REGISTERED COMPANY NUMBER: 04594727 (England and Wales)
REGISTERED CHARITY NUMBER: 1099143
Report of the Trustees and
Financial Statements
for the Year Ended 31 December 2021
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 2021
|
Page |
Report of the Trustees |
1 |
Report of the Independent Auditors |
6 |
Statement of Financial Activities |
10 |
Balance Sheet |
11 |
Cash Flow Statement |
13 |
Notes to the Cash Flow Statement |
14 |
Notes to the Financial Statements |
15 |
Elam Ministries
Report of the Trustees for the Year Ended 31 December 2021
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
withthefinancialstatementsofthecharityfortheyearended31December2021.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 2021
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.In2021,theprogramsweprovidedinclude:three-monthChristianleadershipcourses, two-week
intensiveBible trainings,advancedtrainingin Christianministry,Bible conferencesand distancelearning programmes.
The vast majorityof these programswere done remotelyusing variousonlineplatformsdue to the ongoing pandemic,
with some in-person training happening at the end of the year.
WecontinuetodevelopandpromoteourSafardiscipleshipinitiative,whichpromotesBiblereadingand study,
prayer,service,andhealthyrelationships.Theresourcescontinuetobe availableforfreeinbothPersianand English
at www.Safar.org.
Scripture printing and distribution
We continuedto printanddistributeBiblesandNew Testaments.ActionBiblesandActionBibleNew Testaments for
children were also distributed.
Books and resources
We publishedand printedChristianliteraturefor discipleship,devotion,and Bible study,as well as continuingto make
titlesavailabledigitally.Wealsoproducedaweeklyresourceforsmallgroupgatheringstoreadandstudythe Bible.
Additionally,weproducedanddistributedspecificresourcesforwomen,children,andyouthministrytohelp them
meet in small groups for fellowship and Bible study.
Media
WecontinuedtoproduceprogrammesforsatelliteTVministryaswellasotherdigitalvideocontent,including short
clipsandmaterialsthatcanbe easilysharedonlineandviasocialmedia.Targetedprogrammescovertopicson Bible
teaching,Christianworshipandeducation.Wealsocreatedprogrammingforwomen,youth,men,and children.
Media resources are made available on YouTube and at www.Kalameh.com.
Women, men and marriage ministry
We continueto provideministryto women who have experiencedabuse, oppressionor trauma.We provided multiple
women'sministrywebinarstofosterhealingforhurtwomen,aswellastostrengthentheiridentityand self-worth.
We also providedintensivetrainingfor women learningto serve in women's ministry.We held men's webinarsto help
men developa healthyunderstandingof women, as well as grow in service to women in theirlives. We also produced
multipleTV programmeepisodesand video shorts to addresscommon issues facingwomen, men, and couples. Lastly,
wecontinuedtoprovidecounsellingtowomenandmenwithwhomweconnectedthroughwebinars,satellite tv
ministry and social media.
Children and youth ministry
WeprovidedwrittenanddigitalresourcesforBiblestudyandsmallgroupgatheringsforbothyoungchildren and
teenagers.Wealsoprovidedleadershiptraining,encouragementandmentoringforpeopleworkinginchildren and
youthministry.Additionally,weleadwebinarstoencourageyouthindevelopingahealthyidentityand healthy
relationships. Lastly, we provide training for coaches to develop sports ministry for youth.
Refugees in Europe and beyond
WecontinuedtoassistEuropeanchurchesinoutreachtorefugeeswithintheircommunity,aswellas provided
strategicplanningon how to betterintegraterefugeesintothe life of the church.We alsoprovidedBibleteaching for
refugeesinEurope.Wealsoexpandedourworkgloballytoreachrefugees,particularlyinGreece.Inaddition to
workingwithrefugeesin the UK andEU, we continueto assistchurchesministeringto them in Australia,Canada and
the USA.
Page 2
Elam Ministries
Report of the Trustees for the Year Ended 31 December 2021
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.
Public benefit
Through these activities, the charity has benefitted members of the public in the following ways:
-
by teaching them about and begin a life in the Christian faith
-
by helping them grow in their Christian faith, worship, and practice
-
by giving them tools to serve others in Christian ministry
-
by helping those who have suffered persecution and/or abuse
-
by helping those in poverty and/or refugees
ACHIEVEMENT AND PERFORMANCE
In2021,weprovidedtrainingandChristianeducationtomorethan10,000peoplethroughBiblestudy webinars,
advancedtrainings,discipleshipintensives,accrediteddistancelearning,specialisedtrainingforyouthand children
ministry,andourthree-monthleadershipandchurchplantingcourse.Over1,400womenattended women's
webinars,and600womenparticipatedindayconferencesforwomen'sministry.1,000+menparticipatedin men's
ministry webinars. Another 3,000+ believers engaged in one-to-one discipleship through Safar.
Weprovidedsupport,mentoringandstrategicplanningtoagrowingnumberoftrainedleaderswhoare providing
pastoral care and Bible education to others. In 2021, we helped a total of 380 trained leaders in their ministry.
WedistributedChristianscripturewidelyandsent125,000+Biblesand100,000+NewTestamentstoprint. Twenty
new titles were translated and printed, and 82 titles were re-printed for use in discipleship and evangelism.
WebroadcastweeklyChristianprogrammingforwomen,children,Christianworshipandevangelism.Hundreds of
short video clips were filmed, alongwith new episodesof TV programmingfor children,women, and worship.We also
producedweeklymulti-mediachurchservicewithBibleteaching,worshipandgroupdiscussion,made available
on-demand.Over72,000uniqueusersonourresourcewebsite,www.Kalameh.com,andwehadover1 million
streams of a new Christmas album.
Over 32,000 people facing food insecurity were served through our COVID-19 food relief efforts.
FINANCIAL REVIEW
Ourreservesaredividedbetweenrestrictedandunrestrictedfunds.Ourrestrictedandunrestrictedfundsat the
year-end were £2,919,557 (2020: £2,398,362) and £1,977,571 (2020: £1,830,314) respectively.
Asinpreviousyearsthevalueofstockgivenawayforfreeorotherwiseheldby3rdpartieshadnotbeen reflected,
we'vehadtomakeaprioryearadjustmentinordertocomplywithSORPrequirements.Theadjustmentoverall to
funds brought forward from last year was £1,136.703 (please refer to note 11 in the accounts for more details).
RESERVES POLICY
Thetrusteesbelievethatthecurrentlevelof reservesis sufficientandreasonablegiventhecurrentfinancial climate.
At the same time, we recognise the need to keep our reserves policy under review in the current year.
Page 3
Elam Ministries
Report of the Trustees for the Year Ended 31 December 2021
FUTURE PLANS
Futureplansincludea greateremphasisprovidingChristianeducationandresourcesto emergingleaderswho can go
on to serve and mobilizeothers.Alongsidethis effort,we will continueto developmore resourcesfor Biblestudy and
discipleshipthatcan be easilyused and sharedwith others.This includesa growingfocuson developingresources for
children,youth,men,women,andcouples.Lastly,oureffortscontinuetoexpandtoproviderefugeeswith Christian
education, humanitarian relief, and advancement of the Christian faith.
Pandemictravelrestrictionsandrelatedconcernsofhealthandsafetycontinuedtopushustoadaptallof our
trainingstoonlineformats,usingwebinarsandvideo-conferences-butthisonlinemodelhasprovedtobe very
effective.In fact,even as travelbecomesmore possible,we have decidedto maintaina hybridmodelfor manyof our
courses, conducting some of our training using a blend of online webinars and in-person gatherings.
WearegratefulthatwehaveexperiencednonegativefinancialimpactsfromtheCOVID-19pandemic.Rather, the
movetoonlineandhybridformatshasenabledustoprovidehighqualityeducationandBibleteachingtoa wider
audiencewithreducedcosts.Betweenourfinancialstabilityandthegrowingopportunitytopromote education,
provide poverty relief, and further the advancement of the Christian faith, we remain deeply hopeful for the future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Structure, Governance and Management
ThegoverningdocumentsofthecharitablecompanyaretheMemorandumandArticlesofAssociationdated 7th
November 2002. The GoverningDocumentsset out the objects for which the charitablecompanywas established, and
how it is to be managed.
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)
Page 4
Elam Ministries
Report of the Trustees for the Year Ended 31 December 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Auditors
Bennewith 2018 Limited (Statutory Auditors)
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the financial year is given in note 20 within the financial statements.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
Thetrustees(whoarealsothedirectorsofElamMinistriesforthepurposesofcompanylaw)areresponsible for
preparingtheReportoftheTrusteesandthefinancialstatementsinaccordancewithapplicablelawand United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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 2022 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 December2021whichcomprisetheStatementof 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 2021 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Weobtainedanunderstandingofthelegalandregulatoryframeworksthatareapplicabletotheentity and
determinedthemostsignificantarethosethatrelatetoFRS102Section1A,pensionlawsandregulationsand tax
regulations.
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
22 September 2022
Page 9
Elam Ministries
Statement of Financial Activities
for the Year Ended 31 December 2021
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
18
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
As previously reported
Prior year adjustment
11
As restated
TOTAL FUNDS CARRIED
FORWARD |
Unrestricted
fund
£
813,319
124,111
937,430
12,706
23,019
593,218
-
2,113
-
631,056
306,374
(159,117)
147,257
1,172,724
(160,394)
1,012,330
1,159,587 |
Revaluation
Reserve
£
-
-
-
-
-
-
-
-
-
-
-
-
-
817,984
-
817,984
817,984 |
Restricted
funds
£
2,599,070
-
2,599,070
468,777
567,396
1,067,824
-
118,321
14,674
2,236,992
362,078
159,117
521,195
1,101,265
1,297,097
2,398,362
2,919,557 |
31.12.21
Total
funds
£
3,412,389
124,111
3,536,500
481,483
590,415
1,661,042
-
120,434
14,674
2,868,048
668,452
-
668,452
3,091,973
1,136,703
4,228,676
4,897,128 |
31.12.20
Total
funds
as restated
£
3,249,402
113,021 |
|
|
|
|
|
3,362,423 |
|
|
|
|
|
259,205
501,700
728,447
76,213
133,646
24,121 |
|
|
|
|
|
1,723,332 |
|
|
|
|
|
1,639,091
- |
|
|
|
|
|
1,639,091
2,589,585
- |
|
|
|
|
|
2,589,585 |
|
|
|
|
|
4,228,676 |
The notes form part of these financial statements
Page 10
Elam Ministries
Balance Sheet
31 December 2021
Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Stocks
13
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one
year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more
than one year
16
NET ASSETS
FUNDS
18
Unrestricted funds:
General fund
Revaluation Reserve
Restricted funds
TOTAL FUNDS |
Unrestricted
fund
£
1,065,555
139,939
123,618
98,004
361,561
(87,192)
274,369
1,339,924
(180,337)
1,159,587 |
Revaluation
Reserve
£
817,984
-
-
-
-
-
-
817,984
-
817,984 |
Restricted
funds
£
-
989,523
451,500
1,478,534
2,919,557
-
2,919,557
2,919,557
-
2,919,557 |
31.12.21
Total
funds
£
1,883,539
1,129,462
575,118
1,576,538
3,281,118
(87,192)
3,193,926
5,077,465
(180,337)
4,897,128
1,159,587
817,984
1,977,571
2,919,557
4,897,128 |
31.12.20
Total
funds
as restated
£
1,860,169
1,475,227
153,026
1,056,566
2,684,819
(78,597)
2,606,222
4,466,391
(237,715)
4,228,676
1,012,330
817,984
1,830,314
2,398,362
4,228,676 |
|
|
|
|
|
|
The notes form part of these financial statements
continued...
Page 11
Elam Ministries
Balance Sheet - continued
31 December 2021
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.
The financialstatementswere approvedby the Boardof Trusteesand authorisedfor issue on 22 September2022 and
were signed on its behalf by:
Mr M R Roshanzamir - Trustee
The notes form part of these financial statements
Page 12
Elam Ministries
Cash Flow Statement
for the Year Ended 31 December 2021
Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Loan repayments made in year
Loan repayments received in year
Net cash used in financing 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 |
31.12.21
£
624,586
(4,926)
619,660
(44,958)
901
(44,057)
(55,631)
-
(55,631)
519,972
1,056,566
1,576,538 |
31.12.20
as restated
£
903,126
(6,673)
896,453
(300,522)
5,441
(295,081)
(53,884)
(3,455)
(57,339)
544,033
512,533
1,056,566 |
|
|
|
The notes form part of these financial statements
Page 13
Elam Ministries
Notes to the Cash Flow Statement
for the Year Ended 31 December 2021
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
Decrease/(increase) in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operations |
31.12.21
£
668,452
18,817
1,870
4,926
345,765
(422,092)
6,848
624,586 |
31.12.20
as restated
£
1,639,091
17,003
2,739
6,673
(1,193,107)
519,998
(89,271)
903,126 |
|
|
|
2.
ANALYSIS OF CHANGES IN NET FUNDS
Net cash
Cash at bank
Total |
At 1.1.21
£
1,056,566
1,056,566
1,056,566 |
Cash flow
£
519,972
519,972
519,972 |
At 31.12.21
£
1,576,538 |
|
|
|
1,576,538 |
|
|
|
1,576,538 |
The notes form part of these financial statements
Page 14
Elam Ministries
for the Year Ended 31 December 2021
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 |
ThetrusteeshaveconsideredthattheusefuleconomiclifeofBuildingswouldbesuchthata depreciation
charge would have no material effect on the financial statements.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slowmovingitems.Themethodadoptedtocalculatecostistheweightedaveragemethod.Includedin the
stockvalueare all items heldby 3rd partiessuchas printers,andall items whichwill be givenawayfor free as
part of the charitable objectives.
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.
continued...
Page 15
Elam Ministries
Notes to the Financial Statements - continued
for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES - continued
Fund accounting
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
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 land and buildings revaluation
DuringthetransitiontoFRS102,thetrusteesdecidedtobringintherevaluationofthefreeholdland and
buildings as deemed cost.
2. DONATIONS AND LEGACIES
3.
Church Planting & Missions
General
Elam Training
Bible & Literature Translation & Production
Technology initiative
Europe & Diaspora
Advocacy & Awareness
OTHER TRADING ACTIVITIES
Book income |
31.12.21
£
379,834
813,321
759,072
1,397,093
-
63,069
-
3,412,389
31.12.21
£
124,111 |
31.12.20
as restated
£
294,071
684,793
591,355
1,527,984
92,668
58,451
80
3,249,402
31.12.20
as restated
£
113,021 |
|
|
|
continued...
Page 16
Elam Ministries
Notes to the Financial Statements - continued
for the Year Ended 31 December 2021
4. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
Direct
(see note
Costs
5)
£
£
Church Planting & Missions
330,331
138,292
Elam Training
432,489
134,900
Bible & Literature Translation &
Production
1,349,474
179,483
Europe & Diaspora
112,404
5,917
Advocacy & Awareness
8,674
6,000
2,233,372
464,592
GRANTS PAYABLE
Church Planting & Missions
Elam Training
Bible & Literature Translation & Production
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
Gifts and Honorarium |
|
Support
costs (see
note 6)
£
12,860
23,026
132,085
2,113
-
170,084
31.12.21
£
138,292
134,900
179,483
5,917
6,000
464,592
31.12.21
£
252,478
106,981
40,303
46,052
18,778
464,592 |
Totals
£
481,483
590,415
1,661,042
120,434
14,674
2,868,048
31.12.20
as restated
£
2,933
92,941
51,206
58,568
6,000
211,648
31.12.20
as restated
£
168,826
13,414
14,958
14,450
-
211,648 |
|
|
|
|
|
|
|
a
a |
5. GRANTS PAYABLE
continued...
Page 17
Elam Ministries
Notes to the Financial Statements - continued
for the Year Ended 31 December 2021
6. SUPPORT COSTS
Management
£
Church Planting & Missions
5,738
Elam Training
10,395
Bible & Literature Translation & Production
88,926
Europe & Diaspora
954
106,013 |
Governance
Finance
costs
£
£
548
6,574
720
11,911
3,548
39,611
65
1,094
4,881
59,190 |
Totals
£
12,860
23,026
132,085
2,113 |
|
|
170,084 |
7. NET INCOME/(EXPENDITURE)
|
31.12.21 |
31.12.20 |
|
£ |
£ |
Auditor's remuneration for audit work |
14,190 |
12,900 |
Auditor's remuneration for non audit work |
45,000 |
54,000 |
Depreciation - owned assets |
18,817 |
17,003 |
Loss on disposal of fixed asset |
1,871 |
2,740 |
Bibles given as charitable donations |
489,106 |
274,373 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees'remunerationfor the year ended 31 December 2021 nor the year ended 31 December
2020.
Trustees' expenses
Duringtheperiod,fourtrustees(2020:three)incurredexpensesof£1,868(2020:£3,626)inrespectof travel
andsubsistence,£6,151(2020:£3,970)inrespectoftelephonecosts,and£5,924(2020:£589)inrespect of
computer equipment. All costs were wholly in fulfilment of charity business.
9. STAFF COSTS
|
31.12.21 |
31.12.20 |
|
|
as
restated |
|
£ |
£ |
Wages and salaries |
1,057,313 |
1,018,068 |
Social security costs |
96,324 |
91,673 |
Other pension costs |
29,287 |
27,449 |
|
|
|
|
1,182,924 |
1,137,190 |
|
|
|
No employees (2020: none) received emoluments in excess of £60,000 .
Key management personnel
Thetotalamountofemployeebenefits(includingemployerpensioncontributionsandemployer national
insurancecontributions)receivedby key managementpersonnelfor theirservices to the charitywas £128,701
for three employees (2020: £122,410).
continued...
Page 18
Elam Ministries
Notes to the Financial Statements - continued
for the Year Ended 31 December 2021
9. STAFF COSTS - continued
The average monthly number of employees during the year was as follows:
Staff
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
684,792
Other trading activities
113,021
Total
797,813
EXPENDITURE ON
Charitable activities
Church Planting & Missions
21,037
Elam Training
42,449
Bible & Literature Translation & Production
468,771
Technology Initiative
6,648
Europe & Diaspora
4,181
Advocacy & Awareness
-
Total
543,086
NET INCOME
254,727
Transfers between funds
(172,128)
Net movement in funds
82,599
RECONCILIATION OF FUNDS
Total funds brought forward
929,731
TOTAL FUNDS CARRIED FORWARD
1,012,330 |
Revaluation
Reserve
£
-
-
-
-
-
-
-
-
-
-
-
-
-
817,984
817,984 |
31.12.21
38
Restricted
funds
£
2,564,610
-
2,564,610
238,168
459,251
259,676
69,565
129,465
24,121
1,180,246
1,384,364
172,128
1,556,492
841,870
2,398,362 |
31.12.20
as restated
38
Total
funds
as restated
£
3,249,402
113,021 |
|
|
|
3,362,423 |
|
|
|
259,205
501,700
728,447
76,213
133,646
24,121 |
|
|
|
1,723,332 |
|
|
|
1,639,091
- |
|
|
|
1,639,091
2,589,585 |
|
|
|
4,228,676 |
continued...
Page 19
Elam Ministries
Notes to the Financial Statements - continued
for the Year Ended 31 December 2021
11. PRIOR YEAR ADJUSTMENT
Inpreviousyears,stockwhichbeinggivenawayforfreeorotherwiseanystockheldby3rdparties,had not
beenincludedwhenworkingoutthestockvaluation,buttheSORPstatesthattheseshouldberecognised at
thelowerofcostandtheservicepotentialtheyprovide.Asaconsequence,becausetheadjustment was
material,thePriorYearfiguresalsoneededtoberestated.Afurtheradjustmentwasneededtoshow the
correct allocation of stock between restricted and unrestricted. Below is the detail of the adjustment:
2020 |
Unrestricted |
Restricted |
Totals |
|
£ |
£ |
£ |
Original stock |
338,524 |
- |
338,524 |
PYA |
(160,394) |
1,297,096 |
1,136,702 |
|
|
|
|
|
178,130 |
1,297,096 |
1,475,226 |
|
|
|
|
12.
TANGIBLE FIXED ASSETS
COST
At 1 January 2021
Additions
Disposals
At 31 December 2021
DEPRECIATION
At 1 January 2021
Charge for year
Eliminated on disposal
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020 |
Freehold
property
£
1,775,000
-
-
1,775,000
-
-
-
-
1,775,000
1,775,000 |
Plant and
machinery
£
223,012
44,958
(3,615)
264,355
143,546
17,903
(2,163)
159,286
105,069
79,466 |
Motor
vehicles
£
26,544
-
(15,954)
10,590
20,841
913
(14,634)
7,120
3,470
5,703 |
Totals
£
2,024,556
44,958
(19,569)
2,049,945
164,387
18,816
(16,797)
166,406
1,883,539
1,860,169 |
|
|
|
|
|
Cost or valuation at 31 December 2021 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 |
264,355 |
10,590 |
956,961 |
The Lodge |
275,000 |
- |
- |
275,000 |
|
|
|
|
|
|
1,775,000 |
264,355 |
10,590 |
2,049,945 |
|
|
|
|
|
continued...
Page 20
Elam Ministries
Notes to the Financial Statements - continued
for the Year Ended 31 December 2021
12. TANGIBLE FIXED ASSETS - continued
Trusteeshavedecidedtobringintherevaluationofthefreeholdlandandbuildingsasdeemedcost after
transitioningtoFRS102.Assuchfreeholdpropertywaslastre-valuedonanopenmarketbasison8 October
2002 by Wadham & Isherwood.
Therewas a chargerelatingto the freeholdproperty(theLodge)as at the balancesheetdatewhichhas since
been released in July 2022. Please see note 21.
13. STOCKS
STOCKS |
|
|
|
31.12.21 |
31.12.20 |
|
|
as restated |
|
£ |
£ |
Finished goods |
1,129,462 |
1,475,227 |
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
31.12.21 |
|
31.12.20 |
|
|
|
as
restated |
|
£ |
|
£ |
Trade debtors |
11,162 |
|
46,390 |
Prepayments |
463,530 |
|
70,901 |
Legacies |
61,680 |
|
- |
Gift aid debtor |
10,152 |
|
14,402 |
Other debtors |
28,594 |
|
21,333 |
|
|
|
|
|
|
|
|
|
575,118 |
|
153,026 |
|
|
|
|
|
|
|
|
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
31.12.21 |
31.12.20 |
|
|
as restated |
|
£ |
£ |
Bank loans & overdrafts |
55,631 |
53,884 |
Trade creditors |
12,552 |
7,450 |
Other creditors |
19,009 |
17,263 |
|
87,192 |
78,597 |
continued...
Page 21
Elam Ministries
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|
31.12.21 |
31.12.20 |
|
|
as restated |
|
£ |
£ |
Bank loans |
180,337 |
237,715 |
17. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
Within one year
Between one and five years
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Revaluation Reserve
Restricted funds
Church Planting &
Missions Fund
Elam Training Fund
Bible Fund
Media Fund
Advocacy and Awareness
Europe and Diaspora
TOTAL FUNDS |
At 1.1.21
£
1,172,724
817,984
1,990,708
65,917
248,616
782,463
4,269
-
-
1,101,265
3,091,973 |
Prior
year
adjustment
£
(160,394)
-
(160,394)
-
-
1,297,097
-
-
-
1,297,097
1,136,703 |
Net
movement
in funds
£
306,374
-
306,374
(88,941)
191,675
399,706
(70,438)
(14,674)
(55,250)
362,078
668,452 |
31.12.21
£
1,512
4,914
6,426
Transfers
between
funds
£
(159,117)
-
(159,117)
23,024
-
-
66,169
14,674
55,250
159,117
- |
31.12.20
as restated
£
1,512
6,426
7,938
At
31.12.21
£
1,159,587
817,984
1,977,571
-
440,291
2,479,266
-
-
-
2,919,557
4,897,128 |
|
|
|
|
|
|
18.MOVEMENT IN FUNDS
continued...
Page 22
Elam Ministries
Notes to the Financial Statements - continued
for the Year Ended 31 December 2021
18. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Church Planting & Missions Fund
Elam Training Fund
Bible Fund
Media Fund
Advocacy and Awareness
Europe and Diaspora
TOTAL FUNDS |
Incoming
resources
£
937,430
379,835
759,071
1,118,896
278,197
-
63,071
2,599,070
3,536,500 |
Resources
expended
£
(631,056)
(468,776)
(567,396)
(719,190)
(348,635)
(14,674)
(118,321)
(2,236,992)
(2,868,048) |
Movement
in funds
£
306,374
(88,941)
191,675
399,706
(70,438)
(14,674)
(55,250)
362,078
668,452 |
|
|
|
|
Comparatives for movement in funds
Unrestricted funds
General fund
Revaluation Reserve
Restricted funds
Church Planting & Missions Fund
Elam Training Fund
Bible Fund
Media Fund
Technology Fund
Advocacy and Awareness
Europe and Diaspora
TOTAL FUNDS |
At 1.1.20
£
929,731
817,984
1,747,715
-
101,323
690,311
-
50,236
-
-
841,870
2,589,585 |
Net
movement
in funds
£
254,727
-
254,727
55,902
132,106
1,346,137
(77,828)
23,104
(24,042)
(71,015)
1,384,364
1,639,091 |
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
£
1,012,330
817,984 |
|
|
|
|
1,830,314
65,917
248,616
2,079,560
4,269
-
-
- |
|
|
|
|
2,398,362 |
|
|
|
|
4,228,676 |
continued...
Page 23
Elam Ministries
Notes to the Financial Statements - continued
for the Year Ended 31 December 2021
18. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Church Planting & Missions Fund
Elam Training Fund
Bible Fund
Media 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
£
(543,086)
(238,168)
(459,251)
16,086
(275,762)
(69,565)
(24,121)
(129,465)
(1,180,246)
(1,723,332) |
Movement
in funds
£
254,727
55,902
132,106
1,346,137
(77,828)
23,104
(24,042)
(71,015)
1,384,364
1,639,091 |
|
|
|
|
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.
The'Media'fundisfortheproductionofElam'sTVprogrammesaswellasotherdigitalvideo content,
including house church resources, short clips and materials that can easily be shared online or via social media.
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 forprovidingsupportandministryservicesto 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.
continued...
Page 24
Elam Ministries
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
19. 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.
The totalamountpaidfor salaries(includingemployerpensioncontributionsand employernational insurance
contributions) in respect of these five (2020: six) related parties amounted to £140,011 (2020: £158,878).
20. POST BALANCE SHEET EVENTS
Sincethebalancesheetdate,thecharitablecompanyreceivedarestricteddonationof£208,088 which
enabled it to fully settle the balance outstanding on the mortgage earlier than expected, in July 2022.
21. SECURITIES
ThereisamortgagesecuredontheFreeholdpropertywhichattheendoftheyearendstoodat £235,968
(2020: £291.599).The monthlypaymentsremainedat £5,046 (2019: £5,046).However, since the balance sheet
date in July 2022, a repayment was made to settle this in full, please see note 20.
Page 25