Timothy was a member of the council of elders that headed the Church in those days, having received a certain gift from God "by prophecy through the laying on of the hands of the presbyters" (in the Synodal translation the presbyters are called "the priesthood"). In those days the Church, like other Jewish religious brotherhoods of the Gospel era, was headed by a council of elders, which was partly a representative body - it usually included representatives of the separate communities that made up the brotherhood - and partly co-opted, since new members probably could not enter the council of elders except by the agreement of all its participants.
It is no surprise that, when new members were accepted into the council, they were prayed for with the laying on of hands: this ancient practice was connected with the tradition of prophetic communities and was a kind of initiation. Entering the community, a person had to experience what was connected with the experience of that community, to understand what exactly formed the foundation of its spiritual life.
Such a practice existed in every church community, and it would be strange if it were absent from the council of elders, which was, after all, first and foremost itself a church community, not some governing and administrative center. How exactly prayer with the laying on of hands took place in the earliest Christian times, we do not know, and we can only guess what "prophecy" the apostle mentions. It is possible that something special concerning Timothy's person and his ministry was revealed to one of the church prophets, since prophetic ministry in the earliest Christian period was normal in the Church.
If so, it is no surprise that Paul urges him not to forget what he received during that prayer. Judging by the apostle's mention of "teaching," into which the apostle advises Timothy to "delve," this concerns the ministry of a church teacher-rabbi, about which Paul says quite a lot in the letter to Timothy. It should be noted that teacher-rabbis often became members of the council of elders: their ministry was considered one of the most important in any brotherhood, and their experience, connected not only with the study of sacred books but also with acquiring the inner Torah, could prove important for the whole brotherhood - in this case, for the whole Church.
Meanwhile, Timothy, judging by the mention of his "youth," was younger than members of the council of elders usually were, and this fact may have troubled someone, so that Paul had to encourage him: if the members of the council considered him worthy to enter their community, then he truly is worthy of it, despite his age. As we can see, the apostle calls Timothy to be before God who he is, remaining himself under all circumstances: precisely in this way he will best handle the ministry entrusted to him by God.
