REGISTERED COMPANY NUMBER: 03335837 (England and Wales) REGISTERED CHARifi NUMBER." 1064133 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR CREFLO DOLLAR MINISTRIES (A COMPANY LIMITED BY GUARANTEE Prime Chartered Accountants Corner Oak 1 Homer Road Solihull B913QG
CREFLO DOLLAR MINISTRIES CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Reference and Admlnlstrative Detalls Report of the Trustees Independenl Examlnefs Report Statement of Flnanclal Acllvltles Balance Sheet Cash Flow Statement 10 Notes to the Cash Flow Statement Notes to the Flnanclal Statement8 12
CREFLO DOLLAR MINISTRIES REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES R B Mumba Ir&signed 3115123) N Bruus YKChoi A B Danquah V R Harrison O Olalundun (appointed 3115123) REGISTERED OFFICE 1B Blackthom Hous8 Mary Ann Street Blrmingham B3 1RL REGISTERED COMPANY NUMBER 03335837 (England and Wales) REGISTERED CHARITY NUMBER 1064133 INDEPENDENT EXAMINER Prime Chartered Accountants Corner Oak 1 Homer Road Solihull B913QG BANKERS Barclays Bank PIC 1 Churchill Place London E14 5HP Page 1
CREFLO DOLLAR MINISTRIES {REGISTERED NUMBER: 033358371 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees who are a150 directors of the charity for the purposes of the Companies Act 2006, present th6ir report with the financial statements of the charity for the year ended 31 December 2023. The IrLtstees have adopted Ihe provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charlties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepubliG of Ireland {FRS 1021 (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objecllves and alms The charity's objectives are lo promote the Gospel of Jesus Christ to Ihose in any part of the world who have not received it and lo establish, advance and promote the gospel and do¢trine among Christian believers according to the slalement of fallh reproduced below. W8 b8lleve that Jesus Chrlst Is the son of God and that He was cruclfièd dead and buried, and on the Ihlrd day He arose from the dead and ascended on high where He took His seat at the right hand of God the Father Almighty until His enemies becom8 His footstool. We boli8ve in the rapture, that the dead In Christ wlll rlse first and that those that are alive and remain shall be caught up lo meet Jesus in the air. We believ6 that after death eternal life begins either in heaven or In hell., where one spends etemily Is based on their decision lo live according to God's words and Commandments or lo rebel and deny His words and commandments. We beligve in the Indwelling of the Holy Spirlt and Ihe baptism in the Holy Spirit with the evidence of Speaking In tongues. We believe that the Bibl8 IS the written Word of God Inspired by God. We believe that faith is acting out on the Word of God. We b81ieve in divine healing and that Jesus is the Healer and that by the stripes of Jesus we are hgaledl We believe in Illhing the lithe and bringlng offerings into the church. We also belleve in giving alms and caring for the poor, sick, homeless, etc. We believe in water baptism in the name of th6 Father, Son and Holy Spirit. We believe in the name of Jesus and the authority invested In thal name. The Trustees achieve the objects by promoting and leaching the Word of God across the entire world via television, electronic media and books. This is done wilh simplicity and understanding, so that the Word of God can b8 applied in our everyday lives in a practical and effective manner, thereby transforming minds and confomilng our immediate worlds lo a successful, victorious and prosperous Christian Ilfe. We are faithful stewards over the financial assets entrusted by God to Crello Dollar Ministries. Our aim is lo manage these with such excellence, integrity, thoroughness and accuracy that through honesty and integrity we will be above absolute suspicion, not only in the sight of the Lord bul also in Ihe sight of men. Page 2
CREFLO DOLLAR MINISTRIES (REGISTERED NUMBER: 03335837) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES Major achievements In our effort to promote the Gospel of Jesus Christ in Europe during 2023, Creflo Dollar Ministries Europe Office (CDM Europe) has accomplished the following.. Partnershlp Activitieslcontact Made CDM Europe consistently mak65 COLlrtesy Calls lo partners and donors, calllng them on thelr birthdays and partnership anniversary days and making prayer calls asklng afior thelr welfare. This year, we received 8,570 inbound responses from inwming calls, emails, and posts. CDM Europe received 1,063 prayer requests, lo which the CDM Europe Office responded with calls, emails, and letters. CDM Europe's outbound interaction with partners and donors Increased by 2.36Vo12022 - 7,729 versus 2023 7,912). CDM Europe generatgd 209 new people to the database. CDM Europe offi ProdUd 818 products that fulfilled 285 packages dispatched from the office. CDM Europe continues to utlllse social media to promote events and share encouraging posts, In 2023. w6 continued to promote our YouTube channel and upload new content for our YouTube channel, receiving 6,934 additional views., our channel experienced an 8.14Wo increase compared to 2022, receivlng 6,412 views. Conference & Speaklng Engagemenls Creflo Dollar Ministries did not host any conferences or speaking engagemenls in 2023: however, our partners and donors had the opportunity lo attend events hosled by our US headquarters. Stafflng In 2023, CDM Europe had full-time staff who used the services of employment agencies and hired on8 of the t8mporary staff to become a full-lime 8mployea. Achlevements In 2023 Office Move One of our main objectives for 2023 was to reassess our operational overheads without compromlslng on the quality of sérvice we provlde. In 2023, we looked for Offi space that offered cost-efficlency and catered for our office needs, including separate offices for staff, a receplionlbookstore space and some storage space. We mov8d into a new office space in July that fulfilled our requirements. Mlsslons Project Vlrtue In 2023, CDM Europe continued to support Embrac8 Warwickshire. Embrace is a Christian Charity.. faith and prayer are the basis of everything they do. They believe in the transformative power of Jesus and want to demonstrate the consislenl. unchanging Love & Hope they have found.Through their work, Embrace desires to demonstrate the practicality of their belief that each woman is deeply loved and precious to Godl Every Christmas, Embrace delivers Christmas hampers to the women they support. In December 2023, CDM Europe donated some of the items Embrace uses to create Christmas hampers. These hampers are distributed during their annual Christmas parties, and some Women's Centers Embrace partners with Ihem. Page 3
CREFLO DOLLAR MINISTRIES (REGISTERED NUMBER: 03335837) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES CDM Europe purchases woollen hats and gloves, socks, toiletries and chocolates. The staff from CDM Europe also assisted with packing tha bags. With thè items donated, Embrace created 75 Christmas hampers. Love Thy Neighbour CDM Europe continues to support people experiencing homelessness in the local area by ulilizing the funds donated explicitly for "Love Thy Neighbour" The Love Thy Neighbour program is dedicated lo doing grace-based good Works for our neighbours worldwlde. In 2023, Creflo Dollar Ministries Europe supported Helping Hands of Birmingham (HHOB) by purchasing ilems on their wish list to carry out their outreach inilialives. CDM Europe purchased boxes of crlsps, tracksult bottoms, woollen hats, gloves and chocolates. Attendlng Chrlstlan Resource Exhlbltlon ICRE) CDM Europe attended an exhiblllon aimed al Christian organlsalions, church leaders and anyone involved in Christian work and ministry. This exhibition seeks to network and promote your organisalion. It's also a chance to discover new ideas and resources and gain advice and insplralion from other Christian business6S. This exhibition was held In the West Midlands, and the office had th8 OPPOrtunlty lo hire a sland and promote itself and ils organisation. After the exhibition, we connected with an insurance company that reduced the cost of our bulldlng insurance by 4.140kn with the additlonal cover of Cyber fraud without compromlsing on our needs. Publlc beneflt The Charily had due regard to guldance published by the Charlty Commlsslon on publlc benefll. Teaching the Word of God with simplicity and understanding is the goal of Creflo Dollar Ministries. Our mission is to invoke change in the lives of people and gain understanding of God's love and promises. Thls Is the way we a¢hieve public benefit. FINANCIAL REVIEW Financtal revlew The charitable company's net deficit for the year amounted to £44,048 (2022.. Surplus £22,551) making total funds held al 31 December 2023 of £126,081 {2022'. £170,129). We are very grateful to our generous supporters for the income arising in th@ charity during the year of £173,436, despitè il being lower than in 2022 {£208,504}. Our total expenditure for the year was £217,484 which is higher than the previous year which totalled £185,953. Thls year has seen a dècrease in our unrestrlcted funds from £134,113 In 2022 to £89.920. The results for the year are shown in the Statement of Financial Activities and the slale of affairs, which the Trustees consider satisfactory, is shown on the Balance Sheet. Reserves pollcy The total reserves held as at 31 Dember 2023 are £126,081 (2022.. £170,129). The Trustees have r8vl8wed the charity's need for reserves and have agreed that It should ideally hold free reserves of at least £50,000 to meet approximately three months support and administration costs. A reserve of this size would provide substantial backing to our Ministry ensuring it can grow effedively in reaching out with our Christian message. The current amount held as unrestricted free reserves is £89,919 which lakes account of the charity's fixed assets, is sufficienl. The Trustees continue to conc8ntrate on a number of cost saving initiatives to enable the Charity lo maintain the recommended level of reserves. Page 4
CREFLO DOLLAR MINISTRIES (REGISTERED NUMBER: 03335837) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 FUTURE PLANS CDM Europe plans to conlinue spreading the Grace messag&, especially to the non-English-speaking Countries. CDM Europe has begun translating some written materials and will gradually create a translated microsile in different languages. This project has started. We aim lo create social media sites, Facebook, Instagram. and YouTube channels for non-English countries to ulilise. CDM Europe w151 continue to support organlsations that have slmllar mlssion Inltlatives as our organisation. The support will be both financially and volunteering of time lo support these organlsations while they carry out their Mission initiatives. CDM Europe will also request the assistance of our partners and donors not only to donate to these initiallves but also to volunteer their servlces and lime. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity was incorporated as a ¢ompany limited by guarantee on 13 March 1997 and is governed by its Memorandum and Articles of As50cialion. It registered as a charily on 27 August 1997. The trustees are the members of the charitable company and. in the event of the company belng wound up, the members are required to contribute an amount not exceeding £1. Recrullmenl, appolntmenl, Snductlon and tralnlng of trustees Under the requirements of the Memorandum and Articles of Association, the trustees have the power to appoint new trustees who must be re-elected at the following Annual General Meeting. Recruitment of new trustees is by personal recommendation. During Induction and Iralnlng the n8W trustees are provided with suitable material to onsure they understand the charilable purposo and operating policies of Creflo Dollar Ministries. Organlsatlonal structure The Trustees who served during the year and up lo the date of this report are sel out on page 1. Trustees are appointed by the Board of Trustees. The day to day running of the charitable company has been controlled by salaried managers appointed by the Trustees. Olusola Olatundun oversees the office and manag8s lh8 day to day operations of the Charity. All decisions are made by the Board of Truslees inspired by the teachings of Pastor Creflo Dollar. This report has been prepared In accordance wllh the special provlsions of Part 15 of the Companies Act 2006 relating lo small companies. 15.10.2024. Approved by order of Ihe board of trustees on ..,,......................................... and slgn8d on ils behalf by: Y K Choi- Trustee Page 5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CREFLO DOLLAR MINISTRIES {REGISTERED NUMBER: 03335837) Independenl examiner's report to the trustees of Creflo Dollar Minlstrles ('the Company.) I report to the charity truste8s on my examinallon of tha accounts of the Company for Ihe year ended 31 December 2023. Responslbllitles and basls of report As the charity's trustees of the Company land also its directors for the purposes of company law} you are responsible for the preparation of the accounts in accordance with Ihe requirements of the Companies Act 2006 {'the 2006 A¢t'}. Having satisfied myself that the accounts of the Company are nol required to be audited under Part 16 of the 2006 Act and are eligible for independenl examination, I report in respecl of my examination of your charity's accounts as carried out under Secllon 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examinallon I have followed the Directions given by ihe Charity Commission under Section 14515} Ib) of the 2011 Act. Independent examlner's statement I have completed my examination. I confirm Ihal no matters have come lo my attention in connection with the 8xamination glving me cause lo believe.. accounting records were not kept in respect of the Company as required by S8ction 386 of the 2006 Act., or the accounts do not accord with those records.. or the accounts do not comply with the accounting requlrements of Section 396 of the 2006 Act other than any requiremenl that the accounts giv6 a true and fair vlew which Is not a matter considered as part of an independent examination., or the accounls have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounlSng and reporting by charities {appllcable to charitles preparing their accounts In accordance wlth the Flnanclal Reporting Slandard appllcable In the UK and Republlc of Ireland {FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn In thls report In order lo enable a proper understanding of the accounts to be reached. Jeremy Kitson Prime Chartered Accountants Comer Oak 1 Homer Road Solihull 8913QG 21.10.2024. Page 6
CREFLO DOLLAR MINISTRIES STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total funds 2022 Total funds Unreslricted fund Reslricled funds Notes INCOME AND ENDOWMENTS FROM Donations and legacles 167,875 3,403 171,278 203,580 Charltable actlvltles Ministry materials 2,158 2,158 4,924 Total 170,033 3,403 173,436 208,504 EXPENDITURE ON Raising funds 64,277 1,966 66,242 53,515 Charitable actlvltles Conventions and Meetings Minislry materlals Ministry headquarters 18,887 70,574 52,979 608 6,320 1,275 19,495 76,894 54,254 17,507 40,522 74,409 Other 599 599 Total 207,316 10,168 217,484 185,953 NET INCOMEI{EXPENDITURE) Transfers between funds (37,283) (6,911) 16,7661 6,911 (44,048> 22,551 15 Net movement In funds (44,194) 146 {44,04BI 22,551 RECONCILIATION OF FUNDS Total funds brought forward 134,113 36,016 170,129 147,578 TOTAL FUNDS CARRIED FORWARD 89,919 36,162 126,081 170.129 The notes form part of these financial statements Page 7
CREFLO DOLLAR MINISTRIES (REGISTERED NUMBER: 03335837) BALANCE SHEET 31 DECEMBER 2023 2023 Total funds 2022 Total funds Unrestrlcted fund Reslricted funds Notes FIXED ASSETS Tangible assets 10 151 151 1,261 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 19,134 16,699 73,969 19,134 16,699 118,787 18,827 14,452 160,995 12 44,818 109,802 44,818 154,620 194,274 CREDITORS Amounts falllng due within one year 13 (20,033 (8,6571 (28,690) {25,406) NET CURRENT ASSETS 89,769 36,161 125,930 168,868 TOTAL ASSETS LESS CURRENT LIABILITIES 89,920 36,161 126,081 170,129 NET ASSETS 89,920 36,161 126,081 170,129 FUNDS Unrestricted funds Reslricled funds 15 89,920 36,161 134,113 36,016 TOTAL FUNDS 126,081 170,129 The charitable company is entitled to exemption from audit under Soclion 477 of the Companies Act 2006 for the year ended 31 December 2023. The members have not required the company to obtain an audit of ils financial statements for the year ended 31 December 2023 in accordance with Section 476 of Ihe Companies Act 2006. The Iruslees acknowledge Iheir responslbllilies for (a) ensuring that the charilable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statemenls which give a true and fair view of the stale of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirgments of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial slalements, so far as applicable to the charitable company. (bl The notes form part of these financial slatemenls Page 8 contlnued...
CREFLO DOLLAR MINISTRIES (REGISTERED NUMBER: 033358371 BALANCE SHEET - continued 31 DECEMBER 2023 These ffinancial statemenls have been prepared in accordance with the provlsions applicable to charitable companies subject to the small companies regime. The financial slalements were approved by the Board of Trustees and authorised for issue on ..15..10..2Q.2.4......... and were sign&d on its behalf by.. Y K Choi- Trustee The notes form part of these financial statements Page 9
CREFLO DOLLAR MINISTRIES CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operatlng acllvltles Cash generated from operalions (42,208) 22,598 Net cash (used inllprovided by operating activities (42,208} 22,598 Change in cash and cash equlvalenls In the reportlng perlod Cash and cash equlvalents at the beginnlng of the reportlng perlod (42,2081 22,598 160,995 138,397 Cash and cash equlvalents at the end of the reportlng perlod 118,787 160,995 The notes form part of these financial slalements Page 10
CREFLO DOLLAR MINISTRIES NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 RECONCILIATION OF NET (EXPENDITURE)IINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net {expendltureylncome lor the reportlng perlod las per the Statement of Financlal Actlvltles) Adjustments for: Depreclation charges Loss on disposal of fixed assets Ilncreaselldecrease in stocks Increase in debtors Increasel(dacreasel in creditors (44,048) 22,551 511 599 (3071 {2,247) 3,284 830 60 18361 {7) Net cash (used In>lprovlded by operatlons 142,208) 22,598 ANALYSIS OF CHANGES IN NET FUNDS At1.1.23 Cash flow Al 31.12.23 Net cash Cash al bank and In hand 160,995 (42,208) 118,787 160,995 (42,2081 118,787 Total 160,995 (42,208) 118,787 The notes form part of these financial statements Page11
CREFLO DOLLAR MINISTRIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparlng the financial stalemenls Creflo Dollar Minislries is private charitable company, limited by guaranlee, registered in England and Wales. The charitable company's charity number, regisler6d company number and regislerod office address can be found on the Reference and Administrative Details page. The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared In accorijance with the Charities SORP {FRS 102) '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 (FRS 1021 (effective 1 January 2019),, Flnancial Reporting Standard 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical Gost convention. The accounts have bean prepared in sterling l£} which is Ihe functional curren¢y of the enlity. Golng Concern The financlal statements have been prepared on a golng concern basis as the truslees believe that no malerial uncertainties éxist. Th8 trustees have consldered the level of funds held and Ihe expected level of income and expenditure for 12 monlhs from aulhorising Ih8se financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able lo continue as a going concern. Income All incom8 is recognised in the Statement of Financial Activities once the charlly has 6ntlllement to the funds, any performance Conditions attached lo the i18m{sl of income have been met, 11 Is probable that the income will b6 received and the amounl can bo measured reliably. For donations to be recognised the charity will have been notified of the amounts and the selllemenl date in writing. If there are conditions attached lo the donation and thi5 requires a lev81 of performance before enlillemenl can be obtained. then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Income from the sales of Ministry materials is included when receivable and Is stated net of VAT. VAT atlribulable to gifts of Ministry materials made to donors is included in expenditure as a cost of generating voluntary income. Donated faclllties and donaled professional services are recognised in income al their fair value when an economic benefit is probable, il can be measured reliably and the charily has control over the item. Fair value is determined on the basis of the value of the gift lo the charity, for example the amount the Charity would be willing to pay in the open market for such facllltles and servlces. A correspondlng amount is recognised in expenditure. No amount is included in the financial statements for volunteer lime in line with the SORP (FRS 102). Detalls of volunteer contributions to th8 charity is given in the Trustees, Annual Report, where relevant. Investment income is earned through holding assets for investment PLtrposes such as term deposit accounts. It includes interest income which is recognised as it accrues. Page 12 continugd...
CREFLO DOLLAR MINISTRIES NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES - contlnued Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity lo that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can b6 measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the calegory. Where costs cannot be directly allribuled to particular headings they have been allocated lo actlvltles on a basls ¢onsislenl wllh the use of resour8. Irrecoverable VAT is charged as an expense against fundraising activity and also as a support cost as the disallowance arises partly as a result of VAT reslriclions caused by gifts given in exchange for donations. AlloGatlon and apportlonment of support costs Support costs are those that asslsl the work of the charity but do not dlrectly represent charltable activities and include premises costs, office costs, governance costs, administrative and payroll costs. They are incurred direclly in support of expenditure on the objects of the charity. Where support costs cannot be dlrectly attrlbuled to particular activities, they have been allocated to expenditure on charitable activities on a basls consistent with the resources, which may be actual or based on a proportion of Staff costs. Tanglble flxed assels Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Improvements to property TV and media equipment Fixtures and fillings Computer 8quipmenl stralght Ilne over 10 years 200/0 on cost 200/0 on cost 33.33% on cost Stocks Stocks are valued al the lower of cost and nel realisable value, after making due allowance for obsolete and slow moving Items. Taxatlon The charity is exempt from corporation tax on ils charitable activities. Fund accountlng Unrestricted funds can be used in accordance with Ihe charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted Purposes wilhin the obl8cls of the charity. Restrictions arise when specified by the donor or when funds are raised for particular reslricled purposes. Designated funds are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects. Further explanation of the nature and purpose of each fund Is included in the notes to the financlal statements. Forelgn currencles Assets and liabilities in foreign currencies are translated into sterling al the rates of exchange ruling at the balance sheet dale. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Page 13 continued...
CREFLO DOLLAR MINISTRIES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES - continued Pension costs and other employee beneflls When employees have rendered service to the charily, short term employee benefils to which the employ8es are entitled are recognised at the undiscounled amount expected to be paid in exchange for that seNice. The charily operates a defined ¢onlribution plan for the benefit of ils employees. Conlribulions are expensed as they become payabl&. DONATIONS AND LEGACIES 2023 2022 Donations 171,278 203,580 RAISING FUNDS Ralslng donatlons and legacles 2023 2022 Vat cost of generating funds Bank and credit card charges Advertlsing and promotion Support costs 32 3,229 5,264 4,175 544 43,532 62,981 66,242 53,515 CHARITABLE ACTIVITIES COSTS Support cosls (see note 5) Direct Costs Totals Conventions and Meetings Ministry materials Mlnlstry headquarters 19,495 34,108 54,254 19,495 76,894 54,264 42,786 42,786 107,857 150,643 Page 14 conts'nued...
CREFLO DOLLAR MINISTRIES NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 SUPPORT COSTS Staff costs Office cosls Premises Raising donations and legacies Conventions and Meetings Ministry materials Ministry headquarters 38,572 11,940 20,890 25,025 10,899 3,373 5,901 7,073 13,510 4,182 7,317 8,765 96,427 27,246 33,774 Other costs Governance costs Totals Raising donallons and legacies Conventions and Meetings Ministry materials Minlstry headquarters 62,981 19,495 34,108 64,254 13,387 13,387 170,838 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingllcreditingl.. 2023 2022 Depreciation - owned assets Deficit on disposal of flx8d assets Independent examination12 years, cosl in 2023) Independent examiner's fees for accountancy and advl¢e services Payroll services 611 S99 8,896 803 420 829 3,900 850 420 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustees. expenses There were no trustees, expenses paid for the year ended 31 Dember 2023 nor for Ihe year ended 31 December 2022. Page 15 continued...
CREFLO DOLLAR MINISTRIES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 STAFF COSTS 2023 2022 Wages and salaries Social securfty costs Other pension costs 69,273 1,433 1,857 63,044 2,669 1,925 72,563 67,638 The av8rage monthly number of 8mployees during the year was as follows: 2023 2022 AdministralSon and support No employees received emoluments in excess of £60,000. The employees all worked full tlme In both 2023 and 2022. The charity considers Ils key management personnel comprise the CEO and senior management. The total amount of employee benefits inclL¢ding employer's pension contributions received by key management personnel were £67,649 {2022- £67,638). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 2022 Unrestricted Restricted fund funds Total funds INCOMEAND ENDOWMENTS FROM Donations and legacles 198,395 5,185 203,580 Charltable actlvllles Ministry materials 4,924 4,924 Total 203,319 5,185 208,504 EXPENDITURE ON Raising funds 53,515 53,515 Charltable actlvltles Conventions and Meetings Mlnlslry materials Ministry headquarters 17,507 29.845 74,387 17.507 40,522 74,409 10,677 22 Total 175,254 10,699 185,953 NET INCOMEI{EXPENDITURE) Transfers between funds 28,065 17,3761 15,514) 7,376 22,551 Net movement In funds 20,689 1,862 22,551 RECONCILIATION OF FUNDS Total funds brought fOard 113,424 34,154 147,578 Page 16 conlinued...
CREFLO DOLLAR MINISTRIES NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 2022 - contlnued Unreslricled Restricted fund funds Total funds TOTAL FUNDS CARRIED FORWARD 134,113 36,016 170,129 10. TANGIBLE FIXED ASSETS Improvements lo propety TV and media equipment Fixtures and flttlngs Computer equipment Totals COST At 1 January 2023 Dlsposals 3,198 (3,198) 127,071 (1,100} 23,845 60,679 204,793 (4,298) At 31 December 2023 12S,971 23,845 50,679 200,496 DEPRECIATION At 1 January 2023 Charge for year Eliminated on disposal 2,S99 127,071 23,592 253 50,270 268 203,532 (2,699) (1,100> (3,699) At 31 December 2023 125,971 23,845 50,528 200,344 NET BOOKVALUE Al 31 Dec8mber 2023 151 151 At 31 December 2022 599 253 409 1,261 11. STOCKS 2023 2022 Stocks of Ministry materials 19,134 18,827 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other debtors Prepaymenls and accrued income 16,082 617 13,903 549 16,699 14,452 Page 17 continued...
CREFLO DOLLAR MINISTRIES NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade creditors Social security and other taxes VAT Olher creditors Accruals and deferred income 9,866 3,516 497 130 14,681 8,138 1,562 280 15,426 28,690 25,406 14. LEASING AGREEMENTS Minlmum leas8 payments under non-cancellabl8 OP6ratlng leases fall due as follows= 2023 2022 Within one year Between one and five years 20,500 4,271 24,771 16. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.12.23 Al 1.1.23 Unrestrlcted funds General fund 134,113 (37,282) {6,911) 89,920 Reslricted funds Missionary works Care for children CDM Russia 27,113 8,903 145 27,258 8,903 (6,911) 6,911 36,016 16,766) 6,911 36,161 TOTAL FUNDS 170,129 {44,048} 126,081 Page 18 continued...
CREFLO DOLLAR MINISTRIES NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 15. MOVEMENT IN FUNDS - contlnued Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricled funds General fund 170,033 (207,315) 137,2821 Restrlcted funds Missionary works CDM Russia 145 3,258 145 {6,911) (10.169) 3,403 (10,169) {6,7661 TOTAL FUNDS 173,436 (217,484) 144,048) Comparatlves for movement In funds Net movement in funds Transfers between funds At 31.12.22 Al 1.1.22 Unrestrlcted funds General fund 113,424 28,065 17,376) 134,113 Restricted funds Missionary works Care for children CDM Russla 25,251 8,903 1,862 27,113 8,903 (7,376) 7,376 34,154 (5,5141 7,376 36,016 TOTAL FUNDS 147,578 22,551 170,129 Comparative nel movèmenl in funds, included in the abov8 ar8 as follows: Incoming resources Resources 8xpend8d Movement in funds Unrestrlcted funds General fund 203,319 1175,254) 28,065 Restrlcted funds Mlssionary works COM Russia 1,862 3,323 1,862 17,3761 (10,699) 5,185 110,699} 15,5141 TOTAL FUNDS 208,504 (185,9531 22,551 Page 19 continued...
CREFLO DOLLAR MINISTRIES NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 15. MOVEMENT IN FUNDS - contlnued Purpose_of Re$trlcted_Fun_d_s: Donors to Ihe charity are provlded a choice of funds to which their donation is allocated. For reporting purposes these are allocated to one of the funds identified below,. when tithing the Trustees ensure that the specific purposes of the donor's allocation is fulfilled. Mlsslonary Works.. These cover broadly defined donation categories such as Soul Winning, Ambassadors for Change and Mission General Funds where the day to day activities of the charity will naturally fulfil tho donor's intentions for the gift. Care for Chlldren: Gifts Identified for the support of sick children, orphanages and educational Initlatives fulfilled by thoughtful tithing. Poverty Rellef: This covers a range of gifts for the relief of povety in the UK and abroad with particular emphasis being given lo aid for women trapped in sex work, as well as the provision of homes, shelter, food dlslribution, water and medical relief, particularly for orphaned and abandoned children., agaln thoughtful tithing ensures the wishes of the donors are fulfllled. CDM Russla: A branch of Cr8flo Dollar Ministries committed to continuing contact with our partners in Russia and Ukralne. 16. EMPLOYEE BENEFIT OBLIGATIONS The charity op8rales a defined conlribulSon penslon scheme, The charge to the Statement of Flnanclal Actlvities for the year is £1,857 12022.. £1.9241. Thore were no outslandlng contributions and no prepaid contributions at the year end 31 December 2023 nor al 31 Dember 2022. 17. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2023 (2022.. £nill Page 20