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2022-12-31-accounts

REGISTERED COMPANY NUMBER: 04594727 (England and Wales) REGISTERED CHARITY NUMBER: 1099143

Report of the Trustees and

Financial Statements

for the Year Ended 31 December 2022

for

Elam Ministries

Bennewith 2018 Limited (Statutory Auditors) 3 Wey Court

Mary Road Guildford Surrey GU1 4QU

Elam Ministeies

Contents of the Financial Statements for the Year Ended 31December2022

Page
Report ofthe Trustees 1
Report ofthe Independent Auditors 7
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
NotesvotheFinancialStatements 16

Elam Ministries

Report of the Trustees for the Year Ended 31 December 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Page 1

Elam Ministries

Report of the Trustees for the Year Ended 31 December 2022

OBJECTIVES AND ACTIVITIES

Principal Activity

Our team has donea significant amount of work to further our efforts in the promotion of education, poverty relief, and advancement of the Christian taith. We remain deeply grateful to our financial partners who enable us to impact so many lives. Principal activities for the year included:

Bible training and education

Training active and emerging leaders continues to remain at the heart of our work. We support those we train with Bible teaching, leadership skills, mentoring, and strategic planning to further their growth as leaders. We also provide tools for them to use to share what they have learned with others, as well as to help them engage with the Christian Bible and continue learning on their own. In 2022, the programs we provided include: three-month Christian leadership courses, two-week intensive Bible trainings, one-week intensive Bible trainings, advanced training in Christian ministry, Bible conferences and distance learning programmes. As travel resumed post-pandemic, many of these programmes were held in-person or using a hybrid model (with some parts in-person and others done remotely). In some cases, courses were still held entirely over various online platforms.

We continue to develop and promote our Safar discipleship initiative, which promotes Bible reading and study, prayer, service, and healthy relationships. The resources continue to be available for free in both Persian and English at www. Safar.org. Safar was also made available in Spanish towards the end of the year.

Scripture printing and distribution

We continued to print and distribute Bibles and New Testaments. Action Bibles and Action Bible New Testaments for children were also distributed.

Books and resources

We published and printed additional Christian literature for discipleship, personal devotion, and Bible study. In addition to print, we continue to make titles available digitally. We also produced multiple resources for small group gatherings to read and study the Bible. Additionally, we produced and distributed specific resources for women, children, and youth ministry to help them meet in small groups for fellowship and Bible study.

Media

We continued to produce programmes for digital distribution online, as well as for broadcast via satellite TV. Additionally, we produced short clips and materials that could be easily shared online and via social media. Programmes and digital content covered topics on Bible teaching, Christian worship, and education. We also created programming for women, youth, men, and children. Media resources are made available on YouTube and at www.Kalameh.com, as well as shared via social media platforms like Telegram and Instagram.

Women, men and marriage ministry

We continue to provide conferences and resources to women who have experienced abuse, oppression or trauma. We provided multiple women's ministry webinars and in-person events to foster healing for hurt women, as well as to strengthen their identity and self-worth. We also provided intensive training for women learning to serve in women's ministry. We held men's conferences to help men develop a healthy understanding of women, as well as grow in service to women in their lives. We also produced multiple TV programme episodes and video shorts to address common issues facing women, men, and couples. Additionally, we launched a new programme to help promote healthy marriages based on mutual respect, communication, and kindness. Lastly, we continued to provide counselling to women, men, and couples with whom we connected through webinars, satellite tv ministry and social media.

Children and youth ministry

We provided written and digital resources for Bible study and small group gatherings for both young children and teenagers. We also provided leadership training, encouragement and mentoring for people working in children and youth ministry. Additionally, we lead webinars to encourage youth in developing a healthy identity and healthy relationships. Lastly, we provide training and resources for coaches to develop sports ministry programming for youth.

Page 2

Elam Ministries

Report of the Trustees for the Year Ended 31 December 2022

Refugees in Europe and beyond

We continued to assist European churches and mission agencies in outreach to refugees, as well as provided strategic planning on how to better integrate refugees into the life of the local church community. We also provided Bible teaching and training for refugees living in Europe. We continued expanded our work globally to promote of education, relieve poverty, and advance the Christian faith among refugees, particularly in Greece. In addition to working with refugees in the UK and EU, we continue to assist churches working with refugees in Australia, Canada and the USA.

Advocacy and relief

We provided advocacy, financial support and pastoral care for persecuted Christians and their families. We also provided humanitarian relief for people impacted by the COVID-19 pandemic. For most of those we 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:

ACHIEVEMENT AND PERFORMANCE

In 2022, we provided training and Christian education to more than 15,000 people through Bible study webinars, advanced trainings, discipleship intensives, accredited distance learning, specialised training for youth and children ministry, and our three-month leadership and church planting course. Over 1,400 women attended women's webinars, and around 1,000 women participated in day conferences for women's ministry. 500 men participated in men's ministry events. Another 6,300+ Christians used Safar to engaged in one-to-one discipleship.

We provided support, mentoring and strategic planning to a growing number of trained leaders who are providing pastoral care and Bible education to others. In 2022, we helped over 450 trained leaders in their ministry.

We distributed Christian scripture widely and sent 80,000 Bibles, 150,000 New Testaments, and 30,000 New Testaments with Psalms and Proverbs to print. Twenty-two new titles were translated and printed, and 75 titles were re-printed for use in discipleship and evangelism.

We broadcast weekly Christian programming for women, children, Christian worship and evangelism. Hundreds of short video clips were filmed, along with new episodes of TV programming for children, women, and worship. We also produced weekly multi-media church service with Bible teaching, worship and group discussion, made available on-demand. Over 66,000 unique users on our resource website, www.Kalameh.com, and we had around 200,000 unique viewers of content shared on YouTube with around 2.2 million views.

Tens of thousands of people facing food insecurity were served through our COVID-19 food relief efforts.

Page 3

Elam Ministries

Report of the Trustees for the Year Ended 31 December 2022

FINANCIAL REVIEW

The results during this financial year were a net expenditure of £43,883 (2021: net income of 668,452) and this was mainly due to less grant income being received in the UK £3,088,204 (2021: £3,536,500).

Expenditure totalling £3,132,087 (2021: 2,868,048) was slightly higher mainly because of more Conferences and Training events taking place this year as travelling has eased since the covid lockdowns in previous years.

Total funds were £4,853,245 (2021: 4,897,128) split between Unrestricted £3,823,038 (2021: £1,977,571) and Restricted £1,030,207 (2021: 2,919,557). The main difference in the splits was the release of the prior year adjustment from the Bible Fund. Most of the Unrestricted Fund is represented by Tangible Fixed Assets £1,953,130 (2021: £1,883,539).

RESERVES POLICY

The Trustees have established a policy to reserve enough cash (unrestricted funds not committed or invested in tangible fixed assets), to cover at least 3 to 6 months' worth of operational expenditure. This has been estimated at £140,000 per month, to cover basic salaries, committed event costs, other creditors, and building overheads.

FUTURE PLANS

Future plans include strategic efforts to providing Christian education and resources to existing and emerging leaders who can go on to share what they learn with others for the purposes of furthering the promotion of education, poverty relief, and advancement of the Christian faith. As a part of this effort, we will continue to create resources that can be widely utilized for Bible study, small group gatherings, and discipleship. This includes developing resources for children, youth, men, women, parents, and couples that can be widely used. Lastly, our efforts continue to grow to provide refugees with Christian education, humanitarian relief, and advancement of the Christian faith.

In sum, we are encouraged by the growing opportunity to promote education, provide poverty relief, and further the advancement of the Christian faith. As such, we remain deeply hopeful for the future.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Structure, Governance and Management

The governing documents of the charitable company are the Memorandum and Articles of Association dated 7th November 2002. The Governing Documents set out the objects for which the charitable company was established, and how it is to be managed.

The affairs of the organisation have been directed by a board of directors, which meets regularly for this purpose. The directors then delegate the day-to-day management of the different departments to managers who are overseen by the executive director.

The directors are aware of the risks affecting Elam Ministries and as far as possible have put policies and procedures in place to diminish those risks.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 04594727 (England and Wales)

Registered Charity number 1099143

Page 4

Elam Ministries

Report of the Trustees for the Year Ended 31 December 2022

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

Auditors

Bennewith 2018 Limited (Statutory Auditors)

3 Wey Court Mary Road Guildford Surrey GU1 4QU

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also the directors of Elam Ministries for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the 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:

Page 5

Elam Ministries

Report of the Trustees for the Year Ended 31 December 2022

AUDITORS

The auditors, Bennewith 2018 Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board oftrustees on cit!1GBindeNOdo te,XD 2 and signed on its behalf by:

Mr MR Roshanzamir - Trustee

Page 6

Report of the Independent Auditors to the Members of

Elam Ministries

Opinion

We have audited the financial statements of Elam Ministries (the ‘charitable company’) for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 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 auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of[this][other][information,][we][are][required][to][report][that][fact.] We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

Page 7

Report of the Independent Auditors to the Members of Elam Ministries

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 8

Elam Ministries

Report of the Independent Auditors to the Members of

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected 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:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined the most significant are those that relate to FRS 102 Section 1A, pension laws and regulations and tax regulations. We assessed the risks of material misstatement in respect of fraud as follows:

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.

Enquiries were made of management and those charged with governance. We corroborated our enquiries through the review of Board minutes and other papers provided. There was no contradictory evidence.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. We tested year end journals as well as journal entries throughout the year. There were no transactions identified outside the normal course of business.

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. We incorporated an element of unpredictability in the selection of the nature, timing, and extent of audit procedures.

Where transaction meeting risk criteria were identified, we carried out further work such as additional testing to source information.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditors responsibilities. This description forms part of our Report of the Independent Auditors.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 9

Report of the Independent Auditors to the Members of Elam Ministries

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

AJ Bennewith FCA,FCPA, FFA, FFTA, FIPA, DChA, FRSA (Senior Statutory Auditor) for and on behalfof Bennewith 2018 Limited (Statutory Auditors) 3 Wey Court

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Page 10

Elam Ministries

Statement of Financial Activities for the Year Ended 31 December 2022

31.12.22 31.12.21
Unrestricted Revaluation Restricted Total Total
fund Reserve funds funds funds
Notes £ £ £ £ £
INCOME AND ENDOWMENTS
FROM
Donations and legacies 2 993,927 - 1,965,952 2,959,879 3,412,389
Other trading activities 3 128,325 - - 128,325 124,111
Total 1,122,252 - 1,965,952 3,088,204 3,536,500
EXPENDITURE ON
Charitable activities 4
Church Planting & Missions 56,267 - 520,929 577,196 481,483
Elam Training 54,343 - 688,058 742,401 590,415
Bible & Literature Translation &
Production 306,914 - 1,308,892 1,615,806 1,661,042
Technology Initiative - - 658 658 -
Europe & Diaspora 17,616 - 155,935 173,551 120,434
Advocacy& Awareness 3 - 22,475 22,475 14,674
Total 435,140 - 2,696,947 3,132,087 2,868,048
NET INCOME/(EXPENDITURE) 687,112 - (730,995) (43,883) 668,452
Transfers between funds 17 1,158,355 - (1,158,355) - -
Net movement in funds 1,845,467 - (1,889,350) (43,883) 668,452
RECONCILIATION OF FUNDS
Total funds brought forward 1,159,587 817,984 2,919,557 4,897,128 4,228,676
TOTAL FUNDS CARRIED
FORWARD 3,005,054 817,984 1,030,207 4,853,245 4,897,128

The notes form part of these financial statements

Page 11

Elam Ministries

Balance Sheet 31 December 2022

31.12.22 31.12.21
Unrestricted Revaluation Restricted Total Total
fund Reserve funds funds funds
Notes £ £ £ £ £
FIXED ASSETS
Tangible assets 11 1,135,146 817,984 - 1,953,130 1,883,539
CURRENT ASSETS
Stocks 12 455,929 - 590,144 1,046,073 1,129,462
Debtors 13 567,144 - 238,959 806,103 575,118
Cash at bank 900,228 - 201,104 1,101,332 1,576,538
1,923,301 - 1,030,207 2,953,508 3,281,118
CREDITORS
Amounts falling due within one
year 14 (53,393) - - (53,393) (87,192)
NETCURRENTASSETS 1,869,908 _= 1,030,207 2,900,115 3,193,926
TOTALASSETS LESS CURRENT
LIABILITIES 3,005,054 817,984 1,030,207 4,853,245 5,077,465
CREDITORS
Amounts falling due after more
than one year 15 - . - - (180,337)
NET ASSETS 3,005,054 817,984 1,030,207 4,853,245 4,897,128
FUNDS 17
Unrestricted funds:
General fund 3,005,054 1,159,587
Revaluation Reserve 817,984 817,984
3,823,038 1,977,571
Restricted funds 1,030,207 2,919,557
TOTALFUNDS 4,853,245 4,897,128

The notes form part of these financial statements

Page 12 continued...

Elam Ministries

Balance Sheet - continued 31 December 2022

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on omit 9, 0601 2025 and were signed on its behalf by:

Mr MR Roshanzamir - Trustee

The notes form part of these financial statements

Page 13

Elam Ministries

Cash Flow Statement
for the Year Ended 31 December 2022
31.12.22 31.12.21
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (144,063) 624,586
Interest paid (3,212) (4,926)
Net cash (used in)/provided by operating activities __(147,275) 619,660
Cash flows from investing activities
Purchase oftangible fixed assets (91,978) (44,958)
Sale oftangible fixed assets 15 901
Net cash used in investing activities (91,963) (44,057)
Cash flows from financing activities
Loan repayments made in year (235,968) (55,631)
Net cash used in financing activities (235,968) (55,631)
Change in cash and cash equivalents in the
reporting period (475,206) 519,972
Cash and cash equivalents at the beginning
ofthe reporting period 1,576,538 _1,056,566
Cash and cash equivalents at the end of the
reportingperiod 1,101,332 1,576,538

The notes form part of these financial statements

Page 14

Elam Ministries

Notes to the Cash Flow Statement for the Year Ended 31 December 2022

1: RECONCILIATION OF NET(EXPENDITURE)/INCOME TO RECONCILIATION OF NET(EXPENDITURE)/INCOME TO NETCASH FLOWFROM OPERATING ACTIVITIES OPERATING ACTIVITIES
31.12.22 31.12.21
£ £
Net (expenditure)/income forthe reporting period (as per the Statement
of Financial Activities) (43,883) 668,452
Adjustments for:
Depreciation charges 20,588 18,817
Loss on disposal offixed assets 1,783 1,870
Interest paid 3,212 4,926
Decrease in stocks 83,389 345,765
Increase in debtors (230,984) (422,092)
Increase in creditors 21,832 6,848
Netcash (used in)/provided byoperations (144,063) 624,586
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.22 Cash flow At 31.12.22
£ £ £
Net cash
Cash at bank 1,576,538 (475,206) 1,101,332
1,576,538 __ (475,206) 1,101,332
Total ; 1,576,538 (475,206) 1,101,332

The notes form part of these financial statements

Page 15

Elam Ministries

Notes to the Financial Statements for the Year Ended 31 December 2022

  1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs

Direct costs are allocated to the activity they relate to. If a direct cost relates to more than one activity it 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

Depreciation is provided at the following annual rates in order to 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

The trustees have considered that the useful economic life of Buildings would be such that a 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 slow moving items. The method adopted to calculate cost is the weighted average method. Included in the stock value are all items held by 3rd parties such as printers, and all items which will be given away for free as part of the charitable objectives.

Taxation

The charity is exempt from corporation tax on its charitable activities.

continued...

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Elam Ministries

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

13 ACCOUNTING POLICIES - continued

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Freehold land and buildings revaluation

During the transition to FRS 102, the trustees decided to bring in the revaluation of the freehold land and buildings as deemed cost.

DONATIONS AND LEGACIES

DONATIONS ANDAND LEGACIES
31.12.22 31.12.21
£ £
Church Planting & Missions 464,796 379,836
General 993,926 813,319
Elam Training 448,872 759,072
Bible & Literature Translation & Production 906,638 1,397,093
Europe & Diaspora 145,647 63,069
2,959,879 3,412,389
3. OTHER TRADING ACTIVITIES
31.12.22 31.12.21
£ £
Bookincome 128,325 124,111

Page 17

continued...

Elam Ministries

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

4. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities Support
Direct (see note costs (see
Costs 5) note 6) Totals
£ £ £ £
Church Planting & Missions 402,618 117,536 57,042 577,196
Elam Training 627,428 60,599 54,374 742,401
Bible & Literature Translation &
Production 1,388,356 94,686 132,764 1,615,806
Technology Initiative 327 - 331 658
Europe & Diaspora 155,935 - 17,616 173,551
Advocacy & Awareness 16,475 6,000 _ - 22,475
2,591,139 278,821 262,127 3,132,087
5. GRANTS PAYABLE
31.12.22 31.12.21
£ £
Church Planting & Missions 117,536 138,292
Elam Training 60,599 134,900
Bible & Literature Translation & Production 94,686 179,483
Europe & Diaspora - 5/917
Advocacy& Awareness 6,000 6,000
278,821 464,592
The total grants paid to institutions during the yearwas as follows:
31.12.22 31.12.21
£ £
Elam Germany 119,248 252,478
Elam Greece 96,083 106,981
Ministry support 50,462 40,303
Non cash items granted 12,407 46,052
Gifts and Honorarium 621 18,778
278,821 464,592

Page 18

continued...

  1. SUPPORT COSTS

  2. TRUSTEES' REMUNERATION AND BENEFITS

Elam Ministries

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

6. SUPPORT COSTS
Governance
Management Finance costs Totals
£ £ £ £
Church Planting & Missions 42,761 1,092 13,189 57,042
Elam Training 40,630 1,004 12,740 54,374
Bible & Literature Translation & Production 104,516 2,507 25,741 132,764
Technology Initiative 331 - - 331
Europe & Diaspora 13,171 315 4,130 17,616
201,409 4,918 55,800 262,127
7. NETINCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging:
31.12.22 31.12.21
£ £
Auditor's remuneration for audit work 14,400 14,190
Auditor's remuneration for non audit work 41,400 45,000
Depreciation - owned assets 20,589 18,817
Loss on disposal of fixed asset 1,798 1,871
Biblesgivenascharitabledonations 447,656 489,106

There were no trustees’ remuneration for the year ended 31 December 2022 nor the year ended 31 December 2021.

Trustees’ expenses

During the period, three trustees (2021: four) incurred expenses of £7,380 (2021: £1,868) in respect of travel and subsistence, £3,339 (2021: £6,151) in respect of telephone costs, and £235 (2021: £589) in respect of computer equipment. All costs were wholly in fulfilment of charity business.

9. STAFF COSTS

3112.22 31.12.21
£
£
Wages and salaries 1,147,347 1,057,313
Social security costs 119,140 96,324
Other pension costs _ 33,233, 29,287
1,299,720 1,182,924

Key management personnel

The total amount of employee benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the charity was £185,194 for four employees (2021: £128,701, three employees) .

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  1. STAFF COSTS - continued

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

The average monthly number of employees during the year was as follows:

31.12.22 31.12.21
Staff 37 38
No employees received emoluments in excess of £60,000.
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Revaluation Restricted Total
fund Reserve funds funds
£ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 813,319 - 2,599,070 3,412,389
Other trading activities 124,111 - - 124,111
Total 937,430 - 2,599,070 3,536,500
EXPENDITURE ON
Charitable activities
Church Planting & Missions 12,706 - 468,777 481,483
Elam Training 23,019 - 567,396 590,415
Bible & Literature Translation & Production 593,218 - 1,067,824 1,661,042
Europe & Diaspora 2,113 - 118,321 120,434
Advocacy & Awareness _ - - 14,674 14,674
Total 631,056 - 2,236,992 2,868,048
NET INCOME 306,374 - 362,078 668,452
Transfers between funds (159,117) - 159,117 -
Net movement in funds 147,257 - 521,195 668,452
RECONCILIATION OF FUNDS
Total funds brought forward
As previously reported 1,172,724 817,984 1,101,265 3,091,973
Prioryear adjustment (160,394) - 1,297,097 1,136,703
As restated 1,012,330 817,984 2,398,362 4,228,676
TOTALFUNDSCARRIEDFORWARD 1,159,587 817,984 2,919,557 4,897,128

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Notes to the Financial Statements - continued for the Year Ended 31 December 2022

11. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETSASSETS
Improvements
Freehold to Plant and Motor
property property machinery vehicles Totals
£ £ £ £ ff
COST
At 1 January 2022 1,775,000 - 264,355 10,590 2,049,945
Additions
Disposals		 -
-		 69,673
-		 22,305
(4,204)		 : 91,978
(4,204)
At 31 December 2022 1,775,000 69,673 282,456 10,590 2,137,719
DEPRECIATION
At 1 January 2022 - - 159,286 7,120 166,406
Charge foryear - 834 19,061 694 20,589
Eliminated on disposal __ 2 - (2,406) - (2,406)
At 31 December 2022 _ - 834 175,941 7,814 184,589
NET BOOK VALUE
At 31 December 2022 1,775,000 68,839 106,515 2,776 1,953,130
At 31 December 2021 1,775,000 - 105,069 3,470 1,883,539
Cost or valuation at 31 December 2022 is represented by:
Land and Plant and Motor
buildings machinery vehicles Totals
£ £ £ £
Increase per re-valuation in 2002 485,000 - - 485,000
Increase per re-valuation in 1997 332,984 - - 332,984
Cost 682,016 282,456 10,590 975,062
The Lodge 275,000 - 3 275,000
The Lodge improvements 69,673 - 7 - ___ 69,673
1,844,673 282,456 10,590 2,137,719

Trustees have decided to bring in the revaluation of the freehold land and buildings as deemed cost after transitioning to FRS102. As such freehold property was last re-valued on an open market basis on 8 October 2002 by Wadham & Isherwood.

The charge relating to the freehold property (the Lodge) was released and paid off in full during 2022.

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Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
12. STOCKS
31.12.22 31.12.21
£ £
Finished goods 1,046,073 1,129,462
13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONEYEAR
3112.22 3112.21
£
£
Trade debtors 17,139 11,162
Prepayments 395,477 463,530
Legacies 80,000 61,680
Gift aid debtor 23,122 10,152
Other debtors 290,365 28,594
806,103 575,118
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£ £
Bank loans & overdrafts - 55,631
Trade creditors 30,135 12,552
Other creditors 23,258 19,009
53,393 87,192
15. CREDITORS:AMOUNTS FALLING DUEAFTERMORETHAN ONEYEAR
31.12.22 31.12.21
£ £
Bank loans - 180,337
16. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
3142.22 31.12.21
fi £
Within one year 1,512 1,512
Between one and five years 3,402 4,914
4,914 6,426

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Notes to the Financial Statements - continued for the Year Ended 31 December 2022

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |17.|MOVEMENT|IN|FUNDS| |Net|Transfers| |movement|between|At| |At|1.1.22|in|funds|funds|31.12.22| |£|£|£|£| |Unrestricted|funds| |General|fund|1,159,587|687,112|1,158,355|3,005,054| |Revaluation|Reserve|817,984|-|-|817,984| |1,977,571|687,112|1,158,355|3,823,038| |Restricted|funds| |Church|Planting &|Missions|Fund|-|(56,136)|56,136|-| |Elam|Training|Fund|440,291|(239,187)|-|201,104| |Bible|Fund|2,479,266|(353,066)|(1,297,097)|829,103| |Media|Fund|-|(49,187)|49,187|-| |Technology|Fund|-|(658)|658|-| |Advocacy|and|Awareness|-|(22,475)|22,475|-| |Europe|and|Diaspora|-|(10,286)|10,286|-| |2,919,557|(730,995)|(1,158,355)|1,030,207| |TOTAL FUNDS|4,897,128|(43,883)|-|4,853,245| |Net|movement|in|funds,|included|in|the|above|are|as|follows:| |Incoming|Resources|Movement| |resources|expended|in|funds| |£|£|£| |Unrestricted|funds| |General|fund|15422,252|(435,140)|687,112| |Restricted|funds| |Church|Planting|&|Missions|Fund|464,794|(520,930)|(56,136)| |Elam|Training|Fund|448,871|(688,058)|(239,187)| |Bible|Fund|598,861|(951,927)|(353,066)| |Media|Fund|307,777|(356,964)|(49,187)| |Technology|Fund|-|(658)|(658)| |Advocacy|and|Awareness|-|(22,475)|(22,475)| |Europe|and|Diaspora|145,649|(155,935)|(10,286)| |1,965,952|(2,696,947)|_|(730,995)| |TOTAL FUNDS|3,088,204|(3,132,087)|(43,883)|

----- End of picture text -----

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Notes to the Financial Statements - continued for the Year Ended 31 December 2022

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Prior|Net|Transfers| |year|movement|between|At| |At|1.1.21|adjustment|in|funds|funds|31.12.21| |£|£|£|£|£| |Unrestricted|funds| |General|fund|1,172,724|(160,394)|306,374|(159,117)|1,159,587| |Revaluation|Reserve|817,984|-|-|-|817,984| |1,990,708|(160,394)|306,374|(159,117)|1,977,571| |Restricted|funds| |Church|Planting|&|Missions| |Fund|65,917|-|(88,941)|23,024|-| |Elam|Training|Fund|248,616|-|191,675|-|440,291| |Bible|Fund|782,463|1,297,097|399,706|-|2,479,266| |Media|Fund|4,269|-|(70,438)|66,169|-| |Advocacy|and|Awareness|-|-|(14,674)|14,674|-| |Europe|and|Diaspora|-|-|(55,250)|55,250|=| |1,101,265|1,297,097|362,078|159,117|2,919,557| |TOTAL FUNDS|3,091,973|1,136,703|668,452|-|4,897,128| |Comparative|net|movement|in|funds,|included|in|the|above|are|as|follows:| |Incoming|Resources|Movement| |resources|expended|in|funds| |£|£|£| |Unrestricted|funds| |General|fund|937,430|(631,056)|306,374| |Restricted|funds| |Church|Planting|&|Missions|Fund|379,835|(468,776)|(88,941)| |Elam|Training|Fund|759,071|(567,396)|191,675| |Bible|Fund|1,118,896|(719,190)|399,706| |Media|Fund|278,197|(348,635)|(70,438)| |Advocacy|and|Awareness|-|(14,674)|(14,674)| |Europe|and|Diaspora|___|63,071|(118,321)|||(55,250)| |2,599,070|(2,236,992)|362,078| |TOTAL FUNDS|3,536,500|(2,868,048)|668,452|

----- End of picture text -----

Restricted funds:

The 'Church Planting and Missions' fund is for supporting and mentoring church planters and pastors among Persian speakers.

continued...

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Notes to the Financial Statements - continued for the Year Ended 31 December 2022

17. MOVEMENT IN FUNDS - continued

The ‘Elam Training’ fund is for training leaders to plant house churches and increase discipleship and evangelism among Persian speakers.

The 'Bible’ fund is for printing and distributing Persian New Testaments and Bibles.

The 'Media' fund is for the production of Elam's TV programmes as well as other digital video content, including house church resources, short clips and materials that can easily be shared online or via social media.

The ‘Technology’ fund is for promoting discipleship programming through technology for women, children, youth and men.

The 'Advocacy and Awareness’ fund is for highlighting the plight of the poor and the persecuted.

The 'Europe and Diaspora’ fund is for providing support and ministry services to churches and groups 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.

  1. RELATED PARTY DISCLOSURES

A daughter of Trustee R Roshanzamir is an employee of the charity and receives a salary for her role.

One daughter and a daughter-in-law of Trustee S Yeghnazar are employees of the the charity and receive salaries for their roles. These employees are also the sister and wife of Trustee D Yeghnazar.

The brother-in-law of Trustee D Yeghnazar also receives a salary for his role. The employee is also the son-in-law of Trustee S Yeghnazar.

The total amount paid for salaries (including employer pension contributions and employer national insurance contributions) in respect of these four (2021: five) related parties amounted to £122,142 (2021: £140,011).

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