REGISTERED COMPANY NVMBER: 04594727 (England and Walesl REGi&fERED CHARITY NLIMBER: 1099143 ort of the Tmstees and Financial Statements for the Year Ended 31 December 2023 for Elam Ministrie5 8ennewith 2018 Limited Istatutory Auilitorsl Upper GrouTrd Floor 18 Famham Road Guildford Svrrev GU14XA Elam Mlnlstrles Contents of the Financial Statements for the Year Ended 31 December 2023 Page Report of the Trustees Report of the Independent Audttors Statement of Financial Actlvltles io Balance Sheet li Cash Flow Statement 12 Notes to the Cash Flow Statement 13 Notes to the Finandal Statements 14 Elam Ministries rt of the Trustee5 for the Year Ended 31 Detember X123 The trustees who are also director5 of the charity lor the purposes of the Companie5 Act 2¢￿, present their report with the financial stateJnent5 of the chaiity for the year ended 310ecember 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities-. Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporttng StaNlard applicable in the UK and Republtc of Ireland IFRS 1021 leffective l Jarbuary 20191. Page I Elam Mini5trie5 ort of the Trustees for the Year Ended 31 December 2023 08JECTIVES AND ACTIVITIES Princtpal Activity Our team has done 3 significant amount ol work to further our efforts in the promotion of educarion, poverty relief, and advarbcement of the Christian faith. We rewnain deeply grateful to ovf financial partners who enable u5 to impact so many lives, farnilie5, and communities. Principal attivities for the year induded.. Bible trainin and educ2tin Training active ano emerging leaders continues to ￿rna1n at the heart of our work. We support those we tiain with Bible teaching, leadership skills, mentorin& and strategic planning to fUrt￿r their growth as leaders. We also provide too15 enabling them to share what they have learned with other5. a5 well as to help them engage with the Christian Bible and continue learning on thetr own. In 2023. the pro8rams we provided included.. three-month Christian leadership courses. two-week intensive 8ible trainings. one-week intensive Bible trainings. advanced training in Christian ministry. Bible conferences and distance-learning programmes in Christian living and Christian theologv. Qur Safar discipleship initiattve. which promotes Bible reading and study. prayer, service, and healthy relationships, was available in many languages 3$ well as Peisian IFar5il and English by tle end 012023. The iesource was launched as an app during the year to improve usability and to expand acce55. Scri ture rintin and distribution We contlnued tc> prirtt and distribute Bibles and New Testaments in Persian IFarsil. Artion Bibles and Action Bible New Testaments for children were also disrributed. Books and resource5 We published and printed additional Christian literature for discipleship. personal devotion, and Bible study. In addition to print, we continued to make many titles available dbgitally. We also prodU￿d a year's worth of 'Weekly Fellowship, resources for small group gatherings to read and study the Bible- an in(rea5ing nufflbei of groups used thi5 resource dvring the year. Additionally. we PToduced and disrribured speufic resources for women's, children's. and vouth ministry to help them meet in small groups loi lellow5hip and Bible study. Media We continued lo produce prograwnmes foi digital distribution online, as well as lor broadcast via satellite TV. Additionally. we produced short clips and Inaterials that were easily shaivj online and via Social rnedia. Programme5 and diEltal content included Bible teachin& Christian worship. and ed￿￿tIOn. We also created programming lor women, youth, men, and thildren. Media resources are made avaable OTh our YouTube Channel and at www.K31ameh.com, as well a5 shared VIB social media platfomis like Telegram and Instagram. Women men and marfla e ministr We continued to provide conference5 cind resources to women who have experienced abuse, oppres510n 01 trauma. We provlded Thultiple women's ministry webinars and in-person events to105tei healing for hurt women, as well BS to strengthen their identity and sell-worth. We held men'5 conferences to help tnerb develop a healthy understanding of - and arririjde toward women. as well as grow in service to women rn their lives. We also provided intensive tiaining iii men's rnini5try for a small cohort of Chrisiicins. Additionally. more than l(D couples look part in a specially-de5igned marriage course to Strengthen relationships and fostei healihy family (tynatnic5. lastly. we continued to provide ounselling to wotnen. men. and couples with whom we Connected through webTrnafS, Satellite tv min15try. and social media. Children and outh ministry We provided written and digital ie50urces for Bible study and sm311 group gatherings for children (aged 3-11 years oldl c nd teonager5. We .iKK) New Testamei)ts to print. 61 new title5 were irai)slated aiid printed, and 60 titles were re-printed loi use in discipleship and evangelism. .1 he 'Only One, yoiith worship albLim was tnade available ai the end of the year on Spotify, iTvnes, Amazoii Music lunder 'Only One, Elam Music'l, and YouTube. Within weeks. the title tra£k had been listened to tens of thousands ol times, aiding mat)v teenage Christians in expressing worship to God. Our 'Weekly Fellowship, resou[￿ wa5 reirn3gined and improved during the year, including incorporattng specially liltned worship sets to help the resource better svit ihe target audience. We are aware that at least ICK) new groups started using this resotjrce in 2023. We bro3dcast regular Christian pr￿ramming for women, children. Christian worship, and evangelism. Further, mole than 3.(MX) people were served through 3 new engagement platlorrn on OLir resource website, www.kalameh.com. Over 2(XI,OIK) unique User5 a(￿ssed www.kalameh.com across tlie yerlr, and our video content on YouTube received nearly 1.7 million views. Hiindreds of families were served through the humanitarian relief programwe established in eastern Turkey following the eaithquakes. Page 3 Elam Ministries Re rt of the Trustees for the Year Ended 31 December 2123 FINANCIAL REVIEW The result5 during thi5 financial year were a net deficit of E202.55212022.. £43.8831 and this was due to less funding received compared to last year £2.526.28712022= £3,088.2041. Expenditure totalling E2,728,83912022.. £3,132.0871 was lower as le5S SCTlPtures were distributed this year compared to last year. Total funds carried forward are £4.650,69312022.. £4,853,245) split between Unrestricted £3.843.811 12022.. £3.823.0381 and Restricted £806,882 12022.. £1,030,207). Most of the Unrestricted Fund is represented by Tangible Fixed Assets £2,052,600 12022.. El.953,1291. RESERVES POLICY The Trustees have established a policy to reserve enou8h cash lunrestrictedfunds 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 basit salarie5. committed event costs. other credilors. and building overheads. FUTURE PLANS Future plan5 include strategic effort5 to provide Christian education and resources to existing and emerging leaders who can go on to share what they learn with others for the purposes of furtheiing the promotion ol education, poverty relief, and advancement of the Christian laiih. As a part of thi5 effort, we will continue to create resources that can be widely utilised for Bible study, small Eroup gatherings. and dis￿leshIp. This includes developing resour￿5 lor children, youth. men, women. parents, anij couples that can be widely used. We will be launching a new app during 2024 to make our growing library ol Persian Bible teaching and di5ciple5hip resources more easily accessible. Lastly, we continue to Brow our efloits io pio¥ide iefugee5 Wlth Christian education and hurnanitarian relief. In 5Lim, we are encouraged by the growing opportunity to promote edtscatr￿. provide poverty relief, and further the advancement of the Christian faith. As such. we remain deeply hopeful fu the luiure and profoundly rhanklul to all who prov>de fund5 to enable thi5 work. STRUCTURE, GOVERNANCE AND MANAGEMENT Structure, Governance anil Management The governing documents of the charirable company are the Memorandum and Articles of Association daied 7th November 2￿2. The Governing Documents set oul the objects for which the charitable company was established, and how it is to be managed. The affairs of the organisation have been d1￿cted by a l)oard of diie(iors. whi(h meets regularly lor this purpose. The direciors then dolegate the day-to-day monagefflent of the different departments to managers who aro overseen by the executive directo¥. The directors ale aware ol the risks affecting Elam Ministries and as far as p)ssible have put policies and procedures in place to dtminish those risks. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 04594727 (England and Walesl Registered Charity number 1099143 Registered office 'Grenville' Grenvillo Road Shacklelord Gadalming Surrey GU8 6AX Page 4 Elam Ministries Report of the Trustees for the Year Ended 31 De￿rnber 1123 Trustees Rev S Yeghnazar Mr M R Roshanzamir Mrs L Yeghnazar Mrs A Kuhn Mr R Worton Mr K K Devaraj Mr D A Ye8hnazar Mr L Brown Auditors Bennewith 2018 Limited Istètutory Auditors) Upper Ground Floor 18 Fa¥nharn Road Guildford Suriey GUI 4XA ATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees Iwho are also the direciors of Elam Mirbrsiries for the purp)ses of company lawl are re5pon5ible for preparing the Report ol the Trustees and the financial statements in aicordance with applicable law and United Kingdom Accounting Standards (Urkited Kingdom Generally Accepted ACCO￿ling PTacticel. Company law requlres the trustees to prepare financial statements fo¥ eth financial year which give a true ènd fair view ol the state of affaiis of the charitable company and tsf the incominE resources and application of resources. including the income and expenditure, of the charitable company for thai period. In preparing those financial statement5. the trustees are required to select suttable accounting policies and then apply them consistently- ob5eive the methods and principles in the Charity SORP.. make judgetnents and estimates that are reasonable and pnsdent,. prepare tho financial statements on the going COn￿rn basis unless it is inappropriate to presume that the charitable company will continue in business. Tlie rrustees are responsible lor keeping proper accounling record5 which dbscloso with reasonable accuracy at any time the financial p051tion of the chariiable company and to erhable them to ensure thai the financial statement5 comply with the Companies Act 2006. They are 3150 responsible for safegu¥ding the assets of the charitable company and hence lor taking reasonable steps for the prevention and deiection of fraud and other iriegularities. In so far as the trustee5 are aware.. there is no relevant avdit information of which the charitable company'sauditors are unaware,. and the rrustees have taken all step5 that they ought to have taken to make themsÈlves aware ol any relevant audit infoimarion and to establish that the auditors are aware of that inforniwion. AUDITORS The auditurs, Beiinewith 2018 Lifflited Istatutory Auditors), will be proposed for re-appointment at tlie forthcoming Annual General Meeting. k.a&&q. and signed on it5 behalf by.. Approved by order of the board of trustees on .l.¥...4hLf' "' MI M R R05hanzdmir- Trustee Page 5 Re ort of the Independent Auditors to themembers of Elam Ministries Opinion We have audited the financial statements ol Elam Mini5ttie5 Ithe 'chantable company'l for the year ended 31 December 2023 which comprise the Slatement of Financlal Activities. the Balance Sheet. the Cash Flow Statement and notes to the financial statements. includirbg a summary of significant accounting policies. The financial reportin8 frarnework thar has been applied in their preparation is applicable law UnrÈed Kingdom Accountin8 Standards (United Kingdom Generally Accepted Accounting practi￿). In OUT opinion the financial statements= ive a true and fail view ol the state ol the charitable cownjfjy's affaits as al 31 December 2023 and of its incomin6 resource5 arkd application of iesources, including its income aNJ expendituie. for the year then ended,. have been properly prepared Én accordance with United Kingdom Generally Accepted Accounting Practi￿.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditin8 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the A￿ditors. responsibilities for the audit of the financial statements section of our report. We ale independent of the (haritable company in accord3llce with the ethical requirements thar are relevant to our audit ol the financial statements in the UK. including the èRC's Ethical Standard. and we have fulfilled our other ethical responsibilities in 3¢cord*ce with these requirements. We believe that the audit evidence we have obtsined is Sufficient and appropriate to Fwovide 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 ol accounting in the preparation of the financial statefftenis is appropriate. Based on the work we have performed, we have not identified any material uneertainties relating to events or conditions that. individually or collectively. may cast sbgnificant doubt on the charitable company's ability to continue as a going concern for a period of at least rwelve month5 frotn when the fi￿nCIal slatements are authorised for is5ve. Our responsibilities and the responsibilities of the trustees wf(h ￿spect tOEoing Con￿[￿ are described in the relevant Sections of this report. Other information I"he trustees are responsible lor the other information. The other informaiion cornpfise5 the iTrlorrnation included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statement5 does rbot cover the other infommiion and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance CO￿1￿510n theieon. In connection with our audit ol the financial statements. oui responsibility is to read the oihei information and, iri doing so, consider whethel the other information is materially inconsistent with the finaTrcial 5tatement5 or our knowledge obtained in the audit or othe￿150 appears to be materialty Thi5Stated. If we identify such materidl inconsistencie5 or apparent material misstatements. we 3re required to determine whether this gives rise to a material niisslatement in the financial 5tatement5 themselves. 11, based on ihe WO￿ we have perloitned. we conclude that there is a marerial misstatement ol this other information, we are required to ￿Polt that fact. We have nothing to report in this regard. Opinions on other matters p￿SCrIbed by the Companies Act 2006 Iii our opinion, based on the work uridertaken in the cou¥se of the audit.. the information given sn the Repoit of the Ttustee5 for the financial year lor which the financial statements are prepared 15 consisteni with the financial statements,. and Iho Report of the TFL15tees hhs been prepaied in accordance with applica>le legal requirenienis. Page 6 ort of the Inde endent Auditors to the Members of Elam Ministries Matters on which we are required to report by emception In the light of the knowledge and understanding of the charitable compny and it5 env410nment obtained in the course of the audit, we have not identified material misstatements in the Rew)rt of the Trustees. We have nothing to report in respect of the following matters where the CorFbpanles Act 2(kn requires us to report to vou if. in our opinion.. adequare accounting records have not been kept or returns adequate for our audit have not been received from branche< visited by us,. or the tinancial staiements are not in agreewnent with the accounting record5 and ietUffl5,' or rtain disclosures of trusrees. ￿MUneratiOn specified by law are not m*fe,' or we have not received all the inlormatiorb and explanations we require fu our audit. or the trustee5 were not enritled to take advantage of the small cotnp¥hies exemption from the requirement to prepare 3 Strategic Report or in preparing the Report of the Trustees. Responsibilities of trustees A5 eXpla￿ned more lully in the Statement of Trustee5' Responsibilitie5, the trustees Iwho are also the di¥ertors of the charitable company for the purposes ol company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for Such irtefnal control as rhe trustees determine is nece55ary to enable the preparation of linancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial 5taiements. the trustees are responsible for assessing the charitable cotnpany's ability to continue as a going concern, disclosin& as applicable. matters related to toing concern and u5ifbg the going concern basts of accounting unless the trtJStees either intend to liquidate the chaThtable company or to cease opeiations. or have no realistic alternative but to do so. Page 7 ort of the Inde ntlent Auditors to the Mem1)￿5 of Elam Mlnlstries Our iesponsibilities for the audit of the fina￿la1 ￿atementS Our objectives are to obtain reasonable assuwance about whether the fin*cial statements as a whole are free from materia1 misstatement, whether due to fraud or erio¥. and to issue a Retbort of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is mt a guarantee that an audit conducted in ccordance with ISAS IUKI will always detect a material mi5St3tement when it eX15ts. Misstatements can arise from fraud or error and are considered material if. individualty 01 in the aggreeate, they could ieasonably be expected to influence the economic decisions of users taken on the basis of these finantial ststements. The extent to which our procedures are capable of detetting irregularitie5, ncludin8 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 ￿late to FRS 102 Sectbon IIX pension laws and regulations and tax regulations. We assessed the risks of material misstaiement in ie5pect of fraud as follows.. Enquiries made of management and ihose charged with gOve[n&￿ as well as the semce Ofganisatton in relation to payroll services Analytical procedures were used to identtfy Trl there were any unusual or unexpected relationships Discussions with management to iderblify any fravd iisk factors of related paity relationships and transactions Based on the result5 01 our risk a5sessmerbt we designed our audit procedures to identify non-compliance with such law5 and regulations identified above. Enquiries were made of mana8ement and those char8ed with governance. We corroborated our enquiries through the review of Board minutes and other papeis provided. There w35 no t(￿1rddICi0ry evtdence. We considered the risk ol fraud through management override and, in resFonse. we incorporated testiTrg ol manual joumal entrie.s 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 busbness. Based on the results ol our risk as5e55ment we designed our audit proctdures to identify and to address material mis5tatement5 in relation to fraud. We incorporated an elemenl of unkyedictability in the selecrion ol the nature, timing, and extent of audit pr{Kedu￿. Where transaction meeting risk uiteria were identified. we carried out further work such as additional test+ng to source ii)lormation. A further descflption of our Te5ponsibilities for the audit of the finènthl statements 15 located on the Financial Reporting Council's website t www.frc.orE.uVauditorSfesponsibilities. Ihis description forms part ol our Report of the Independent Auditor5. Page 8 ort of the Inde ndent Auditors to the fftmbers of Elam Ministries Use of our repoit 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 2W6. Our audit work has been undertaken so that might State to the charitable cornpariy's members those matters we are required to state to them in an auditors, report and fo¥ no othei purpose. To the fullest extent permitted by law. we do not accept or assume responsib'lsty to anyone other than the charitable company and the charitable cownpany's members as a bo(ty. for our audit t*orK foi this report. or for the opinions we have formed. A J Bennewith FCA,FCPA, FF4 FFfA, FIPA, DChA, FRSA Isenior Statutory AuL4torl for and on behalf of Bennewith 2018 Limited15tatulory Auditors) Upper Ground Floor 18 Farnharn Road Guildford Surrey GUI 4XA D3te'. Page 9 Elarn Mint5trFes Statement of financlal Activitie5 for the Year Ended 31 De￿mber zi13 31.12.23 Total nds 31.12.22 Total lund5 Unrestricted fund Revaluation Reserve Restricted funds Notes INCOME AND ENDOWMENTS FROM Donation5 and legacies ?a9.838 2,076,397 2,416,235 2.¢J4Q 879 Other trading activitles Investment income 96.568 13.484 96,568 13.484 128,325 Totsl 449,890 2.076.397 2.526.287 3,088,204 EXPENDITURE ON Charitable activities Churcli Planting & Missions Tralning Bible & Literature Translation & Production Techno108y Initiative Europe & Diaspora Advocacy & Awareness Humanitarian Relief 51.732 57.958 420.940 926.011 472,672 983,969 577,196 742,401 188.890 868,224 1,057.114 1,615,806 658 173,551 22,475 6,IlXJ 98.956 51.872 52.246 105,056 51.872 58,156 5.910 Total 310.5 2.418.249 2.728.839 3.132,087 NET INCOMEIIEXPENDITUREI Transfers between funds 139.3(Kl 1118,5251 1341.8521 118,525 1202,5521 143,8831 17 Net movement in funds 20.775 1223,3271 1202.5521 143.8831 RECONCILIATION OF FUNDS Total funds brought forward 3,lJ)5.054 817,984 L030.207 4.853.245 4,897,128 TOTAL FUNDSCARRIED FORWARD 3.025.829 817.984 8ffi.880 4,650,693 4,853,245 The notes form part of these financial sraiements l)aEe 10 Elam Ministries Balance Sheet 31 December 202 31.12.23 Total funds 31.12.22 Total funds Unrestricted fund Rewaluation ReseTve Reslricted furTrds Notes FIXED ASSETS Tangible assets 12 1.234.616 817.984 2,052,61YJ 1.953.129 CURRENT ASSETS Stocks Debtor5 Cash at bank 13 14 818.852 127.180 942.911 775,648 1,594,500 127,180 974,145 1,046,073 787.550 1,119.886 31,234 1.888.943 ,882 2.695.825 2,953,509 CREDITORS AmoLints falling due within one year 15 197,7321 197,7321 153.3931 NETCURRENT ASS￿5 1.791,211 8￿,882 2,598.093 2,900,116 TOTAL ASSETS LESS CURRENT LIABILITIES 3,025.827 817.984 8￿.882 4,650,693 4,853.245 NET ASSETS 3,025.827 817.984 s(￿.882 4,650,693 4,853,245 FUNDS Unrestricted fuiids= General fund Revaluation Reserve 17 3,025,827 817,984 3,005,054 817,984 3,843,811 3,823,038 Restricted fund5 806,882 1,030,207 TOTAL FUNDS 4.650,693 4.853,245 These lincincial statements have been prepared in accordance with the prwision5 applicable to charitable companie5 subject to the small companies regime. The financial staternents were approved by the 8oanJ of Trustee5 and authorised lor issue on , ￿￿￿..￿al.vand weie signed on its behalf by.- Mr M R R()sl)clnT.amir Iru5tee The noies form part of these financial stalemerbts Page 11 Elam Ministrie5 Cash Flow Statement for the Year Ended 31 December J)23 31.12.23 31.12.22 Notes Cash flows from operating actiwties Cash generated from operations Interest paid 120,8911 1125,5101 13,2121 Net cash used in operatTrng attivitie5 120.8911 1128,7221 Cash flows from investing artryities Purch3se of tangible fixed assets sale of tangible fixed assets 1125,0411 191 191,9771 15 Net cash used in investing activitres 1124.8501 191,9621 Cash flows from financin8 activities Loan repaytnents made in year 1235,9681 Net cash provided byllused inl financing activities 1235,9681 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 1145.7411 1456.6521 1,119,886 1,576,538 Cash and cash equivalents at the end of the reporting period 974,145 1,119,886 The riotes form part of these financial statements Page 12 Elam Minist¥ies Notes to the Cash How Statement for the Year Ended 31 December 2023 RECONCILIATION OF NET EXPENDITURE TO NEY CASH FLOW FROMOPERATING ACflVITIES 31.12.23 31.12.22 Net expenditure for the reporting period las per the Statement of Financial Ac¢iviliesl Adjustments for.. l)tsArociation charges Loss on disposal of fixed a55ets Interest paid Ilncreaselldecrease In stocks Decreasellincreasel in debtor5 Increase in creditOF5 1202,S521 143.8831 23,167 2,212 20.588 1,783 3,212 83,389 1212,4311 21,832 1548,4271 660,370 44,339 Net cash used in operations 120.8911 1125,5101 ANALYSIS OF CHANGES IN NET FUNDS All.1.23 Cash flow At 31.12.23 Net cash Cash at bank 1.119.886 1145,7411 974,145 1,119,886 1145,7411 974,145 Total 1.119.886 1145.7411 974.145 The noles form part of these financial stalements Page 13 Elam Minlrtries Notes to the Financial Statemen for the Year Ended 31 Decembei 2023 ACCOUNTING POUCIES Basis of preparing the financial statements The financial statenients of the charitable company. which is a public benefit entity under FR5 102. have been prepared tn accordance with the Chariries 50RP IFRS 1021 'Accouniing and Reporting by Charities.. Staternent of Recommended Practice applicable to charitie5 preparkng their accounts in accordance with the Financia1 Reporting Sta*idard applicable in the UK and Aepublic ol Ireland IFRS 1021 leflpr*we l Jafjuary 20191.. Financial Reportin6 Standard 102 'The Financial Reportine Standard applicab￿ in the UK and Republic of Ireland, and the Companies Act 2LN16. The financial statemenis have been prepardl under the historical c05t convention, as modified by the revaluation of certain assers. Intome All income 15 iecognised in the Statement ol Financial Artivities On￿ charity has entitlement to the funds, it is probable that the income will be received and the amount cat) tro measured reliably. Expenditure Liabilities are recognised as expenditure as 500n as there is a legal or constructive obligation Cofnmitting the charity to that expenditure. it is probable ihat a transfer of econ(Mnic benefit5 will be required in settlement and the amount of the obligation can be measured reliably. Expenditure 15 accounted for on an accruals basis and has been classified under headbngs that aggregate all cost related to the category. Where costs cannot be directly attributed to partbcular headings they have been allocated to activ¢ties on a basis consistent with the use of resources. Grants offered sublert to corbditions whith have fbot been mel at the year end date are noted as a commitment but not accrued as expenditure. Allocation and apportlonment of costs Direct costs are allocated to the 3ctivity they relate to. If a direct (ost relates to more than one artivity it is apportioned based orb the estimated usbge. Support cost are apportioned between activiiies according to attivitie5 peitentage of the total direct income. Tanglble fixed assets DepreoatlOVl Is provided at the following annual rates in order to wite off each asset oveT It5 estimated useful Plant and machinery Fixtures and litting5 Ollice equipment Motor vehicles Iinprovernents lo propeity IO% reducing balance 20% reducing balan 20% reducing balance 2% straight line The trustees have conside¥ed that the useful economic life of Buddity 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, aftermciking due allowance for obsolete and Slow moving items. The method adopted to calculate cost 15 the weithte.d averr?ge method. Included sn the stock valLie are all items held by 3rd parties such as printers, and all items which will be gNen away for fr?e as pa¥t ol the chaiitable objetlNes. TaJ(ation The cliaiity is exempt from corporation tax on ils charttable activities. Page 14 continued... Elam Ministries Notes to the Finan¢ial Statements- continued for the Year Ended 31 December 21123 ACCOUNTING POLICIES- ¢ontSnuèd Fund accountÈng Unrestricted funds can be used in accordance with the charitable obj'ectives at the discretion of the t¥ustees. Restricted funds can only be used for particular restfirted puwoses within the objects of the chariw. Restrictions arise when ¢oocified by the donor or when fvnds are raised for particular rectTirted purposes. Further explanation of the nature and Pufpose of each fund i5 included in the notes to the finantial statements. Foreign currencies Assets and liabilities in foreign currencies are translated into sterfng at the rates of exchange ruling at the balance sheet date. Transaction5 in foreign currencies are ir3ns&ted into Sterling at the rate of exchange ruling at the date of tran5a£lion. Exchange differences are taken into accouTrt irb arriving at the operating rosult. Pension costs and other posl-retirement beneffts The charitable company operates a dÈlined contribution pension scheme. Contributions payable to the charitable compony'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 tran51tion to FRS 102, the trustees decided to bring in the revaluation of the freehold land and buildings as deemed c05t. DONATIONS AND LEGACIES 31.12.23 31.12.22 Ch(Irch Planttng & Missrons General Training Bible & Literature Tran513tion & Production lurope & Diaspora Humanitarian Relief 457,301 339,841 512,347 I.(KIO.563 53,937 52,246 464,796 993,926 448,872 906,638 145.647 2,416,235 2.959.879 OTHER TRADING ACTIVITIES 31.12.23 31.12.22 Book income 96,568 128,325 PaEe 15 continued... Elam Mrnistries Notes to the Finan¢Èal Statements- ¢oDlinued for the Year Ended 31 December 3123 INVESTMENT INCOME 31.12.23 31.12.22 Bank interest received 13.484 CHARITABLE ACTIVITIES COSTS Grant lunding of activitie5 note Support C05151see ote 71 Dirert Costs 61 Totals Church Planting & Missions Tr8inifig Bible & Literature Tran513tion & Production Europe & Diaspora Advocacy & Awareness Humanirarian Reliel 405.925 923,976 J4,229 52.518 59,993 472,672 983.969 899,420 44,179 113,515 6,450 164 5.910 1,057,114 105,056 51,872 58,156 47,206 4.502 52,246 2.375,133 115.156 238.550 2,728,839 GRANTS PAYABLE 31.12.23 31.12.22 Church Planting & Missions Training Bible & Lirerature Translation & Pioduction Advocacy & Awareness Humanitarian Relief 14.229 117.536 60,599 94,686 6,000 44,179 4.502 S2,246 115.156 278.821 The total grants paid to institutions during ihe year was as loll¢)ws- 31.12.23 31.12.22 Elam Germanv Elam Greece Elcini US 119,248 96,083 12,407 64,188 64.188 227,738 Page 16 continued... Elam Ministries Notes to the Financial Statements- contlnued tor the Year Ended 31 December 2023 SUPPORT COSTS Govemante cos15 Management Finance Totals Church Planting & Mission5 Training Bible & Literature Trans131ion & Production Europe & Dia5por Advocacy & Awareness Humanitarian Relief 40.588 46.626 87,407 5.043 164 4,546 1.153 1,292 2,527 136 10.777 12.075 23,581 1.271 52,518 59.993 113.515 6.450 164 5.910 132 1,232 184.374 5.240 48,936 238,550 NET INCOMEIIEXPENDrruREI Net incomellexpenditurel is stated after charging- 31.12.23 31.12.22 Auditor'5 remvneration for audit work lex VAn Auditor's rernuneration for non audil work lex VATI Depreciation - owned a55et5 Loss on disposal of fixed assels Bibles given a5 charitable donations I3,2￿) 27.9(K) 23.167 2.253 86.496 12.000 34,500 20,589 1,798 447,656 rRUSTEES' REMUNERATION AND BENEFITS There were no trustee5 remunerated for their service as trustees for the year ended 31 December 2023 nor for the year ended 31 Detembèr 2022. Trustees. expenses During the year, seven t¥ustQès12022.. threel incurred expenses of É12.77412022.. £7,380) tn respect of tiavel and subsistence, £2,87812022'. 3.3391 in respect of telephone costs. and £l.54512022.' £2351 in respect of computer equipment. All costs are wholly in fulfilment ol charity bu5ines%. io. STAFF COSTS 31.12.23 31.12.22 Wages and salaries Social security costs Other pension costs 1.407.693 142,533 40.340 1.147.347 119.140 33,233 1.590.567 1.299,720 Kèy management personnel The total amount of employee benefils (including employer pension contributlOn5 and employer national insurance coniribulionsl received by key management pefsonnel lor their service5 to the charitv Wa5 £214.894 by four employee512022.. £185.194, four employees). PaEe 17 continued... Elam Ministries Notes to the Financial Statements- ¢￿tInued for the Year Ended 31 December 202a io. STAFF COSTS- continued The average monthly number ofemployees during the year was as follows.. 31.12.23 38 31.12.22 37 Stall Ifvll-time equivalent) No employees received emolumerbts in excess of £60.(KM), nor did tw in 2022. ii. COMPARATIVES FOR THE STATEMENT OF FINANCIALA￿1VITIES Unrestricted fund Ilevaluation Reserve Restricted fijnds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 993.927 1,965,952 2,959,879 Other trading activities 128,325 128,325 Total 1.122.252 1,965,952 3,088.204 EXPENDITURE ON Charitable adivities Church Planting & Missions Training Bible & Literèture Tian513tion & Produrtion Technology Iniriative Europe & Diaspora Advocacy & Awareness 56.267 54.343 3[￿,914 520.929 688,058 1,308,892 658 155,935 22,475 577,196 742,401 1,615.806 658 173.551 22.475 17.616 Total 435.140 2,696,947 3.132.087 NET INCOME/IEXP£NDITUREI Transfers between funds 687,112 1,158,355 1730,9951 11,158,355) 143,8831 Net movement in funds 1.845.467 11,889,350) 143,8831 RECONCILIATION OF FUNDS 'lot1£ I fiinds broiight forward 1.159.587 817.984 2,919,557 4,897.128 TOTAL FUNDS CARRIED FORWARD 3,IX)5.054 817,984 1,030.207 4,853,245 Page 18 continued... Elarn Ministries Notes to the Financial Statements- tortinued for the Year Ended 31 December ￿123 12. TANGIBLE FIXED ASSETS Improvements to Fixtures and fittings Freehold 0￿￿ty PToperty COST t l January 2023 Additions Disposals 69.673 111,697 56.158 504 At 31 December 2023 1.775,11(K) 181.370 56,662 DEPRECIATION At l January 2023 Charge for year ElÉrninated on disposal 834 2,407 32.200 2,442 At 31 December 2023 3.241 34,642 NETBOOKVALUE At 31 Decembei 2023 1,775.0(XJ 178.129 22,020 At 31 Oecember 2022 1.775,0(X) 68,839 23.958 Motor vehicles Office equiptnent Totals COST At l J 1,046,073 14. DEBTORS: AMouNfs FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Tiade debtors Prepayments Legacie5 Gilt aid debtor Orlier dobrors 16,290 19.490 17,139 395.477 80,(XIO 23,122 271,811 127,180 787,549 Pagc 20 continued... Elam Ministries 14otes to the Financial Statements- ctytinued tor the Year Ended 31 December 2023 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Trade creditors Other creditors 64,943 32,789 30,135 23,258 53,393 16. LEASING AGREEMENTS Minimum lease payments under non-cancellable operaiing leases fall due as follows.. 31.12.23 31.12.22 Within one year Between one and live years 1,512 1,890 1,512 3.402 3.402 4,914 17. MOVEMENT IN FUNDS Net TT3nsfers between funds r￿Vement funds At 31.12.23 At 1.1.23 Unrestricted funds General fund Revaluation Reserve 3,IK)5,054 817,984 139,298 1118,5251 3,025.827 817.984 3,823,038 139,298 1118,5251 3.843.811 Restricted funds Chiirch Planting & Missions Fund Training Fund Bible Fund Media Fund dvocacy and Awareness Europe and Diaspora 31.234 1126.8871 159,910 15,8421 152.9(KJl 147.3651 31,234 1225,7831 1,001,431 201.104 829,103 12,418 5,842 52.900 47.365 1.030.207 1341.8501 118.525 806.882 TOTAL FUNDS 4.853.245 1202.5521 4,650,693 Page 21 cOn¢￿nUed... Elam Ministries Notes to the Financial Statements- Conlinued for the Year Ended 31 December Ji23 17. MOVEMENT IN FUNDS- continutd Net movement in funds, induded in the above a￿ as follow5.' kncominB sources Resources expended Movement in funds Unrestricted fund5 General fund 449,8 1310.5921 139.298 Restricted funds Church Planting & Missions Fund Trainlng Fund Bible Fund Media Fund Advocacy and Awareness Europe and Diaspora Humanitarian Relief 457,302 512,347 680,701 319,862 1426,0681 1939,2341 1520,7911 1325,7041 152,9Th)1 1101.3041 152,2461 31,234 1426,8871 159,910 15,8421 152,9001 147,3651 53.939 52.246 2.076,397 12,418,247) 1341,8501 TOTAL FUNDS 2,526,287 12,728,839) 1202,5521 Compaiatives for movement in funds Net nKJvement WT funds Transfers between funds At 31.12.22 Al 1.1.22 Unrestricted fund5 General fund Revalu¢ltion Reserve 1,159,587 817.984 687,112 1.158.355 3,005,054 817,984 1.977,571 687.112 1.158.355 3,823,038 Restricted funds Churcli Planting & Missions Fund IraiTrlng Fund Bible Fund Media Fund Technolugy Fund Advocacy and Awareness Europe and Diaspora 156.1361 1239.1871 1353,0661 11.297.097) 149,1871 49,187 16581 658 122.4751 22.475 110,2861 10,286 S6,136 440.291 2.479.266 201,104 829.103 2,919.557 1730,9951 11.158.355) 1,030.207 TOTAL FUNDS 4.897,128 143,8831 4,853,245 Page 22 continued... Elam Ministries Notes to the financial Statements- umlinued for the Year Ended 31 December 3123 17. MOVEMENT IN FUNDS- contlnuÈd Comparative net movement irb funds, included in the above are as fdlows.. Incoming tesources Resources expended Movernent in fund5 Unrestricted funds General fund 1,122.252 1435,1401 687,112 Fleslricted funds Church Planting & Misslon5 Fund Training Fund Bible Fund Media Fund Technology Fund Advocacy and Awareness Europe arbd Diaspor 164.794 448.871 598.861 107.777 1520,9301 1688.0581 195J.9271 1356,9641 16581 122.4751 1155.9351 156,J361 1239,1871 1353,0661 149,1871 16581 122,4751 110,2861 145,649 1.965.952 12.696.9471 1730.9951 TOTAL FUNDS 3.088.204 13,132,0871 143,8831 Restricted funds-. The 'Chiirch Planting and Missions. fund 15 for supporting and mertoring church planters and pastors among Persian speakers. The 'Training' fund 15 foi training leaders to plant house churche5 and increase discipleship and evangelism aniong Persian speakers. The'Bible' fund is for printing and distributing Persian New Testamfflts and Bibles. The 'Media' fund 15 for the production of Elam'5 TV programnies as well as other digital video content. including house church resources, short clips and matefials that can easily be shared online or via social media. I"he 'Technology' fund 15 for promoting di5ciple5hip programming through technology for women. children, youth and merb. The'Advocacy and Awareness. fund is for highlighting the plight of the poor arbd the persecuted. The 'Europe and Diaspora, fund is for providing support and niinisrty services to churche5 and groups Wofking with refugees in Europe. The 'Humanitarian Relief, Fund was to help deliver Humanitarian aid in Tuikey during the aftermath of the earthquake in the early months of 2023. Transfers between fvnds All transfers made from Unrestrirted to Restrirted Funds are to finaKe a delicir on the Restricted Fund. Page 23 continijcd. Elam Ministiies Notes to the Financial Statements- coTrttnved frjr the Year Ended 31 Detrmber 2L123 RELATED PARYY DISCLOSURE5 A daughter of Trtjstee R Roshanzamir is an employee of the charlty and recewes a salary for her role. One daughter and a daughter-in-law of Trustee S Yeghnaiar are empltsyee5 of the the charity and receive salarie5 for their roles. These employees are also the sister and wifeol Trustee D Yeghnazar. The brother-ir5-law of Tiustee D Yeghnazar also receives a salary for his role. The employee Is also the son-sn-law of Trustee S Yeghrbazar. A daughter and a son ol Truslee D Yeghnazar are employees of the Iharity and received a salary for their respective roles. They 3ie a150 gFandchildren of Trustee S Ye8hnazar. The total amount paid for salaries lincluding employer pension coniributions and employer national insurance contributionsl in respect ol these six12022: four) related parties an￿)Unted to £161.71912022: £122,1421. Page 24