REGISTERED COMPANY NUMBER: 03335837 (England and Wales) REGISTERED CHARITY NUMBER: 1064133
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
FOR
CREFLO DOLLAR MINISTRIES (A COMPANY LIMITED BY GUARANTEE)
Prime Chartered Accountants Corner Oak 1 Homer Road Solihull B91 3QG
CREFLO DOLLAR MINISTRIES
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Cash Flow Statement | 11 |
| Notes to the Cash Flow Statement | 12 |
| Notes to the Financial Statements | 13 |
CREFLO DOLLAR MINISTRIES
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024
| TRUSTEES | N Bruus |
|---|---|
| Y K Choi | |
| A B Danquah | |
| V R Harrison | |
| O Olatundun | |
| REGISTERED OFFICE | 11 Wrens Court |
| 46 South Parade | |
| Sutton Coldfield | |
| West Midlands | |
| B72 1QY | |
| REGISTERED COMPANY | 03335837 (England and Wales) |
| NUMBER | |
| REGISTERED CHARITY | 1064133 |
| NUMBER | |
| INDEPENDENT EXAMINER | Prime |
| Chartered Accountants | |
| Corner Oak | |
| 1 Homer Road | |
| Solihull | |
| B91 3QG | |
| BANKERS | Barclays Bank Plc |
| 1 Churchill Place | |
| London | |
| E14 5HP |
Page 1
CREFLO DOLLAR MINISTRIES (REGISTERED NUMBER: 03335837)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objectives are to promote the Gospel of Jesus Christ to those in any part of the world who have not received it and to establish, advance and promote the gospel and doctrine among Christian believers according to the statement of faith reproduced below.
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We believe that Jesus Christ is the son of God and that He was crucified dead and buried, and on the third 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 become His footstool.
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We believe in the rapture, that the dead in Christ will rise first and that those that are alive and remain shall be caught up to meet Jesus in the air.
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We believe that after death eternal life begins either in heaven or in hell; where one spends eternity is based on their decision to live according to God's words and commandments or to rebel and deny His words and commandments.
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We believe in the indwelling of the Holy Spirit and the baptism in the Holy Spirit with the evidence of speaking in tongues.
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We believe that the Bible is the written Word of God inspired by God. We believe that faith is acting out on the Word of God.
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We believe in divine healing and that Jesus is the Healer and that by the stripes of Jesus we are healed!
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We believe in tithing the tithe and bringing offerings into the church. We also believe in giving alms and caring for the poor, sick, homeless, etc.
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We believe in water baptism in the name of the Father, Son and Holy Spirit. We believe in the name of Jesus and the authority invested in that name.
The Trustees achieve the objects by promoting and teaching the Word of God across the entire world via television, electronic media and books. This is done with simplicity and understanding, so that the Word of God can be applied in our everyday lives in a practical and effective manner, thereby transforming minds and conforming our immediate worlds to a successful, victorious and prosperous Christian life. We are faithful stewards over the financial assets entrusted by God to Creflo Dollar Ministries. Our aim is to 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 but also in the sight of men.
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CREFLO DOLLAR MINISTRIES (REGISTERED NUMBER: 03335837)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
OBJECTIVES AND ACTIVITIES
Major achievements
In our effort to promote the Gospel of Jesus Christ in Europe during 2024, Creflo Dollar Ministries Europe Office (CDM Europe) has accomplished the following:
Partnership Activities/Contact Made
CDM Europe consistently makes courtesy calls to partners and donors, calling them on their birthdays and partnership anniversary days and making prayer calls asking after their welfare.
This year, we received 8,217 inbound responses from incoming calls, emails, and posts. CDM Europe received 987 prayer requests, to which the CDM Europe Office responded with calls, emails, and letters. CDM Europe's outbound interaction with partners and donors increased by 42.05% (2023 - 7,912 versus 2024 11,239). CDM Europe generated 95 new people to the database.
CDM Europe Office produced 546 products that fulfilled 148 packages dispatched from the office.
CDM Europe continues to utilise social media to promote events and share encouraging posts.
In 2024, we continued to promote our YouTube channel and upload new content for our YouTube channel, receiving (2023 6,934) (2024 - 32,909) additional views; our channel experienced a 374.60% increase compared to 2023, receiving 6,934 views.
Conference & Speaking Engagements
Creflo Dollar Ministries did not host any conferences or speaking engagements in 2024; however, our partners and donors had the opportunity to attend events hosted by our US headquarters.
Staffing
In 2024, CDM Europe had two full-time staff and utilised the services of a freelance social media assistant.
Missions
Project Virtue - Partnership with Embrace Warwickshire
In 2024, CDM Europe continued its support of Embrace Warwickshire, a Christian charity whose work is rooted in faith and prayer. Embrace seeks to demonstrate the transformative power of Jesus Christ and the enduring love and hope found in Him. Their mission centres on the belief that every woman is deeply loved and precious to God, and they aim to reflect this truth through practical outreach and consistent care.
As part of our support, CDM Europe responded to Embrace's Easter appeal in March 2024 by donating forty Easter eggs, which were distributed to women in their care. Two CDM Europe staff members purchased and delivered the eggs directly to Embrace's project manager. In addition, a financial donation of £400 from Creflo Dollar Ministries contributed to Embrace's ongoing outreach activities and mission-driven programmes.
In December 2024, CDM Europe further supported Embrace's annual Christmas outreach. We provided key items for the Christmas hampers distributed at their seasonal events, including at women's centres in partnership with Embrace. The items included woollen hats and gloves, socks, toiletries, and chocolates.
Our collaboration with Embrace remains a meaningful expression of our shared mission to reach and uplift vulnerable women in the community. These contributions play a valuable role in expressing God's love in tangible, compassionate ways.
We look forward to continuing our partnership with Embrace Warwickshire and supporting their vital work in the years ahead.
Care for Kids - Birmingham Crisis Centre
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CREFLO DOLLAR MINISTRIES (REGISTERED NUMBER: 03335837)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
OBJECTIVES AND ACTIVITIES
In the third quarter of 2024, CDM Europe's Mission Initiative focused on supporting the Birmingham Crisis Centre, a refuge for women and children escaping domestic abuse. Our objective was to provide back-to-school resources for the children residing at the centre, equipping them with essential items to aid their educational journey.
In consultation with the centre's staff, we identified key needs and, based on their feedback, compiled and purchased a range of age-appropriate educational supplies. These included:
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20 water bottles - 30 maths sets
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30 whiteboards
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Learning books for ages 7-9 and 14-16 (covering English, Maths, Literature, Spelling, Grammar, and Punctuation)
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Pencil cases
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School bags
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School uniforms
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Pencils
The total expenditure for these resources was £455.21. These items were assembled into individual back-to-school hampers, with additional supplies delivered separately. On Tuesday, 5 September 2024, CDM Europe staff personally visited the Birmingham Crisis Centre to deliver the hampers. The centre's staff expressed heartfelt gratitude, particularly considering the current economic climate which has seen a reduction in regular donations.
During this visit, we were invited to return for a coffee afternoon to meet with some of the women residing at the centre and hear their personal stories. One such story was shared prior to our visit by a former resident who had fled verbal abuse in Wales in search of safety for herself and her two children. On arriving at the centre with nothing but a carrier bag, she was met with warmth and support. With time, her son-who had become non-verbal due to trauma-began to speak again, and she began to heal, regaining her self-worth and confidence. When she was eventually rehoused, the centre supported her transition by providing household essentials. She now lives independently, remains in touch with the centre, and is pursuing a career in elderly care.
On Thursday, 19 September 2024, a CDM Europe staff member and a volunteer returned to the centre for the coffee afternoon. We spent time sharing cake and conversation with the residents, listening to their powerful testimonies. Many spoke of their journeys through pain and manipulation, isolation, and loss of self-esteem, but also of the hope, healing, empowerment, safety, and transformation they have found at the Birmingham Crisis Centre.
When asked about our motivation for involvement, we explained that our mission is to demonstrate God's love in practical and tangible ways, affirming the message that He never fails.
This outreach has been deeply moving, and we are committed to continuing our partnership with the Birmingham Crisis Centre in the future.
Toy Drive - Christmas Outreach at Birmingham Crisis Centre
In December 2024, through the generous support of our partners and donors towards the Care for Kids mission, CDM Europe had the privilege of bringing joy to the children and women at the Birmingham Crisis Centre during the Christmas season.
With these contributions, we purchased a variety of age-appropriate toys and gift cards for children ranging from 7 months to 16 years. These included craft supplies, dolls, toy cars, trains, action figures, LEGO sets, and toiletries. In addition, we prepared thoughtful gift hampers for single women without children. Each item was carefully wrapped to reflect the care and festive spirit we hoped to share.
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CREFLO DOLLAR MINISTRIES (REGISTERED NUMBER: 03335837)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
OBJECTIVES AND ACTIVITIES
On Thursday, 19 December 2024 , CDM Europe staff delivered the gifts to the centre. The staff expressed heartfelt gratitude for the beautifully presented donations and shared how meaningful the gifts would be to the families they support.
A touching tradition was shared with us: each Christmas Eve, mothers at the centre are invited to select gifts for their children. This practice offers mothers-many of whom are unable to purchase gifts due to financial hardship-an opportunity to give their children a joyful and memorable Christmas.
Looking ahead to 2025, CDM Europe remains committed to continuing its support for the Birmingham Crisis Centre through the Project Virtue and Care for Kids initiatives, ensuring that families in crisis continue to experience God's love in tangible ways.
Public benefit
The Charity had due regard to guidance published by the Charity Commission on public benefit.
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. This is the way we achieve public benefit.
FINANCIAL REVIEW
Financial review
The charitable company's net deficit for the year amounted to £43,182 (2023: £44,048) making total funds held at 31 December 2024 of £82,899 (2023: £126,081). We are very grateful to our generous supporters for the income arising in the charity during the year of £150,374, despite it being lower than in 2023 (£173,436). Our total expenditure for the year was £193,556 which is lower than the previous year which totalled £217,484.
This year has seen a decrease in our unrestricted funds from £89,920 in 2023 to £46,883.
The results for the year are shown in the Statement of Financial Activities and the state of affairs, which the Trustees consider satisfactory, is shown on the Balance Sheet.
Reserves policy
The total reserves held as at 31 December 2024 are £82,899 (2023: £126,081). The Trustees have reviewed 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 effectively in reaching out with our Christian message. The current amount held as unrestricted free reserves is £46,883 which takes account of the charity's fixed assets, is sufficient. The Trustees continue to concentrate on a number of cost saving initiatives to enable the Charity to maintain the recommended level of reserves.
Page 5
CREFLO DOLLAR MINISTRIES (REGISTERED NUMBER: 03335837)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
FUTURE PLANS
Looking ahead, CDM Europe remains committed to advancing the message of Grace across the region and beyond. We will continue to partner with organisations whose mission initiatives align with ours, working together to bring hope, support, and transformation to individuals and communities in need.
One of our strategic goals is to expand our reach into non-English-speaking countries. To this end, CDM Europe has begun the translation of key written materials, with plans to develop translated microsites in various languages. This will ensure that the message of Grace is accessible to a broader global audience.
We also plan to establish dedicated social media platforms-including Facebook, Instagram, and YouTube-for specific language groups, enabling us to engage with diverse communities in their native languages.
Our support for partner organisations will extend beyond financial contributions to include volunteering time and expertise, reinforcing our commitment to practical, hands-on mission work.
We also aim to encourage our network of partners and donors to actively participate-not only through financial giving, but by volunteering their time and skills to support these outreach efforts.
Through these plans, CDM Europe seeks to expand its impact, strengthen partnerships, and continue demonstrating God's love in meaningful and transformative ways.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity was incorporated as a company limited by guarantee on 13 March 1997 and is governed by its Memorandum and Articles of Association. It registered as a charity on 27 August 1997.
The trustees are the members of the charitable company and, in the event of the company being wound up, the members are required to contribute an amount not exceeding £1.
Recruitment, appointment, induction and training 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 training the new trustees are provided with suitable material to ensure they understand the charitable purpose and operating policies of Creflo Dollar Ministries.
Organisational structure
The Trustees who served during the year and up to the date of this report are set 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 manages the day to day operations of the Charity. All decisions are made by the Board of Trustees inspired by the teachings of Pastor Creflo Dollar.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. ~~ir”~~ Y K Choi - Trustee
Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CREFLO DOLLAR MINISTRIES (REGISTERED NUMBER: 03335837)
Independent examiner's report to the trustees of Creflo Dollar Ministries ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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 which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic 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 this report in order to enable a proper understanding of the accounts to be reached.
==> picture [100 x 35] intentionally omitted <==
Jeremy Kitson
Prime Chartered Accountants Corner Oak 1 Homer Road Solihull B91 3QG
Date: .............................................21 October 2025
Page 7
CREFLO DOLLAR MINISTRIES
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 Unrestricted Restricted Total fund funds funds Notes £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 145,848 1,572 147,420 Charitable activities Ministry materials 1,981 - 1,981 Investment income 3 973 - 973 Total 148,802 1,572 150,374 EXPENDITURE ON Raising funds 4 54,108 302 54,410 Charitable activities 5 Conventions and Meetings 16,953 101 17,054 Ministry materials 68,238 9,081 77,319 Ministry headquarters 44,551 222 44,773 Other - - - Total 183,850 9,706 193,556 NET INCOME/(EXPENDITURE) (35,048) (8,134) (43,182) Transfers between funds 16 (8,135) 8,135 - Net movement in funds (43,183) 1 (43,182) RECONCILIATION OF FUNDS Total funds brought forward 89,920 36,161 126,081 TOTAL FUNDS CARRIED FORWARD 46,737 36,162 82,899 |
2023 Total funds £ 171,278 2,158 - 173,436 66,242 19,495 76,894 54,254 599 217,484 (44,048) - (44,048) 170,129 126,081 |
|---|---|
The notes form part of these financial statements
Page 8
CREFLO DOLLAR MINISTRIES (REGISTERED NUMBER: 03335837)
BALANCE SHEET 31 DECEMBER 2024
| Unrestricted Restricted fund funds Notes £ £ FIXED ASSETS Tangible assets 11 - - CURRENT ASSETS Stocks 12 8,169 - Debtors 13 16,020 - Cash at bank and in hand 42,442 44,818 66,631 44,818 CREDITORS Amounts falling due within one year 14 (19,893) (8,657) NET CURRENT ASSETS 46,738 36,161 TOTAL ASSETS LESS CURRENT LIABILITIES 46,738 36,161 NET ASSETS 46,738 36,161 FUNDS 16 Unrestricted funds Restricted funds TOTAL FUNDS |
2024 Total funds £ - 8,169 16,020 87,260 111,449 (28,550) 82,899 82,899 82,899 46,738 36,161 82,899 |
2023 Total funds £ 151 19,134 16,699 118,787 154,620 (28,690) 125,930 126,081 126,081 89,920 36,161 126,081 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state 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 requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 9
continued...
CREFLO DOLLAR MINISTRIES (REGISTERED NUMBER: 03335837)
BALANCE SHEET - continued 31 DECEMBER 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Y K Choi - Trustee
The notes form part of these financial statements
Page 10
CREFLO DOLLAR MINISTRIES
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ (32,500) (32,500) 973 973 (31,527) 118,787 87,260 |
2023 £ (42,208) (42,208) - - (42,208) 160,995 118,787 |
|---|---|---|
The notes form part of these financial statements
Page 11
CREFLO DOLLAR MINISTRIES
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Loss on disposal of fixed assets Interest received Decrease/(increase) in stocks Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash used in operations |
2024 £ (43,182) 150 - (973) 10,965 680 (140) (32,500) |
2023 £ (44,048) 511 599 - (307) (2,247) 3,284 (42,208) |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.1.24 | Cash flow | At 31.12.24 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 118,787 | (31,527) | 87,260 |
| 118,787 | (31,527) | 87,260 | |
| Total | 118,787 | (31,527) | 87,260 |
The notes form part of these financial statements
Page 12
CREFLO DOLLAR MINISTRIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Creflo Dollar Ministries is private charitable company, limited by guarantee, registered in England and Wales. The charitable company's charity number, registered company number and registered 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 accordance 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 102) (effective 1 January 2019)', Financial 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 cost convention.
The accounts have been prepared in sterling (£) which is the functional currency of the entity.
Going Concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement 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 attributable to gifts of Ministry materials made to donors is included in expenditure as a cost of generating voluntary income.
Donated facilities and donated professional services are recognised in income at their fair value when an economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity, for example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Details of volunteer contributions to the charity is given in the Trustees' Annual Report, where relevant.
Investment income is earned through holding assets for investment purposes such as term deposit accounts. It includes interest income which is recognised as it accrues.
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CREFLO DOLLAR MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES - continued
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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 restrictions caused by gifts given in exchange for donations.
Allocation and apportionment of support costs
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include premises costs, office costs, governance costs, administrative and payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular activities, they have been allocated to expenditure on charitable activities on a basis consistent with the resources, which may be actual or based on a proportion of staff costs.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
TV and media equipment - 20% on cost Fixtures and fittings - 20% on cost Computer equipment - 33.33% on cost
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted 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 financial statements.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. 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.
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CREFLO DOLLAR MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES - continued
Pension costs and other employee benefits
When employees have rendered service to the charity, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
2. DONATIONS AND LEGACIES
| Donations 3. INVESTMENT INCOME Deposit account interest 4. RAISING FUNDS Raising donations and legacies Vat cost of generating funds Bank and credit card charges Advertising and promotion Support costs 5. CHARITABLE ACTIVITIES COSTS Conventions and Meetings Ministry materials Ministry headquarters |
Direct Costs £ - 47,096 - 47,096 |
2024 £ 147,420 2024 £ 973 2024 £ - 3,184 239 50,987 54,410 Support costs (see note 6) £ 17,054 30,223 44,773 92,050 |
2023 £ 171,278 |
2023 £ 171,278 |
2023 £ 171,278 |
|---|---|---|---|---|---|
| 2023 £ - 2023 £ 32 3,229 - 62,981 |
2023 £ - |
||||
| 66,242 | |||||
| Totals £ 17,054 77,319 44,773 |
|||||
| 139,146 |
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CREFLO DOLLAR MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
6. SUPPORT COSTS
| Raising donations and legacies Conventions and Meetings Ministry materials Ministry headquarters Raising donations and legacies Conventions and Meetings Ministry materials Ministry headquarters |
Staff costs Premises £ £ 30,431 10,415 10,179 3,483 18,037 6,174 22,359 7,653 81,006 27,725 Other Governance costs costs £ £ - - - - - - 189 7,120 189 7,120 |
Office costs £ 10,141 3,392 6,012 7,452 |
|---|---|---|
| 26,997 | ||
| Totals £ 50,987 17,054 30,223 44,773 |
||
| 143,037 |
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 151 | 511 |
| Deficit on disposal of fixed assets | - | 599 |
| Independent examination (2 years' cost in 2023) | 5,040 | 8,895 |
| Independent examiner's fees for accountancy and advice services | 1,585 | 803 |
| Payroll services | 680 | 420 |
8. TRUSTEES' REMUNERATION AND BENEFITS
One director has been paid for a salary of £35,000 (2023: £20,417) for additional organisational duties not linked to being a trustee. No other costs have been incurred.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
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CREFLO DOLLAR MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
9. STAFF COSTS
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Administration and support |
2024 £ 74,410 1,067 1,934 77,411 2024 3 |
2023 £ 69,273 1,433 1,857 |
|---|---|---|
| 72,563 | ||
| 2023 2 |
No employees received emoluments in excess of £60,000.
The employees all worked full time in both 2024 and 2023.
The charity considers its key management personnel comprise the CEO and senior management. The total amount of employee benefits including employer's pension contributions received by key management personnel were £73,150 (2023: £67,649).
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 2022 Unrestricted Restricted fund funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 167,875 3,403 Charitable activities Ministry materials 2,158 - Total 170,033 3,403 EXPENDITURE ON Raising funds 64,277 1,965 Charitable activities Conventions and Meetings 18,887 608 Ministry materials 70,574 6,320 Ministry headquarters 52,979 1,275 Other 599 - Total 207,316 10,168 NET INCOME/(EXPENDITURE) (37,283) (6,765) Transfers between funds (6,911) 6,911 Net movement in funds (44,194) 146 |
Total funds £ 171,278 2,158 173,436 66,242 19,495 76,894 54,254 599 217,484 (44,048) - (44,048) |
|---|---|
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CREFLO DOLLAR MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
| 10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 2022 - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 2022 - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 2022 - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 2022 - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 2022 - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 2022 - continued | |
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | |||||
| fund | funds | funds | |||||
| £ | £ | £ | |||||
| RECONCILIATION OF FUNDS | |||||||
| Total funds brought forward | 134,113 | 36,016 | 170,129 | ||||
| TOTAL FUNDS CARRIED FORWARD | 89,919 | 36,162 | 126,081 | ||||
| 11. | TANGIBLE FIXED ASSETS | ||||||
| TV and | Fixtures | ||||||
| media | and | Computer | |||||
| equipment | fittings | equipment | Totals | ||||
| £ | £ | £ | £ | ||||
| COST | |||||||
| At 1 January 2024 and | |||||||
| 31 December 2024 | 125,971 | 23,845 | 50,679 | 200,495 | |||
| DEPRECIATION | |||||||
| At 1 January 2024 | 125,971 | 23,845 | 50,528 | 200,344 | |||
| Charge for year | - | - | 151 | 151 | |||
| At 31 December 2024 | 125,971 | 23,845 | 50,679 | 200,495 | |||
| NET BOOK VALUE | |||||||
| At 31 December 2024 | - | - | - | - | |||
| At 31 December 2023 | - | - | 151 | 151 | |||
| 12. | STOCKS | ||||||
| 2024 | 2023 | ||||||
| £ | £ | ||||||
| Stocks of Ministry materials | 8,169 | 19,134 | |||||
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||
| 2024 | 2023 | ||||||
| £ | £ | ||||||
| Other debtors | 15,576 | 16,082 | |||||
| Prepayments and accrued income | 444 | 617 | |||||
| 16,020 | 16,699 |
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CREFLO DOLLAR MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Social security and other taxes VAT Other creditors Accruals and deferred income |
2024 £ 8,787 4,247 1,392 122 14,002 28,550 |
2023 £ 9,866 3,516 497 130 14,681 |
|---|---|---|
| 28,690 |
15. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
| Within one year Between one and five years |
2024 £ 14,500 28,125 42,625 |
2023 £ 20,500 4,271 |
|---|---|---|
| 24,771 |
16. MOVEMENT IN FUNDS
| At 1.1.24 £ Unrestricted funds General fund 89,920 Restricted funds Missionary works 27,258 Care for children 8,903 CDM Russia - 36,161 TOTAL FUNDS 126,081 Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds CDM Russia TOTAL FUNDS |
Net movement in funds £ (35,047) - - (8,135) (8,135) (43,182) Incoming resources £ 148,802 1,572 150,374 |
Transfers between At funds 31.12.24 £ £ (8,135) 46,738 - 27,258 - 8,903 8,135 - 8,135 36,161 - 82,899 Resources Movement expended in funds £ £ (183,849) (35,047) (9,707) (8,135) (193,556) (43,182) |
|---|---|---|
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CREFLO DOLLAR MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Missionary works Care for children CDM Russia TOTAL FUNDS Comparative net movement in funds, included Unrestricted funds General fund Restricted funds Missionary works CDM Russia TOTAL FUNDS |
Net movement At 1.1.23 in funds £ £ 134,113 (37,282) 27,113 145 8,903 - - (6,911) 36,016 (6,766) 170,129 (44,048) in the above are as follows: Incoming resources £ 170,033 145 3,258 3,403 173,436 |
Transfers between At funds 31.12.23 £ £ (6,911) 89,920 - 27,258 - 8,903 6,911 - 6,911 36,161 - 126,081 Resources Movement expended in funds £ £ (207,315) (37,282) - 145 (10,169) (6,911) (10,169) (6,766) (217,484) (44,048) |
|---|---|---|
Purpose of Restricted Funds:
Donors to the charity are provided 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.
Missionary 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 the donor's intentions for the gift.
Care for Children:
Gifts identified for the support of sick children, orphanages and educational initiatives fulfilled by thoughtful tithing.
CDM Russia:
A branch of Creflo Dollar Ministries committed to continuing contact with our partners in Russia and Ukraine.
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CREFLO DOLLAR MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
17. EMPLOYEE BENEFIT OBLIGATIONS
The charity operates a defined contribution pension scheme. The charge to the Statement of Financial Activities for the year is £1,934 (2023: £1,857). There were no outstanding contributions and no prepaid contributions at the year end 31 December 2024 nor at 31 December 2023.
18. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2024 (2023: £nil)
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