Charity Registration No. 284857 Company Registration No. 327218 (England and Wales) DAILY PRAYER UNION CHARITABLE TRUST LIMITED UNAUDITED TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 DAILY PRAYER UNION CHARITABLE TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs N M Coombs Mrs C M Heath-whyte The Revd R J Porter Mr G A Rawlinson The Revd S L Smallwood Dr J Sudell Rev Dr N J C Tucker Mrs S Waller Secretary Mrs A Putt Charity number 284857 Company number 327218 Registered Office The Vicarage Church Lane Burford OX18 4SD Independent Examiner TaxAssist Accountants 97 Hewlett Road Cheltenham GL52 6BB Bankers National Weslminsler 59 station Road New Milton Hampshire BH25 6JA DAILY PRAYER UNION CHARITABLE TRUST LIMITED CONTENTS Page Trustees, Report Independent Examiners, Report Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Financial Statements 10-13 DAILY PRAYER UNION CHARITABLE TRUST LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present Iheir report and the financial slalement for the year ended S April 2024, which should be read in conjunction wth the legal and administrative information. The financial statements comply with the Charities Act 2011, the Companies Act 2005 the Memorandum and Articles of Association, and the Accounting and Reporting by Charities Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicabla in the UK and Republic of Ireland IFRS1021 leffe¢tive 1 January 20191. For the purpose of this report, directors have been described as Trustees. The full name of the Trust is "The Daily Prayer Union Chzritable Trust Limited.. The charity is a private company limited by guarantee and is consliluted and govtsmed by its memorandum and articles of association as amended 17 March 2022. Trustees Each Trustee is appoinle(f in accordance with the Companies Act provisions. Trustees who seTved during the year and up to the dale of this report Were as follows.. Mrs Nicola Coornbs Mrs Clare Healh-whyle The Revd Ray Porter Mr Giles Rawlinson The Revd Simon Smallwood Dr Joanna Sudell The Revd Dr Nick Tucker Mrs Sarah Waller The Board of Tnstees meets trNice a year to ascertain the level of funds available for distribution and then reviews grants which a￿ due for ￿neWa1 and applications for new grants. Trustees are recruited following personal recommendation from one of the existing Tmslees having regard to the need for all appropriate mix of skills on the Trustee Board. Objectives and activities Al ils meeting in March 2022, the Trustees passed a 5p8cial resolution to alter the Memorandum and Articles of Association, this being the result ol several years, work lo ensure that the trustees are continuing to meet the charity's original objecls, and that the charity is being dir&cl&d in accordan￿ with most up to date practise. The purpose of the Trust is to make grants for the advancement of the Christian Religion. The charity has 4 primary objects". 11 To promote prayer and belief in God the Father, Son and Holy Spirit, and lo make Him better known, loved. honoLJred and worshipped., 21 To promote, safeguard and advance the Protestanl and Evangelioal leaching and principles of the Church of England las at the year 20201 as sel forth in th8 39 Articles ol religion and Prayer Book, and the Church of England Evanoelical Council Basis of Faith wilh ils two additional declarations", 31 To promote. safeguard and advance the Protestant and Evangelical teaching and principles of any denomination in the British Isles as set forth in the UCCF b8sis of faith 1944". 41 To promote, safeguard and advance the same Protestsnl and Evangelical teaching and principles and carry on missionary work in any part of the world. The Trustees aim lo ensure that appropriate levels of ¢ash are available in order to meet the programme of grants distribution. DAILY PRAYER UNION CHARITABLE TRUST LIMITED TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 In order to meet these primary objectives, the trustees are now considaring these five main areas in whi¢h they are looking to make grants". 11 Ministry Training 21 Education 3) Mission 41 Media, Publishing and Broadcasting 51 Evangelism Risk The Trustees established a Risk Register during the year 2023, identifying the range of risks to which the charity might be exposed, along with a soore, and actlOnS to mitigat& each of the identified risks. This Risk Register was reviewed at the November 2023 meeting and will be reviewed on an annLJal basis. Public Benefit requirement The Trustees ¢onfirrn that they have referred to the guidance contained in the Charity Commission's general guidance on public benèfit and have given due consideration lo this guidance in relation to the Public Benefit requirement, and in running the Charity and reporting its activities. Achievements and performanee The Trusle$s are now govemed by the revised Memorandum and Artides. which were approved in March 2022. The Trustees continue to enjoy a very conslruclive relationship with Church Society. The ¢harily is the beneficiary of all of the income from the Sir Edgar Plummer Will Trust, while ChLJrch Society is the ultimate capital beneficiary ol the Sir Edgar PILJmmer Will Trust. The Trustees signed a Memorandum of Understanding with Church Society on 16th March 2023, with both parties agreeing lo appoint Church Society as Trustee ol the Sir Edgar Plummer Will TrLJSt in place of Ludlow Trust Company Ltd. The work associated with this Iransf8r was complel8d in December 2023. Church Society has invested the asseis of the Sir Edgar Plummer Will Trust in several funds with CCLA and Kingdom Bank. The Iruslees coTrtinue lo review the grant making process on a regular basis to ensure that the Charity meets its objectives. Financial review The TrLJStees are grateful for the income received from ihe Sir Edgar Plummer Will Trust which has provided a substantial and regular income stream ovtsr many years. The charity is wholly reliant on this income. This income has dropped over the last few years duè in part to the pandemic, the chznge in trusteeship of the Sir Edgar Plummer Will Trust from NatW8sI Bank PLC lo Ludlow Trust Company Ltd, and now the trznsfer to Church Society. Income frorm the Sir Edgar Plummer Will Tnjsl continued to be low during the 2023-2024 year due lo the change in trusteeship, and the time taken to reinvest the assets, and for income to be received. No income was received during the last 4 months of the 2023-2024 financial year. Since the year end income has been recéived, and we expect lo receive in the region of £60,000 per znnurll in the 2024-2025 financial year, in excess of the long term average income received. The Tmst also holds a small amount of investments, as shown in note 9 to the financial statements, and whioh are held as reserves. Th8 market value ol investments is ￿vieWed regularly, and the income stream is considered lo ensuie that income a¢cruing is in line with the Trust's expeclalions. The investments ar8 held in accordance with the Trustees. powers. The Trustees also zim lo hold an optimum level of cash on DAILY PRAYER UNION CHARITABLE TRUST LIMITED TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 deposit and the minimum on non-interest- bearing a¢coLJnts, in order lo maximise the income accruing to the Trust. The results for the yaar and financial p0511ion of the Trust are as shown in the annexed financi81 slalements. The surplus Iransl$rred to reserves is £8,39712023.'1£2,3471) Grants lot811ing £14.00012023.' £16,100) have been paid out during the year. All grants were paid to institutions and individuals within the scope of the Trust's ¢h8ritable objectives. RèsèNes policy The Trustees have had a polifjy for many years of seeking to maintain reserves equal to six months of operational expenditure. More recently, and as income has fallen, reserves have been used to meet both grant expenditure, but also the oosls associated with the governance activities of thè last few years. The Current inveslments £21,10012023.' £20.1961 now exceed our reserves policy threshold by £8,041 12023.. £3,840). The Trustees have reviewed the reserves of the Irust and consider this level of free reserves lo be appropriate lo enable the Trust lo continue ils grant making activity during this period of significanl transition In thé Irusleeship of the Sir Edgar Plummer Will Trust. This level of reserves will be kept under regular revi8W to ensure Ihe smwlh njnning ol ihe charity, and to maximise its grant making activity. The Trustees, report has been prepared in accordance the special provisions within Part 15 of tha companie5 Act 2006. On behalf ol the Board of Trustees G A Rawlinson Chair of Trustees Date 06111124 DAILY PRAYER UNION CHARITABLE TRUST LIMITED Independent examiner's report to the Trustees of Daily Prayer Union Charitable Trust Limited I report to the trustees on my examination of Ihe accounts of Daily Prayer Union Charitable Trust Limiled loi the year ended 5 April 2024. which comprise of the Slalement of Financial Activities. the Balance Sheet, the Statement of Cash Flows and the notes to the accounts, induding a summary of significant accounting policies. Respeclive responsibilities of Trustees ad examiner As the trLJStees of the charitable company land, also the directors lor the purposes of comp3ny lawl you are responsible lor the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the Companies Act'l. Having satisfied ourselves that the accounts of the Charitable Cornpany are not requirèd lo be audited under Part 16 of the Companies Act and are eligible for independent examination, we report in respect ol our examin31ion of the charity's accounts carried out under section 145 of the Charities Act 20111'the Charities Act'l 8nd in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Charities Act. Independent examiner's report I have completed my examination. I confimi that no material matters have come to my attention in conne¢lion with the examination giving me cause lo believe that in any material respect.. Accounting records were not kept in respect of the charil8ble company as required by section 386 of the Compani8s Act., or 2. The accounts do not accord with those records.. or 3. The accounts do not oomply with the accounting requirements concerning the fomi and conlenl of accounts sel out in the Charites IAccounls and Reports) Regulation 2008 other than any requirement that the accounts give a 'lrue and fai¢ view which is not a tnatter Considered as part of an independént examination. I have no concerns and have come across no other matters in connection with th8 examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. TaxAssist Accountants Date IF DAILY PRAYER UNION CHARITABLE TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Notes Income and endowments from Legacies Investments Sundry 33,142 473 31,108 554 Total Income 33,615 31,662 Expèndlture on Charitable activities Other 14,000 12,121 16,100 16,613 Total Expènditure 26,121 32,713 Net incomellexpendilurel 7,494 11,0511 N8t gainslllossesl on investments 903 1,296 Net movement in funds 8,397 12,3471 Reconciliation of funds- Total funds brought forward 27,214 29,561 Total funds carried fO￿ard 35,611 27,214 The Slalemenl of Financial Activities includ8s all gains and losses recognised in the year. All operations are classed as continuing. All funds are unrestricted. DAILY PRAYER UNION CHARITABLE TRUST LIMITED BALANCE SHEET FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Not•s Fixed Assets Inveslmer)Is 21,100 20,196 Current Assets Cash al Bank and in han Creditors." amounts falling due within one year 20,012 15,5011 10,519 13,5011 Net CurrÈnt Assets 7,018 Total Assets lèss current liabilities 35.611 27,214 The funds of the charity.. Unrestricted funds 35,611 27.214 These financial statem8nls have been prepared in accordance with the special provisions relating lo sm811 companies within Part 15 of the Companies Act 2006. For the year ending 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies and no notice has been deposited under section 476. The Tru5te8s acknowledge their responsibilities for ensuring that the Company keeps sccounling records which comply with seclion 386 of the Act and for preparing financial statements which give 3 true and lair view of the slate of affairs of the Company as al the end of the financial year alld of ils surplus or deficit for the financial year in accordance with Ihe requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial slal&menls, so far as applicable lo the Company. The financial statements were approved by the Board on .06111124.... G A Rawlinson Chair ol Trustee5 DAILY PRAYER UNION CHARITABLE TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Notes Cash lused inllfrom operating activities 12 9,020 17,7681 Cash flows from investing activities PrO￿ed$ from sale ol Investment 5nveslmenl incorne 473 554 IDecreas8lllncr&asè in cash and eash equivalents in th8 yèar Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the beginning of the year 9,493 17,2141 10,519 17,733 20,012 10,519 Analysis of changes in nèt funds At 6 April 2023 Cashflows Other non