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 3￿Onth 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 dIs￿rn 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 ed￿atron amty)g Christian5 we serve. and an increasing sÈnse ol ownership of discipleship initiative5 by local churches*d 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 ac6. They are also responsible lor saleguaidin8 the èsseis of the charitable company and hence lor taking reasonable Steps for the prevention and detection ol fraud and other irregularitie5. In so far as the trustees are aware.. there is no relevant avdit infoTmation of which the chaiitable company'sauditors are unaware,. and the trustees have taken all steps that Ihey ought lo have iaken to make themselves aware of any relevani audit information and to establish that ihe avditors aware ol that inlormaiion. AUDITORS The auditor5, 8ennewith 2018 Limited (Statutory Avdiiorsl. will be proposed for re-appointment at the forthcoming Annual General MÈeling. Approved by order of rhe board ol trusiees on /U nd si8ned on its behalf bv.. Mr M R R05hanzamir . rustee Page 4 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 Compan￿5 Act 2(K)6. Ba54s for opinion We conducted our audit in acCOrdan￿WIth 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 M￿le,. 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 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 MOvEmE￿r 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 tO￿aCh 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 supp￿ing 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 bet￿eTr fvnds All transfers made frorn Unrestricted to Restricted Funds are to fIna￿e 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&h￿zar. 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 an￿Unted to £168.74612024.. £161.7191. Page 24