the historical cost convention in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) and comply with the with the Companies Act 2006, and on accrual basis. The principal accounting policies adopted in the preparation of the financial statements are as follows: ## **1b Tangible fixed assets** Fixed assets costing in excess of £2,000 are capitalised and are shown at historical cost. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its estimated useful life, by the straight line method, over the following periods:- Leasehold improvements over 3 years Computers over 3 years Fixtures, fittings and equipment over 4 years No fixed asset above the £2,000 was purchased in the year, therefore no depreciation charge was due. ## **1c Taxation** The charity is liabile to meet its statutory obligations on Corporation Taxes Act 1988. ## **1d Pensions** No pension contribution is payable by the charity during the year. ## **1e Incoming resources** All incoming resources are included in the financial statement when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy, inclusive of VAT. ## **1f Outgoing Resources** All resources expended are included in the financial statement on an accrual basis inclusive of VAT. ## **1g Cash flow statement** The charity has taken advantage of the exemption in Financial Reporting Standard No 1 from producing a cash flow statement on the grounds that it is a small charity. Page 5 Prayer Works Ministry **PRAYER WORKS MINISTRY** **Charity No. 1196023** ## **Financial Report for the period to 30 September 2024** **----- Start of picture text -----**
2 INVESTMENT INCOME
Total Total
2024 2023
£ £
Bank interest receivable - -
- -
3 OPERATING SURPLUS
2024 2023
£ £
Surplus is stated after charging:
Auditor's remuneration
Audit services - -
Non-audit services - accountancy 300 300
300 300
**----- End of picture text -----**
Page 6 Prayer Works Ministry **PRAYER WORKS MINISTRY** ## **Charity No. 1196023** ## **Financial Report for the period to 30 September 2024** ## **4 STAFF COSTS** |Employee costs during the year amounted to:
Wages and salaries
Redundancy costs
Social security costs
Pension costs|**2024**
**£**
-
-
-
-
-|**2023**
**£**
-
-
-
-| |---|---|---| |||-| No employee engaged during the financial year. ## **5 TANGIBLE FIXED ASSETS** |Improvements
to Leasehold
£
**Cost**
At 30 Sep 2024
-
**Depreciation**
At 30 Sep 2024
-
**Net Book Amounts**
At 30 Sep 2024
-
**6**
**DEBTORS**
Debtors and prepayments|Computer
Equipments
£
-
-
-
**2024**
**£**
-
-|Fixtures &
Fittings
£
-
-
-
**2023**
**£**
-
-|Total
£
-| |---|---|---|---| ||||-| ||||-| ||||| Page 7 Prayer Works Ministry **Charity No. 1196023** ## **PRAYER WORKS MINISTRY** ## **Financial Report for the period to 30 September 2024** |**7**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other creditors including taxation and social security for period
Trade creditors - B/fwd from previous year
Accruals and Deferred income|**2024**
**£**
300
-
-
-
300|**2023**
**£**
300
-
-
-| |---|---|---| |||300| **8 ANALYSIS OF NET ASSETS BETWEEN FUNDS** |**Fund Balances at 30th Se[tember 2023**
**are represented by**
Net Incoming (Outgoing) Resources for the period
Accumulated Funds Brought Forward
Funds Carried Forward|**Unrestricted Restricted**
**Total**
**Fund**
**Fund**
**Fund**
**2024**
**£**
(68)
-
(68)
697
-
697
629
-
629|**Total**
**2023**
**£**
345
352| |---|---|---| |||697| ## **9 CONTINGENT/OUTSTANDING LIABILITIES** No contingent or oustanding liabilities at the end of the year ## **10 COMMITMENTS AND GUARANTEES** No commitment or guarantee was given in the year Page 8 Prayer Works Ministry **PRAYER WORKS MINISTRY** **Charity No. 1196023** ## **Financial Report for the period to 30 September 2024** ## **Independent Examiner's Report** I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 30/09/2024 as set out on pages 1 to 8. As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). ## **Responsibilities and basis of report** I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent Examiner's Statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: - accounting records were not kept in accordance with - section 130 of the Act or - the accounts do not accord with the accounting records I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. **Signature:** _AdeOmis-Adeyela_ **Name:** A Omisakin **Designation:** FAIA, MSc **Date:** 14 May 2025 **Address:** Valiant Waters Associates 15 Marden Road Croydon CR0 3ET Page 9 Prayer Works Ministry ## **PRAYER WORKS MINISTRY Charity No. 1196023 Income and Expenditure Trend from 01 Oct 2021 to 30 Sep 2024** **----- Start of picture text -----**
Chart 1
'Income', 'Expenditure' by 'Year'
6000
5000
4000
3000
2000
1000
0
2022 2023 2024
Year
Income Expenditure
Chart 2 'Income', 'Expenditure' by 'Year'
6000
5000
4000
3000
2000
1000
0
2022 2023 2024
Year
Income Expenditure
Chart 3 '2024', '2023', '2022' by 'Year'
6000
5000
4000
3000
2000
1000
0
Income Expenditure
Year
2022 2023 2024
**----- End of picture text -----**
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