Company registration number.. 02175712 Charity giStratIon number.. 1001361 MORRIS CERULLO WORLD EVANGELISM TRUSTEES. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 spIr & Co UK Mitrd Chartered Accountants Staple House 5 Eleanors Cross Dunstable Bedfordshire LU6 ISU
Morris Cerullo World Evangelism Contents Page Trustees, Report Independent Examiner'5 Report ststement of Financial Activitie5 (including Income and Expenditure Account) Balan Sheet Notes to the Financial Statements 10-17
Morris Cerullo World Evangelism Company No. 02175712 Trustees. Report For The Year Ended 31 December 2024 The trustees present their report and the financial statements for the year ended 31 December 2024. Objectlves and Actlvltles Aims and Objectives REPORT OF THE BOARD OF TRusfEES For the year ending 31st December 2024 (Incorporatlng the Dlrector$ Report) The Board presents the report and finanoal statements of Morrls Cerullo World Evangelism {MCWE) for the 12 month period ended 31st Detsmber 2024, the statements appear In the format requlred by the Statement of Re¢ommended Practice for Accounting and Reporting by Charities (revised March 2005). The report and statements also comply with the Companies Act 1985 since MCWE was incorporated by guarantee on 20th March 1984. It has no share capital and is a registered charity. The guararbtee of each member Is limlted to £1. The governing document is the Memorandum and Artlcles of Ass(tlation of the Company and members of Board of Trustees are the Directors of the Company. Structure, Governance and Management The maximum number of Trustees allowed under the constitution is ten. The minimum required under the charlty's Constitution being three. Trustees are appointed as deemed necessary by the existing board from a short Ilst drawn up for consideration by the Executlve Team. Thls short list is drawn from the wider non voting membership. One third of the Board offers itself for re-election by rotation at the Annual General Meeting, providing they have served at least one year. The Chair and officers are appolnted 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. The Board, from time to time will consult by means of video or telephone conferencing. Those Trustees offerlng themselves for re-elertion were re-elected unanimously. Prlor to appointment each prospective Trustee signs a code of conduct and Is required to complete an extenslve questionnaire to enable the Board to assess In detail each candidate's suitablllty and relevant experience. On appoinbnent new Trustee receives a copy of the Memorandum and Articles of Association of the Company together with the most recent accounts and the Information pack provided to all Trustees for the Arbnual General Meeting. This pack is extensive. All new Trustees also receive a copy of the Charity Commisslon leaflet CC3. The Executive Team is instructed to update the members of the Board as required regarding UK law and accounting regulatlons in 50 far as changes may affect the charity. All new Trustees are invlted to the UK Offi to meet the staff. Because MCWE is a genuinely world wide organlsatlon, communication via the internet and computer systems is important. To ensure these systems are maintsined and updated to maximise the organisation's efficlency, we have Tim Preston of Northgate Solutions as an IT consultant. Tim is available for extended hours to enable the organisatlon's systems to be maintained. Our USA pathering office also provide systems support. Flve United Kingdom resldent Trustees in addition to David Cerullo who Is involved in the day-to-day management of the charity - they are Peter Tod, Andre Taylor, Verona Powell, Andreas Yiangou and Julian Richards. Rev Greg Mauro is responsible for the operatlonal and ministry functions and is in daily contact with Julian Richards the European Direttor. However, practically the Trustees delegate the management of MCWE to the European Dlrector, who reports on the performance against the strategic and operatlonal plans approved by the Trustees. Membership of MCWE The only full members of MCWE and those entitled to vote are the members of the Board for the time being. There are number of graded non-votlng memberships, whlch caY 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 provldes a bi-monthly magazine and regular update5 on the artivitles of the Charity. Rlsk assessment The Board of Trustees had reviewed during the previous period an assessment of the rlsks to which the Charlty Is exposed, particularly business, operational and financial rlsks and introduced through the Exeojtive Team a reporting regime to manage and redu the identified rfsks. The Tnjstees agreed clear line5 of delegation and authority to the Executive Team. The income of the Charity is beginning continuing on a downward trend, the primary concem of the Board is the percelved increaslng age of its donors and the need to establish a strategy to attract younger donors remalns a priority. Thi5 was considered and discussed at length at the AGM again in detail. ,,COWllNLIED Page I
Morrls Cerullo World Evangelism Trustees. Report (continued) For The Year Ended 31 December 2024 Aims and Objectlves - contlnued No changes have been made to our charitsble 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. As you can see from the report on page 12 and in line with wider charity trends in the UK. we have seen a decline in financial engagement during this period. Management and staffing Julian Richards the European Director and Oliver Palmer the offi Manager has the responsibility for planning and developing the seNices and strategie5 for MCWE within the clearly defined policies set by the Trustees at the Annual Gener71 Meeting as updated from time to time by direct instruction. They ensures that the staff team is recruited and supported to provide the skills and expertise needed to njn a successful Christian organisation and that the moral and ethical values of MCWE are observed and maintained. The Charity CommissSon have been provided updated Flnancial Controls. These have been Implemented in full. Christine McKinney retired as our Partner Servlces Manager in AprS112024 and Olly Palmer has taken on belng the major day to day Ilnk between the Charity and the majority of its donors and supporters. Olly has also taken on the responsibility for the administration of all membershlps and pledge collectlon. The accounts here In are for the 12 month perlod through to the end of December 2024 continuing the Charltes regular calendar financlal submissions. Valulng Volunteers The part played by Voluntee in achieving our objectives is huge. In keeplng wlth recommended practlce we have made an estimate of the number of hours that partners in the Ministry have given us free of charge durlng the year. We rely on volunteers not only to man our prayer Ilnes at the offlce durlng the week but also to act as ushers. security guards and sales staff at our events. Some travel long distances at their own expense; without thelr dedication many of the Serv1 that the Charity offers to the wider public would not happen. For this twelve month perlod across our events, prdyer line and office asslstance. We had 75 volunteer hours. Fundlng Sources The Charity continues to be fvnded 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. Trustees. Responslbllltles Company law require5 the D1CtorS and Trustees to prepa accounts for each financial year, which give a true and fair view of the stste of affairs of The Company and of the surplus or deficit of the Company for that period. In preparing these accounts the Directors and Trustees are required to- Select suitable accounting policies and then apply them consistently. Make judgements and estimates that are reasonable and prudent; Prepare the accounts on a going concern basls Unle it is inapproprfate to presume that the Company wlll continue in business. The Directors and Trustees are responsible for keeping proper accountlng records which (iisclose wlth reasonable accuracy at any tlme the financial posltlon of the Company and to enable them to eThsu that the accounts comply wlth the Companies Act 1985. The Dirertors and Trustees are also responsible for safeguarding the assets of the Company and hence for taklng reasonable steps for the prevention and detection of fraud and other Irregularities. Following late flllngs in 2015 the board t¢Jok steps to chase down admlnlstrative procedures to avoid late filings. ..CONTINUED Pa9e 2
Morris Cerullo World Evangelism Trustees, Report (continued) For The Year Ended 31 December 2024 Aims and Qbjertives - continued Principal Achievements for the Year Areas of activity during the year.. • titeTrture Events and Crusades Prayer Ilnes Membership World Wide Outreach Support Llterature The Charity Continued to distribute Christian literature around the Wodd in English, Spanish, German and Hebrew. 2024 Events and Crusades (UK) No UK meetings took place in 2024. 2024 Events and Crusades {Overseas} During the perlod the Charity contributed to Suc$Sful Mlsslons In.. USA Costa Rica Mexlco Brazil Nigeria Indonesia Malaysla Panama Kenya Israel After the impact of Covid-19 globally. our mlnlstry on line is still growlng, reaching every major country on the planet has become even more Important. With our online interattlon increasing to over I mllllon people. Daily live video content is broadcast around the world. Prayer Line5 Prayer is offered on our main MCWE phone lines, with our UK offlce staff and volunteers praylng with anyone who requests prayer supw)rt. Membershlps During the period Jan to Dec 2024 38 new members were added to the Charlty's mailing list. Plans for 2025 A maln focus has been to continue get UK & European partner to visit the Legacy International Centre in San Dlego. now this is fully operdtional with four major meetings planned in 2024 includlng the World Conference. Revlew of Finandal Position This past twelve months saw the remarkable recovery continue, following the challenges of the previous financial periods. Restructuring and new financial procedures have stayed in place, securing the financlal position of MCWE and the financial growlng trends have continued. Information on Fundralslng Practices l) Our fundralslng activities are limlted to tithes and offerings at our local events, as per many stsndard Church organi5ations. This is combined with regular mailings Into our donors homes mlnlstering and encouraglng them to play an active role irs carrying the financlal burden of our Worldwide missions. 2) We do not use any outside fundraising or9anisations. 3} We do not apply for grant funding from any other organisation. We're IOOV/o donor supported. Reserves Pollcy MCWE Inc USA works In conjunction with the Charity and provides flnancial support to see the fulfilment of their common objectives. ..CONTINUED Page 3
Morris Cerullo World Evangellsm Trustees, Report (continued) For The Year Ended 31 December 2024 Alms and Objectlves - continued The Charity has a contrattual obligation to reimburse MCWE USA for all expenditure incurred on its behalf and as reflected in these accounts, in the development of literature. publlcations and other training materials and products. According to an operations agreement wlth MCWE USA, the Charlty has the responslblllty to repay these obligations quarterly. This obllgatlon wlll be met as and when funds are available. MCWE USA confirms that it will continue to provlde financlal support to the Charlty 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 maintsined. Investment Policy The Mlnlstry has no Specific investment pollcy, The Trustees belleve the donated funds should be utilised for the purpose they were given. Due to the UnrtaIn nature of the foreign exchange market the Trustees have opted out of the currency market for the foreseeable future, Small Company Provlslons This report has been prepared in accordance wlth the special provisions of Part VII of the Companles Act 1985 relating to small companles. y order of the MCWE Board of Trustees Reglstered Offi The Lodge The Green Houghton Hall Houghton Regis Bedfordshire LU6 IFH Public Beneflt 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 transactton value unless otherylise stated in the relevant accounting policy note5. The trustees confirm that they have complied wlth the requirements of Sectlon 17 of the Charities Att 2011 to have due regard to the Charity Commission's guidan on public beneflt. Reference and Admlnistrative Det?Il$ Trustees Mr Julian Richards Mr Andreas Yiangou Ms Verona Powell Mr Andrew Taylor Mr Peter Tod Mr Davld Cerullo Charlty Number 1001361 Page 4
Morris Cerullo World Evangelism Trustees. Report (continued) For The Year Ended 31 December 2024 Company Number 02175712 Prlncipal Address The Lodge The Green Houghton Hall Houghton Regls Bedfordshire LU5 5DY Reglstered Office The Lodge Houghton Hall The Green Houghton Regi5 Bedfordshire LU5 5DY Independent Examlner Suzanne Spicer FCA Spicer & Co UK Limited Chartered Accountants Stsple House 5 Eleanors Cross Dunstable Bedfordshire LU6 ISU Bankers HSBC PIC 63 George Street Luton Page 5
Morris Cerullo World Evangellsm Trustees, Report (continued) For The Year Ended 31 December 2024 Small Company Rules as been prepared In accordance with the special provlslons relatlng to companles subject to the small companie5 Part 15 of the Companies Act 2006. was approved by the board of trustees and slgned on Its behalf by: This report The trLis r Jullan Richanls Trustee 3010912025 Page 6
Morris Cerullo World Evangellsm Independent Examlner's Report to the Trustees of Morris Cerullo World Evangelism For The Year Ended 31 December 2024 I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024. Responsibilitles and Ba$ls of Report As the charity trustees of the Company {and also its dirertors for the purposes of company law), you are responsible for the preparation of the accounts in accordance wlth the requirements of the Companles Ad 2006 ("the 2006 Act?. Having satisfied myself that the accounts of the Company are not requlred to be audited under Part 16 of the 2006 Act and are eligible for independent examlnation, T report in respett of my examination of your charlty's accounts as carried out under section 145 of the Charities Art 2011 {'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commlsslon under sertion 145(5) (b) of the 2011 Art. Independent Examlner's Statement Since the Company'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 quallfied to undertake the examlnation because l am a member of The Institute of Chartered Accountants In England and Wales. whlch is one of the listed bodies. I have completed my examination. I confirm that no rnatter5 have come to my attention in connection with the examlnatlon givlng me cause to believe: l. accounting records were not kept in respect of the Company as required by settlon 386 of the 2006 Act; or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, whlch Is not a matter Conside as part of an independent examlnation; or 4. the accounts have not been prepared in accordan with the methods and principles of the Statement of Recommended Prartice for accountlng and repong by charities applicable to charities preparlng their accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republlc of Ireland (FRS 102). have no concerns and have come across no other matter5 in connectlon with the examination to which attention should be drawn in thls report in order to enable a proper understanding of the accounts to be reached. Suzanne Splcer FCA 3010912025 SpIr & Co UK Limited Chartered Accountsnts Staple House 5 Eleanors Cross Dunstable Bedfordshire LU6 ISU Page 7
Morris Cerullo World Evangelism statement of Flnanclal Activities (including Income and Expenditure Account) For The Year Ended 31 December 2024 2024 2023 Unrestrlcted Unrestrlcted funds fund$ Notes XNCOME AND ENDOWMENTS FROM: Donations and legacies Charitable activitoes: Charitable Activites Other 504.993 506,679 3,370 935 8.791 355 509,298 515,825 EXPENDITURE ON: Charitable activltles: Charitable Activites {354,830) (679.692) NET INCOME/(EXPENDrruRE) BEFORE INVESTMENT GAINS/(LOSSES) Net losses on investments 154,468 {7,158) (163.867) NET INCOME/{EXPENDrruRE) 147,310 (163.867) NEf MOVEMENT IN FUNDS 147,310 (163.867) RECONCILIATION OF FUNDS: Total funds brought forward 120,762 284,629 TOTAL FUNDS CARRIED FORWARD 268,072 120,762 The notes on pages 10 to 17 form part of these financial statements. Page 8
Morrls Cerullo World Evangelism Balance Sheet As At 31 December 2024 2024 2023 Unrestrlcted Total funds funds Notes FIXED ASSETS Tangible Assets 12 2,450 3,921 2,450 3.921 CURREMf ASSETS Debtors 13 14 32,805 17,247 300,000 237,068 247,555 Investments Cash at bank and in hand 269,873 564,802 Credltors: Amounts Falling Due Within One Year 15 (4,251) (447,961) NET CURRENT ASSETS (LIABILITIES) 265,622 116,841 TOTAL ASSETS LESS CURRENT LIABIUTIES 268,072 120,762 NET ASSErs 268,072 120,762 FUNDS QF THE CHARrrY Unrestrltted Funds 268,072 120,762 TOTAL FUNDS 18 268,072 120,762 For the year ending 31 Dember 2024 the charitsble company was entitled to exemptlon from audit under section 479a of the Companles Act 2006 relating to subsidiary companies. The members have not required the charltable company to obtsin an audit in accordance with Section 476 of the Companies Att 2006. The trustees acknowledge thelr responsibilities for complying with the requirements of the Act wlth respect to accounting records and the preparation of accounts. These accounts have been prepared In accordan with the provisions appllcable to companies subject to the small companles regime. Onbe oft board r Julian Richard5 Trustee 3010912025 The notes on pages 10 to 17 form part of these financial statements. Page 9
Morris Cerullo World Evangellsm Notes to the Flnanclal Statements For The Year Ended 31 December 2024 l. General InformJtlon Morri5 Cerullo World Evangelisrn 15 a company limlted by guarantee, incorporated in England & Wales, registered number 02175712 and registered charity number 1001361. The registered office is The Lodge Houghton Hall, The Green, Houghton Regis. Bedfordshlre, LU5 5DY. 2. Accountlng Pollcles 2.1. Basis of Preparation of Flnan¢lJl Statsments The financial statements have been prepared in accordan with the Charitie5 SORP (FRS 102) "Accountin9 and Reportlng by Charltles.. Statement of Recommended pract1 appllcable to charltles preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effectlve I January 2019)" Financlal Reportlng Standard 102 Yhe Finandal Reportlng standard appllcable In the UK and Republic of Ireland. and the Companies Act 2006. The charltable company Is a Public Benefit Entity as defined by FRS 102. 2.2. Golng Concern Dlsclosure After maklng appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational exISten for the foreseeable future. For this reason, they contlnue to adopt the going concern basls In preparlng the financial statements. 2.3. Fund Accounting Unrestricted funds can be used In accordance with the charltsble objectlves at the dlscretion of the tru5tee5. Deslgnated funds comprise unrestricted funds that have been set aside by the trustees for a speclflc purpose. Restricted funds are to be used for specific purposes as lald down by the donor. Further explanation of the nature and purpose of each fund is included in the notes to the flnanclal ststements. 2.4. Incomlng Resources All Incoming resources are included on the Statement of Financial Artlvltles when the charitable company 15 legally entitled to the income and the amount can be quantifled wlth reasonable accuracy. 2.5. Resources Expended Expenditure 15 accounted for on an accruals basis and has been classlfled under headings that aggregate all costs lated to the category. Where costs cannot be dlrectly attributed to particular headings they have been allocated tr) artlvities on a basis consistent with the use of resources. Grants offered subjert to condltions which have not been met at the year-end date are noted as a commltment but not accrued as expenditure. 2.6. Tanglble Flxed Assets and Depreclatlon Tangible fixed assets are measured at cost less acMulated depreciation and any accumulated Impairment losse5. DepreciatSon Is provlded at Trtes calculated to wrlte off the cost of the fixed assets, less thelr estlmated residual value, over thelr expected useful lives on the following bases: 250/0-50Wo on written down value Plant & Machinery 2.7. Investments Current asset Investments are initially measured at Cost and are subsequently re-measured at their fair value.These are Snvestments which held for resale or pending their sale. 2.8. Cash and Cash Equivalents Cash and cash equivalents are basic financial assets and include cash in hand and deposlts held at call with banks, other short-term hlghly Ilquid invtments that mature in no more than three month5 from the date of acqulsltlon and are readSly convertible to a known amount of cash with Inslgnlficant rlsk of change in value, and bank overdrafts. 2.9. Flnancial Instruments The Company only has financial assets and financial liabllltles of a klnd that qualify as basic flnanclal Instruments. Baslc flnancial instruments are Inltlally recognised at transaction value and Subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost Using the effectlve Interest method. Page 10
Morris Cerullo World Evangellsm Notes to the Financial Statements (continued) For The Year Ended 31 December 2024 2.10. Foreign Currencle$ Monetsry assets and liabilities in foreign currencies are trdnslated into sterling at the rates of exchange ruling at the balance sheet date. Transartions in foreign CurnCle$ a translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating surplus. 2.11. Provlsions and Contlngencles Provisions Provisions are recogni5ed when the charitable company has a present legal or construrtive obligation as a result of past events,. it 15 probable that an ouffiow of resources will be required to settle the obligation,. and the amount of the obligation can be estimated reliably. Where there a a number of similar obligations, the likelihood that an outFlow will be required in settlement is determined by considering the class of obligations 05 a whole. A provision is recognised even if the likelihood of an outhow with respett to any one item included In the same dass of obllgations may be small. Provlslons are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflect5 current market assessments of the time value of money and the rlsks speclfic to the obligation. The increase in the provision due to passage of time is recognised as a finance cost. Contlngendes Contingent liablllties are not recognised. Contingent Ilabllltles arlse as a result of past events when (i) it Is not probable that there wlll be an outflow of resource5 or that the amount cannot be reliably measured at the reporting date or {ii) when the exlstence will be confirmed by the occurrence or non-occurrence of Unrtain future events not wholly within the charitable company's control. Contlngent liabilities are disclosed in the flnanclal statements unless the probability of an outhow of resources is remote, Contlngent assets are not recognised. Contlngent assets are disclosed in the financial statements when an Inflow of economic beneflts Is probable. 2. 12. Pensions The charltable company operates a defined pension contribution scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. 2.13. Government Grant Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the statement of financial activities over the useful life of the asset concemed. 3. Income from Donatlons and Legacles 2024 2023 Unrtstrlcted Unrestrlcted funds funds Donations and gifts 504,993 506,679 4. Other Income 2024 2023 Unrestricted Unrestrlcted funds funds Rental and other income from property 935 355 Page 11
Morris Cerullo World Evangelism Notes to the Financial Statements (continued) For The Year Ended 31 December 2024 5. Net Income/(Expenditure) The net incornel(expenditure) is stated after charying/(crediting)- 2024 2023 DePlatIOn of tanglble fixed assets - owned 1,471 2,353 6. Analysls of Expendlture 2024 Actlvltles undertaken Support directly costs (see note 7) (see note 8) Total Charitsble Activites 205,404 149.426 354,830 2023 Actlvltles undertaken Support dlrectly C¢>Sts (see note 7) (see note 8) Total Charitable Attivites 511.703 167,989 679,692 Page 12
Morris Cerullo World Evangelism Notes to the Financial Statements (contlnued) For The Year Ended 31 December 2024 7. Direct Costs 2024 Charltable Actlvites Fundraising activities: Conferences Mlssions Employee costs: Wages and salaries Employers NL Employers pensions - defined contribution schemes Travel and subsistence expenses Genernl administration-. Data and telMmunicatIOnS costs Printingi Postage and stationery 24,264 40.730 61,000 14,392 23,201 12,124 6,321 23,372 205,404 2023 Charltable Actlvltes Fundralsing activities: Conferences Giving donations Missions 52,225 350 305,963 Employee costs: Wages and salaries Employers Nl Employers pensions defined contribution schemes Travel and subsistence expenses General administration: Data and telecommunicatlons costs Printingi Postage and stationery Other: Other d5rett costs 86,096 16,418 3,600 21,689 7,013 16.270 2.079 511.703 Page 13
Morris Cerullo World Evangelism Notes to the Financial Statements (contlnued) For The Year Ended 31 December 2024 8. Support Costs 2024 Charltable A¢tlvltos Employee costs Prtmises expenses General admlnlstratlon Depreclation 81,950 28,857 33,791 4,828 149,426 2023 Charltable Activites Employ& costs Premises expense5 General administration Depreciation 82,362 9,989 71,714 3.924 167,989 9. Independent Examiner's Remuneratlon 2024 2023 Independent examination of the financial ststements 2,640 5,750 10. Staff Costs Staff costs were as follows., 2024 2023 Wages and salaries Soclal security costs other pension costs 142,950 14,392 23,201 168,458 16,418 3,600 180,543 188,476 No employees reiVed employee beneflts (excluding employer pension costs) for the reporting period of more than £60,000. Key management personnel received remuneration and benefits of £60,000 (2023: £60,000) during the period. 11. Average Number of Employees Averdge number of employees during the year was: 4 {2023.. 5) Page 14
Morris Cerullo World Evan9elism Notes to the Financial Statements (contlnued) For The Year Ended 31 December 2024 12. Tangible Assets Plant & Machinery As at l January 2024 164,628 As at 31 Dember 2024 164,628 Depreclation As at l January 2024 Provided during the period As at 31 Dember 2024 160,707 1,471 162,178 Net Book Value As at 31 Dember 2024 2,450 As at l January 2024 3,921 13. Debtors 2024 2023 Due wlthln one year Other debtors 32,805 17,247 14. Current Asset Investments 2024 2023 other Investments, held for sale 300,000 15, Credltors: Amounts Fallln9 Due Wlthin One Year 2024 2023 Bank loans and overdrafts Other creditors 4.251 447,956 4,251 447,961 16. Other Commltments The total of future minimum lease payments under non-cancellable operatlng leases are as following.. 2024 2023 Not later than one year Later than one year and not later than five years 5,137 11,266 5,137 5,137 16,403 Page 15
Morrls Cerullo World Evangelism Notes to the Flnancial Statements (continued) For The Year Ended 31 December 2024 17. Penslon Commitments The charitable company operates a defined contribution penslon scheme. The assets of the scheme are held separately from those of the charftable company in an independently administered fijnd. During the year the charye to the statement of financlal actlvities in respect of defined cOntbutIOn schemes was £23,201 (2023: £3,600). At the balance sheet date contributlons of £NIL were due to the fund and are included in credltors. 18. Movement in Funds Asati January 2024 Asat31 December 2024 Income Expenditure Unrestrlcted funds General: Generdl unrestricted fund 120,762 509,298 (361,988) 268.072 Total funds 120,762 509,298 (361,988) 268,072 Asatl January 2023 Asat31 DeceMr 2023 Income Expenditure Unrestrlcted funds GeneF71.' General unrestrlcted fund 284,629 515,825 (679,692) 120,762 Total funds 284,629 515,825 (679,692) 120,762 19. Transactions wlth Trustees During the year, one or more trustees has been paid remuneratlon or has reiVed other benefits from an employment wlth the Company. The value of Trustees, remuneration and other benefits paid to Julian Richards was salary £60.000 {2023'. £60,000) and employer pension contrlbutions £1,321 (2023: £1,321) During the year the expenses relmbursed to the trustees or paid directly to thlrd partSes We as follows: 2024 2023 Travel 4,958 Page 16
Morris Cerullo World Evangelism Notes to the Flnanclal Statements (continued) For The Year Ended 31 December 2024 20. Related Party Dlsclosures Mr D Cerullo. who Is a Trustee of Morris Cerullo Wortd Evangelism Ltd, is also a Trustee of Morris Cerullo World Evangelism Int. The following transactlons took place in the period: Reimbursed expen5e5 relating to partner appeals - i.e. promotlon, teachlng. trdining and monthly publications (including all production. creative work, printing and posta9e) were performed on behalf of MCWE Ltd totalling £550,383 (2023 £307.530). At the balance sheet date, the company owed to Morrls Cerullo World Evangelism Inc. an amount of £0 (2023 - £433,533). 21. Company limited by guarantee The company is limited by guarantee and has no share capitsl. Every memter of the company undertakes to contribute to the assets of the companyi in the event of a winding up. such an amount as may be requlred not exceeding £1. Page 17