REGISTERED COMPANY NUMBER: 04594727 (England and Wales)
REGISTERED CHARITY NUMBER: 1099143
Report of the Trustees and
Financial Statements
for the Year Ended 31 December 2020
for
Elam Ministries
Bennewith 2018 Limited (Statutory Auditors)
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
Elam Ministries
Contents of the Financial Statements
for the Year Ended 31 December 2020
|
Page |
Report of the Trustees |
1 to 5 |
Report of the Independent Auditors |
6 to 9 |
Statement of Financial Activities |
10 |
Balance Sheet |
11 |
Cash Flow Statement |
12 |
Notes to the Cash Flow Statement |
13 |
Notes to the Financial Statements |
14 to 23 |
Elam Ministries
Report of the Trustees for the Year Ended 31 December 2020
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
withthefinancialstatementsofthecharityfortheyearended31December2020.Thetrusteeshaveadopted the
provisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicableto charities
preparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublic of
Ireland (FRS 102) (effective 1 January 2019).
Page 1
Elam Ministries
Report of the Trustees for the Year Ended 31 December 2020
OBJECTIVES AND ACTIVITIES
Principal Activity
Ourteamhasbeenabletodoasignificantamountofworktofurtheroureffortsinthepromotionof education,
povertyrelief,andadvancementoftheChristianfaith.Wearedeeplygratefultoourmanyfinancialpartners who
enable us to impact so many lives. Principal activities included:
Bible training and education
WetrainedexistingandemergingleadersandsupportedthemwithBibleteaching,leadershipskills,mentoring, and
strategicplanning.WealsocontinuedtoprovidetoolsforthemtouseanddistributeforBibleengagement and
Christianliving.In2020,theprogramsweprovidedinclude:three-monthChristianleadershipcourses, two-week
intensiveBibletrainings,Bibleconferencesanddistancelearningprogrammes.Giventhe realityof the pandemic, the
vast majority of these programs were done remotely using various online platforms.
WealsofullylaunchedourSafardiscipleshipinitiative,whichfollowsthefirstonehundreddaysofanew Christian's
lifeandguidesBiblestudy,prayerandservice.TheresourcesisnowavailableforfreeinbothPersianandEnglish at
www.Safar.org.
Scripture printing and distribution
We continuedto printanddistributeBiblesandNew Testaments.ActionBiblesandActionBibleNew Testaments for
children were also distributed.
Books and resources
WepublishedandprintedChristianliteraturefordiscipleshipandBiblestudy,aswellascontinuingtomake titles
availabledigitally.In 2020,we launchednew weeklysmall groupresourcesfor generalBiblestudy,as well as women,
children, and youth ministry.
Media
WecontinuedtoproduceprogrammesforsatelliteTVministryaswellasotherdigitalvideocontent,including short
clipsandmaterialsthatcanbe easilysharedonlineandviasocialmedia.Targetedprogrammescovertopicson Bible
teaching,women,youth,men,andchildren,andalsoChristianworshipandeducation.Mediaresourcesare made
available at www.Kalameh.com.
Women, men and marriage ministry
Wecontinuetoprovideministrytowomenwhohaveexperiencedabuse,oppressionortrauma.Tosupport healing
forhurtwomen,weprovidedmultiplewomen'sministrywebinars.Wealsoprovidedadvancedtrainingfor women
involvedinwomen'sministry.Weheldamen'swebinartoencouragemenintoserveandfostera healthy
understandingofwomenintheirlives.WealsoproducedmultipleTVprogrammeepisodesandvideoshorts to
addresscommonissuesfacingwomenface in day-to-daylife.We continuedto providecounsellingto hurting women
and men with whom we are connected through webinars, satellite tv ministry and social media.
Children and youth ministry
WeprovidewrittenanddigitalresourcesforBiblestudyandsmallgroupgatheringsforbothyoungchildren and
teenagers.Wealsoprovidetraining,encouragementandmentoringforpeopleworkinginchildrenand youth
ministry, as well as host Bible teaching webinars for children and youth.
Refugees in Europe and beyond
WecontinuedtoprovideBibleteachingforrefugeesinEuropeandtoassistEuropeanchurchesinoutreach and
integrationofrefugeesintolocalcommunities.Wealsoexpandedourworkgloballytoreachrefugeesand assist
churches ministering to them in Australia, Canada and the United States.
Advocacy and relief
Weprovidedadvocacy,financialsupportandpastoralcareforpersecutedChristiansandtheirfamilies.We also
providedhumanitarianreliefforpeopleimpactedbytheCOVID-19pandemic.Formostof thosewe served,this took
the form of food packets. We also provided other humanitarian services in special circumstances.
Page 2
Elam Ministries
Report of the Trustees for the Year Ended 31 December 2020
OBJECTIVES AND ACTIVITIES Public benefit
Through these activities, the charity has benefitted members of the public in the following ways:
-
People who want to learn about and begin a life of Christian faith
-
People who want to grow in their Christian faith, worship, and practice
-
People who want to prepare to serve others in Christian ministry
-
People who have suffered persecution and/or abuse
-
People suffering because of poverty and/or as refugees
ACHIEVEMENT AND PERFORMANCE
In2020,weprovidedtrainingandChristianeducationtomorethan15,000peoplethroughBiblestudy webinars,
advancedtrainings,discipleshipintensives,accrediteddistancelearning,specialisedtrainingforyouthand children
ministry,andourthree-monthleadershipandchurchplantingcourse.Over2,000womenattended women's
webinars,500+menparticipatedinmen'sministrywebinars,and125+participatedinwebinarson healthy
relationships. Another 3,000+ believers engaged in one-to-one discipleship through Safar.
Weprovidedsupport,mentoringandstrategicplanningtoagrowingnumberoftrainedleaderswhoare providing
pastoral care and Bible education to others. In 2020, we helped a total of 277 trained leaders in their ministry.
WedistributedChristianscripturewidelyandsent100,000+Biblesand300,000+NewTestamentstoprint.Ten new
titles were translated and printed, and over 100 titles were re-printed for use in discipleship and evangelism.
WebroadcastweeklyChristianprogrammingforwomen,children,Christianworshipandevangelism.Hundreds of
videoclipsandshortswerefilmed,alongwithnewepisodesofTVprogrammingforchildren,women,and worship.
Wealsoproducedweeklymulti-mediachurchservicewithBibleteaching,worshipandgroupdiscussion, made
availableon-demand.Onlineimpactcontinuestoincrease,withmorethan94,000uniqueusersonour resource
website, www.Kalameh.com.
Over 30,000 people were served through our COVID-19 food relief efforts.
FINANCIAL REVIEW
OurreservesaredividedbetweenUnrestrictedandRestricted(i.e.specific)funds.Ourunrestrictedand restricted
fundsattheyear-endwere£1,172,724(2019:£929,731)and£1,101,265(2019:£841,870)respectively.The trustees
believethatthecurrentlevelofreservesissufficientandreasonablegiventhecurrentfinancialclimate.Atthe same
time, we recognise the need to keep our reserves policy under review in the current year.
FUTURE PLANS
Futureplansincludea greaterinvestmentin Christianeducationand resourcesfor small groups,women, children and
youth.Inlightofglobalshiftsduringthepandemic,weanticipatethatwewillprovidemoreChristian education
throughdigitalmeans, includinginteractivewebinarsand otheronlinelearningmethods.We plangrow our efforts to
continuetoidentifyandtrainemergingChristianleaders,aswellasfurther1-to-1discipleshipthroughthe Safar
discipleshipinitiative.Lastly,oureffortscontinuetoexpandtoprovidePersian-speakingrefugeesaroundthe world
with education, poverty relief, and advancement of the Christian faith.
WearegladtoreportthatwhileCOVID-19naturallyhadasignificantimpact,thecharitywaswellprepared and
positionedto carryon its activities.Our existingtechnologyinfrastructureallowedall ourstaff to workremotely from
home.Asaresult,ourworkinBibletraining,discipleshipandotherministrynotonlycontinued,butinmany cases
enabledus to serve more peoplethroughonlinetechnologies.To date, it has not had a significantimpacton the level
of donationsbuttheTrusteesareawaredonationsmaydecreaseinthesecondhalfof 2020/21,andconsideration is
being given to how this might affect operations in 2021.
Page 3
Elam Ministries
Report of the Trustees for the Year Ended 31 December 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Structure, Governance and Management
The affairsof the organisationhave been directedby a boardof directors,which meets regularlyfor this purpose. The
directorsthendelegatetheday-to-daymanagementofthedifferentdepartmentstomanagerswhoareoverseen by
the executive director.
The directorsare aware of the risks affectingElam Ministriesand as far as possiblehave put policiesand procedures in
place to diminish those risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
04594727 (England and Wales)
Registered Charity number
1099143
Registered office
'Grenville'
Grenville Road
Shackleford
Godalming
Surrey
GU8 6AX
Trustees
Rev S Yeghnazar
Mr M R Roshanzamir
Mrs L Yeghnazar
Mrs A Kuhn
Mr R Worton
Mr K K Devaraj
Mr D A Yeghnazar
Mr L Brown (appointed 25.1.21)
Auditors
Bennewith 2018 Limited (Statutory Auditors)
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
STATEMENT OF TRUSTEES' RESPONSIBILITIES
Thetrustees(whoarealsothedirectorsofElamMinistriesforthepurposesofcompanylaw)areresponsible for
preparingtheReportoftheTrusteesandthefinancialstatementsinaccordancewithapplicablelawand United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Page 4
Elam Ministries
Report of the Trustees
for the Year Ended 31 December 2020
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgiveatrueand fair
viewofthestateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplicationof resources,
includingtheincomeandexpenditure,ofthecharitablecompanyforthatperiod.Inpreparingthose financial
statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyat any
timethefinancialpositionofthecharitablecompanyandtoenablethemtoensurethatthefinancial statements
complywith the CompaniesAct 2006. They are also responsiblefor safeguardingthe assets of the charitable company
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company's auditors are unaware; and
-
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
Theauditors,Bennewith2018Limited(StatutoryAuditors),willbeproposedforre-appointmentatthe forthcoming
Annual General Meeting.
Approved by order of the board of trustees on 22 September 2021 and signed on its behalf by:
Mr M R Roshanzamir - Trustee
Page 5
Report of the Independent Auditors to the Members of Elam Ministries
Opinion
WehaveauditedthefinancialstatementsofElamMinistries(the'charitablecompany')fortheyear ended
31 December2020whichcomprisetheStatementof FinancialActivities,theBalanceSheet,theCashFlow Statement
andnotestothefinancialstatements,includingasummaryofsignificantaccountingpolicies.Thefinancial reporting
frameworkthathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdomAccounting Standards
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicable law.
OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditof the
financialstatementssectionofourreport.Weareindependentofthecharitablecompanyinaccordancewith the
ethicalrequirementsthatarerelevanttoourauditofthefinancialstatementsintheUK,includingtheFRC's Ethical
Standard,andwe havefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditingthe financialstatements,we have concludedthat the trustees' use of the going concernbasis of accounting
in the preparation of the financial statements is appropriate.
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoevents or
conditionsthat,individuallyor collectively,may cast significantdoubton the charitablecompany'sabilityto continue
as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilitiesand the responsibilitiesof the trusteeswith respect to goingconcernare describedin the relevant
sections of this report.
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincluded in
the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand, in
doingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsor our
knowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuch material
inconsistenciesorapparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesriseto a
materialmisstatementin the financialstatementsthemselves.If, based on the work we have performed,we conclude
thatthereis a materialmisstatementof thisotherinformation,we are requiredto reportthatfact.We have nothing
to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 6
Report of the Independent Auditors to the Members of Elam Ministries
Matters on which we are required to report by exception
Inthelightoftheknowledgeandunderstandingofthecharitablecompanyanditsenvironmentobtainedin the
course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothingto reportin respectof the followingmatterswhere the CompaniesAct 2006 requiresus to report to
you if, in our opinion:
-
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealsothedirectorsof the
charitablecompanyfor the purposesof companylaw) are responsiblefor the preparationof the financial statements
andforbeingsatisfiedthattheygiveatrueandfairview,andforsuchinternalcontrolasthetrusteesdetermine is
necessaryto enablethe preparationof financialstatementsthat are free from materialmisstatement,whetherdue to
fraud or error.
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitablecompany'sability to
continueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoing concern
basisofaccountingunlessthetrusteeseitherintendtoliquidatethecharitablecompanyortoceaseoperations, or
have no realistic alternative but to do so.
Page 7
Report of the Independent Auditors to the Members of
Elam Ministries
Our responsibilities for the audit of the financial statements
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
materialmisstatement,whether due to fraud or error, and to issue a Report of the IndependentAuditorsthat includes
ouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconducted in
accordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarise from
fraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpected to
influence the economic decisions of users taken on the basis of these financial statements.
Irregularities,includingfraud,areinstancesofnon-compliancewithlawsandregulations.Wedesignprocedures in
linewithourresponsibilities,outlinedabove,todetectmaterialmisstatementsinrespectofirregularities, including
fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We assessed the risks of material misstatement in respect of fraud as follows:
- Enquiriesmade of managementand those chargedwith governanceas well as the service organisationin relation to
payroll services
- Analytical procedures were used to identify if there were any unusual or unexpected relationships
- Discussions with management to identify any fraud risk factors of related party relationships and transactions
Basedontheresultsofourriskassessmentwedesignedourauditprocedurestoidentifynon-compliancewith such
laws and regulations identified above.
Enquiriesweremadeofmanagementandthosechargedwithgovernance.Wecorroboratedourenquiries through
the review of Board minutes and other papers provided. There was no contradictory evidence.
Weconsideredtheriskoffraudthroughmanagementoverrideand,inresponse,weincorporatedtestingof manual
journalentriesintoourauditapproach.Wetestedyearendjournalsaswellasjournalentriesthroughoutthe year.
There were no transactions identified outside the normal course of business.
Basedontheresultsofourriskassessmentwedesignedourauditprocedurestoidentifyandtoaddress material
misstatementsinrelationtofraud.Weincorporatedanelementofunpredictabilityintheselectionofthe nature,
timing, and extent of audit procedures.
Wheretransactionmeetingriskcriteriawereidentified,wecarriedoutfurtherworksuchasadditionaltesting to
source information.
Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedonthe Financial
ReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReport of
the Independent Auditors.
Page 8
Report of the Independent Auditors to the Members of Elam Ministries
Use of our report
This reportis made solely to the charitablecompany'smembers, as a body,in accordancewith Chapter3 of Part 16 of
theCompaniesAct2006.Ourauditworkhasbeenundertakensothatwemightstatetothecharitable company's
membersthosematterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.To the
fullestextentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthe charitable
companyand the charitablecompany'smembers as a body,for our auditwork,for this report,or for the opinions we
have formed.
A J Bennewith FCA,FCPA, FFA, FFTA, FIPA, DChA, FRSA (Senior Statutory Auditor)
for and on behalf of Bennewith 2018 Limited (Statutory Auditors)
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
23 September 2021
Page 9
Elam Ministries
Statement of Financial Activities
for the Year Ended 31 December 2020
Notes
INCOME AND ENDOWMENTS
FROM
Donations and legacies
2
Other trading activities
3
Total
EXPENDITURE ON
Charitable activities
4
Church Planting & Missions
Elam Training
Bible & Literature Translation &
Production
Technology Initiative
Europe & Diaspora
Advocacy & Awareness
Total
NET INCOME
Transfers between funds
17
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD |
Unrestricted
fund
£
684,792
113,021
797,813
21,037
42,449
308,377
6,648
4,181
-
382,692
415,121
(172,128)
242,993
929,731
1,172,724 |
Revaluation
Reserve
£
-
-
-
-
-
-
-
-
-
-
-
-
-
817,984
817,984 |
Restricted
funds
£
2,564,610
-
2,564,610
238,168
459,251
1,556,773
69,565
129,465
24,121
2,477,343
87,267
172,128
259,395
841,870
1,101,265 |
31.12.20
Total
funds
£
3,249,402
113,021
3,362,423
259,205
501,700
1,865,150
76,213
133,646
24,121
2,860,035
502,388
-
502,388
2,589,585
3,091,973 |
31.12.19
Total
funds
£
2,521,558
173,502 |
|
|
|
|
|
2,695,060
339,671
640,158
1,445,733
64,717
-
- |
|
|
|
|
|
2,490,279 |
|
|
|
|
|
204,781
- |
|
|
|
|
|
204,781
2,384,804 |
|
|
|
|
|
2,589,585 |
The notes form part of these financial statements
Page 10
Elam Ministries
Balance Sheet
31 December 2020
Notes
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Stocks
12
Debtors
13
Cash at bank
CREDITORS
Amounts falling due within one
year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more
than one year
15
NET ASSETS
FUNDS
17
Unrestricted funds:
General fund
Revaluation Reserve
Restricted funds
TOTAL FUNDS |
Unrestricted
fund
£
1,042,185
338,524
85,155
23,172
446,851
(78,597)
368,254
1,410,439
(237,715)
1,172,724 |
Revaluation
Reserve
£
817,984
-
-
-
-
-
-
817,984
-
817,984 |
Restricted
funds
£
-
-
67,871
1,033,394
1,101,265
-
1,101,265
1,101,265
-
1,101,265 |
31.12.20
Total
funds
£
1,860,169
338,524
153,026
1,056,566
1,548,116
(78,597)
1,469,519
3,329,688
(237,715)
3,091,973
1,172,724
817,984
1,990,708
1,101,265
3,091,973 |
31.12.19
Total
funds
£
1,584,831
282,120
669,568
512,533
1,464,221
(164,994)
1,299,227
2,884,058
(294,473)
2,589,585
929,731
817,984
1,747,715
841,870
2,589,585 |
|
|
|
|
|
|
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.
The financialstatementswere approvedby the Boardof Trusteesand authorisedfor issue on 22 September2021 and
were signed on its behalf by:
Mr M R Roshanzamir - Trustee
The notes form part of these financial statements
Page 11
Elam Ministries
Cash Flow Statement
for the Year Ended 31 December 2020
31.12.20
Notes
£
Cash flows from operating activities
Cash generated from operations
1
903,126
Interest paid
(6,673)
Net cash provided by operating activities
896,453
Cash flows from investing activities
Purchase of tangible fixed assets
(300,522)
Sale of tangible fixed assets
5,441
Net cash used in investing activities
(295,081)
Cash flows from financing activities
Loan repayments made in year
(53,884)
Loan repayments received in year
(3,455)
Net cash used in financing activities
(57,339)
Change in cash and cash equivalents in the
reporting period
544,033
Cash and cash equivalents at the beginning
of the reporting period
512,533
Cash and cash equivalents at the end of
the reporting period
1,056,566 |
31.12.19
£
124,677
(9,327)
115,350
(9,385)
-
(9,385)
(51,010)
1,547
(49,463)
56,502
456,031
512,533 |
|
|
The notes form part of these financial statements
Page 12
Elam Ministries
Notes to the Cash Flow Statement
for the Year Ended 31 December 2020
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Loss on disposal of fixed assets
Interest paid
Increase in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash provided by operations |
31.12.20
£
502,388
17,003
2,739
6,673
(56,404)
519,998
(89,271)
903,126 |
31.12.19
£
204,781
19,895
5,894
9,327
(39,878)
(136,292)
60,950 |
|
|
124,677 |
2. ANALYSIS OF CHANGES IN NET FUNDS
Net cash
Cash at bank
Total |
At 1.1.20
£
512,533
512,533
512,533 |
Cash flow
£
544,033
544,033
544,033 |
At 31.12.20
£
1,056,566 |
|
|
|
1,056,566 |
|
|
|
1,056,566 |
The notes form part of these financial statements
Page 13
Elam Ministries
for the Year Ended 31 December 2020
Notes to the Financial Statements
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financialstatementsof the charitablecompany,whichis a publicbenefitentityunderFRS 102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities: Statement
ofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
CompaniesAct2006.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention, as
modified by the revaluation of certain assets.
Income
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhasentitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountof theobligationcanbe measuredreliably.Expenditureis accountedforonanaccruals basis
andhas been classifiedunderheadingsthataggregateall costrelatedto the category.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
Grants offered subject to conditionswhich have not been met at the year end date are noted as a commitment
but not accrued as expenditure.
Allocation and apportionment of costs
Directcostsareallocatedtotheactivitytheyrelateto.Ifadirectcostrelatestomorethanoneactivityit is
apportioned based on the estimated usage.
Support cost are apportioned between activities according to the activities percentage of the total direct costs.
Tangible fixed assets
Depreciationis providedat the followingannualrates in orderto write off each asset over its estimated useful
life.
Plant and machinery |
|
Fixtures and fittings |
- 10% reducing balance |
Office equipment |
- 20% reducing balance |
Motor vehicles |
- 20% reducing balance |
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow movingitems. Any items allocatedto be given away as part of the charitableactivitiesare not included in
stock.
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.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
continued...
Page 14
Elam Ministries
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES - continued
Fund accounting
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
Foreign currencies
Assetsandliabilitiesinforeigncurrenciesaretranslatedintosterlingattheratesofexchangerulingat the
balancesheetdate.Transactionsinforeigncurrenciesaretranslatedintosterlingattherateof exchange
rulingatthedateoftransaction.Exchangedifferencesaretakenintoaccountinarrivingatthe operating
result.
Pension costs and other post-retirement benefits
Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributionspayableto the
charitablecompany'spensionschemearechargedtotheStatementofFinancialActivitiesintheperiod to
which they relate.
Freehold property revaluation
DuringthetransitiontoFRS102,thetrusteesdecidedtobringintherevaluationofthefreeholdproperty as
deemed cost.
2. DONATIONS AND LEGACIES
Church Planting & Missions
General
Elam Training
Bible & Literature Translation & Production
Technology initiative
Europe & Diaspora
Advocacy & Awareness
OTHER TRADING ACTIVITIES
Book income |
31.12.20
£
294,071
684,793
591,355
1,527,984
92,668
58,451
80
3,249,402
31.12.20
£
113,021 |
31.12.19
£
167,939
451,367
683,929
1,140,843
77,480
-
- |
|
|
2,521,558 |
|
|
31.12.19
£
173,502 |
3. OTHER TRADING ACTIVITIES
continued...
Page 15
Elam Ministries
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
4. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
Direct
(see note
Costs
5)
£
£
Church Planting & Missions
235,150
2,933
Elam Training
366,293
92,941
Bible & Literature Translation &
Production
1,704,225
51,206
Technology Initiative
69,565
-
Europe & Diaspora
70,880
58,568
Advocacy & Awareness
18,121
6,000
2,464,234
211,648
GRANTS PAYABLE
Church Planting & Missions
Elam Training
Bible & Literature Translation & Production
Technology Initiative
Europe & Diaspora
Advocacy & Awareness
The total grants paid to institutions during the year was as follows:
Elam Germany
Elam Greece
Ministry support
Non cash items granted |
|
Support
costs (see
note 6)
£
21,122
42,466
109,719
6,648
4,198
-
184,153
31.12.20
£
2,933
92,941
51,206
-
58,568
6,000
211,648
31.12.20
£
168,826
13,414
14,958
14,450
211,648 |
Totals
£
259,205
501,700
1,865,150
76,213
133,646
24,121 |
Totals
£
259,205
501,700
1,865,150
76,213
133,646
24,121 |
|
|
|
2,860,035 |
|
|
|
|
|
31.12.19
£
9,860
162
35,189
2,499
-
- |
|
|
|
|
47,710 |
|
|
|
|
31.12.19
£
-
-
-
- |
|
|
|
|
- |
5. GRANTS PAYABLE
continued...
Page 16
Elam Ministries
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
6. SUPPORT COSTS
Management
£
Church Planting & Missions
12,744
Elam Training
25,622
Bible & Literature Translation & Production
66,200
Technology Initiative
4,011
Europe & Diaspora
2,533
111,110 |
Governance
Finance
costs
£
£
704
7,674
1,417
15,427
3,660
39,859
222
2,415
140
1,525
6,143
66,900 |
Totals
£
21,122
42,466
109,719
6,648
4,198 |
|
|
184,153 |
7. NET INCOME/(EXPENDITURE)
|
31.12.20 |
31.12.19 |
|
£ |
£ |
Auditor's remuneration for audit work |
12,900 |
12,240 |
Auditor's remuneration for non audit work |
54,000 |
46,800 |
Depreciation - owned assets |
17,003 |
19,895 |
Loss on disposal of fixed asset |
2,740 |
5,894 |
Bibles given as charitable donations |
274,373 |
281,433 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees'remunerationfor the year ended 31 December 2020 nor the year ended 31 December
2019.
Trustees' expenses
Duringtheperiod,threetrusteesincurredexpensesof£3,626(2019:£22,196)inrespectoftravel and
subsistence,£3,970(2019:£5,350)inrespectoftelephonecosts,£589(2019:£205)inrespectof computer
costs and £nil (2019: £105) in respect of legal fees. All costs were wholly in fulfilment of charity business.
9. STAFF COSTS
Wages and salaries
Social security costs
Other pension costs |
31.12.20
£
1,018,068
91,673
27,449
1,137,190 |
31.12.19
£
832,874
85,123
20,991 |
|
|
938,988 |
The average number of employees during the year was 38 (2019: 36).
No employees (2019: none) received emoluments in excess of £60,000 .
Key management personnel
Thetotalamountofemployeebenefits(includingemployerpensioncontributionsandemployer national
insurancecontributions)receivedby key managementpersonnelfor theirservices to the charitywas £122,410
for three employees (2019: £98,715).
continued...
Page 17
Elam Ministries
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
9. STAFF COSTS - continued
The average monthly number of employees during the year was as follows:
No employees received emoluments in excess of £60,000.
10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
451,369
Other trading activities
173,502
Total
624,871
EXPENDITURE ON
Charitable activities
Church Planting & Missions
13,437
Elam Training
55,425
Bible & Literature Translation & Production
343,558
Technology Initiative
5,039
Total
417,459
NET INCOME/(EXPENDITURE)
207,412
Transfers between funds
(201,210)
Net movement in funds
6,202
RECONCILIATION OF FUNDS
Total funds brought forward
923,529
TOTAL FUNDS CARRIED FORWARD
929,731 |
Revaluation
Reserve
£
-
-
-
-
-
-
-
-
-
-
-
817,984
817,984 |
31.12.20
Restricted
funds
£
2,070,189
-
2,070,189
326,234
584,733
1,102,175
59,678
2,072,820
(2,631)
201,210
198,579
643,291
841,870 |
31.12.19
Total
funds
£
2,521,558
173,502 |
|
|
|
2,695,060
339,671
640,158
1,445,733
64,717 |
|
|
|
2,490,279 |
|
|
|
204,781
- |
|
|
|
204,781
2,384,804 |
|
|
|
2,589,585 |
continued...
Page 18
Elam Ministries
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
11. TANGIBLE FIXED ASSETS
COST
At 1 January 2020
Additions
Disposals
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
Eliminated on disposal
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019 |
Freehold
property
£
1,500,000
275,000
-
1,775,000
-
-
-
-
1,775,000
1,500,000 |
Plant and
machinery
£
207,960
25,522
(10,470)
223,012
132,909
15,443
(4,806)
143,546
79,466
75,051 |
Motor
vehicles
£
39,538
-
(12,994)
26,544
29,758
1,560
(10,477)
20,841
5,703
9,780 |
Totals
£
1,747,498
300,522
(23,464)
2,024,556
162,667
17,003
(15,283)
164,387
1,860,169
1,584,831 |
|
|
|
|
|
Cost or valuation at 31 December 2020 is represented by:
|
Land and
buildings |
Plant and
machinery |
Motor
vehicles |
Totals |
|
£ |
£ |
£ |
£ |
Increase per re-valuation in 2002 |
485,000 |
- |
- |
485,000 |
Increase per re-valuation in 1997 |
332,984 |
- |
- |
332,984 |
Cost |
682,016 |
223,012 |
26,544 |
931,572 |
The Lodge |
275,000 |
|
|
275,000 |
|
|
|
|
|
|
1,775,000 |
223,012 |
26,544 |
2,024,556 |
|
|
|
|
|
Freehold property was last re-valued on an open market basis on 8 October 2002 by Wadham & Isherwood.
Freeholdbuildingsarestatedatthe2002valuationandhavenotbeendepreciated.Financial Reporting
Standard17requiresfreeholdpropertytobedepreciated.Thestandardhasnotbeencompliedwithin this
caseastheTrusteesconsidertheusefuleconomiclifeofthebuildingtobesuchthatthedepreciation charge
would have no material effect on the financial statements.
continued...
Page 19
Elam Ministries
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
12.
STOCKS
Finished goods
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans & overdrafts
Trade creditors
Other creditors
15.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans
16.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
Within one year
Between one and five years |
31.12.20
£
338,524
31.12.20
£
46,390
106,636
153,026
31.12.20
£
53,884
7,450
17,263
78,597
31.12.20
£
237,715
31.12.20
£
1,512
6,426
7,938 |
31.12.19
£
282,120 |
31.12.19
£
282,120 |
|
|
31.12.19
£
56,179
613,389 |
|
|
|
669,568 |
|
|
|
31.12.19
£
51,010
87,502
26,482 |
|
|
|
164,994 |
|
|
|
31.12.19
£
294,473 |
|
|
|
31.12.19
£
-
-
- |
|
|
|
|
- |
continued...
Page 20
Elam Ministries
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
17. MOVEMENT IN FUNDS
Unrestricted funds
General fund
Revaluation Reserve
Restricted funds
Church Planting & Missions Fund
Elam Training Fund
Bible Fund
Resources Fund
Technology Fund
Advocacy and Awareness
Europe and Diaspora
TOTAL FUNDS
Net movement in funds, included in the above ar |
At 1.1.20
£
929,731
817,984
1,747,715
-
101,323
690,311
-
50,236
-
-
841,870
2,589,585
e as follows: |
Net
movement
in funds
£
415,121
-
415,121
55,902
132,106
49,040
(77,828)
23,104
(24,042)
(71,015)
87,267
502,388 |
Transfers
between
funds
£
(172,128)
-
(172,128)
10,015
15,187
43,112
82,097
(73,340)
24,042
71,015
172,128
- |
At
31.12.20
£
1,172,724
817,984 |
|
|
|
|
1,990,708
65,917
248,616
782,463
4,269
-
-
- |
|
|
|
|
1,101,265 |
|
|
|
|
3,091,973 |
|
|
|
|
|
Unrestricted funds
General fund
Restricted funds
Church Planting & Missions Fund
Elam Training Fund
Bible Fund
Resources Fund
Technology Fund
Advocacy and Awareness
Europe and Diaspora
TOTAL FUNDS |
Incoming
resources
£
797,813
294,070
591,357
1,330,051
197,934
92,669
79
58,450
2,564,610
3,362,423 |
Resources
expended
£
(382,692)
(238,168)
(459,251)
(1,281,011)
(275,762)
(69,565)
(24,121)
(129,465)
(2,477,343)
(2,860,035) |
Movement
in funds
£
415,121
55,902
132,106
49,040
(77,828)
23,104
(24,042)
(71,015)
87,267
502,388 |
|
|
|
|
continued...
Page 21
Elam Ministries
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
17. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General fund
Revaluation Reserve
Restricted funds
Relief Fund
Church Planting & Missions Fund
Elam Training Fund
Bible Fund
Resources Fund
Technology Fund
TOTAL FUNDS |
At 1.1.19
£
923,529
817,984
1,741,513
-
15
961
548,193
61,687
32,435
643,291
2,384,804 |
Net
movement
in funds
£
207,412
-
207,412
(26,805)
(131,491)
99,196
139,585
(100,917)
17,801
(2,631)
204,781 |
Transfers
between
funds
£
(201,210)
-
(201,210)
26,805
131,476
1,166
2,533
39,230
-
201,210
- |
At
31.12.19
£
929,731
817,984 |
|
|
|
|
1,747,715
-
-
101,323
690,311
-
50,236 |
|
|
|
|
841,870 |
|
|
|
|
2,589,585 |
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Relief Fund
Church Planting & Missions Fund
Elam Training Fund
Bible Fund
Resources Fund
Technology Fund
TOTAL FUNDS |
Incoming
resources
£
624,871
968
166,970
683,929
945,337
195,506
77,479
2,070,189
2,695,060 |
Resources
expended
£
(417,459)
(27,773)
(298,461)
(584,733)
(805,752)
(296,423)
(59,678)
(2,072,820)
(2,490,279) |
Movement
in funds
£
207,412
(26,805)
(131,491)
99,196
139,585
(100,917)
17,801
(2,631)
204,781 |
|
|
|
|
Restricted funds:
The'ChurchPlantingandMissions'fundisforsupportingandmentoringchurchplantersandpastors among
Persian speakers.
The'ElamTraining'fundisfortrainingleaderstoplanthousechurchesandincreasediscipleship and
evangelism among Persian speakers.
The 'Bible' fund is for printing and distributing Persian New Testaments and Bibles.
continued...
Page 22
Elam Ministries
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
17. MOVEMENT IN FUNDS - continued
The 'Resources'fundis for the productionof Elam'sTV programme,Women'sWorld,as well as for counseling
for women in need.
The'Technology'fundisforpromotingdiscipleshipprogrammingthroughtechnologyforwomen, children,
youth and men.
The 'Advocacy and Awareness' fund is for highlighting the plight of the poor and the persecuted.
The 'EuropeandDiaspora'fundis for providingsupportandministryservicesto churchesandgroups working
with refugees in Europe.
Transfers between funds
All transfers made from Unrestricted to Restricted Funds are to finance a deficit on the Restricted Fund.
18. RELATED PARTY DISCLOSURES
A daughter of Trustee R Roshanzamir is an employee of the charity and receives a salary for her role.
Twodaughtersandadaughter-in-lawofTrusteeSYeghnazarareemployeesofthethecharityand receive
salaries for their roles. The employees are also the two sisters and wife of Trustee D Yeghnazar.
Thebrother-in-lawofTrusteeDYeghnazaralsoreceivesasalaryforhisrole.Theemployeeisalso the
son-in-law of Trustee S Yeghnazar.
ThehusbandofTrusteeAKuhnreceivedaregularmonthlyamountforworkcarriedoutonbehalfof the
charity.
Thetotalamountpaidforsalariesandsubcontractorcosts(includingemployerpensioncontributions and
employer nationalinsurancecontributions)in respect of these six related parties amountedto £158,878 (2019:
£189,040).
19. SECURITIES
ThereisamortgagesecuredontheFreeholdpropertywhichattheendoftheyearendstoodat £291,599
(2019: £345,483). The monthly payments remained at £5,046 (2019: £5,046).
Page 23