```
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
```
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Elam Ministries
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Bennewith 2018 Limited (Statutory Auditors)
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```
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
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Elam Ministries
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## **`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`|
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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).
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```
Page 1
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Elam Ministries
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## **`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
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Elam Ministries
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## **`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.
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Page 3
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Elam Ministries
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## **`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.
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```
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).
```
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Page 4
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Elam Ministries
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## **`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.
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```
Approved by order of the board of trustees on 22 September 2021 and signed on its behalf by:
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Mr M R Roshanzamir - Trustee
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Page 5
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## **`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
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## **`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
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```
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
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## **`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
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Page 9
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Elam Ministries
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## **`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
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```
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Elam Ministries
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## **`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
```
```
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Elam Ministries
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## **`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
```