The original group of 24 met while studying at Central St Martins college of art and design in London and are now more than halfway through the project, which they hope to continue for 24 years. So that will be 24 sets of 24 images, 576 pictures.
Inevitably some of the photographers have moved on and been replaced by new members, but the central ethos continues.
This year, the work has been curated by photographer Jillian Edelstein and is on show in Soho Square, London, until 17 March.
"It was an honour to be asked to curate the exhibition, which consists of surprisingly varied images that are well realised," said Edelstein.
"It's a striking social commentary, from urban decay to beautifully lit landscapes to portrait to elaborate detail in the environment."
You can see more of their work on their website.
This month sees the release of the latest set of 24 images from a group of photographers who document the first 24 hours of each year.