CHARITY REGISTRATION NUMBER: 1197064
PRAYER FOR ISRAEL UNAUDITED FINANCIAL STATEMENTS
31 MARCH 2024
VINEYARD ACCOUNTANTS
Chartered Certified Accountants 5 The Chambers Vineyard Abingdon-on-Thames
PRAYER FOR ISRAEL
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 7 |
| Statement of financial activities | 8 |
| Statement of financial position | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 22 |
| Notes to the detailed statement of financial activities | 24 |
PRAYER FOR ISRAEL
TRUSTEES' ANNUAL REPORT
YEAR ENDED 31 MARCH 2024
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2024.
Objectives and activities
Policies and Objectives
The objects of the charity are:-
(i) To advance the Christian religion by promoting the Gospel, extending the Christian faith in the UK, Israel and elsewhere.
(ii) To relieve need and hardship among persons resident in the United Kingdom, Israel and elsewhere.
Public Benefit
In the setting of the Charity's objectives and planning its activities, the Trustees have sought to uphold the Charity Commission's guidance on public benefit.
The Trust primarily seeks to further the claims of the Christian Gospel and to relieve hardship, distress and need, with a special focus on Israel. Personal links with those in Israel have been established over the years by regular visits, so those that the Charity seeks to benefit are well known to us. We are therefore able to communicate accurate and reliable information to our prayer partners.
The Trustees are satisfied that the Trust meets the public benefit requirement by the support of a wide range of charitable activities that are aligned with the objectives and uses this in the forward planning of the charity.
Strategies for achieving objectives
Keeping our partners regularly updated on the needs for prayer as well as wider needs is fulfilled by the production and mailing out of a monthly Prayer Bulletin to around 6,000 subscribers. For up-to-date information the partners are encouraged to go to the website, which is updated frequently with the latest news. During the year we added a WhatsApp prayer group to help make urgent prayer requests known in a very timely way.
Each year we receive encouraging feedback from numbers of prayer partners. The news, and the way it is disseminated within the Bulletin is well received and used by all our prayer groups. Additional information is regularly distributed electronically to those requesting it. We regularly encourage our partners to move to this method of communication to reduce distribution costs.
The Trusts employees now all work from home. Face-to-face meetings in local churches have restarted following a pause due to the pandemic and monthly Zoom 'Gatherings' with speakers joining from Israel has continued. This way of encouraging and informing our prayer partners is well received.
Our teaching resources are available on our on-line portal. We aim to provide teaching and further background information on our activities, and help for those wishing to go deeper into the Christian faith.
Long Term and Short Term aims
As international travel resumed, a trustee undertook two visits to Israel to see for himself how the pandemic had affected those we regularly support. He was able to renew long-standing relationships with a good number of individuals and ministries, as well as meeting new ones. The ability to monitor how grants are being used and access future needs, is an important part of these visits. Tours of Israel to introduce primarily local UK church leaders to their counterparts in Israel, and witness the work they are involved in, remain in our long term plans.
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PRAYER FOR ISRAEL
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2024
Objectives and activities (continued)
Most of our partners have accepted the use of remote technology and the benefits of reduced need to travel and cost. The benefit of having visiting speakers from Israel participating through the year is well received, with much positive feedback. Remote technologies like Zoom will continue to play an important part in what we do going forward. As we have prayer partners across the UK, Zoom is a good fit to help PFI reduce costs, whilst enhancing communication.
Social investment policy
The monthly Prayer Bulletin distribution and regular on-line Zoom 'Gatherings' have enabled the Charity to keep its partners informed of the challenges facing congregations in Israel and elsewhere, making them aware of the specific needs for prayer. Partners have been able to personally question those joining from Israel, a regular experience they would not have had pre-pandemic.
Volunteer policy
The Charity has not used volunteers to assist with day-to-day work, therefore a volunteer policy is not needed, but this will be kept under review.
Financial grants
The aims of the Charity remain focused on education and awareness regarding the Christian faith, and does include making grants to individuals and institutions mainly based in Israel, as well as in the UK and elsewhere. Grants are made either at the request of the donor or at the discretion of the Trustees and Director, under a 'where most needed' policy. The grants to individuals are to those involved in full-time or part-time Christian service with known needs, and have inadequate funding from other sources. The grants to institutions are to known and regularly visited groups and organisations that promote the Christian message, and in a number of cases support the ageing, the relief of poverty and drug/alcohol rehabilitation. All are visited as regularly as possible by the trustees.
The largest percentage of grants continue to be made from restricted funds. The Trustees meet three times a year for formal Trustee meetings. The review of grants to be made is undertaken at quarterly distribution meetings. Individual and institutional grants are made to those known to advance the Christian message.
Achievements and performance
Review of activities
The charity commenced activities on 1 January 2023. It is a continuation of the charity Prayer for Israel (charity number 326132) which was registered as a charity in 1982.
Activities
Regular main teaching events continued on Zoom in the form of monthly on-line 'Gatherings' for our partners, lasting up to two hours. This way of working has enabled a more regular programme of interactive meetings than would normally be practical with conventional meetings. Face-to-face contact with partners is gradually increasing as more meetings have been added to the calendar. Using Zoom means the live presence of guest speakers from the various ministries supported can be included. This has helped our prayer partners to keep up to date with current events and developments for informed and ongoing prayer. Partners are also able to meet each other in the break-out groups, which has proved important in maintaining individual contact.
The Director and one trustee undertook a visit to Israel in early May to meet and encourage some of the ministries we support, which was well received, and important in determining where allocated support was being used.
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PRAYER FOR ISRAEL
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2024
Achievements and performance (continued)
The traumatic events of October 7 deeply affected the team, our prayer partners and the ministries we support. The need to pray was felt more deeply than ever. Weekly Zoom prayer meetings were initiated, which replaced our monthly 'Gatherings'. They continue with around 150 of our prayer partners and others attending.
A detailed report on the day-to-day activities of the charity is provided by the director to the Trustees at least three times a year for review at their formal meetings, to ensure the aims and objectives of the Charity are being fully met. In addition, Trustees regularly meet on Zoom for prayer. They are also active participants in the regular work of the charity and are fully aware of all prayer partner communications and activities.
Total incoming resources for the year amounted to £608,562 (2023 - £908,894). This income was used to fund charitable activities and other costs totalling £553,459 (2023 - £151,813). Surpluses are reinvested back into the Charity to help further it's aims.
Investment policy and performance
The finance officer, together with the Trustees and Director continue to review whether the best returns for the funds held by the Charity are being achieved.
Funds amounting to £550,969 that came primarily from the accumulated reserves from the Trust (which included the sale of a premises owned by Prayer for Israel (charity number 326132) were invested in an Incorporated Charity Hub account (Cash Management System)). This was split over a number of financial institutions. Although the returns are modest, the trustees consider it the safest investment pathway for these funds.
Financial review
Reserves policy
The total reserves at 31 March 2024 were £812,184 (2023 - £757,081), which are made up of unrestricted funds of the charity of £786,133 (2023 - £739,134) and restricted funds of the charity of £25,051 (2023 - £17,947).
Fund balances are made up of general funds £354,675 (2023 - £251,965) and designated funds of £432,458 (2023 - £487,169), as detailed in the statutory accounts.
The finances of the Charity are in a satisfactory state, and have enabled the Trustees to advance the Charity's aims and objectives. Management accounts are provided to the Trustees quarterly and therefore regular updates of the Charity's ongoing financial state allow the charity to plan accordingly.
The Charity has adopted a policy on restricted funds, whereby they are distributed fully each quarter. Surpluses are not reinvested as they are small and distributed regularly, so do not build up. Unrestricted funds, those funds not committed or invested in tangible fixed assets by the Charity are used to fund day-to-day running costs, with the exception of a reserve of three months running costs, which is held in a savings account.
Therefore, the Trustees take the view that they are able to continue the core activities of the Charity in the event of funding reduction. Total reserves at the Balance Sheet date are detailed in Note 21 to the Financial Statements.
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PRAYER FOR ISRAEL
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2024
Financial review (continued)
Result for year
The results for the year ended 31 March 2024 shows that a surplus has been made amounting to £55,105 (2023 - £757,081) due to a number of legacies.
The large surplus in the prior period related to the majority of the fund transfer from the Trust. The donation to the Trust was £108,774 (2023: £765,775).
Principal funding
The main sources of income during the period were from donations and legacies. However, the income generated remained stable and enable the aims and objectives of the Charity to be met.
Legacies are an important part of our funding, a grateful addition to regular donations.
The Charity also received a further donation from the Trust in the year.
Material investments and risk policy
The Charity seeks out the best rate of interest for its funds without recourse to investments which could raise ethical issues for the Trust or unnecessary risk.
There are no principal financial risks to the Charity apart from day-to-day running costs, as we do not invest in financial markets. Policies are in place to ensure there is dual accountability on all banking transactions and finance activities. Other expenditure has to be approved by the Trustees, via email, and then confirmed at the next Trustees meeting.
It is recognised that the Charity's financial performance is dependent on the charitable giving of its partners and supporters. Therefore, it varies from month to month.
Structure, governance and management
Governing document
The governing instrument is a Constitution of a Charitable Incorporated Organisation whose only voting members are its charity trustees, created on 17 September 2021, under which the Charitable Incorporated Organisation was set up. The CIO was incorporated on 13 December 2021.
The majority of the funds were transferred from the Charity Prayer For Israel (charity number 326132) effective at 1 January 2023, when the CIO commenced operations.
Change in organisation
The Trustees changed to a CIO to safeguard the future of the work as without the CIO status recruitment of Trustees was becoming more challenging. Prior to this the activity of the charity was in Prayer for Israel (charity number 326132) which was registered using a Declaration of Trust made on 21 May 1982. The Trust will be closed down shortly after the final set of accounts have been submitted.
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PRAYER FOR ISRAEL
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2024
Structure, governance and management (continued)
Method of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees, who are elected under the terms of the Constitution.
New Trustees are appointed by the Trustees. They must be fully committed to and conversant with the aims and objectives of the Charity.
There is no policy of re-appointing Trustees under the terms of the Constitution, but should they fail to support the Charity in a professional manner, or act improperly according to the Charity's standards, they would be removed from office by a vote of the Trustees.
Policies adopted for the induction and training of Trustees
All Trustees have been in senior positions of responsibility during their working lives, and the Charity seeks to appoint Trustees that have broad business experience that will benefit the Trust, and so support its efficient running.
All Trustees receive regular information on what is required of them through the Charity Commission website, regularly reading their reports, updates and advice. Independent advisors are retained to ensure the Trustees are kept abreast of changing statutory requirements and best employment practice.
New Trustees are required to read the published Charity Commission guidance on Trusteeship and must fully endorse the aims of the Charity as stated in the Trust Deed. Refresher training sessions are planned on the roles and responsibilities of Trustees, as they pertain to the Charity.
Organisational structure and decision making
Mr P Smith leads a small team of remote working staff, with weekly meetings on Zoom and face-to-face team meetings as appropriate. This way of working has enabled staff retention despite location moves by some and recruitment. The Trustees are grateful to Mr P Smith for his leadership and the staff for their commitment.
Employees remuneration is based on the rate applicable for equivalent work in the Charity sector, and the meeting of prevailing minimum wage requirements.
Risk management
The Trustees have assessed the major risks to which the Charity is exposed, which relate primarily to operations and finance. They are satisfied that policies, procedures and systems are in place to mitigate exposure to the major risks.
The Charity maintains a Health and Safety policy and adheres to current Health and Safety regulations. Where deemed necessary independent business advisors are consulted to ensure the level of risk is appropriate and can be adequately mitigated when necessary.
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PRAYER FOR ISRAEL
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2024
Reference and administrative details
Registered charity name Prayer For Israel Charity registration number 1197064 Principal office PO Box 190 Telford Shropshire TF2 2DB
The trustees
S Cranston (Appointed 31 December 2023) A Rice J Clark N P D Thompson S A Dempster D Evans (Resigned 17 May 2024) Independent examiner A N Poyton FCCA 5 The Chambers Vineyard Abingdon-on-Thames
Funds held as custodian trustee
The Charity collects and forwards donated finances to beneficiaries and charities in this country, in Israel and elsewhere. A receipt is required and obtained from the beneficiary organisation and close personal links are maintained with these beneficiaries through actual visits, Zoom, phone calls and email. Thereby the necessary safeguards are in place to ensure the funds are being used as requested by the donor.
Plans for future periods
We plan to maintain the successful Zoom prayer meetings, expanding the number of guest speakers, and partners able to attend. The monthly Prayer Bulletin will remain the core communication for the Charity. Due to increased postal costs, we continue to point partners to our on-line services, which continue to expand with the recruitment of a Strategic Manager - Communications and Engagement. Improving digital communications have resulted in a number of new partners joining. Regional meetings with prayer groups, prayer partners and at Christian events continued during the year.
The trustees' annual report was approved on 27[th] September 2024 and signed on behalf of the board of trustees by:
A Rice Trustee
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PRAYER FOR ISRAEL
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PRAYER FOR ISRAEL
YEAR ENDED 31 MARCH 2024
I report to the trustees on my examination of the financial statements of Prayer For Israel ('the charity') for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
A N Poyton FCCA Independent Examiner
5 The Chambers Vineyard Abingdon-on-Thames
3[rd] October 2024
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PRAYER FOR ISRAEL
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2024
| Period from | |||||
|---|---|---|---|---|---|
| 13 Dec 21 to | |||||
| Year | to 31 Mar 24 | 31 Mar 23 | |||
| Unrestricted | Restricted | ||||
| funds | fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 194,231 | 303,293 | 497,524 | 143,119 |
| Other trading activities | 5 | 1,323 | – | 1,323 | – |
| Investment income | 6 | 941 | – | 941 | – |
| Other income | 7 | 108,774 | – | 108,774 | 765,775 |
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| Total income | 305,269 | 303,293 | 608,562 | 908,894 | |
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| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of raising donations and | |||||
| legacies | 8 | 102,986 | – | 102,986 | 24,316 |
| Expenditure on charitable activities | 9,10 | 154,016 | 296,189 | 450,205 | 127,497 |
| Other expenditure | 12 | 268 | – | 268 | – |
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| Total expenditure | 257,270 | 296,189 | 553,459 | 151,813 | |
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| Net income and net movement in | funds | 47,999 | 7,104 | 55,103 | 757,081 |
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| Reconciliation of funds | |||||
| Total funds brought forward | 739,134 | 17,947 | 757,081 | – | |
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| Total funds carried forward | 787,133 | 25,051 | 812,184 | 757,081 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 11 to 20 form part of these financial statements.
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PRAYER FOR ISRAEL
STATEMENT OF FINANCIAL POSITION
31 MARCH 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 17 | 5,261 | 5,714 | |
| Current assets | ||||
| Debtors | 18 | 18,477 | 493,741 | |
| Investments | 19 | 550,969 | – | |
| Cash at bank and in hand | 250,231 | 266,375 | ||
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| 819,677 | 760,116 | |||
| Creditors: amounts falling due within one year | 20 | 12,754 | 8,749 | |
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| Net current assets | 806,923 | 751,367 | ||
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| Total assets less current liabilities | 812,184 | 757,081 | ||
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| Net assets | 812,184 | 757,081 | ||
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| Funds of the charity | ||||
| Restricted funds | 25,051 | 17,947 | ||
| Unrestricted funds | 787,133 | 739,134 | ||
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| Total charity funds | 21 | 812,184═════════ |
757,081═════════ |
These financial statements were approved by the board of trustees and authorised for issue on 27[th] September 2024, and are signed on behalf of the board by:
A Rice Trustee
N P D Thompson Trustee
The notes on pages 11 to 20 form part of these financial statements.
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PRAYER FOR ISRAEL
STATEMENT OF CASH FLOWS
YEAR ENDED 31 MARCH 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 55,103 | 757,081 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 1,758 | 413 |
| Interest from investments | (941) | – |
| Loss on disposal of tangible fixed assets | 268 | – |
| Accrued expenses | 1,871 | 4,380 |
| Changes in: | ||
| Trade and other debtors | 475,264 | (493,741) |
| Trade and other creditors | 2,134 | 4,369 |
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| Cash generated from operations | 535,457 | 272,502 |
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| Net cash from operating activities | 535,457 | 272,502 |
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| Cash flows from investing activities | ||
| Interest from investments | 941 | – |
| Purchase of tangible assets | (1,573) | (6,127) |
| Purchases of other investments | (550,969) | – |
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| Net cash used in investing activities | (551,601) | (6,127) |
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| Net (decrease)/increase in cash and cash equivalents | (16,144) | 266,375 |
| Cash and cash equivalents at beginning of year | 266,375 | – |
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| Cash and cash equivalents at end of year | 250,231 | 266,375 |
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The notes on pages 11 to 20 form part of these financial statements.
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PRAYER FOR ISRAEL
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is PO Box 190, Telford, Shropshire, TF2 2DB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements, are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income tax
Prayer for Israel is a registered charity and accordingly is exempt from tax due on surpluses from activity, investment income and capital gains where they are applied for charitable purposes.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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PRAYER FOR ISRAEL
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value.
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sale of resources and income from conferences and tours are recognised as earned when the goods or services are provided. Income received in respect of future tours are deferred until the criteria for income recognition is met.
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interest on deposit or investment funds held is included when receivable and the amount can be measured reliably by the charity.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - 25% reducing balance
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PRAYER FOR ISRAEL
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
3. Accounting policies (continued)
Cash investments
Cash investments are accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Debtors
Debtors are recognised at the settlement amount net of any trade discounts due.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount after allowing for any discounts due.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 143,127 | 303,293 | 446,420 |
| Gift Aid recoverable | 26,889 | – | 26,889 |
| Legacies | |||
| Legacies | 24,215 | – | 24,215 |
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| 194,231 | 303,293 | 497,524 | |
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PRAYER FOR ISRAEL
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
4. Donations and legacies (continued)
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Donations | |||||
| Donations | 39,279 | 89,387 | 128,666 | ||
| Gift Aid recoverable | 8,387 | – | 8,387 | ||
| Legacies | |||||
| Legacies | 6,066 | – | 6,066 | ||
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| 53,732 | 89,387 | 143,119 | |||
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| 5. | Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Sale of resources | 1,323 | 1,323 | – | – | |
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| 6. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Income from cash investments | 941 | 941 | – | – | |
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| 7. | Other income | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2024 | |||
| £ | £ | £ | |||
| Donation of funds from Prayer for Israel | Trust | 108,774 | – | 108,774 | |
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| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Donation of funds from Prayer for Israel | Trust | 765,720 | 55 | 765,775 | |
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| 8. | Costs of raising donations and legacies | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Costs of raising donations and legacies | |||||
| - Donations | 102,986 | 102,986 | 24,316 | 24,316 | |
═════════ |
═════════ |
════════ |
════════ |
- 14 -
PRAYER FOR ISRAEL
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
9. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Distribution of Funds | 20,168 | 291,428 | 311,596 |
| Support costs | 133,848 | 4,761 | 138,609 |
───────── |
───────── |
───────── |
|
| 154,016 | 296,189 | 450,205 | |
═════════ |
═════════ |
═════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Distribution of Funds | 18,694 | 71,495 | 90,189 |
| Support costs | 37,308 | – | 37,308 |
──────── |
──────── |
───────── |
|
| 56,002 | 71,495 | 127,497 | |
════════ |
════════ |
═════════ |
Total resources expended include the allocation of support costs to the various expenditure categories set out in the Statement of Financial Activities. These support costs relate to the corporate functions of information technology, property and facilities management, human resources and finance, in addition to the support costs incurred by communications and other office costs that are not otherwise directly allocated. Support costs have been allocated to activities on a basis consistent with the use of resources.
The distribution of funds relates to financial grants made to both individuals and institutions. All grants made support the objects of the charity.
Restricted grants made in the year amounted to £291,428 (2023 - £71,495), which were made up as grants to institution for £268,848 (2023 - £64,478) and grants to individuals for £22,580 (2023 - £7,018).
During the period total grants approved exceeded 375 (2023 - 175) in number, and were made at the behest of the donor of funds or at the discretion of the Trustees. The largest single recipient of grants was to support the Emergency Relief Fund Israel in the year.
10. Expenditure on charitable activities by activity type
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Distribution of Funds | 311,596 | 22,948 |
334,544 | 96,229 |
| Conferences, Tours and Literature | – | 56,839 |
56,839 | 12,372 |
| Governance costs | – | 58,822 |
58,822 | 18,896 |
───────── |
───────── |
───────── |
───────── |
|
| 311,596 | 138,609 |
450,205 | 127,497 | |
═════════ |
═════════ |
═════════ |
═════════ |
- 15 -
PRAYER FOR ISRAEL
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
11. Analysis of support costs
| 11. | Analysis of support costs | ||||
|---|---|---|---|---|---|
| Charitable | |||||
| Activities | Total 2024 | Total 2023 | |||
| £ | £ | £ | |||
| Staff costs | 63,506 | 63,506 | 16,427 | ||
| General office | 19,874 | 19,874 | 3,830 | ||
| Governance costs | 3,942 | 3,942 | 4,380 | ||
| Depreciation | 1,758 | 1,758 | 413 | ||
| Conferences, Tours and Literature | 49,530 | 49,530 | 12,258 | ||
───────── |
───────── |
──────── |
|||
| 138,610 | 138,610 | 37,308 | |||
═════════ |
═════════ |
════════ |
|||
| 12. | Other expenditure | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Loss on disposal of tangible fixed | |||||
| assets held for charity's own use | 268 | 268 | – | – | |
════ |
════ |
════ |
════ |
||
| 13. | Net income | ||||
| Net income is stated after charging/(crediting): | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 1,758 | 413 | |||
| Loss on disposal of tangible fixed assets | 268 | – | |||
═══════ |
════ |
||||
| 14. | Independent examination fees | ||||
| Period from | |||||
| Year to | 13 Dec 21 to | ||||
| 31 Mar 24 | 31 Mar 23 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial | statements | 3,942 | 4,260 | ||
═══════ |
═══════ |
15. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| Period from | ||
|---|---|---|
| Year to | 13 Dec 21 to | |
| 31 Mar 24 | 31 Mar 23 | |
| £ | £ | |
| Wages and salaries | 148,122 | 34,813 |
| Social security costs | 8,850 | 3,235 |
| Employer contributions to pension plans | 3,922 | 913 |
───────── |
──────── |
|
| 160,894 | 38,961 | |
═════════ |
════════ |
- 16 -
PRAYER FOR ISRAEL
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
15. Staff costs (continued)
The average head count of employees during the year was 5 (2023: 5). The average number of full-time equivalent employees during the year is analysed as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Number of administrative staff | 1 | 1 |
| Number of management staff | 1 | 1 |
| Number of charitable support staff | 3 | 3 |
──── |
──── |
|
| 5 | 5 | |
════ |
════ |
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
16. Trustee remuneration and expenses
No remuneration was paid to any trustees in this year or the previous period.
During the year, there were 2 trustees who received expenses for travel and meeting costs amounting to £109 (2023 - no expenses incurred).
17. Tangible fixed assets
| Equipment | ||
|---|---|---|
| £ | ||
| Cost | ||
| At 1 April 2023 | 6,127 | |
| Additions | 1,573 | |
| Disposals | (286) | |
─────── |
||
| At 31 March 2024 | 7,414 | |
═══════ |
||
| Depreciation | ||
| At 1 April 2023 | 413 | |
| Charge for the year | 1,758 | |
| Disposals | (18) | |
─────── |
||
| At 31 March 2024 | 2,153 | |
═══════ |
||
| Carrying amount | ||
| At 31 March 2024 | 5,261 | |
═══════ |
||
| At 31 March 2023 | 5,714 | |
═══════ |
||
| Debtors | ||
| 2024 | 2023 | |
| £ | £ | |
| Prepayments and accrued income | 2,173 | 2,202 |
| Other debtors | 16,304 | 491,539 |
──────── |
───────── |
|
18,477════════ |
493,741═════════ |
18. Debtors
Other debtors consists of Gift Aid debtor £10,154 (2023 - £10,009), Donations to be received from the unincorporated Trust £4,150 (2023 - £481,530) and Legacy debtor of £2,000 (2023 - £nil).
- 17 -
PRAYER FOR ISRAEL
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
19. Investments
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Insignis investments | 550,969 | – |
═════════ |
════ |
|
| Creditors: amounts falling due within one year | ||
| 2024 | 2023 | |
| £ | £ | |
| Trade creditors | 1,720 | 1,254 |
| Accruals and deferred income | 6,251 | 4,380 |
| Social security and other taxes | 3,865 | 3,115 |
| Pensions creditor | 918 | – |
──────── |
─────── |
|
| 12,754 | 8,749 | |
════════ |
═══════ |
20. Creditors: amounts falling due within one year
21. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At 1 | At 31 | |||
| April 2023 | Income | Expenditure | March 2024 | |
| £ | £ | £ | £ | |
| General funds | 251,965 | 305,269 | (202,559) | 354,675 |
| Designated Fund for freehold property | 432,458 | – | – | 432,458 |
| Where Most Needed Fund | 54,711 | – | (54,711) | – |
───────── |
───────── |
───────── |
───────── |
|
| 739,134 | 305,269 | (257,270) | 787,133 | |
═════════ |
═════════ |
═════════ |
═════════ |
|
| At 13 | ||||
| December | At 31 | |||
| 2021 | Income | Expenditure | March 2023 | |
| £ | £ | £ | £ | |
| General funds | – | 332,283 | (80,318) | 251,965 |
| Designated Fund for freehold property | – | 432,458 | – | 432,458 |
| Where Most Needed Fund | – | 54,711 | – | 54,711 |
──── |
───────── |
──────── |
───────── |
|
| – | 819,452 | (80,318) | 739,134 | |
════ |
═════════ |
════════ |
═════════ |
General reserves - this fund can be used in accordance with the charity objectives at the discretion of the Trustees.
Designated funds - These are as follows:-
Freehold property - this related to the sale of the freehold property and represents the net proceeds received. This is held for the purpose of buying a new premises at some point in the future, should it prove necessary. The balance of £432,458 was transferred by way of donation from Prayer For Israel Trust at 31 December 2022. There were no further transactions in the period.
Where Most Needed Fund - this fund can be used in accordance with the charity objectives at the discretion of the Trustees for where it is most needed. At the start of the year, it was decided by the Trustees that this fund should no longer be separated as a designated fund and would form part of the general funds going forwards.
- 18 -
PRAYER FOR ISRAEL
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
21. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | ||||
|---|---|---|---|---|
| At 1 | At 31 | |||
| April 2023 | Income | Expenditure | March 2024 | |
| £ | £ | £ | £ | |
| Restricted Donations Fund | 17,947 | 298,532 | (291,428) | 25,051 |
| Donations towards bulletin | – | 4,761 | (4,761) | – |
──────── |
───────── |
───────── |
──────── |
|
| 17,947 | 303,293 | (296,189) | 25,051 |
|
════════ |
═════════ |
═════════ |
════════ |
|
| At 13 | ||||
| December | At 31 March | |||
| 2021 | Income | Expenditure | 2023 | |
| £ | £ | £ | £ | |
| Restricted Donations Fund | – | 89,442 | (71,495) | 17,947 |
| Donations towards bulletin | – | – | – | – |
──── |
──────── |
──────── |
──────── |
|
–════ |
89,442════════ |
(71,495)════════ |
17,947 ════════ |
The restricted donations fund is represented by approximately 100 small funds whereby donors have specifically requested that their gifts are given in support of a specific need or ministry.
For details on the individual funds, please refer to Head Office where the position can be communicated at any time.
During the year, we also received £4,761 (2023 - £nil) towards the cost of printing the bulletin. These donations were fully expended against the costs of the bulletin during the year.
22. Analysis of net assets between funds
| Analysis of net assets between funds | |||
|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Tangible fixed assets | 5,261 | – | 5,261 |
| Current assets | 794,626 | 25,051 | 819,677 |
| Creditors less than 1 year | (12,754) | – | (12,754) |
───────── |
──────── |
───────── |
|
| Net assets | 787,133 | 25,051 | 812,184 |
═════════ |
════════ |
═════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Tangible fixed assets | 5,714 | – | 5,714 |
| Current assets | 742,169 | 17,947 | 760,116 |
| Creditors less than 1 year | (8,749) | – | (8,749) |
───────── |
──────── |
───────── |
|
| Net assets | 739,134 | 17,947 | 757,081 |
═════════ |
════════ |
═════════ |
23. Prior year adjustments
The restricted funds were overstated in the prior year accounts by £3,349, which should have been stated as unrestricted funds. The correcting entries have been included in the prior year comparatives.
- 19 -
PRAYER FOR ISRAEL
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
24. Analysis of changes in net debt
| At 1 | At 31 | ||
|---|---|---|---|
| Apr 2023 | Cash flows | Mar 2024 | |
| £ | £ | £ | |
| Cash at bank and in hand | 266,375 | (16,144) | 250,231 |
| Current asset investments | – | 550,969 | 550,969 |
───────── |
───────── |
───────── |
|
266,375═════════ |
534,825═════════ |
801,200═════════ |
25. Related parties
Donations from trustees in the year amounted to £12,703 (2023 - £435).
The charity also received a donation amounting to £108,774 (2023 - £765,775) from the unincorporated charity of the same name (charity number - 326132). The amount owing to the charity at 31 March 2024 amounted to £4,150 (2023 - £481,530) and this was settled shortly after the year end. The charity incorporated with the same trustees. The unincorporated charity will be closed once the final set of accounts have been submitted.
- 20 -
PRAYER FOR ISRAEL
MANAGEMENT INFORMATION YEAR ENDED 31 MARCH 2024
The following pages do not form part of the financial statements.
- 21 -
PRAYER FOR ISRAEL
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2024
| Period from | ||
|---|---|---|
| Year to | 13 Dec 21 to | |
| 31 Mar 24 | 31 Mar 23 | |
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations | 446,420 | 128,666 |
| Gift Aid recoverable | 26,889 | 8,387 |
| Legacies | 24,215 | 6,066 |
───────── |
───────── |
|
| 497,524 | 143,119 | |
───────── |
───────── |
|
| Other trading activities | ||
| Sale of resources | 1,323 | – |
─────── |
──── |
|
| Investment income | ||
| Income from cash investments | 941 | – |
──── |
──── |
|
| Other income | ||
| Donation of funds from Prayer for Israel Trust | 108,774 | 765,775 |
───────── |
───────── |
|
───────── |
───────── |
|
| Total income | 608,562 | 908,894 |
═════════ |
═════════ |
- 22 -
PRAYER FOR ISRAEL
DETAILED STATEMENT OF FINANCIAL ACTIVITIES (continued)
YEAR ENDED 31 MARCH 2024
| YEAR ENDED 31 MARCH 2024 | ||
|---|---|---|
| Period from | ||
| Year to | 13 Dec 21 to | |
| 31 Mar 24 | 31 Mar 23 | |
| £ | £ | |
| Expenditure | ||
| Costs of raising donations and legacies | ||
| Wages and salaries | 90,201 | 20,332 |
| Employer's NIC | 5,003 | 1,723 |
| Employers pension costs | 2,184 | 479 |
| Other office costs | 5,598 | 1,782 |
───────── |
───────── |
|
| 102,986 | 24,316 | |
───────── |
───────── |
|
| Expenditure on charitable activities | ||
| Distribution of funds | 311,596 | 90,189 |
| Wages and salaries | 57,921 | 14,481 |
| Employer's NIC | 3,847 | 1,512 |
| Pension costs | 1,738 | 434 |
| Software costs | 8,166 | 2,135 |
| Travel and welfare costs | 5,490 | – |
| Independent examiners fees | 3,942 | 4,380 |
| Office costs | 4,398 | 1,581 |
| Depreciation | 1,758 | 413 |
| Literature and bulletins | 49,530 | 12,258 |
| Bank charges | 1,819 | 114 |
───────── |
───────── |
|
| 450,205 | 127,497 | |
───────── |
───────── |
|
| Other expenditure | ||
| Loss on disposal of tangible fixed assets held for charity's own use | 268 | – |
──── |
──── |
|
───────── |
───────── |
|
| Total expenditure | 553,459 | 151,813 |
═════════ |
═════════ |
|
───────── |
───────── |
|
| Net income | 55,103 | 757,081 |
═════════ |
═════════ |
- 23 -
PRAYER FOR ISRAEL
NOTES TO THE DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2024
| Period from | ||
|---|---|---|
| Year to | 13 Dec 21 to | |
| 31 Mar 24 | 31 Mar 23 | |
| £ | £ | |
| Costs of raising donations and legacies | ||
| Costs of raising donations and legacies - Donations | ||
| Wages and salaries | 90,201 | 20,332 |
| Employers NIC | 5,003 | 1,723 |
| Employers pension costs | 2,184 | 479 |
| Office costs | 5,598 | 1,782 |
───────── |
──────── |
|
| 102,986 | 24,316 | |
───────── |
──────── |
|
───────── |
──────── |
|
| Costs of raising donations and legacies | 102,986 | 24,316 |
═════════ |
════════ |
|
| Expenditure on charitable activities | ||
| Distribution of Funds | ||
| Activities undertaken directly | ||
| Distribution of funds | 311,596 | 90,189 |
───────── |
──────── |
|
| Support costs | ||
| Wages and salaries | 18,027 | 4,507 |
| Employers NIC | 1,223 | 481 |
| Employers pension costs | 541 | 135 |
| Office costs | 1,399 | 504 |
| Depreciation | 1,758 | 413 |
──────── |
─────── |
|
| 22,948 | 6,040 | |
──────── |
─────── |
|
| Conferences, Tours and Literature | ||
| Support costs | ||
| Travel and welfare costs | 5,490 | – |
| Literature and bulletins | 49,530 | 12,258 |
| Bank charges | 1,819 | 114 |
──────── |
──────── |
|
| 56,839 | 12,372 | |
──────── |
──────── |
|
| Governance costs | ||
| Wages and salaries | 39,894 | 9,974 |
| Employers NIC | 2,624 | 1,031 |
| Employers pension costs | 1,197 | 299 |
| Software costs | 8,166 | 2,135 |
| Independent examiners fees | 3,942 | 4,380 |
| Office costs | 2,999 | 1,077 |
──────── |
──────── |
|
| 58,822 | 18,896 | |
──────── |
──────── |
|
───────── |
───────── |
|
| Expenditure on charitable activities | 450,205 | 127,497 |
═════════ |
═════════ |
- 24 -