Reglstered number: 02175712
Charity number: 1001361
MORRIS CERULLO WORLD EVANGELISM
(A Company LimSted by Guarantee)
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

MORRIS CERULLO WORLD EVANGELISM
{A Company Llmited by Guarantee)
CONTENTS
Page
Reference and Administratlve Details of the Company, Ils Trustees and Advisers
Trustees. Report
Independent Auditor'5 Report on the Financial Statements
Statement of Financial Activities
9-12
13
Balance Sheet
14-15
statement of Cash Flows
16
Notes to the Financial Statements
17-30

MORRIS CERULLO WORLD EVANGELISM
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2023
Trustees
David Cerullo, President
Lynn Hodge, Chair
Rev. Greg Mauro, Deputy Chair
Andre Taylor
Peter Tod
Julian Richards
Verona Powell
Andreas Yiangou
Company registered
number
02175712
Charity registered
number
1001361
Registered office
The Lodge
The Green
Houghton Hall
Houghton Regis
LU5 5DY
Chief executlve officer
Julian Ri¢hard5 (European Director)
Independent auditor
Hillier Hopkins LLP
Chartered Accountants
Statutory Auditor
Radius House
51 Clarendon Road
Watford
Herts
WD17 1HP
Bankers
HSBC PLC
63 George Street
Luton
LU12AR
Senior Management
Team
Oliver Palmer (UK Office Manager)
Christine McKinney (Partner Services Manager)
Page 1

MORRIS CERULLO WORLD EVANGELISM
IA Company Limited by Guarantee)
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their annual report together with the audited financial statements of the Company for the
year 1 January 2023 to 31 December 2023. The Annual Report serves the purposes of both a Trustees, report
and a directors. report under company law. The Trustees confirm that the Annual Report and financial
statemenls of the charilable Gompany comply with the cu￿ent statutory requirements, the requirements of the
charitable Gompany's governing document and the provisions of the Statement of Recommended Practice
(SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS1021 (effeGtive 1 January 20191.
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report
required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors,
Report) Regulations 2013 has been orllitted.
Objective5 and activities
a. Pollcles and obJe¢tlves
The principal object of the charity is to advance the Evangelical Christian faith. In setting objectives and planning
for activities, the Trustees have given due consideration to general guidance published by th6 Charity
Commission relating lo public benefit, including the guidance 'Public benefit.. running a charity IPB2}'.
b. Strategies for achieving objectives
The charily presents the Christian gospel to all people regardless of nalionalily, race or religious affiliation. As a
result, it works in conjunction with various churches, pastors and leaders to achieve a common goal of
Evangelistic training and church building. Many of these people head up other charities. The charity will from
time to time, make contributions to other charities to help in achieving common goals.
c. Activities undertaken to achieve objectives
The advancement of the Evangelical Christian faith is achieved through the use of media ITV, radio, Satellite
TV), publications Ibooks, magazines, direct mail, and audio and video tapes), public appearances, crusades,
and partner seminars. However advancement of the Evangelical Christian faith is not limited to these melhods
alone.
d. Volunteers
The part played by volunteers in achieving our objectives is vital. In keeping with recommended practice we have
made an estimate of the number of hours that partners in the Ministry have given us free of charge during the
year.
We rely on volunteers not only to man our prayer lines at Ihe Offi￿ during the week but also to acl as ushers,
security guards and sales staff at our events. Some travel long distances at their own expense.. without their
dedication many of the services that the Charity offers to the wider public would not happen.
For this twelve month period across our evenls, prayer line and office assistance, we had 75 volunteer hours.
Page 2

MORRIS CERULLO WORLD EVANGELISM
{A Company Limited by Guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Objectlves and activities (continued)
e. Memberships
During the period Jan to Dec 2023 46 new members were added to the Charity's mailing list.
Achievements and performance
a. Maln achievements of the Company
Areas of activity during the year-
Literature
Events and Crusades
Prayer lines
Membership
World Wide Outreach Support
Llterature
The Charity continued to distribute Christian literature around the World in English, Spanish, German and
Hebr8W.
2023 Events and Crusades (UK)
No UK meetings took place in 2023.
2023 Events and Crusades {Overseas}
During the period the Charity contributed to successful Missions in..
USA
Cosla RiGa
Mexico
Brazil
Nigeria
Indonesia
Malaysia
Panama
Kenya
Israel
After the impact of Covid-19 globally, our ministry on line, reaching every major country on the planet has
become even more important. With our online interaction increasing to over I million people. Daily live video
content is broadcast around the world.
Prayer Llnes
Prayer Is offered on our main MCWE phone lines, with our UK office staff and volunteers praying with anyone
who requests prayer support.
Page 3

MORRIS CERULLO WORLD EVANGELISM
(A Company Llmlted by Guarantee)
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Achievements and performance (continued)
b. Fundralslng a¢tlvities and income generation
1 } Our fundraising activities are limited lo tithes and offerings at our local events, as per many stsndard Church
organisations. This is combined with regular mailings into our donors homes ministering and encouraging them
to play an active role in carrwng the financial burden of our Worldwide missions.
2) We do not use any outside fundraising organisalions.
3) We do not apply for grant funding from any other organisation. We're 100 % donor supported.
c. Investment policy and performance
The Ministry has no specific investment policy. The Trustees believe the donated funds should be utilised for the
purpose they were given.
Due to the uncertain nature of the foreign exchange market the Trustees have opted out of the Gurrency market
for the foreseeable future.
Flnanclal revSew
. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate
resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt
the going concèrn basis in preparing the financial statements. Further details regarding the adoption of the going
concern basis can be found in the accounting policies.
b. Reserves policy
MCWE Inc USA works in conjunction with the Charity and provides financial support to see the fulfilment of their
common objectives.
The Charity has a contractual obligation to reimburse MCWE USA for all expenditure incurred on its behalf and
as reflected in these accounts, in the development of literature. publications and other training materials and
products.
According to an operations agreement wilh MCWE USA, the Charity has the rèsponsibility to repay these
obligations quarterly. This obligation will be mel as and when funds are available.
MCWE USA confirms that it will continue lo provide financial support to the Charity to meet its ministry
objectives.
In view of the above arrangements the Trustees do not consider that any specific level of reserves needs to be
maintained.
Page 4

MORRIS CERULLO WORLD EVANGELISM
(A Company Limited by Guarantee)
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Principal risks and uncertainties
The Board of Trustees had reviewed during the previous period an assessment of the risks lo which the Charity
is exposed, particularly business, operational and financial risks and introduced through the Execulive Team a
reporting regime to manage and reduce the identified risks. The Trustees agreed clear lines of delegation and
authority to the Execulive Team.
The income of the Charity is continuing on a downward Irend. The primary concern of the Board is the perceived
increasing age of its donors and the need to establish a slrategy to attract younger donors remains a priority.
This was considered and discussed at length at the AGM again in detail.
During the previous financial period, David Cerullo has been recognised as President by the board of MCWE
UK. During this time MCWE UK has merged and absorbed partner from IMUK, as a large cross section were th&
same partner. No changes have been made lo our charitable trust and MCWE UK in this financial period.
The Legacy Centre continues to hold events and is advancing our vision to share the gospel of Jesus Christ
around the world with all people.
d. Principal fundlng
The Charity continues to be funded entirely from contributions made by the Members and other donors. It is not
the policy of the Charity to ask or apply for grants or loan funding.
structure> governance and managemènt
a. Constltutlon
Morris Cerullo World Evangelism is registered as a charitable company limited by guarantee and was set up by a
Trust deed.
b. Methods of appointment or election of Trustees
The maximum number of Trustees allowed under the constilution is ten. The minimum required under the
charity's constitution being three. Trustees are appointed as deemed necessary by the existing board from a
short list drawn up for consideration by the Executive Team. This short list is drawn from the wider non voting
membership. One third of the Board offers itself for re-election by rotation al the Annual General Meeting,
providing they have served at least one year. The Chair and officers are appointed by the Trustees from among
their number. The whole Board convenes once a year. but is reported to on a weekly and monthly basis by the
Executive Team. Th8 Board, from time to time will consull by means of vidèo or telephone conferencing. Those
Trustees offering themselves for re-election were re-elected unanimously
Page 5

MORRIS CERULLO WORLD EVANGELISM
(A Company Llmlted by Guarantee)
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Structure, governance and management (continued)
Oryanisational structure and decision-making policies
Five United Kingdom resident Trustees in addition to David Cerullo who is involved in the day-to-day
managemenl of the charity - they are Peter Tod, Andre Taylor, Verona Powell, Andreas Yiangou and Julian
RiGhards. Rev Greg Mauro is responsible for the operational and ministry functions and is in daily contact with
Julian Richards the European Director. However, practically the Trustees delegate the management of MCWE to
the European Director, who reporls on the performance against the strategic and operational plans approved by
the Trustees.
Membership of MCWE
The only full members of MCWE and those entitled to vote are the members of tho Board for the time being.
There are a number of graded non-voting memberships, which carry a variety of benefits. These are as follows-
President
GVA Eagle
Chairman's Inner Council
Board of Governors
Diamond Executive Elder
Executive Elder
Elder
There is also a monthly subscription (GVA), which provides a bi-monthly magazine and regular updates on the
activities of the Charity.
Management and staffing
Julian Richards Ihe European Director and Oliver Palmer the UK Office Manager have the responsibility for
planning and developing the services and strategies for MCWE within the clearly defined policies set by the
Trustees at the Annual General Meeting as updated from time to time by direct instruction. They ensure that the
staff team is recruited and supported to provide Ihe skills and expertise needed to run a successful Chrislian
organisation and that the moral and ethical values of MCWE are obseNed and maintained.
Christine McKinney continues as our Partner Setvices Manager and is the major day to day link between the
Charity and the majority of its donors and supporters. She is also responsible for the administration of all
memberships and pledge collection.
BeGause MCWE is a genuinely world wide organisation, communication via the intemet and computer systems is
important. To ensure these systems are maintained and updated lo maximise the organisation's efficiency, we
have Tim Preston of Norlhgate Solutions as an IT consultant. Tim is available for extended hours to enable the
organisation's systems to be maintained. Our USA partnering office also provide systems support.
d. Policies adopted for the induction and training of Tnjstees
Prior to appointment each prospective Trustee signs a code of conduct and is required to complete an extensive
questionnaire to enable the Board to assess in detail each candidate's suitability and relevant experience. On
appointment a new Trustee receives a copy of the Memorandurn and Articles of Association of the Company
together with the most recent accounts and the informalion pack provided to all Truslees for the Annual General
Meeting. This pack 15 extensive. All new Trustees also receive a Gopy of the Charity Commission leaflet CC3.
The Executive Team is instructed to update the members of the Board as required regarding UK law and
accounting regulations in so far as changes may affect the charity. All new Trustees are invited to the UK office
to meet the staff.
Page 6

MORRIS CERULLO WORLD EVANGELISM
(A Company Llmlted by Guaranteel
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
structure, governance and management (continued)
e. Pay policy for key management personnel
Julian Richards is the only UK DirectorlTrustee that is paid. This is for his full lime role as European Director,
which is a position he has held for 29 years. He was in paid employment long before he became a Director on
Compani8s House or Trustee of the Charity. He has no say on his salary or pay increases, this is left to the
remaining members of the board.
No other Directors receive any remuneration for their role as a Directorltruslee for MCWE UK.
Plans for future perlods
A main focus has been to continue get UK & European partner to visit the Legacy International Centre in San
Diego, now this is fully operational with four major meetings planned in 2024 including the World Conference.
Statement of Trustees, responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for
preparing the Trustees, Report and the financial statements in accordance with applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for eaoh financial year. Under company law,
the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair
view of the state of affairs of the Company and of its incoming reSoUr￿S and application of resources, including
its income and expenditure, for that period. In preparing these financial statements, the Trustees are required lo..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles of the Charities SORP {FRS 102}',
make judgments and accounting estimates that are reasonable and prudent.,
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material
departures disclosed and explained in the financial statements-
prepare thè financial statements on the going concern basis unless it is inappropriate to presume that the
Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Companys transactions and disclose with reasonable accuracy at any time the financial position of the
Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Disclosure of infomiation lo auditor
Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed that:
so far as that Truslee is aware, there is no relevant audit information of which the charity's auditor is
unaware, and
that Trustee has taken all the steps that ought lo have been taken as a Trustee in order to be aware of
any relevant audit information and to establish Ihal the charity's auditor is aware of that infomation.
Page 7

MORRIS CERULLO WORLD EVANGELISM
(A Company Limited by Guarantee
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Audltor
The auditor, Hillier Hopkins LLP, has indicated his willingness to continue in office. The designated Trustees will
propose a m9tion reappointing the auditor at a meetin9 of the Trustees.
Approv
by
er of the members of the board of Trustees and signed on their behalf by:
hards
tee
Page 8

MORRIS CERULLO WORLD EVANGELISM
(A Company Llmlted by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MORRIS CERULLO WORLD EVANGELISM
Opinion
We have audited the financial statements of Morris Cerullo World Evangelism (the 'charitable company,) for the
year ended 31 December 2023 whiGh comprise the Statement of Financial Activities, the BalanGe Sheet. the
statement of Cash Flows and the related notes. including a summary of significant accounting policies. The
financial reporting framework that has been applied in their preparation is applicable law and Uniled Kingdom
Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable
in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the charitablè company's affairs as at 31 December 2023 and of its
incoming resources and application of resources, including its income and expenditure for the year Ihen
ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice. and
have been prapared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS IUK)} and applicable
law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit
of the financial statements section of our report. We are independent of the charitable company in accordance
with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom,
inclLsding the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustées, use of the going concem basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charitable compar)y's ability lo
continue as a going concern for a period of at least Iwelve months from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the
relevant sections of this report.
Page 9

MORRIS CERULLO WORLD EVANGELISM
{A Company Llmlted by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MORRIS CERULLO WORLD EVANGELISM
(CONTINUED
Other information
The other InfO￿atIOn comprises the information included in the Annual Report other than the financial
statements and our Auditovs Report thereon. The Trustees are responsible for the other information coniained
within the Annual Report. Our opinion on the financial statements does not cover Ihe other information and,
except to the extent otherwise explicilly stated in our report, we do not express any form of assurance conclusion
thereon. Our responsibility is to read the other information and, in doing so. consider whether the other
information is materially inconsistent with the financial slatements or our knowledge obtained in the course of the
audit, or otherwise appears to be materially misstated. If we identify such material ir)consistencies or apparent
material misstatements, we are required to determine whether this gives rise lo a material misstalement in the
financial statements themselves. If. based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that faGt.
We have nothing lo report in this regard.
Matters on which we are requlred to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Rèports)
Regulations 2008 requires us to report to you if, in our opinion..
the information given in the Trustees, Report is inconsistent in any material respecl wilh the financial
statements; or
sufficient accounting records have not been kepl.. or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also Ihe directors of
the charitable company for the purposes of company law) are responsible for Ihe preparation of the financial
statements and for being satisfied that they give a true and fair view. and for such intemal control as the
Trustees determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements. the Trustees are responsible for assessing the charitable company's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concem basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease
operations, or have no realistic alternative but lo do so.
Page 10

MORRIS CERULLO WORLD EVANGELISM
(A Company Limited by Guaranteè)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MORRIS CERULLO WORLD EVANGELISM
(CONTINUED)
Auditor's responsibilities for the audit of the financial statements
We have been appointed as audilor under section 145 of the Charities Act 2011 and report in accordance with
the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an Audilor's Report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statemenls.
Irregularities, including fraud, are instances of non-compliance with laws and regulation5. We design procedures
in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is
detailed below..
the nature of the industry and sector, control envirorsment and performance including the
remuneration incentives and pressures of key management.,
the primary responsibility for the prevention and deteclion of fraud rests wilh both those charged
with governance of Ihe entity and management. We consider the results of our enquiries of
management about their own identification and assessment of the risks of irregularities-
any matters we identified having obtained and reviewed the Charitable Company's documentation
of their policies and procedures relating to..
identifying, evaluating and complying with laws and regulations and whether they were
aware of any instances of non-compliance-
detecting and responding to the risks of fraud and whether they have knowledge of any
actual, suspected or alleged fraud,.
the internal controls established to mitigate risks of fraud or non-compliance with laws and
regulations;
the matters discussed among the audit engagement team regarding how and where fraud might
occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incenlives that may exist within the
organisation for fraud and identified Ihe greatest potential for fraud. In common with all audits under ISAS {UK),
we are also required to perform specific procedures to respond to the risk of management override, including
lesting journals and evalualing whether there was evidence of bias by the directors that represented a risk of
material misslatement due to fraud.
We also obtained an understanding of the legal and regulatory frameworks that the Charitable Company
operates in, foGusing on provisions of those laws and regulations that had a direct effect on the determination of
material amounts and disclosures in the financial statements. We focused on laws and regulations that could
give rise to a material misslatement in the financial ststements, inGluding, but not limited lo, the Companies Act
2006, the Charities Act 2011 and relevant lax legislation.
Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularitie5, including
those leading to a material misstatement in the financial slatements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance.
Tha risk is also greater regarding irregularities occurring due lo fraud rather than arror, as fraud involves
intentional concealment. forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for Ihe audit of the financial statements is located on tho Financial
Page11

MORRIS CERULLO WORLD EVANGELISM
(A Company Llmlted by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MORRIS CERULLO WORLD EVANGELISM
(CONTINUED)
Reporting Council's w.ebsite at.. www.frc.or
Auditor's Report.
.uklaudilorsres
onsibilities. This description forms part of our
Use of our report
This report is made solely to the charitable Company's trustees, as a body. in accordance with Part 4 of the
Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state
to the charitable companls truslees those matters we are required to state to them in an Auditor's Report and
for no other purpose. To the fullest extenl permilled by law, we do not accept or assume responsibility to anyone
other than the charitable company and its members. as a body, for our audit work, for this report, or for the
opinions we have formed.
ttj [ (AJ U. rf LDF
Hillier Hopklns LLP
Chartered Accountants
Statutory Auditor
Radius House
51 Clarendon Road
Watford
Herts
WD17 1HP
Date:
Hillier Hopkins LLP are eligible to act as auditors in terms of sectlon 1212 of the Companies Act 2006.
Page 12

MORRIS CERULLO WORLD EVANGELISM
(A Company Llmlted by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 31 DECEMBER 2023
Unrestricted
funds
2023
Total
funds
2023
Total
funds
2022
Note
Income from:
Donations and18gacies
Charitable activities
Investments
506,679
8,791
355
506,679
8,791
355
570,431
119,788
Total income
515,825
515,825
690,219
Expenditure on:
Raising funds
Charitable activities
100
679,692
679,692
894,490
Total exp8ndllure
679,692
679,692
894,590
Net movement in funds
(163,8671
1163,867)
(204,371)
Reconciliation of funds:
Total funds brought forward
Net movement in funds
284,629
{163,867)
284,629
{163,867}
489,000
(204,371)
Total funds carried forward
120,762
120,762
284,629
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 17 to 30 form part of these financial statements.
Page 13

MORRIS CERULLO WORLD EVANGELISM
IA Company Limited by Guarantee)
REGISTERED NUMBER: 02175712
BALANCE SHEET
AS AT 31 DECEMBER 2023
2023
2022
Note
Fixed assets
Tangible assets
Current assets
10
3.921
6,274
Current Investment
Debtors
Cash at bank and in hand
300,000
17,247
247,555
300,000
126,468
236.083
12
564,802
662.551
Creditors: amounts falling due within one
year
13
{447,961)
(384,196)
Net current assets
116,841
278,355
Total assets less current liabilities
120,762
284,629
Total net assets
120,762
284,629
Charity funds
Restricted funds
Unrestricted funds
14
14
120,762
284, 629
Total funds
120,762
284, 629
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance wilh section
476 of the Companies Act 2006.
However. an audit is required in accordance with section 145 of the Charities Act 2011.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to
accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to
the small companies regime.
Page 14

MORRIS CERULLO WORLD EVANGELISM
IA Company Limited by Guarantee)
REGISTERED NUMBER: 02175712
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The fin
st
ments were approved and authorised for issue by the Trustees and signed on their behalf by..
lian Richards
Date..
The notes on pages 17 to 30 form part of these financial statements.
Page 15

MORRIS CERULLO WORLD EVANGELISM
(A Company Llmlted by Guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Cash flows from operating activities
Net cash used in operating activities
11,472
109.541
Cash flows from investing activities
PurGhase of tangible fixed assets
(3, 770)
Net cash provided byl(used in) investing activities
(3,770)
Cash flows from financing activities
Nel cash provided by financlng actlvitles
Change in cash and cash equlvalents In the year
Cash and cash equivalents at the beginning of tho year
11,472
105,771
236,083
730,312
Cash and cash equivalents at the end of the year
247.555
236,083
The notes on pages 17 to 30 fomi part of these financial statements
Page 16

MORRIS CERULLO WORLD EVANGELISM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
General information
The Charity is a company limited by guarantee, incorporateij in England and Wales.
Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP IFRS 1021
Accounting and Reporting by Charities= 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 IFRS 102) (effective 1 January 2019), Ihe Financial Reporting Standard
applicable in the UK and Rèpublic of Ireland (FRS 1021 and the Companies Act 2006.
Morris Cerullo World Evangelism meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at historical cost or transaGlion value unless otherwise
stated in the relevant accounting policy.
2.2 Golng conGern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company
has adequate resources to continue in operational existence for the foreseeable future. For this
reason, they continue to adopt the going concern basis in preparing the financial stalement5.
2.3 Income
All income is recognised once the Company has entitlement to the income, il is probable thal the
income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of
receipt and the ability lo eslimate with sufficient accuracy the amount receivable. Evidénce of
entitlement lo a legacy exists when the Company has sufficient evidence that a gift has been left to
them (through knowledge of the existence of a valid will and the death of the benefactor) and the
executor is satisfied that the property in queslion will not be required to satisfy claims in the estate.
Receipt of a legacy musl be recognised when it is probable that il will be received and the fair value
of the amount receivable, which will generally be the expected cash amount to be distributed to the
Company, can be reliably measured.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of
income received for specific purposes but not expended during the period is shown in the relevanl
funds on the Balance Sheel. Where income is received in advance of entitlement of re￿ipt, its
recognition is deferred and included in creditors as deferred income. Where enlitlement occurs
before income is received, the income is accrued.
Income tax recoverable in relation to invoslment income is recognised at the time tho investment
income is receivable.
Page 17

MORRIS CERULLO WORLD EVANGELISM
{A Company Limit8d by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting pollcles (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third paty, it is probable thal a transfer of economic benefits will be required in settlement and
the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs
of each activity are made up of the total of direct costs and shared costs, including support costs
involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly
to that activity. Shared costs which contribute to more than one activity and support costs which are
not attributable to a single activity are apportioned belween those activities on a basis consistent with
the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation
charge5 allocaled on the portion of the asset's use.
Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its
charitable purposes and includes costs of all fundraising activilie5 events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the
Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Government granls
Government grants relaling to langible fixed assets are treated as deferred income and released to
the Statement of Financial Activilies over the expected useful lives of the assets concerned. Other
grants are credited to the Slatèmenl of Financial Activities as the related expenditure is incurred.
2.6 Tangible flxed assets and depreciation
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic
benefits are probable and the cost or value of Ihe asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition. under the cost model, tangible
fixed assets are measured at cost less accumulated depreciation and any accumulated impairment
losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be
included in the measurement of cost.
Deprecialion is charged so as to allocale Ihe cost of tangible fixed assets less their residual value
over their estimated useful lives, on a ieducing balance basis.
Deprecialion is provided on the following basis=
Office equipment
25 % - 50 % on written down value
2.7 Investments
Current asset investments are initially measured al cost and are subsequently re-measured at their
fair value.These are investments which held for resale or pending their sale
Page 18

MORRIS CERULLO WORLD EVANGELISM
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policies (continued)
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at th8 amount prepaid net of any trade discounts due.
2.9 Cash at bank and in hand
Cash at bank and in hand include5 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.
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past
event, il is probable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anlicipales it will pay to settle the debt or
the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured al the best estimate of the amounts required to settle the obligation.
2.11 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at their settlemenl value with the exception of bank loans which are subsequently
measured at amortisad cost using the effective interest method.
2.12 Pensions
The Gompany operates a defined contribution pension scheme and the pension charge represents
the amounts payable by the company to the fund in respect of the year.
2.13 Fund accounting
General funds are unrestricted funds which are available for use at tha discretion of the Trustees in
furtherance of the general objectives of the Company and which have not been designated for other
purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 19

MORRIS CERULLO WORLD EVANGELISM
(A Company Limited by Guarant88)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Income from donations and legacies
Unrestricted
funds
2023
Total
funds
2023
Total
funds
2022
Donations
506,679
506,679
570,431
Income from charitable activities
Unrestricted
funds
2023
Total
funds
2023
Total
funds
2022
Income from charitable activities
8,791
8,791
119,788
Investment income
Unrestrlcted
funds
2023
Total
funds
2023
Total
funds
2022
Rental Income
355
355
Page 20

MORRIS CERULLO WORLD EVANGELISM
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted
funds
2023
Total
2023
Total
2022
Charitable activities
679,692
679,692
894,4go
Analysis of expenditure by activltles
Activities
undertaken
directly
2023
Support
costs
2023
Total
funds
2023
Charitable actlvities
511,703
167,989
679,692
Activities
undertaken
directly
2022
Support
costs
2022
Total
funds
2022
Charitable aclivities
737,049
157,441
894,490
Page 21

MORRIS CERULLO WORLD EVANGELISM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of expenditure by actlvlties (continued)
Analysls of dlrect costs
Charltable
activities-
MCWE
2023
Total
funds
2023
Total
funds
2022
Staff costs
Printing, postage & publications
Telephone
Conferences
Donations
Missions
Accommodation and travel
Other expenditure
106,114
16,270
7,013
52,225
350
305,963
21,689
2,079
106,114
16,270
7,013
52,225
350
7 15, 105
24,026
6,497
21,525
175
545,207
20,857
3,657
305,963
21,689
2,079
511,703
511,703
737,049
Analysis of support costs
Charitable
actlvltles-
MCWE
2023
Total
funds
2023
Total
funds
2022
Staff costs
Depreclation
Professional and bank
Other expenditure
Premises
General office & finance
Communications
Foreign exchang'e movements
Auditors r8muneration
Trustee remuneration
22,362
2,353
19,145
31,860
9,989
10,436
4,523
1,571
5,750
60,000
22,362
2,353
19,145
31,860
9,989
10,436
4,523
1,571
5,750
60,000
24, 722
3, 765
9,218
31,573
7,258
11,802
3,853
5,250
60,000
167,989
167,989
157,441
Page 22

MORRIS CERULLO WORLD EVANGELISM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Staff costs
2023
2022
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
168,458
16,418
3,600
177,958
17,862
4,007
188,476
19g.827
The average number of persons employed by the Company during the year was as follows..
2023
2022
Employees
No employee received remuneration amounting to more than £60,000 in either year.
Key management personnel received remunèration and benefits of £60,000 (2022.. £60,000) during the
perlod.
Trustees. remuneratlon and expenses
During the year,.one or more Truslees has been paid remuneration or has received other benefits from
an employment with the Company. The value of Trustees. remuneration and other benefits paid to Julian
Richards was salary £60,000 (2022: £60,000) and employer pension contributions £1,321 (2022.. £1,321)
During the year ended 31 December 2023. no Trustee expenses have been incurred (2022 - £NIL).
Page 23

MORRIS CERULLO WORLD EVANGELISM
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10. Tangible fixed assets
Offl¢e
equlpment
Cost or valuation
At 1 January 2023
164,628
At 31 December 2023
164,628
Depreciation
At 1 January 2023
Charge for the year
158,354
2,353
At 31 D8C8mber 2023
160,707
Net book value
At 31 December 2023
3,921
At 31 December 2022
6,274
11. Current Investments
2023
2022
Propety
300,000
300,000
A legacy including a property was left to the charity in a prior year. The property was sold after the year
end.
Page 24

MORRIS CERULLO WORLD EVANGELISM
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.
Debtors
2023
2022
Due within one year
other debtors
PrepayTnent5 and accrued income
Tax recoverable
3,942
5,843
7,462
73.963
5, 820
46, 685
17,247
126,468
13. Credltors: Amounts falling due wlthln one year
2023
2022
Bank overdrafts
Other creditors
Accruals and deferred income
431,319
16,637
370,542
13,654
447,961
384, 196
Page 25

MORRIS CERULLO WORLD EVANGELISM
(A Company Limited by Guarant88)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
14. Statement of funds
Statement of funds - current year
Balance at
31
December
2023
Balance at 1
January
2023
Income Expenditure
Unrestricted funds
General Funds- all funds
284,629
515.825
(679,692)
120.762
Page 26

MORRIS CERULLO WORLD EVANGELISM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
14. Statement of funds (continued)
Statement of funds . prior yèar
Balance at
31
D8￿rnber
2022
Balance at
l January
2022
Income Expenditure
Unrestricted funds
General Funds - all funds
489,000
690,219
(894, 590)
284, 629
15. Summary offunds
Summary of funds . current year
Balance at
31
December
2023
Balance at 1
January
2023
Income Expendlture
General funds
284.629
515,825
1679,692)
120,762
Summary of funds - prior year
Balance at
31
December
2022
Balance at
f January
2022
Income Expenditure
General funds
489,000
690,219
(894, 590)
284.629
Page 27

MORRIS CERULLO WORLD EVANGELISM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
16. Analysis of net assets between funds
Analysis of net assets between funds - current year
Unrestricted
funds
2023
Total
funds
2023
Tangible fixed assets
Current assets
Creditors due within one year
3,921
564,802
(447,961)
3,921
564,802
(447,961)
Tolal
120,762
120,762
Analysis of net assets between funds - prior year
Unr8striGted
funds
2022
Tofal
funds
2022
Tangible fixed assets
Current assets
Creditors due within one year
6,274
6,274
662,551
662,551
(384, 196) (384,196)
Total
284,629
284, 629
17. Reconciliation of net movement in funds to net cash flow from operating activitles
2023
2022
N8t expenditure for the year {as per Ststement of Financial Activities)
1163,867) (204,371)
Adjustments for:
Depreciation charge5
Decreasel(increasel in debtors
Increase in creditors
2,353
109,221
63,765
3, 765
(37,102)
347,249
Net cash provided by operating activities
11,472
109,541
Page 28

MORRIS CERULLO WORLD EVANGELISM
(A Company Limited by Guarantee>
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
18. Analysis of cash and cash equivalents
2023
2022
Cash In hand
247,555
236,083
Total cash and cash equlvalents
247,555
236,083
19. Analysls of changes in net debt
At1
January
2023 Cash flows
At31
December
2023
Cash at bank and in hand
Bank overdrafts repayable on demand
236,083
11,472
(5)
247,555
(5)
236,083
11,467
247,550
20.
Penslon commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. Th8 pension cost charge
represent5 contributions payable by the company to the fund and amounted to £11,98512022 - £13,079).
21. Operating lease commltments
Al 31 December 2023 the Company had commitments to make future minimum lease payments under
non-cancellable operating leases as follow5-
2023
2022
Not later than 1 year
Later than 1 yéar and not later than 5 years
11,266
5,137
16,516
16,507
16,403
33,023
Page 29

MORRIS CERULLO WORLD EVANGELISM
(A Company Llmlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
22. Related party transactions
Mr D Cerullo, who is a Trustee of Morris CeNllo World Evangelism Ltd, is also a Trustee of Morris
Cerullo World Evangelism Inc.
The following transactions look place in the period..
Reimbursed expenses relating to partner appeals
i.e. promotion, teaching, training and monthly
publicalions (including all production, creative work. printing and postage) were performed on behalf of
MCWE Ltd tolalling £307.530 (2022- £542,786).
At the balance sheet date, the company owed lo Morri5 Cerullo World Evangelism Inc. an amount of
£433,533 (2022 - £370,542).
Page 30