REGlSfERED COMPANY NUMBER.. 04594727 (England and Wales) REGISTERED CHARITY NUMBER: 1099143 Re ort of the Trustees and Audited Financial Statements forthe Year Ended 31 December 2024 Elam Ministries Abbreviated Accounts Berhnewith 2018 Limiied Istatutory Auditors) Upper Ground Floor 18 Famham Road Guildford 5urrev GUI 4XA
Elam Ministries Contents ol the Financial Ststernents for the Year Ended 31 December 2024 Page Report of the Trustees Report of the Independent Auditors Statement of Financial Artiyfjties Balance Sheei io Cash Flow Statement li Notes to the Cash Flow Ststement 12 Notes to the Financial Statements 13
Elam Mlnistries Re rt of the Trustees for the Year Ended 31 December 2024 The trustees, who are also directors of the tharity foi the purposes of the Companies Act 2006, present their report t¢>gether with the finan£ial statements for the year ended 31 December 2024. The linanaal statements have been prepared in accordance with theCharifiesSORP IFRS 1021, applicable tocharities preparin8 theiraccounts in accordance with UK accouniing standards. OBJEcnvE5 AND AcllviTIES A5 part ol the wider Ministry of Elatn. the charity has played an irnportant role in meeting the tninistry's global objectives. Our team ha5 done a signilic3nt amount of work to further our effort5 in the promotion of education, poverty relief, and advancement of the ChTlStian faith. We remain deeply gTatelul to ovr financial partners who enable us to impact so mèny lives, families. and communities. Key activities in 20Z4-. Leadership training and di5cipleship.' Delivered in-person and digital programs including three-mtsnth leadership COLJrses, Bible intensives, and theologic31 rroining, focused on equipping chvrch leaders and small group Scripture printing and distiibution= hundfeds of thousands ol New Testaments and tens of thousands of Gospe15 01 John were printed in Persian ready for disitibution. Christian resources lor thildren were also widely distributed. Books and digital Tesources.. Launched the Kalameh app (Persian I(-word") ollerin8 access to l(K)+ e-books and Small group materials, including Weekly Fellowship resources. Media." Produced quality media content induding WOT5hip eprsode5. and Bible teaching content for wornen, youth, and children for distriburion online and via Satellite TV. Women, men. and family.. Hosted conferences, webTnars. and training events f(K women aTrd men, focusing on trauma recovery, biblical identity. and healthy relatronships. Children and youth.. Equippeij churche5 with materia15 and support for rnini5try to children and youth,. svpported summer camp5, Sports ministry. and parenting resources. Refugee Support.. Partnered with churches across Europe. North America. and Australia to support and disciple Christian refu8ee5. Advocacy and relief.. Provided pastoral and financial support fo¢ persecuted Christians, delivered training on persecution. and mobili5ed prayer for those suffwing. Public benelTrt'. The charity's public benefil includes Chrisiièn education. 51JPPOrt lo¥ thÈ persecuted and impovertshed. and enabling personal growth in faith and service. Pège I
Elam Minktiies Re ort of the Trustees lorthe Year Ended 31 DecemberJ124 ACHIEVEMENT AND PERFORMANCE Leadership impact.. dozens of emerging leaders ci)mpleted our core 3Onth cour5e- hundreds of existing leaders received advanced tratniTrg', still others received specialist ministry tiyning. The impart ha5 been an increase In education among leaders who are now serving sacriFioally. faithfully, biblically. thus strengthening individual churches and fellowships. and the Church as a whole. As we have alUated our leadership trainin& we have reco8ni5ed that deploying trained leade15 is ¢ruaal so that what they have leamed is put into Dractice. Therefore, in future year5 we will focus on developrng bètter meihods of en£aginBtrained leaders. ScripturÈ impact.. Striptyre was once again dislributed widely and had asignrficarbt impact, helping many begin their ChristiaTT walk and strengtheTring many others in their faith. Further, some new a)ri5tian boDks ITh Farsi wefe produced, and rnany other existing resources were reprinted orijigitisd. scipleship impact." hundreds of people attended intensive Bible traini events. while many olher5 were di5cipled through wetsinars, local thur(h events. or the Safar discipleship jOLmey. Many rnen ano women additionally participated in gender-specFfic ministry events. Consequenuy. many found freedom from p3inlul traumas, and relationships have been restoied. We invested time listening to focus uLxAps to discem the impatt of our course5 and training programs. While overwhelmin8ly encouragin& we learned how to adjust our pro8ratn5 to make them even more relevant to the needs of the pailicipants. Resource reach.. our Weekty FÈllowshtp Fesouro supported hundred5 015m311 groups. Kalameh and Saf3r app5. YouTube, and social media reached hundreds of thousands of usÈ15. Ihe reach of our resources has helped strengthen individuals in their faith and helped small groups or hLKJse (hvrcheg enjoy healthy, Bible-based fellowship. While we are thrilled with the increase in books available th6it4ly via our Kalameh app, the feedback we've received 15 that the e-reader platform can be improved and therefore we will be investing in further development so that more people ran easily engage. Worship impact.. We've seen significaybt8rowth sn the reach of ourworsW)c£ten( including 19 new worship son85 written by our team, and 32 episodes of worship programming. The ¥npact has been that more Christians can express worship toward God through son& strengthenin8 the faith of )thwduals and enrid)ing the e¥perience of fellowship for many. Strategic 5hilt5.' Prioritised the Kalameh app launch over a planned tièining website to support smèll group distiple.ship. By the end ol the yeèr. the app was installed on more than 100.O¢XI devices. While reaehing 100,000 downloads was deeply encouraging, our analyti showed ihar regular gagement could be tncreased. Thereforo, in the future. we are seeking to develop analytits further so that can dIsrn trends and use notification5 and other features so that more people use and benefit from the èpp. We are satisfied that tho activities ol the ministry in 2024 moved us doser try6fard the short and lone-tenn objectives ol the ministry. and contribuled to the fulfilment of the legal purposes. In particular. we note the following impacts ol the above-mentioned activities.. A deepening culture ol. and commitment to, discipleship and Bible edatron amty)g Christian5 we serve. and an increasing sÈnse ol ownership of discipleship initiative5 by local churchesd house churche5. An increasing understandin% that in-person followship is critical for gr0kn1h and flourishing in faith. Local churches and lellow5hips increasingly servsng their local commvnilies in hutnanitarian ways for the relief ol poverty. Courage and persevorance are sh¢)wn by many Christian leaders who fats oppositron for their faith and mtnistry. Pa8e 2
Elam Ministries ort of the TrustÈes for the Year Ended 31 December 2Q24 FINANCIAL REVIEW The end result for this financièl year wa5 a net dÈfiot of £211.52312023.. f 202.5521. Total incoming Resources were £2,843,74012023.. £2,526,2871 and Totèl Resourtes Expended were £3,055.26312023.. E2,728,8391. Total funds carried forw3rd are E4,439,17012023". £4.650.6931 split between Unrestricted E4,130,64612023." E3,843,8111 and Restricted £308,52412023: £806.8821. Most of the Unfe5tricted Fund is represenied by Tan8ible Fixed Assets £2,183.72112023.. £2,052.6001. RESERVES POLICY The Trustee5 have established a policy to rese¥ve enough liquid assets to o)ver at least 3 to 6 months, worth ol operational expenditure. This has been estiMal ai £140.0(M) per fflonth. to cover basic salaries ènd other committed expenditvre. FUTURE PLANS The charity will priorit15e supporting in-per50n Christian fellowship amorg Persi3n-5peakin8 believers. This will be achieved by.. Providing di5ciple5hip tools and leadership development and education Strengthening small gatheiings EqLJippine churches lor local outreath and the relief of poverty Continuing rnedia and Scripture distribution All activitie5 will remain focused on promotlAg educatton. relieving poverty, ènd advancing the Christian faith. STRUCTURE, GOVERNANCE ANO MANAGEMENT The governing docurnents of the charitable company are the Memorandum and Ariicles of A5SOCiation dated 7th November 2)2. The Governing Documents sel out the objects for which the charitable company w35 e5tabli5hed. and how it is to be managed. The allairs ol the or8ani5alion have been directed by a board of trustees. which meets reEularly for this purpose. The trustee5 then delegate tho day-to-day management of the dilferenr departtnents to managers who are overseen by the executive director. The trusiee5 ère aware of the risks affecting Elam Min15tries and as far as possible have put policies and procedure5 in place to diminish those risks. REFERENCE AND ADMINISTRATIVE DETAIiS Registered Company nLFmber 04594727 (England and Wales) Registered Charity number 1099143 Registered office 'Grenville' Grenville Road Shackleford Godalming Surrev GU8 6AX Page 3
Elam Ministries
ort of the Trustees
for the Year Ended 31 December 2024
Trustees
RÈV S Yeghnazar
Mr M R R05h3nzamir
Mrs L Yeghnazar (Resigned 8 July 20251
Mrs A Kuhn
Mr R Worton
Mr K K Devaraj
Mr D A Yeghnazar
Mr L Brown
Auditors
Bennewith 2018 Limited Istatutory Auditors)
Upper Ground Floor
18 Farnham Road
Guildford
Svrrey
GU14XA
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The trustee5 Iwho are also the dirertors of Elam Minismes lor the purpose5 of company lawl are responsible for
preparing the Report ol the Trustees and the financial statements in accordance with applicable law and United
Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accountin8 Practice).
Company law requires the trustees to prep3re linancial statements for each financial year which give a true and lair
view of the state of affairs of the charitable company and of the incoming resource5 and application ol resources,
including the income and expenditure. of the charitable company for that period. In preparing those financial
statemenis, the trustees are requireij to
select suitable accounting policies and then apply them consistently,.
observe the melhods and principles in the Charity SORP..
make judgement5 and estimaies thal ale reasonable and prudent-
prepare the financial statÈment5 on the going concern basi5 unless it 15 inappropriate to presume that the charitable
company will continue in business.
The trustees are responsible for keeping proper accounting recordswhich di5dose wrth iea50nable ac
rt of the Inde ndent Auditors to the fvlefflbers of Elam Ministries Opinion We have audited the financial statements of Elam Ministries (the 'tharitable company'l for the year ended 310ecember 2024 which comprise the Statement of Finanoal Activities. the Balance Sheet. the Cash Flow Statement and notes to the financial statements, including a summary of significani accwnting p(Aicies. The financi81 reporting frarrework that has been applied in their preparatron is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted AcciyJnts"ng Practicel. In our opinion the financial statements". 8ive 3 true and fair View of the state of the tharitable company's affarrs a5 at 31 December 2024 and of its incoming resources and application of resource5. including it5 tncome and expenditure. lor the year then ended,. have been properly prepared ill accordance with United Kingdom Generally Accepted Accounting Prartice," and have been prepared in accordance with the requirements of the Compan5 Act 2(K)6. Ba54s for opinion We conducted our audit in acCOrdanWIth Iniernational Stand3rd5 on AuditinglUKI IISAS IUKII and applicable law. Our re5pon5ibilities under those standards are further described in the Aud[lor5'5ponSibil1tieS for the 3udit of the financial Statements secrion of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the linanci31 staiernents in the UL including the FRC'S Ethical Srandard, and we have fulfilled our other ethical re5pon5tbilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to piovide a basis lor our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Iwstees. use olthegoing concern basis ol accounting in the preparation ol the financi315tatements is appropriate. Based on the work we have performed.we have not identified anymaterièl uncertainties relaiing to eventsorcondititsns that. individu311y or collectively. may cast $18nificant doubt on the (haritable ciKnpany's ability to continue as a going concern for a period of at least twelve months Irom when the financial statement5 are authorised for issue. Our responsibiliiies and the iesponsibilities ol the trvstees with respect to goin8 concern are des(ribed in the relevant sections of this report. Other information The tru5tee5 are responsible for ihe other information. The other infotmatK)n comprises the informètion included in the Annual Report, other than the linancial statements and our Report ol the Independent Auditors rhereon. Our opinion on the financial 5talements does not cover the other infotmation and. excepl to the extent otherwise explicitly stated in ovr report, we do not expTe55 any lomi of assurante condusion thereon. In connection with our avdit ol the financial siaiements. ourre5ponsibility 15 to read ihe other information and. in doing so, consider whether the other Information is materially inconsistent with rhe financial siaternent5 or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify Such m&terial inconsistencies or apparenr maierial mi$5tatements. we are iequired to determine whether this give5 rise to a matÈrial mi55tatement in Ihe financial Statements rhemselve5. 11, based on rhe work we have performed. we tonilvde that there is a m3terial rnisstatement of rhis other Information. we are required to repoit that fact. We have nothing to report in this regard. Opinitsns on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of ihe audit.. the information given in the Report ol the Tluslees foi the financial year for which the financial statements are prepared is consistent with the lin3ntial 5tatements.' and the Report ol ihe Trustees has been prepared in accordance with applicable legal reouirements. Page S
of the Inde ndent Auditors to the Members of Elam Mini5trtes Matters on which we are required lo report by ex£eption In the light of the knowledge and under5tandrng of the charitable company and its environment obtained in the course ol the audit. we have not Identified material rni55taiements tn the Report of the Trustees. We have nothing to report in respect of the loll¢)wiThg matters where the Companies Act 20C6 requires us to ¥eport to you il, in our opinion.. adequate accounting records have not been kept or returns adequate lor our audit have not been received from branches not visited by us.. or the finaniial statements are not in agreement with the accounting records and retums." or certain disclosures of trustees. remuneration specified by law are not Mle,. or we have nor reteived all the information and explanations we Tequire for our audit- OT the trustees were not entitled to take advantage of ihe small companies exemption from the requirementto prepare a Straiegic Report or In preparing the Report of the Trustee5. Responsibilities of trustees A5 explained more fully in the Statement of Tnjstees. Responsibilitie5. the trustees (who are a150 the directors of the charitable company for the purpose5 of company lawl are responsible lor the preparation ol the financial statements nd lor beine 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 siaiernents that are free from material missiatement. whether due to fraud or error. In preparing the financial statemenrs. the trustees are responsible for assessing the charitable company's ability to continue a5 a going concern. disclosin& as applicable. matter5 related to goin8 concern and using the going concern basi5 of accounting unless the tlU5tees either intend ro liquidate the charitable company or to cease opefations. or have no realistic alternative but to do so. Page 6
ort of the Inde ndent Audltors to the Members of Elarn Ministries Our responsibilities for the audit of the financial statements OLJr objective5 are to obtain reasonable assurance about whether the finèncial statement5 &5 a whole are frÈÈ frotn material mi55tatement. whether due to fiaud or error. and to Issue a Report of the Independent Auditors that include5 our opinion. Reasonable assuiance is a high level of assurance. but 15 not a guarantee that an audit conducted in accordancewith ISAS IUKI will always derect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered tnaterial il. individually or in the aEgregate. they could reasonably be expected io influence the economic decisions ol users raken on the basis ol these financial ststefflents. The exrent to which our pro¢edure5 are capable of detecting irre8ulaTlties. ClUdIng Iravd is detailed below.. We obtained an understanding of the legal and regulatory Irarneworks rhat are applicable to the entity and determined the most Sl8nificant are those that relate to FRS 102 Section IA, pensron laws and regulations and tax regulations. We a55essed the risks of material misstatement in Te5pect ol fraud as follows= Enquiries maije of management and those charged wilh governance35 well asthesetmce organi5ation in relation to payroll services Analytical procedures were used to ideniify if there were any unusual (Jnexperted relationships Discussion5 Wlth management to identify any Iraud fisk factors ol relaied party relationships and transactions Based on the results ol our risk asse55ment we designed iyjr audii procedures to identify non-compliance with such laws and regulations identified above. EtTrquiries were made of management and those char8ed with govemance. We corroborated our enquiries through the review ol Boarij minutes and other papers provided. There was no contradirtory evidence. We Considered the risk of fraud through management override and. in response. we incorpoiated testing of manual journal entries inio our audii approach. We tested year end journa15 as well as joufnal entries throughout the year. There were no transactions identified outside the nornial course ol business. Based on the re5uIt5 of our risk assessment we designed our audit procedures to identify and to address material m1$5tatements in relation to fraud. We incorporated an eletnent ol unpredictability in the selection of the nature, timing, and extent tsl audit procedure5. Where transaction meeting risk triteria were idenlified. we ca¥ried out further work such 35 additional testing to source information. A further description ol ourresponsibilitie5 for the audit ol the finanoal statements is located on the Financial Reportin8 Countil'5 website at www_frc_org.uklauditorsresponsibilrties. This description forms part of our Report of the Independent Auditors. Page 7
Re ort of the Inde ndefit Auditors to the Members of Elam Ministries Use of our report This report is made solely to the charitable cornpany's members. as a body. in accordance with Chapter 3 of Part 16 01 the Companies Aci 2006. Our audit work ha5 been Undertaken so that we mr8ht state to the ch3ritable company's member5 those Tnatters we are required to state to them in an auditOf5' report and for no other purpose. Tts the fullest extent permitied by law, we do not accept or assume responsibility to anyone other than the <harit3ble company and the charitable Company's members as a body. for our audit work. for this report, or for the opinions we have formed. A J Bennewith FFCPA. FFA. FFTA. FIPA. DCh& FRSA (Senior SlatutoryAuditorl lor and on behalf ol Bennewith 2018 Limiied Istatutory Audiiorsl Upper Ground Floor 18 Farnham Road Guildlord Surrev GUI 4XA Oate.. Page 8
Elam Ministries Statement of Financial Acttvtties for tho Year Ended 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Unre5tritted fun Revaluation Reserve Restricted funds NoEes INCOME AND ENDOWMENTS FROM Donations and legacies 769.131 1,936.292 2,705.423 2,416.235 Other trading activities Invesrment income 112.555 25.762 112,555 25,762 96,568 13,484 Total 7.448 1.936.292 2,843,740 2,526,287 EXPENDITURE ON Rai51n8 funds 28.738 13.390 42,128 Charitable activities Charitable aciivitie5 229.224 2.783.911 3,013.135 2.728,839 Total 257.962 2,797.301 3.055.263 2.728,839 NET INCOMEIIEXPENDITURE) Transfer5 between funds 649.486 1362.6511 1861.0091 362,651 1211,5231 1202.5521 19 Net movement in funds 286.835 1498,3581 1211.5231 1202,5521 RECQNCILIATION OF FUNDS Total fund5 brouEhi forward 3,025.827 817.984 806.882 4,650.693 4.853,245 TOTAL FUNDS CARRIED FORWARD 3.312.662 817.984 308,524 4,439,170 4,650,693 The notes forrn part ol these linancial statemenis P3Ee 9
Elam Minlstries Balance Sheet 31 Oe¢ember 2024 31.12.24 Total funds 31.12.23 Toial funds Unfestricted fund Revaluation Reserve Restricted funds Notes FIXED ASSETS Tangible assets Investment propertv 13 14 1.284.561 81.176 817.984 2.102.545 81.176 2.052,6 1.365,737 817.984 2.183,721 2.052,6(K) CURRENT LSSETS Stocks Debtors Cash at bank Is 16 1.390,447 56.954 565.758 270,097 1,660.544 56,954 604,185 1,594,500 127,180 974,145 38.427 2.013,159 308.524 2.321.683 CREDITORS Amounrs falling due within one year 2,695.825 17 166.2341 166.2341 197.7321 NETCURRENT ASSETSIILIABILITIESI 1.946,925 308,524 2,255,449 2,598,093 TOTAL ASSETS LES5 CURRENT UABIUTIES 3,312.662 817.984 308,S24 4,439,170 4,650,693 NET ASSETS 3.312.662 817,984 308.524 4.439.170 4,650.693 FUNDS Unrestricted funds-. General fund Revaluation Reserve 19 3,312,662 817.984 3,025,827 817,984 4.130,646 3.843,811 Restricted funds 308,524 806,882 TOTAL FVNDS 4,439.170 4,650,693 ThesÉ linancial slatements have been prepared in accordènce WFth Ihe provisicM)s applicable to charitable compènie5 subject to the small companies regime. The financi31. tate eDts were approved by the Board of Trustees and avthori5ed for Issue on and were signed on it5 behall by= Mr M R Roshanzamir- Trustee The note5 form part of these linancial statements Page 10
Elarn Min6tries Cash Fltsw Statement for the Year Ended 31 December 2024 31.12.24 31.12.23 Notes Cash flows from operating artivities Cash generated from operations 1208.6861 120,8911 Nei cash used in operaiing activities 1208.6861 120,8911 Cash flows from in¥estin8 activities Purchase ol t3n8ible fixed assets Purchèse of inve5trnent property Sale of tangible fixed assets 180.4991 181.1761 401 1125,0411 191 Net cash used in investing activities 1161.2741 1124,8501 Change in cash and cash Èqulvalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 1369.9601 1145,7411 974,145 1.119,886 Cash and cash equivalents at the end of the reporting period 604.185 974,145 The notes lorm part of these financial statetnents Page 11
Elam Ministries Notes to thÈ Cash Flow Statement lor the Year Ended 31 December 2024 RECONCILIATION OF NET EXPENDFTURÉ TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.12.24 31.12.23 Net expenditufe for the reporting period las per the Staternent of Flnancial Activliièsl Adjustments for.. Depreciation charges Loss on disposal of fixed a55ets Increase in stocks Decrease in debtors IDecreasellincrease in creditors 1211,5231 1202,552 23,414 6.739 166,0441 70.226 131,4981 23,167 2,212 1548,4271 660,370 44,339 Net cash used in operations 1208.6861 120.8911 ANALYSIS OF CHANGES IN NET FUNOS Al 1.1.24 Cash flow At 31.12.24 Net cash Cash at bank 974,145 1369.9601 604,185 974.145 1369,9601 604,185 Total 974.145 1369,9601 604,185 The note5 form paTI ol these financial Statements Page 12
Elam Ministrres Notes to the Financial Ststements r the Year Ended 31 December 2024 ACCOUNTING POLICIES Basis of preparing the financial staiemeTrts The financial statements of rhe charirable company. which is 3 publ•c benefit entity under FRS 102, have been prepared in accordance with the Ch3ritie5 SORP IFRS 1021'Accounting and Reporbng by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Financial Reportin8 Standard 102 'The Financial Reporting Standarij applicable in the UK and Republic of Ireland. and the Comr)anies Acr 2006. The financial statements have been prepBred under the historical cost convention, as modified by the revaluation ol certain assets. Income All income is re¢(%nised in the Statement ol Finanoal Activifies once thecharity has entitlement to the funds, ir is probable that the income will be e1ved and the amwAt can be measured reliably. E¥penditure Liabilities are recognised a5 expenditure as soon a5 there is a legal or Constructive obligation comrnitting the charity to that expenditure, it is probable that a transfer of economicbenefitswill be required in 5ettlemenr and the amount of the obligation can be measuTed reli3bly Expenditure is accounted lor on an accruals basis and ha5 been cla55ilied under headings thataggregate 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 ol resource5. Grants offered subject to conditions whith have not been met at theyear end date are noted as a commitment but not accrued as expenditure_ Allocation and apportionment of costs Direct Costs are assigned to the projects they ielated to. Support costs are first allocated io teams by headcount and then io projects by effort. Change in Basis ol Allocation and Apportionment of costs This year, because of the tran51tion to a new accounting system. 50rne child activities Iprojectsl have been separated out lo show alongside Iheir parent activitie5. Costs have been appoitioned to these activities anij not just to parent activities as in previous years. This means ihatthe comparative ligufÈ5 in the notes to the accounts this financial year. may not correlate perfectly to those from last year. For instance. payroll and other overhead C05t5 are shown in these activities in addition to the d(rect costs. In previou5 years only direct Costs were shown. Tangible fixed assets Depreci3tion is provided at rhe following annual rates in older to write off each asset over its estimated useful Plant and machineiy Fixtvre5 and fittin8S Ofli£e equipment Motor vehicles Improvement5 to property IO% reducing balance 20% reducing bèlance 2(fA reducing balènce 2% straight line The trustees have considered that ihe useful economic life of Buildin8swwld be such that a depre<iation charge would have no malerial effect on the linanci315tatements. Investment property Ir)vestrnent properly is shown at most recent valuarion. Any aggregate surplus or deficit arising from change5 in fair value is recognised in the Sraiement of Financ4al Activities. Stocks Stocks are valued 3t the lower ol cost and net realisable value, alter making due allowance for ob501ete and slow moving items. The rnethod adopteil to calculate cost is the wei8hted average meihoil. Included in the Stock value are all items held by 3rd parties such a5 printers. and all items which will be given away for free as part of the charitable objertives. Taxatio The charity is exetnpt from corpwaiion tax on it5 charitable aCtivitie5. Page 13 iontinued.
Elam Mrnistries Notes to the Financial Statements- continued for the Year Ended 31 December 2024 ACCOUNTING POLICIES- continued Fund ac£ountinÈ UnrÈsiricted funds can be used accordance with ihe charitable objeciNes at the discretion of the tru5tee5. Resrricted funds can only be used lor p3rlicvlar resiricted purposeswithin the objects of the tharity. Restrictions arise when specified by the donor or when funds ale raised for partlI13r restricted purpose5. Further explanation of the nature and purpose of each fund is included in the notes to the financial statement5. Foreign currencies Assets and liabilities in foreign curren¢ies are translated into sterfing at the rates of exchange ruling at the balance Sheet date. Transactions in foreign currencies are translated into sterling atthe rate of exchange ruling at the date ol tr3nsaction. Exchange difference5 are taken into aCct in arriving at the operatin8 result. Pension costs and other po-retIrernent beneffts The charitable company operates a defined contribution pension stheme. Contributions payable to the Charitable company'5 pension stheme are ch3rgeiJ to the Stotementof Financial Activities in the period towhich they relate. Freehold land anil buildings ralUatIOn During the tran51tion to F85 102. the trustee5 decided to bring in the revaluation ol rhe freehold land and buildin6s as deemed cost. DONATIONS AND LEGACIES Tota15 Ire-statedl 31.12.23 Donations Legaoes Granrs Totals 31.12.24 General Church Planting Leadership Trainin8 Scripture Printing and Distribution Prayer, Advocacy and Awarene55 Humanitarian Relief Discipleship Relugee5 in Europe Youth and Children Women. Men and Marriage Ministry to Afghans Missionary Support 346,724 124.826 4.623 7.272 415.135 310.197 510.403 769.131 435,023 515.026 339,838 457,301 466,671 103.082 3.019 54.841 160,942 485,642 37, 37.908 6,531 41K),894 l(X),645 137.455 101.123 16.947 23,798 6.531 1.565 1.187 52.738 8.710 1,784 52.246 514,921 53.937 20,973 10,336 399,329 99.458 84.717 92.413 15.163 19,798 14,370 Totals 655.770 10.291 2.039.362 2.705,423 2,416,235 OTHER TRADING ACTIVITIES 31.12.24 31.12.23 Book income 112,555 96,568 INVESTMENf INCOME 31.12.24 31.12.23 Renrs received Bank interost received 6.062 19.7 13.484 25.762 13,484 Page 14 continued
Elam Ministyie5 Notes to the Financial Statements- coTrtinued for the Year Ended 31 Detember 2024 RAISING FUNDS Raising donations and legac$ 31.12.24 31.12.23 Fvndraising costs 42,128 Fundraising costs last year totalled E35.337. and Ihese we allocated directly io projects and induded in Charitable Aciivities Costs. CHARITABLE ACTIVITIES COST5 Grant lunding of Support costs (see note 81 Totals 31.12.24 Tota15 31.12.23 Direct costs Isee note 71 Church Planting Leadership Training Scripture Printing and Distribution Prayer. Advocacy and Awareness Humanitarian Relief Discipleship Refugees in Europe Youth and Children Women, Men and Marriage Ministry ro Afghans Missionary Support 336.567 353.774 91.381 76,871 75,658 504,819 433,441 440,013 588.924 361.481 342 9.739 371,562 1,057,114 162.150 38.182 473.989 149,171 94,307 338.686 34.585 11.951 35.534 8.657 123.925 20,948 20.646 51.117 9.738 197.684 49,181 682,S40 212,552 115.05S 390,014 44.336 11.951 51.872 58,156 30J.896 105,056 79,817 13,332 6,534 26,125 2.342 84,626 42.433 102 211 13 2.354.844 225.459 432,832 3,013.135 2,728,839 The cornparative ligules differ greatly on some activities because ol a change ol basis in apporrioning costs thi5 financial year. Payroll and other overhead costs are now also induded in these actlvllies, rather than just dirÈct Costs as in previous years. See nore-change in Basis OF Allocation and Apportionmenr of costs" in Note I lor more information_ GRANTS PAYABLE 31.12.24 3112.23 Church Planting Leadership Training Scripture Printin8 and Distribution Prayer, Advocacy and Awareness Humanitarian Relief 01scipleship RelugÈÈs in Europe Youth and Children Women, Men and Marriage Ministry to Afghans 91,381 4.009 342 14,229 44,179 4,502 52.246 2.342 84,626 42.433 102 211 13 225,459 115,156 Pè8e 15 coniinued...
Elam Ministries Notes to the Financial Ststements- continved for the Year Ended 31 December 2024 GILANTS PAYABLE- continued The total gianrs paid to in5titution5 during the year was as follows". 31.12.24 31.12.23 Elam Greece Elam US 42,2( 113.007 64,188 155,213 64,188 SUPPORT COSTS 1024 facilities and oiher (verheads Governance costs Tota15 31.12.24 Management Finance Church Planting Leadership Training Scripture Printing and Distribution Prayer, Advocacy and Awareness Humanitarian Relief Discipleship Refugees in Europe Youth and Children Women, Men and Marri38e Ministry to Afghans 39.891 39.261 1301 1301 32.720 32.204 4.290 4.223 76.871 75,658 5.054 141 4,145 543 9.739 18,440 4.492 64.305 10,871 10.714 26.526 5.054 1141 131 1481 181 15.125 3.685 52.753 8,916 8.788 21,758 4.145 1.983 483 6.915 1.169 1.152 2,853 543 35,534 8,657 123,925 20,948 20,646 51,117 9,738 1201 141 224.608 11691 184,239 24,154 432,832 SUPPORT COSTS 2023 Torals 31.12.23 Church Planting Leadership Training Scripture Prinrin8 and Distribufion Advocacy and Awareness Humanitarian Relief Refugees In Europe 52,518 59.993 113,515 164 5,910 6,450 238,550 This year120241. the¥e has been a separation of some thild activities from parent activities. These child activities aro shown alongside the parent OnÈ5, which increases the overall number OF a£tivities thi5 year. Pa8e 16 iontinued..
Elam Mintstries Notes to the Financial Statements- continued for the Year Ended 310ecember 2024 NET INCOME/IEXPENDITURÉI Net income/lexpenditurel is stated after chargin8'. 31.12.24 31.12.23 Auditor'5 remuneration for audit work lex VAT) Auditor's remuneration foi non audit work lex VAn Depreciation owned assets Loss on disposal of fixed assets 18,300 1,800 23.414 7,139 13,2(M) 27,9(X) 23.167 2.253 io. TRUSTEES, REMUNEIIATION AND BENEFITS There were no trustees remuneraled for their setvice as trustees for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees. e¥penses Ouring the year, five trustee$12023'. seven) in(Ued expenses 01 £9,56412023.. £12,7741 in respect ol travel and subsistence, E2,34712023.. £2,8781 in respect of relephone cost5. £17712023.. £1,545) in respect of computer and IT, £7812023." EOI in respeci of gilts and £38212023.. £01 in respect of hospitality. All costs are wholly in fullilment of charity business. ii. STAFF COSYS 31.12.24 31.12.23 Wages and salaries social security tosis Other pension costs 1.473,570 141,491 44,447 1,407,693 142.533 40,340 1,659,508 1,590,567 Key management personnel The total amount of employee benelits lincludin8 etnployer pension coniributions and employer national insurance contributions) receive¢J by key managetnent personnel for their 5etvices ro the charity was E245,981 by five employees12023.. £214.894. four employeesl. The average monthly numbeT of employees duTing the year was as Idlows.. 3112.24 42 31.12.23 38 5tafl No employees recÈived emolumÈnts in ex55 of £60.(MXI. nor did they in 2023. Pa£È 17 continued.
Elam Ministries Notes to the Financial Statements- continued for the Year Ended 31 December 2024 12. COMPARATIVES FOR THE STATEMENT OF FINANCIALACTIVITIES Unfestricted fund Revaluation Reserve Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donarions anij legacies 339.838 2.076.397 2.416,235 Other trading activitie5 Investment income 96.568 13.484 96.568 13,484 Total 449,890 2,076,397 2.526.287 EXPENDITURE ON Charitable attivities Church Planting Leadership Training Scripture Priniing and Distiibution Refugees in Europe Prayer. Advocacy and Awareness Humanitarian Reliel 51.732 57.958 188.890 6,1(ll) 420,940 926,011 868.224 98.956 51,872 52.246 472,672 983,969 1.057,114 105,056 51,872 58,156 5.910 Total 310,SYJ 2.418,249 2.728,839 NET INCOMEIIEXPENDITUREI Traner5 between funds 139.300 1118.5251 1341.8521 Il8.52S 1202,5521 Net movemeni in fund5 20.775 1223.3271 1202.5521 RECONCILIATION OF FUNDS Total funds brought forward 3.(K15.OS4 817,984 1.030,207 4,853,245 TOTAL FUNDS CARRIED FORWARD 3.025.829 817,984 806,880 4,650,693 Page 18 continued...
Elam Ministrie5 Notes to the Financial Statements- continued foi the Year Ended 31 December 2024 13. TANGIBIE FIXED ASSETS Land and Buildin8S Properiv Improvements Fixtures & COST At l January 2024 Additions Disposa15 1.775.(KKJ 2.373 181,370 51,561 56,662 1,620 13,7471 At 31 December 2024 1.777,373 232.931 54.535 DEPRECIATION At l January 2024 Charge for year Eliminated on disposal 3.241 4.409 34.642 2,255 13,2121 Al 31 December 2024 7,650 33,685 NET BOOKVALUE At 31 December 2024 1,777,373 225,281 20,850 At 31 December 2023 1.775.LK)O 178,129 22,020 Motor vehides Ollice equipment Totsls COST At l January 2024 Additions Disposals 10,590 233,066 24.945 128,1961 2,256,688 80,499 131,9431 At 31 December 2024 10,590 229.815 2,305,244 DEPRECIATION At l January 2024 Charge for year Eliminated on disposal 8.369 444 157,836 16.306 121.S911 204.088 23,414 124,8031 At 31 December 2024 8.813 152,551 202,699 NET BOOKVALUE Al 31 December 2024 1.777 77.264 2,102,545 At 31 December 2023 2.221 75,230 2,052,600 Page 19 continued..
Elam Ministries Nore5 to the Financial Stèternents- continued for the Year Ended 31 December 2024 13. TANGIBLE FIXED ASSETS- continued Cost or valuation at 31 December 2024 15 fepresenied by-. Land. Buildings and Impfovements Plant and machinery Motor vehicles Totals Increase per re-valuation in 2(MJ2 Increase per rÈ-valuation in 1997 C05t The Lodge 5ettlemenr in 2020 The Lodge improvements 485,(K%J 332.984 684,389 275,CX)O 232.930 485,OC 332,984 979,329 275,(KlO 232,930 284.350 10.590 2.010.303 284,350 10.590 2,305.243 Trustees have ijecided to bring in the revaluation of the freehold land and buildings 35 deemed cost after trèn51tioning to FRS102. As svch freehold property was last re-Vald on an open market basis on 8 October 2002 by Wadham & IshÈrwood. 14. INVESTMENT PROPERTY FAIR VALUE Additions 81,176 At 31 December 2024 81,176 NET BOOKVAIUE At 31 DeceTnber 2024 81.176 At 31 Decembei 2023 Paee 20 continued...
Elarn Ministries Notes to the FFnancial Statements- Continued for the Yeai Ertded 31 December 2024 15. STOCKS 31.12.24 31.12.23 Finished goods 1,660.$44 1,594,5(X) 16. DEBTORS.. AMOUMtS FALUNG LKJE WITHIN ONE YEAR 31.12.24 31.12.23 Trade debtors Prepayments Legacies Other debtors 17,681 31.997 16,290 19,490 90,OLYJ 1.400 7.276 S6,954 127,180 17. CREDITORS- AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade creditors Other creditors Accruals and deferred intome 26.741 11.108 28,385 64,943 7,172 25,617 66,234 97,732 Ig. LEASING AGREEMEMtS Minimum lease payments undw non-cancellable operating leases fall due a5 follows-. 31.12.24 31.12.23 Within one year Berween one and live years 1.512 378 1.512 1.890 1,890 3.402 Page 21 continued.
Elam Ministries Notes to the Financial Statements- tontinued for the Year Ended 31 Decembei 2024 19. MOVEMENTIN FUNDS Net movetnent in fund5 Transfers between Funds At 31.12.24 At 1.1.24 iJnre5tricted fund5 General fund Revaluation Reserve 3.025.827 817.984 649,486 1362,6511 3,312,662 817,984 3.843.811 649.486 Restricted funds Church Planting Leadership Training Scriprure Printing and Distribution Prayer, Advocacy and Aw3rene5S Humanitarian Relief 1362.6511 4,130.646 31.234 1225.7831 1.001.431 171.3221 BO,(M)4 1209,6241 1160.3511 144,1911 1148,2011 1111,8001 26,580 1195,3621 127,1291 11,847 111.4601 140,0881 187,7791 791,807 164,3511 96,0(K) 44,191 12,OC Refugees in Evrope Youth and Children Women. Men and MaTriage Ministry lo Afghan5 Missionary Support Other Smaller Projects 1136,2011 155,8001 26,580 1121,3621 116,1291 11,847 74.000 Ii.(KMJ 11.460 806,882 1861,(K191 362,651 308,524 TOTAL FUNDS 4.650,693 12ll.5231 4,439,170 Net movemenl in fvnd5. included in the above are as follow5= Incoming resources Resources expended Movement in funds Unrestritted funds General fund 9)7.448 1257,9621 649.486 Restrltted funds Church Planting Leadership Training Scripture Printing and Distribvtion Prayer. Advocacy and AwaTeness Humanitarian Relief D15cipleship Relv8ees in Europe Youth and Children Women, Men and Marriage Ministry 10 Afghans Missionary Support Other Smallor Projects 435.023 515.026 160.942 37.908 4.531 tl(K1,894 l(K),645 137.455 101,123 16.947 23.798 (s.345) 1435,0221 1370.5661 Iig8,2591 148,7221 IS49,0951 1212,4451 1110,8751 1296,4851 144,0761 111,9511 113,4601 171,3221 80,004 1209,6241 1160,3511 144,1911 1148,2011 1111,8001 26,580 1195,3621 127.1291 11.847 111,4601 1,936.292 12,797,301) 1861,0091 TOTAL FUNDS 2.843.740 13,055,263) 1211,5231 Page 22 continved...
Elam Ministrles Notes to the Financial Statements- continued tor the Year Ended 31 December 2024 19. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net Transfers between funds movement in lunds At 31.12.23 At 1.1.23 Unrestricted funds General fund Revaluation Reserve 3,(X15.054 817.984 139,298 1118,5251 3,025.827 817,984 3.823.038 139.298 1118.5251 3,843,811 Restritted funds Church Planting Leadership Training Scripture Printing and Distribution Media Fund Prayer, Advocacy and Awareness Relu8ees in Europe 31.234 1426,8871 159,910 15,8421 152.9001 147.3651 31,234 1225,7831 I,(K)1,431 201,104 829.103 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 Comparative net movemenl in funds. included in the above èfe as Idlows: ItKomin8 resources Re50urce5 expended Movernent In funds Unrestricted fund5 General fund 449.890 1310.5921 139.298 Restrltted funds Church Planring Leadership Training Scripture Prinling and Distribution Media Fund Prayer, Advocacy and Awareness Refugees in f urope Humanitarian Relief 457.302 512,347 680.701 319,862 1426,0681 1939,2341 IS20.7911 1325.7041 152,91XJl 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 12.728,8391 1202,5521 Page 23 continued...
Elam Ministrfjes Note5 to the ftn3ncial Ststements- continued tor the Year Endod 31 December 2024 MOvEmEr IN FUNDS- continued Descriptions of the marn Restiicted funds are as follow&. 19. Church Plantin church planters. - launching and sustaining Persian speaking tongregations by traini Sending, and supporting leadershi Trainin - Training emerging Persian-speaking pastors. thurch planters. and evan*elists ihrough intensive courses. mentorin& and coachbn8. Scri lure Printin and Dis evangeli5lic literature. ribtrtTron - Printin& produrin& and 5afelythlNerin8 Persian langua8e Scriptures and Pra er Advoca and Awarene5S - resources, campaigns, and events. Mobilisine global prayer and awareness f¢N the church in Irdn through Humanitarian Relief - DeliveriTr8 f(MJd. medirine. shelter. and care durin8 crises alfectyng Perslan speaking populations. Disci - Creattng and distributing SourceS that help Persian SFeaking believerspJow to maturity in Christ. Refu ees in Euro e- Equipping European thvrche5 tOaCh anddISrip Iranians andAfghans. and pfovidedirect aid and discipleship to Tefugees. Youth and Children - Introduung Persian speaking childien and teens tojesus and nurturing their faith through age appropriate programs. Women Men and Marri Strengthening individuals and families ihrough gender specific discipleship and Christ centered marriage enrichmen¢. Minist to Al h3ns- Sharing the Gospel with Alghan communilies by supping Scriptures. training leaders. and planting churthes. Mi55iona ort Covering livin8 and ministry Costs for Elam tr•n@d miwonaries so they can locus on frontline Gospel work. Transfers beteTr fvnds All transfers made frorn Unrestricted to Restricted Funds are to fInae a deftcit on the Restricted Fund. Comparative Figures Last year, Reslricred Funds ryouth and (hildren- and Women. Men and Marriage" were shown and included within Leadership Trainin& and "Ministry to Afghans- 3nd-Mi5sionarySupporf within aJurch Planting. Negative Restrlued Funds Negètivo Restrictod Funds cairied forward have been covered by Re5tticted donations alter the year-end. RELATED PARTY DISCLOSURES 20. A daughter of Trustee M R Roshanzamir is an employee of the charity teceives a salary for her role. One daughter and a daughter-in-law of Trustees S and L Yeghnazar are employee5 of the charity and receive Salaries for their role5. These employees are also the sister and wife oFTnJsiee D Yeghnazar. The brother-in-law olTrustee D Ye£hnazaralso receives a salary for role. The employee is also the 50n-In-law oITrusloes S 3nd L YeghTrazar. trl dèughter and a son ol Trustee D Ye8hnazar are employees ol the charty &)d in this finanaal year. only the son receivpd a salary. They are a150 8randchildren ol Trusiees S and L ye&hzar. Page 24
The total arnount paid for salaries (including employer pension tffitrilxJDons and employei national insurance contributions) in respect of these five12024'. xI related parties anUnted to £168.74612024.. £161.7191. Page 24