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. 

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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: 

- 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 

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 

- 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. 

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: 

- 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. 

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). 

- 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 2022 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 

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 

- 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 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. 

- We have nothing to report in respect of the following matters where the Companies Act 2006 requires us 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 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: 

- Enquiries made of management and those charged with governance as well as the service organisation in 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 

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 

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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... 

Page 16 



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. 

2. 

## 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|



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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... 



6. SUPPORT COSTS 

8. 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) . 

Page 19 

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Elam Ministries 

9. 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|



Page 20 

continued... 



## Elam Ministries 

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<br>Disposals||||-<br>-|69,673<br>-||22,305<br>(4,204)||:||91,978<br>(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. 

Page 21 

continued... 



## Elam Ministries 

||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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Elam Ministries 

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


**----- Start of picture text -----**<br>
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|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 -----**<br>


Page 23 

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## Elam Ministries 

## 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 -----**<br>
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|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 -----**<br>


Restricted funds: 

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

continued... 

Page 24 



Elam Ministries 

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. 

18. 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). 

Page 25