``` 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 ```