2024-09-30-accounts

ELIM FOURSQUARE GOSPEL ALLIANCE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024

PAGE

	PAGE
INDEX
Legal and administrative details	2 - 3
Report of the trustees	4 – 18
Report of the independent auditors	19 – 22
Accounting policies	23 – 26
Consolidated statement of financial activities	27
Statement of financial activities – Charity only	28
Consolidated balance sheet	29
Charity balance sheet	30
Consolidated cash flow statement	31
Notes to the financial statements	32 - 45

ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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LEGAL AND ADMINISTRATIVE DETAILS

Charity registration

England and Wales 251549 Scotland SCO37754

Registered Office

De Walden Rd West Malvern Worcestershire WR14 4DF

Property Trustee

The Elim Trust Corporation

Directors of the Elim Trust Corporation

Rev M Pugh (Chairman, appointed 16/05/24) Rev H F Afflu Rev S Blount Rev D Clark Rev J J Glass Rev E Michael Rev M Ryan K Devabalan

Rev C P Cartwright (Chairman, resigned 16/05/24) Rev S Ball Rev D Campbell Rev D De Souza Rev A P Hudson Rev M A Nunn Rev K Wood

National Leadership Team and Trustees

Rev M Pugh (Chairman, appointed 16/05/24) Rev C P Cartwright (Chairman, resigned 16/05/24) Rev H F Afflu Rev S Ball Rev S Blount Rev D Campbell Rev D Clark Rev D De Souza Rev J J Glass Rev A P Hudson Rev E Michael Rev M A Nunn Rev M Ryan Rev K Wood

Principal Officers

General Superintendent Rev M Pugh (Appointed 16/05/24) General Superintendent Rev Chris Cartwright (Resigned 16/05/24) Director of Ministry Rev Stuart Blount International Missions Director Rev Martin Davison (Appointed 01/09/24) Irish Superintendent Rev Edwin Michael Director of Training Rev M A Nunn (Appointed 01/08/24) Director of Training Rev David Newton (Resigned 01/03/24) Evangelism Director Rev Gary Gibbs National Director of Youth Ministries Rev Tim Alford Executive Director Rev Olivia Amartey National Administrator Rev Sarah Bale Finance Director Kumar Devabalan

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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LEGAL AND ADMINISTRATIVE DETAILS

Bankers

Lloyds Bank Plc 130 High Street CHELTENHAM Gloucestershire GL50 1EW

RBS / National Westminster Bank Plc 31 Promenade CHELTENHAM Gloucestershire GL50 1LH

Solicitors

Anthony Collins Solicitors LLP 134 Edmund St Birmingham B3 2ES Bates Wells & Braithwaite 2-6 Cannon Street London EC4M 6YH

Auditors

Moore Kingston Smith LLP Chartered Accountants and Business Advisors 9 Appold Street London EC2A 2AP

Other advisers

Pension Fund Solicitors

Pension Fund Solicitors Pension Fund Administrators Pension Fund Actuary Maria C. Riccio Spence & Partners Limited Richard Smith Setfords Solicitors Linen Loft Spence & Partners Limited Jenner House 27-37 Adelaide Street 46 New Broad Street 1a Jenner Road Belfast London Guildford BT2 8FE EC2M 1JH GU1 3PH

Solicitors in Scotland

Solicitors in Northern Ireland

Beveridge Philip & Ross Cunningham and Dickey 22 Bernard St 18 May Street Leith BELFAST EDINBURGH County Antrim EH6 6PS BT1 4NL

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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TRUSTEES REPORT

Key achievements and performance

The 2023/24 financial year occurred against a backdrop of significant world events and domestic political transition in the United Kingdom. The financial year commenced on 1 October 2023, under Rishi Sunak's government. Within the first week, the Hamas attack on Israel on 7 October introduced global instability. The domestic political landscape transformed following the June 2024 election, with Keir Starmer assuming the role of Prime Minister. The financial period concluded on 30 September 2024, followed immediately by the new government's inaugural budget in October 2024. This budget introduced changes to employer’s National Insurance contributions from April 2025, which will have operational implications for the Movement, though ministerial remuneration remains unaffected by these changes.

The Movement continues to encounter diverse challenges coming from both domestic and global developments. Despite the variable external circumstances, we continue to trust in God who is unchanging. We continue to thank God for His faithfulness as He remains our Jehovah-Jireh.

On 16 May 2024, Chris Cartwright stepped down from his position as General Superintendent. Mark Pugh was appointed to this senior leadership role on the same day, assuming the responsibilities as the organisation's most senior position. The Elim Constitution states the process of electing the General Superintendent and appointment of a General Superintendent is made every four years by the Conference. The primary role of the General Superintendent is to provide spiritual leadership to the National Leadership Team and the Alliance in its quest to fulfil the objects of the Alliance.

Mark Pugh, called all our churches to a season of consecration soon after his appointment in May 2024. Consecration involves dedicating our lives and all we steward to the glory of God. Rooted in biblical tradition and exemplified throughout Christian history, it shapes our relationship with God and our role in the world. When we understand its significance, it illuminates key aspects of our spirituality and offers practical guidance for living out our faith in the modern world.

The consecration season started with ‘Personal Consecration’. Churches were provided with numerous resources to aid them to facilitate the consecration period. Fasting and prayer days and special prayer meetings were organised to support the churches during this time. The second stage of the consecration was consecrating our churches, and the last stage was consecration of the Movement. Our General Superintendent believes that God has much He wants to do in and through us as a big Elim team in the years ahead and the period of Consecration is significant.

Elim's main youth event, the Limitless Festival, is a prominent annual gathering that takes place at the Stafford Showground. This five-day summer event, held each August, provides a dynamic and engaging experience specifically designed for young people. The 2024 Limitless Festival saw remarkable participation, attracting approximately 5,000 young people alongside more than 500 dedicated volunteers to the Stafford Showground. There were numerous stories testifying of the wonderful things the Lord has done through Limitless Festival 2024. The most significant outcome of the festival was the spiritual commitment demonstrated by 745 young people who responded to the gospel message and made decisions to dedicate their lives to Jesus.

We are profoundly grateful for the dedication demonstrated by our churches and fellowships across the nation. Their steadfast commitment has manifested through diverse ministry initiatives, community outreach programs, support services, and compassionate care efforts. These expressions of service have established meaningful connections within their respective communities, creating substantive impact that extends well beyond our immediate congregation.

Many of our churches are involved in various community programs to support the local communities. The Food Banks and Warm Places Program provides support to vulnerable individuals and families experiencing financial hardship. These community support programs represent practical applications of our values. Elim International Missions, are involved in nearly 50 countries around the world,

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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sending missionaries to many different situations, but all with the same aim of reaching people with the good news of Jesus Christ.

Future plans

The Trustees of Elim have made the decision to transition the organisation into an incorporated charity. Transitioning to an incorporated structure offers benefits such as limited liability, strengthened governance and enhanced operational efficiency. In summary, it will ensure that Elim operates within a more robust legal structure and is well-equipped and fit for the future. We anticipate this monumental undertaking will take us three years to achieve. However, it offers the Movement an unparalleled opportunity to comprehensively examine our current processes and procedures and allow the framework for us to improve them significantly.

Constitution and legal status

The constitution of the Elim Foursquare Gospel Alliance (“the Alliance”) was established by a Deed Poll registered on 10 April 1934, as amended by Deeds of Variation dated 14 January 1942, 12 September 2007, 25 May 2016 and a Deed disclosing the Irish Constitution in 1942. The Alliance is a registered charity in England and Wales (charity registration number 251549) and in Scotland (SCO37754).

Objectives and policies

The overall objective of the Alliance is the “Propagation of the Gospel of Jesus Christ”. Each and every activity included in these financial statements represents our present endeavours to that end. Some of the means set out for the achievement of these objectives are training and sending out Ministers and Evangelists, establishment of Churches, issue of Christian publications and operation of community and social programs.

As a movement, our four main strategic priorities at the core of our DNA are:

MAKING DISCIPLES

At the heart of everything we do is our shared mission to plant the gospel of Jesus Christ, in a relevant way, in individual lives and communities, making life-long disciples in the UK and nations across the globe. A disciple is more than just a church attender; disciples are prepared to submit their lives to the call and cause of Christ. Embedded in every sphere of society, they seek to live out their commitment in a real way within their communities.

PLANTING AND GROWING CHURCHES

We are fully committed to our shared task of making the gospel of Jesus Christ known in individual lives and communities. We aim to facilitate the movement’s ever-increasing and effective planting of Elim churches across the nations.

REACHING NATIONS

Elim aims to be an international disciple-making movement with strategies for church planting and leadership development in the nations. We will do this through our continued focus on surrendering to the Spirit, sending and supporting missionaries, and the promotion of the Church in the UK and overseas.

TRAINING AND DEVELOPING LEADERS

We are committed to training, developing, and supporting leaders across the Elim movement and beyond, seeking to develop servant leaders who are committed to working on behalf of others and have a positive contribution to make in wider community life. We are thrilled when we see men and women serving God to their fullest potential, and individual growth is always in the stretch; it is rarely comfortable, but always retrospectively satisfying.

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For more extensive details on our vision and performance relative to these objectives we would refer you to the reports for National Departments as published separately. Additionally, we would encourage you to access the Elim website using the following link. https://www.elim.org.uk

Public Benefit

The Trustees have considered the Charity Commission’s guidelines on public benefit and have reviewed the charity’s activities to ensure that they provide benefit to the public. In shaping and planning our activities the trustees always ensure that the programmes we undertake are in line with our main objective. We share with other Christian denominations a core belief in the gospel of Jesus Christ and in the personal transformation that results from believing in and following Him. Our churches and members are committed not just to speaking about Him but to demonstrating Christ’s love in practical action and service within their neighbourhoods and communities.

Values

alues
Consistently MISSIONAL	-intentional, adaptable, focused on Elim’s four main strategic priorities
Courageous INTEGRITY	-honest, trustworthy, consistent, discreet
	“Doing the right thing, even when nobody is watching.” C.S. Lewis
Courteous SERVICE	-politely passionate, humble, generous
Clear ACCOUNTABILITY	-transparent stewardship, clear communication, excellent work ethic
Creative TEAMWORK	-innovative, ‘can do,’ collaborative

Branches, connected trusts and subsidiary companies

The following entities are connected with Elim Foursquare Gospel Alliance:

Name	Country of	Relationship	Address	Activity
	Incorporation
Elim Church	England &	Common	Elim International	Acts as an
Incorporated	Wales	Directors	Centre	association of
			De Walden Rd	churches to promote
			West Malvern	the Christian religion
			WR14 4DF
Elim Trust	England &	Common	Elim International	Elim Trust
Corporation	Wales	Directors /	Centre	Corporation acts as a
		Trustee	De Walden Rd	Property Trustee for
			West Malvern	Elim Foursquare
			WR14 4DF	Gospel Alliance.
Elim Pentecostal	Northern	Common	Elim Corporate	Trustee for certain
Alliance Council	Ireland	Directors /	Office	properties in
		Trustee	14 Charleston Ave	Northern Ireland
			Portadown
			N Ireland
			BT63 5ZF
EPC Services	England &	Wholly owned	Elim International	Carries out any
Limited	Wales	subsidiary	Centre	trading aspect of the
			De Walden Rd	Alliance with the
			West Malvern	major activity being
			WR14 4DF	the Elim Leadership
				Summit

A list of addresses and contacts for local churches is available from the Registered Office of the Alliance, or from the Charity website at www.elim.org.uk. This list includes details of churches associated through the Elim Church Incorporated (see above table).

Local churches are branches set up to conduct the business of the main charity in fulfilling its objectives.

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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Investments / management of resources

As the major demand for the Alliance is for property, the majority of resources are applied toward the acquisition and capital renovation programs on church buildings and manses for our ministers. Surplus funds across the charity will be invested internally via Elim Loans Administration towards these capital projects. Agreement has been reached with the main bankers to the effect that an allowance is made on the credit balances held in current accounts which is then applied towards subsidising bank charges levied on church accounts.

Reserves Policy

The Reserves as at the 30 September 2024 are detailed on the Balance Sheet on page 30.

The Alliance continues to hold general reserves, of which a significant proportion relates to funds applied in the provision of fixed assets, as an essential resource to the accommodation of local church activities.

The general free reserves are maintained in order to secure the future operations of the charity, in recognition of the fact that its income mainly comes from voluntary sources, but also that 30% of income is generated by Ancillary programs. Historically, the Charity has maintained remarkably stable voluntary income streams due to the consistent financial commitment demonstrated by church members and supporters. This financial reliability stems from the enduring dedication of our members, who have shown steadfast generosity in their giving patterns over time.

To maintain the basic level of current activities for a period between 3 and 6 months, and fulfil annual obligations on liabilities our immediate target for free reserves will be a range of £18m to £36m. As at the financial year end general reserves was £29.7m (2023: £29.6m).

Payment Policy

Payment to suppliers is generally made within the terms agreed on confirmation of order for goods or services.

Funding

The Trustees are satisfied that the charity's assets are both available and adequate to fulfil obligations related to each individual fund. While our operational approach generally establishes self-funding activities, the Trustees maintain the authority to allocate finances from general unrestricted funds when deemed essential or beneficial to advancing our organizational objectives.

Communication and Involvement of Members

The Alliance continues its commitment to effective organisational communication by maintaining established channels with churches, ministers, and officers. This proactive approach ensures all stakeholders receive relevant information pertaining to their specific responsibilities. The communication strategy specifically emphasises the distribution of critical updates regarding financial matters and statutory requirements that impact the Movement's operations within the charitable sector.

Direction Magazine continues to serve as a general news vehicle to the members and the general public. Our central website www.elim.org.uk is regularly updated and has proved particularly vital in dissemination of practical advice and guidance.

The Conference Agenda incorporates annual reports submitted by Alliance officers and departments, alongside the Movement’s Financial Statements. The Conference Agenda is distributed to all ministers and church lay representatives in advance of Conference proceedings. This proactive

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communication approach ensures all stakeholders receive relevant information prior to the Conference, thereby enabling informed participation and meaningful discussion during the sessions. Members of Conference, individually or on behalf of their church, can add items to the agenda or raise comment on others, for discussion during the Conference sessions.

All the central departments publish their own site, as do most of our churches throughout the UK. Elim Central maintains an online resource platform known as Elim Hub, which serves as a centralised repository for administrative guidance and information. This platform is specifically designed to support church leaders and officers in their operational responsibilities by providing comprehensive resources across a range of administrative areas, including taxation, Health and Safety compliance requirements, Gift Aid procedural guidelines, Insurance, etc.

Information on the Elim Hub is reviewed regularly and updated to ensure timely and accurate communication with churches. This systematic approach allows us to promptly notify churches of policy changes and compliance requirements. New Finance Officers receive onboarding through our flexible training program, available in both online and in-person formats. This dual-delivery approach accommodates diverse learning preferences while ensuring consistent quality and content. The training covers essential financial controls, compliance requirements, and organisation-specific procedures. Substantial portion of the information is available in downloadable PDF format, allowing users to retain important documentation for offline use

The General Superintendent maintains regular communications on major issues to ministers, church elders, and members. Annual reviews on administrative matters are issued to finance officers and church administrators.

The Alliance has 10 Regions across the UK. Each region is supervised by a Regional Leader and supported by a co-ordinating committee made up of ministers and individuals from churches in that region. These regions have established their own local communications programs.

The activities of the Alliance would be impossible without the willing and generous participation of its members and friends. It would be impossible to number those involved, but research has shown that at least 30% of members will be directly involved in regularly sharing responsibilities in the activities of the Church. We would place on record our wholehearted appreciation for this ongoing support and look forward with our members to enjoying the fruit of their labours.

GOVERNANCE

Conference: The legislative body is the Conference, which meets at least annually and is comprised of a Representative and a Ministerial Session. The Representative Session consists of all ministers, and lay representatives appointed by the Churches. The Ministerial Session, which consists of ministers only, deals with all ministerial and pastoral subjects. All other matters, including the making of General Rules and Working Arrangements, are exclusively within the province of the Representative Session.

National Leadership Team : The members of the National Leadership Team listed on page 2 are the Trustees of the Alliance and served throughout the year unless a termination of office or appointment date has been reported.

The National Leadership Team (NLT) is appointed from among members of the Conference. The General Superintendent is nominated by the NLT of the day and submitted to Conference for a confirmatory vote. The individual so appointed serves for four years and is eligible for re-election. The General Superintendent nominates the members of the NLT on a rotational basis and these nominees are again subject to a confirmatory vote of the Conference, and successful candidates serve for four years. All the Ministers, and Lay Representatives from each Church, have votes in the election, which is conducted by postal ballot. The NLT meet at least five times per annum and are responsible for ensuring that procedures and working arrangements of the Constitution are applied in the activities of the Alliance and during administration of the affairs of the Alliance. On appointment any new trustee is required to undergo an induction program to ensure awareness of responsibilities and current issues and circumstances, including sessions with charity executives and officers. Each year trustees are

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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provided with ongoing training including input on statutory and regulatory developments from professional advisors.

The Elim Trust Corporation : a company limited by guarantee, was legally constituted to serve as a trustee for the Alliance in matters of property and business. A few properties are still held in trust for the Alliance by local trustees under the terms of a Model Trust Deed, and a further few properties are held under the auspices of the Elim Pentecostal Alliance Council. Most of these properties have been transferred under the auspices of the Elim Trust Corporation, and the process will continue for the remainder. The members of the National Leadership Team listed on page 2 and the Finance Director are the directors and served throughout the year unless a termination of office or appointment date has been reported. The Executive Director serves as Company Secretary.

Officers and Committees: are accountable to the NLT. They are appointed to ensure and assist with the smooth running of the charity.

Audit & Governance Committee (AGC): This committee operates under guidelines established by the Financial Reporting Council (FRC). Members are appointed by the National Leadership Team, to whom they will seek to provide guidance and assurance on processes relative to management of corporate risk and governance.

Finance Board: This Board consist of four independent members appointed by the NLT (three members already appointed and in the process of appointing the fourth member), General Superintendent, Executive Director, Finance Director, and Chair of Pension Board. The Finance Board meet at least four times a year. The responsibilities of the Finance Board are to provide direction to the NLT for fiscal responsibility by overseeing effective financial planning, financial control and financial reporting in addition to effective oversight of the financial and operational performance of EFGA and advise the Trustees on the financial health, potential threats, and financial opportunities regarding the Charity. The Finance Board (or representatives) may act as a sounding board and source of advice to the Executive Director and the Finance Director on major areas of change, innovation and development as part of their strategic responsibilities.

Property and Projects Board: This body is constituted by Conference and consists of four members of the National Leadership Team, the Executive Director, the Strategic Property Manager, the Finance Director and a minimum of three Lay appointments approved by the National Leadership Team. The Board is responsible for supervision and monitoring the management and application of charity’s property assets. Property and Projects Board replaced the previous Management Board when the Finance Board was formed.

Regions: These are comprised of groups of churches. A Regional Leader supervises two regions, with the support in each of a Regional Co-ordinator and Regional Committee. The Committee consists of the Regional Co-ordinator, four co-optees and four members appointed from within the region.

Church Leadership Teams: Responsible for the administration and management of the local Churches, general purposes, finances and personnel. Capital projects and expenditure require the approval of the NLT / Management Board. Appointments to the Church Session and appointments of church officers are governed by the local Church Constitution.

Salary Committee : Salaries for the General Superintendent and Regional Leaders are reviewed and set by the Salary Committee, which currently consists of the independent members serving on the Finance Board. The NLT are responsible for managing the salary payments for executive officers and heads of national departments. The Salary Committee also participate in reviews and recommendations on remuneration level for those serving as ministers in Elim churches and the relevant pensionable salary scales.

Remuneration of Trustees and related Parties: No salary is paid for holding position as a member of the NLT and therefore ex officio as a trustee of the Alliance. Since qualification for appointment requires that candidates must be credentialed ministers and serving in full time roles, all the individuals will be in receipt of payment of remuneration solely related to that function and not as trustees. In line with SORP requirements we have included details of those payments in the schedule below.

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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Summary of Salaried roles held by Trustees

Summary of Salaried roles held by Trustees	Summary of Salaried roles held by Trustees	Summary of Salaried roles held by Trustees	Summary of Salaried roles held by Trustees
	2024	2024	2024	2023	2023	2023
Name	Salary	Employers	Pension	Salary	Employers	Pension	Position salaried
		NI			NI
Chris Cartwright	68,970	8,576	5,002	91,070	11,398	6,335	Chris served as General Superintendent till 16 May 2024, the most senior full time position in Elim, and global leader of the charity
Mark Pugh	34,215	4,199	2,694	-	-	-	Mark serves as General Superintendent from 16 May 2024, the most senior full time position in Elim, and global leader of the charity
Stuart Blount	70,621	8,366	6,390	66,639	7,908	5,904	Stuart is serving as national Director of Ministry
David Campbell	70,621	8,325	3,168	66,639	7,834	5,904	Serves as Regional Leader for the Metropolitan East and West Regions
Duncan Clark	63,300		6,390	63,097	-	5,904	Serves as Senior Minister of our church at Coventry
James Glass	70,621	8,490	6,390	66,639	8,001	5,904	Serves as Regional Leader for Scotland, North West England and North Midlands
Edwin Michael	69,834	7,223	6,390	63,300	6,375	5,904	Serves as Superintendent of Elim Ireland
Paul Hudson	70,621	8,490	6,390	67,905	8,177	5,904	Serves as Regional Leader for Midlands and North East Regions
Dominic De Souza	52,068	-	5,456	52,068	-	5,475	Served as Senior Minister at City Church Cardiff till 31 August 2024. Itenerant Minister since 1 September 2024
Steve Ball	70,621	8,490	6,390	66,637	8,001	5,904	Serves as Regional Leader for the Wales and Southern and South West Regions
Kojo Wood	55,000	-	5,928	55,000	-	5,475	Serves as Senior Minister of our church at Stevenage
Harold Afflu	28,303	-	6,123	26,695	-	5,658	Serves as Senior Minister of our church at Ipsw hich
Michelle Nunn	44,440	1,165	5,928	39,142	-	5,475	Served as Senior Minister of our church at Nantw ich till 31 July 2024. Serves as Director of Training from 1 August 2024
Mark Ryan	85,315	1,722	6,390	89,725	-	5,904	Served as Senior Minister of our largest church, Kensington Temple in London till 30 June 2024. Serves as Church Grow th Lead from 1 July2024
	854,550	65,046	79,029	814,557	57,694	75,650
Totalper note 8 to the accounts	998,625			947,901
Trustee- related Parties	2024	2024	2024	2023	2023	2023
Name	Salary	Employers	Pension	Salary	Employers	Pension	Position salaried
		NI			NI
Amanda Campbell	10,962	258		10,626	216		Part-time role as leader of Lifelink w ithin the Elim International Missions department
Caroline Wood	9,422	45		10,922	328	259	Part-time administrative and support role at our church at Stevenage
Beryl Glass	7,176	-		6,584			Serves as minister at Clydebank Church and administrative and support role for Region
Margaret Michael	7,108	-		5,809			Part-time administration in Elim Ireland office
Catherine De Souza	34,716	-		34,716			Served as Senior Leader at City Church Cardiff till 31 August 2024
Florence Afflu	10,000	-		10,000			Part-time administrative and support role at our church at Ipsw hich
Total per note 8 to the accounts	79,385			78,656
General Superintendent is the most senior full-time position in Elim. Chris Cartwright held the position of General Superintendent until 16 May 2024. Following his tenure, Mark Pugh assumed the role. Chris and Mark did not have any salary sacrifice arrangements or receive any non taxable benefits. Taxable benefits paid to them in addition to what is listed above was private medical insurance of £1,026 for Chris and £223 to Mark. The median of Elim Central staff basic remuneration was £28,673 and General Superintendent's basic remuneration was 3.3 times this.

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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Disabled employees

Applications for employment by disabled persons are given full and fair consideration for all vacancies in accordance with their particular aptitudes and abilities. In the event of employees becoming disabled, every effort is made to retrain them in order that their employment with the charity may continue. It is the policy of the charity that training, career development and promotion opportunities should be available to all employees.

Risk Management

The trustees recognise that the scope of our ministry and activity brings considerable responsibility and take seriously the need to ensure that the testimony of the Alliance is maintained at a high level. The executive officers together with the Audit and Governance Committee are commissioned to a perennial review of risk elements to ensure that the major risks have been identified and the relevant processes are in place to manage those risks as far as humanly possible.

Safeguarding:

The Elim Pentecostal Church is committed to safeguarding children and adults in need of protection. The Elim National Leadership Team acknowledges that safeguarding the vulnerable in our churches, activities and within the communities in which we work, both here and overseas, is of paramount importance and reflects the nature of Jesus Christ.

Elim requires each of its churches to adopt a safeguarding policy, carry out training and have good working procedures in place. Our model safeguarding policy and supplementary guidance for protecting adults are published on Elim Hub.

Financial Management:

We are mindful of the trust assigned to us when church members and friends commit to support us financially. It is important that we do not jeopardise our main source of income through voluntary donations and maintain a solid case for support. Financial protocols and disciplines have been well established, and performance at all levels is a specific matter of verification during annual audit process. Discipline in process is critical in maintaining the high integrity levels which are foundational to encouraging the trust of our supporters.

Elim is registered to the anti-fraud campaign with CFG. Fraud prevention videos have been obtained from our bankers and made available on Elim Hub to all church leaders. Staff at EIC have received training in fraud recognition and responses.

The management of the Central Funds is based on a comprehensive budget reviewed annually by the Finance Board and NLT and churches are required to operate on similar principles.

Expenditure on major capital projects across the Alliance is approved by the Property and Projects Board. The Property and Projects Board decisions are strengthened by the appointment of Lay members who possess expertise in property management. The brief of the Board is to review and approve applications on Capital projects as to context, concept, and costs.

The Finance Board serves the Alliance and the NLT on financial strategy and operations. The Finance Board consist of individuals with extensive business experience and qualifications.

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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Property Ownership

As Elim is a single entity charity it has exposure and responsibility across a wide spectrum of compliance requirements related to property ownership. Detailed policies with relevant operational guidance are provided on Elim Hub and reviewed by the Property and Projects Board. Property Handbook provides guidance on application for approval on major projects. Major property projects require approval from this Board, who consider implications on condition, structure, planning as well as finances. Health and Safety risk assessment policies and guidance is provided to all the churches and monitored and updated by the Strategic Property Manager. Elim has negotiated insurance cover which addresses all areas of liability and protection for its assets.

Data Protection

Elim has engaged a dedicated service provider to monitor and manage the processes for handling information across the wide spectrum of charity activity. Established practices and protocols are regularly reviewed to strengthen compliance with improved understanding of the evolving legislation. The Privacy Policy is published on our main central website.

We are also alert to the risk of cyber-attack on data held throughout the charity. Our central IT department monitors systems very closely and resources have been installed to defend against attack and protect the information held. Elim’s Data Protection Officer (DPO) advises on and supports churches with all data protection needs, whether they represent a church, ministry or any other Elim activity. This covers the UK General Data Protection Regulation (UK GDPR), Data Protection Act 2018 and all other related legislation, including the Privacy and Electronic Communication Regulations (PECR) which govern privacy rights in relation to electronic communications.

General

Alongside these major areas of sensitivity, which have potential subsequential financial risk Elim continues to monitor all operation protocols and processes. Seeking to ensure best practice across the many aspects of national and international ministry, we maintain a framework to receive and provide support including the following:

•  Committee structure with regular meetings.

•  Detailed terms of reference for each committee, together with formal agendas and minutes of all meetings.

•  Accountability of all national officers and lines of reporting clearly established.

•  Retaining third party consultants in particularly sensitive areas such as Human Resources and Child Protection etc.

•  Regular update training for trustees and officers.

•  Budget and management accounting and regular financial reporting.

•  Strong internal controls.

•  Subscription to relevant journals, literature and regular “watchdog” reports from various advisors.

•  The development of the Elim Hub website resource to keep local church ministers and administrators informed and updated.

•  The provision of charity specific insurance policies covering not only fixed assets of the Alliance but also major public and employment liabilities.

•  An independent Audit and Governance Committee is in place with primary responsibility to review governance and processes.

Grant Policy

No donations were made to political organisations. Grants to external bodies are only made to those organisations and activities which are compatible with our charitable objectives. Grants to individuals are in keeping with the parameters of the relevant fund and restricted to those participating in ministry within the Alliance activities, or to alleviate poverty or hardship circumstances.

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Policy on funding of overseas activities

The Alliance maintains support for ministry and community projects overseas, both through its central Elim International Missions department and from local church resources. Many of the mission fields have now been developed and established with local indigenous government, operating under the statutory requirements of their national laws and regulations. The administration and application of the funds has therefore been placed in the hands of national leaders. Funding made available to other charities in respect of relief work etc is donated as restricted funds to the receiving charity. Such receiving charities are vetted by the International Missions Department and subject to approval by the National Leadership Team.

Payments can only be made to subsequently approved organisations and individuals, with all funds to third parties overseas being processed through the offices of the International Missions and subject to internal audit procedures. The International Missions Team requests regular reports and newsletters from missionaries and partner organisations to track progress and verify proper fund utilisation. Additionally, Missions Team conducts on-site visits to selected overseas projects, providing direct assessment of developments and reinforcing accountability in the stewardship of donated resources.

Subsidiaries

EPC Services Ltd exists to provide for the administration of central commercial activities. Elim Leadership Summit is the major operation under its governance.

Fundraising Policy

The majority of our funds arise from voluntary donations received in the form of freewill church offerings including Gift aid donations. In recent years we have been very conscious of the growth of the “cashless society” and the “disappearing chequebook”. The provision of alternative donation pathways has become essential to ensure consistent financial support for the organisation. These alternative facilities encompass various mechanisms designed to accommodate different preferences and circumstances of our members and supporters.

We seek to provide access to viable alternative resources for local church and national ministries. These are mainly in the form of online digital options which enable direct donations via church websites, Paythru mobile text giving and the app-based donor resource from GIVT.

Elim is a member of the Institute of Fundraising and registered with the Fundraising Regulator, receiving monthly reports relative to any complaints –

no complaints were reported last year nor received at our central denominational offices in Malvern.

Legacy Elim is a low cost will-writing scheme promoted via local churches and administered as a confidential independent advice service to members by Frodsham solicitors.

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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FINANCE DIRECTOR’S REPORT - REVIEW OF THE YEAR

Our annual report highlights the Movement's resilient performance during the past year. Despite facing significant economic challenges, the Alliance successfully maintained its operational effectiveness and continued its Ministry work without interruption.

EGFA is one charity consisting of many churches and Elim Central. Our work relies heavily on the Finance Officers from churches around the country. I would like to express my gratitude to all the finance officers for their dedication and faithful service. I know that many volunteer to do these roles, and I pray that God will bless them for the sacrifices they make to serve God.

Overall charity income for the year of £79.04m (2023: £78.85m) reflected an increase of 0.2m on the previous year.

Note 1 from the Financial Statements (reproduced below) confirms a decrease of 2% in Voluntary Income compared to 2023. General Gifts and Offerings grew by £722,023, representing a 3.6% increase from the previous year. Gift Aid donations and associated tax rebates increased by £1,436,583, reflecting a 5.7% improvement compared to 2023. This growth indicates consistent supporter engagement and financial commitment to the organisation's mission despite broader economic challenges. Specific gifts and offerings decreased in 2024 because in 2023 it included the settlement with Lloyd’s bank relating to one of the loans. Income from legacies also has reduced in 2024 compared to 2023.

Voluntary Income General Gifts and Offerings Gift Aid donations and tax rebate Specific gifts and offerings Legacies Grants received Other donations	Total Total 2024 2023 £ £
	20,552,199 19,830,176 26,633,319 25,196,736 653,943 2,918,149 143,894 775,833 4,318,599 3,315,126 1,959,918 3,471,573
	54,261,872 55,507,593

----- Start of picture text -----
£000 EFGA DONATIONS 2019 to 2024 £000
30,000 60,000
27,500
25,000
55,000
22,500
20,000
17,500 50,000
15,000
12,500 45,000
10,000
7,500
40,000
5,000
2,500
0 35,000
General Gifts Gift Aid Specific gifts Legacies Grants Other
2024 2023 2022 2021 2020 2019 Total
----- End of picture text -----

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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Total income from ancillary programs increased by 8% to £23.8m this year compared to £22m in 2023. The breakdown of the income from ancillary programs from Note 2 is displayed below:

Income from ancillary programs Hire of premises+ Church Seminars etc Ministry and Skills training Coffee shops Bookrooms Charity shops Foodbanks Community Programs Childcare programs Nursing Homes Other ancillary activities	Total Total 2024 2023
	4,511,814 3,947,080 2,549,465 2,636,351 2,144,058 1,886,183 674,924 601,045 55,243 56,561 190,607 183,254 578,061 413,064 1,663,503 1,317,803 5,524,987 5,971,397 5,613,905 4,890,581 273,538 125,476
	23,780,106 22,028,795

The table below shows the ancillary income from 2019 to 2024. The lowest levels of ancillary income were during the lockdown period. However, we have exceeded 2019 income figures as you can see from the table. We generated nearly 50% of the ancillary income from Childcare programs and Nursing homes. Income received from Hiring our premises were £4.5m, 19% of the ancillary income.

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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Overall expenditure increased by £3.5m (5%) compared to 2023 expenditure of £72.6m.

Expenditures have increased across all categories as shown in the table below. Personnel costs rose by £1.4m (4%) due to additional staffing and annual salary increases. Ancillary and community program costs grew by 16%, though this was offset by increased ancillary income. Energy costs have also risen, contributing to an increase of 17%.

also risen, contributing to an increase of 17%.	also risen, contributing to an increase of 17%.
Expenditure Personnel costs UK Events and ministry programs UK ancillary and community programs Literature and material Premises costs Utilities costs Equipment costs Office and administration costs Grants Made Governance costs Interest Costs	Total Total 2024 2023 £ £
	37,088,224 35,655,287 8,593,345 8,347,199 4,590,970 4,063,603 244,164 236,574 9,364,740 9,144,105 3,221,216 2,818,390 3,026,788 2,641,202 1,430,868 1,508,823 4,384,711 3,953,873 1,812,560 1,325,772 2,557,261 2,365,029
	76,314,846 72,059,857

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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Staff

The average number of employees in the year was 1,688 (2023: 1,440). We also confirm our deep gratitude to the thousands of individuals throughout the movement who volunteer and help deliver a wide range of service. Please see note 8 in the financial statements.

CONSOLIDATED BALANCE SHEET - see chart at the end of this section

The following balance sheet confirms the ongoing solidity of the Alliance but also the fact that we still have considerable liabilities on property loans and the pension fund which we must continue to address.

The overall Reserves of the Alliance have again improved, reflecting an incredible consistency of growth even through periods of general economic difficulties. The main strength of the Alliance resides in its Fixed Assets carrying value of £198.4m (2023: £197.4m). The carrying value has increased by just over £1m in the year, this is largely due to revaluation of investment properties in the year.

The FRS 102 valuation for Pension Fund liabilities has decreased to £6.4m an improvement of £0.9m from the 2023 level of £7.3m. As we regularly comment, this value is calculated on parameters dictated by financial reporting standards. Our triennial actuarial valuation as at 31 December 2021 was a shortfall of £27.2m. However, the revised funding position, as at 17 March 2023 was a shortfall of £11.4m which has been used as the appropriate deficit for the Recovery Plan calculations. The 2024 pension valuation suggests that the scheme is in line with the recovery plan.

Conclusion

In an era of continuous change, we are reminded that our God remains steadfast. He is faithful throughout all generations—past, present, and future—serving as our Jehovah-Jireh, the Lord who provides. His unwavering faithfulness to His children provides both comfort and direction through uncertain circumstances.

Know therefore that the Lord your God is God; he is the faithful God, keeping his covenant of love to a thousand generations of those who love him and keep his commandments (Deuteronomy 7:9).

----- Start of picture text -----
EFGA Balance Sheet
2008 to 2024
240,000,000
200,000,000
160,000,000
120,000,000
80,000,000
40,000,000
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Fixed Assets Long Term Liabilities Reserves
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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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Trustees' responsibilities for the financial statements

Trustees’ Responsibilities Statement

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

The Charities Act 2011 and the Charities and Trustee Investment (Scotland) Act 2005, and the regulations made thereunder, requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of the resources, including the income and expenditure, of the charity and group for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles set out in the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group continue in operation.

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s and group’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and the group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Trust Deed. The trustees are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditors

Moore Kingston Smith LLP, having indicated willingness to continue as auditors, will be retained serve as such for the new financial year.

Signed by order of the National Leadership Team

Rev Mark Pugh 30 April 2025

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ELIM FOURSQUARE GOSPEL ALLIANCE

Opinion

We have audited the financial statements of Elim Foursquare Gospel Alliance for the year ended 30 September 2024 which comprise the Consolidated Statement of Financial Activities, the Parent Charity only Statement of Financial Activities, the Consolidated Balance Sheet, the Parent Charity Balance Sheets, the Consolidated Cash Flow Statement, the Accounting Policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and the parent charity’s affairs as at 30 September 2024 and of the group’s and parent charity’s incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 (as amended) and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to

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determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 or the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

• the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or

• the charity has not kept adequate accounting records; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we required for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out above, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under section 144 of the Charities Act 2011 and report in accordance with regulations made under those Acts.

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

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity’s internal control.

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 (as amended), regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended), the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council

• We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of

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management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011 and Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

Moore Kingston Smith LLP Statutory auditor

1 May 2025 [Date] 9 Appold Street London EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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ACCOUNTING POLICIES

BASIS OF PREPARATION

These financial statements have been prepared in accordance with the Constitution of the Alliance, applicable accounting standards, and recommendations in the Charities Act 2011 and the Statement of Recommended Practice: Accounting by Charities FRS102 (the SORP), the Financial Reporting Standard applicable in the UK and Republic of Ireland except as noted below.

They have been prepared under the historical cost convention as modified by the revaluation of investments to fair value, and on a going concern basis.

Elim Foursquare Gospel Alliance constitutes a public benefit entity as defined by FRS102.

BASIS OF CONSOLIDATION

The group financial statements consolidate those of the charity and its subsidiary undertakings drawn up to 30 September 2024. All intra-Alliance transactions and profits are eliminated on consolidation, unless indicative of an underlying impairment.

The results of the charity’s charitable trading income have been incorporated on the basis of the summary income and summary expenditure.

GOING CONCERN

The financial statements are prepared on a going concern basis, which assumes that the charity will continue as going concern for the foreseeable future. We benefit from dedicated members who believe deeply in our Movement and its mission, demonstrated through their continued financial support. Based on this, together with the increased cash reserves held, the Trustees have concluded there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

BRANCHES

The financial statements of the charity incorporate those of all funds and branches which are governed by the terms of the Constitution of the Alliance.

INCOMING RESOURCES

Donations and gifts

All monetary donations and gifts are included in full in the statement of financial activities when receivable and there are no donor-imposed restrictions as to the timing of the related expenditure.

Legacies are included when probable and the value can be measured with sufficient reliability.

Gifts-in-kind are accounted for at the trustees’ estimate of value to the charity or sale value as follows:

• assets received for distribution by the Alliance are recognised only when distributed

• assets received for resale are recognised, where practicable, when receivable or otherwise when sold

• gifts of fixed assets for charity use, or funds for acquiring fixed assets for charity use are accounted for (as restricted funds), immediately on receipt.

Voluntary help is not included as income.

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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Cash collected to which the charity is legally entitled but which has not been received at the year-end is included as income.

Donations under Gift Aid are credited as income when the donations are received together with the associated income tax recoverable.

All income on trading activities is the total amount receivable by the Alliance in the ordinary course of business for goods supplied and for services provided, excluding VAT. All income is recognised when the services are performed.

Contributions re Capital projects

Donations and gifts to major building renovation and refurbishment programs are included on receipt and treated as restricted funds until applied for their specific purpose.

Grants receivable

Revenue grants, including those from government and local authorities, are credited as incoming resources when they are receivable provided conditions for receipts have been complied with, unless they relate to a specified future period, in which case they are deferred.

Grants for the purchase of fixed assets are credited to restricted incoming resources when receivable. Depreciation on the fixed assets purchased with such grants is charged against the restricted fund.

Investment income

Investment income is recognised when receivable.

RESOURCES EXPENDED

Expenditure which is charged on an accruals basis is allocated between:

• expenditure incurred directly to the fulfilment of the charity’s objectives (direct charitable), including support costs,

• expenditure incurred directly in the effort to raise voluntary contributions (fundraising and publicity),

• the purchase of properties overseas from funds provided by the International Missions Board is included in the statements under restricted funds expenditure and not treated as tangible fixed assets, except where held on behalf of the Board by the Elim Trust Corporation,

• direct costs attributable to a single activity are allocated directly to that activity. Support costs including governance costs are allocated by management based on the most appropriate categorisation and split between categories where appropriate. See note 6a,

• grants payable as approved by management and communicated to the recipient, charged against the relevant fund.

FUND ACCOUNTING

Restricted funds are applied for specified purposes laid down by the donor. The restriction on these funds is fulfilled on application to their specific purpose, and the expenditure for those purposes is charged to the fund. For Elim Relief Association 10% of income is allocated to the International Missions Fund in respect of overheads and support costs.

Unrestricted funds are donations and other incoming resources received or generated for expenditure on the general objectives of the charity.

Designated funds are unrestricted funds which have been designated for specific purposes by the Trustees.

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets are stated at cost or valuation, net of depreciation. No depreciation is charged during the year of acquisition, or period of construction. Website development costs are written off as incurred to the Statement of Financial Activities and not capitalised due to there being insufficient evidence on which to base reasonable estimates of the economic benefits that will be generated in the period or into the future.

Depreciation is calculated to write down the cost or valuation, less estimated residual value, of all tangible fixed assets held for charity use other than freehold land, by equal annual instalments over their expected useful lives.

The periods generally applicable are:

Freehold properties 0.35% - 0.79% reducing balance from June 1999 on valuation, or on cost incurred from that date Leasehold properties Period of lease Fixtures, fittings and equipment 10 years

In accordance with FRS 102 assets in the course of construction are not depreciated. Depreciation will occur when assets in the course of construction are ready for use, being when the physical construction is complete.

INVESTMENT PROPERTY

Investments comprise those properties that are held solely for either their rental income and /or capital appreciation. They are carried at fair value. Any movement in fair value is recognised in the Statement of Financial Activities.

STOCKS

Stocks are stated at the lower of cost and net realisable value.

FOREIGN CURRENCIES

Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Exchange differences are dealt with in the statement of financial activities.

BORROWINGS

Bank borrowings are stated net of issue costs. All attributable issue costs are amortised over the term of the loan. Bank borrowings are secured by charges on certain properties of the Alliance as disclosed in note 15. The borrowings are included within long term loans except for the element that is due within 12 months which is separately disclosed on the face of the Balance Sheet.

CONTRIBUTIONS TO PENSION FUNDS

Defined Benefit Scheme

Defined benefit schemes are funded, with the assets of the scheme held separately from those of the charity, in separate trustee administered funds. Under FRS102 valuation Pension scheme assets are measured at fair values and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent currency and term to the scheme liabilities. This is a proscriptive valuation process determined by the Pensions Regulator purely for Employer Balance Sheet purposes. The FRS102 valuation for 2024 is £6.4m (2023: £7.3m). The main actuarial valuations for Trustee management are obtained at least triennially. These results however are not reported via the Balance Sheet for the Alliance. The latest triennial report for 3 years ended 31 December 2021 was a shortfall

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of £27.2m. However, the revised funding position at 17 March 2023 was a shortfall of £11.4m with a recovery plan targeted at 2035.

FINANCIAL INSTRUMENTS

The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from banks and other third parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

JUDGEMENTS AND ESTIMATES

The key judgements and estimates made by the charity management relate to the following:

1. Depreciation on property assets

2. Assumptions for the Defined Benefit Pension scheme

3. The recoverability of Debtors

4. Revaluation of Investment assets

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Consolidated Statement of Financial Activities incorporating Income and Expenditure Account

note INCOMING RESOURCES Activities for generating income Voluntary Income 1 Income generated by ancillary programs 2 Income from charitable activities 3 Investment income 4 Total incoming resources RESOURCES EXPENDED Costs of raising funds 6 Charitable Activities 6a (Gain)/loss on sale of assets 5 Surplus of income over Expenditure Gains/losses on investments 9a Net incoming resources for the year Actuarial Gain on Defined Benefit Scheme 22 Net movement in funds Fund balances at 1 October 2023 Fund balances at 30 September 2024

Unrestricted Restricted Total Total Funds Funds Funds Funds 2024 2024 2024 2023 £ £ £ £ 52,265,967 1,995,905 54,261,872 55,507,593 23,245,991 23,245,991 22,028,795 129,007 129,007 146,018 1,404,328 1,404,328 1,172,724 77,045,293 1,995,905 79,041,198 78,855,130 650,790 650,790 566,623 74,317,142 1,997,703 76,314,845 72,059,857 (860,593) (860,593) (6,798) 74,107,340 1,997,703 76,105,043 72,619,682 2,937,953 (1,798) 2,936,155 6,235,448 682,456 682,456 2,317,189 3,620,409 (1,798) 3,618,611 8,552,637 1,126,000 1,126,000 3,571,000 4,746,409 (1,798) 4,744,611 12,123,637 184,568,440 901,362 185,469,802 173,346,165 189,314,848 899,564 190,214,412 185,469,802

All of the activities of the charity are classed as continuing

27

ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

_______________

Statement of Financial Activities - CHARITY ONLY

incorporating Income and Expenditure Account

note INCOMING RESOURCES Activities for generating income Voluntary Income 1 Income generated by ancillary programs 2 Income from charitable activities 3 Investment income 4 Total incoming resources RESOURCES EXPENDED Costs of raising funds 6 Charitable Activities 6a (Gain)/loss on sale of assets 5 Surplus of income over Expenditure Gains/losses on investments 9a Net incoming resources for the year Actuarial Gain on Defined Benefit Scheme 22 Net movement in funds Fund balances at 1 October 2023 Fund balances at 30 September 2024

Unrestricted Restricted Total Total Funds Funds Funds Funds 2024 2024 2024 2023 £ £ £ £ 52,265,967 1,995,905 54,261,872 55,507,593 22,875,743 22,875,743 21,702,768 129,007 129,007 146,018 1,404,328 1,404,328 1,172,724 76,675,045 1,995,905 78,670,950 78,529,103 650,790 650,790 566,623 73,940,395 1,997,703 75,938,098 71,727,758 (860,593) (860,593) (6,798) 73,730,593 1,997,703 75,728,296 72,287,583 2,944,452 (1,798) 2,942,654 6,241,520 682,456 682,456 2,317,189 3,626,908 (1,798) 3,625,110 8,558,709 1,126,000 1,126,000 3,571,000 4,752,908 (1,798) 4,751,110 12,129,709 184,515,151 901,362 185,416,513 173,286,804 189,268,059 899,564 190,167,623 185,416,513

All of the activities of the charity are classed as continuing

28

ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

_______________

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2024

Note Fixed Assets Tangible fixed assets 9 Investments 9a Long term loans advanced 12 Current Assets Stocks 10 Debtors 11 Cash at bank and in hand 13 Current Liabilities Creditors 14 Current portion on long term loans 15 Net current assets Total assets less current liabilities Long term loans received and other liabilities 15 Pension obligations 22 Reserves General reserves Designated funds 17 Restricted funds 16

Unrestricted Restricted Total Total Funds Funds Funds Funds 2024 2024 2024 2023 £ £ £ £ 187,925,248 187,925,248 187,478,533 10,357,644 10,357,644 9,675,189 120,073 120,073 263,625 198,402,965 198,402,965 197,417,347 18,839 18,839 18,973 3,219,559 3,219,559 4,794,392 29,004,206 899,564 29,903,770 27,570,940 32,242,604 899,564 33,142,168 32,384,305 2,705,600 2,705,600 2,157,576 2,382,133 2,382,133 2,593,379 5,087,733 5,087,733 4,750,955 27,154,871 899,564 28,054,435 27,633,350 225,557,836 899,564 226,457,400 225,050,697 29,875,988 29,875,988 32,258,895 6,367,000 6,367,000 7,322,000 189,314,848 899,564 190,214,412 185,469,802 29,657,077 29,657,077 29,588,992 159,657,771 159,657,771 154,979,448 899,564 899,564 901,362 189,314,848 899,564 190,214,412 185,469,802

These financial statements were approved by the National Leadership Team and signed on its behalf by Rev Mark Pugh on 30 April 2025

The accounting policies on pages 23 to 26 and the notes on pages 32 to 45 form part of these financial statements.

29

ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

_______________

CHARITY BALANCE SHEET AS AT 30 SEPTEMBER 2024

Note Fixed Assets Tangible fixed assets 9 Investments 9a Long term loans advanced 12 Current Assets Stocks 10 Debtors 11 Cash at bank and in hand 13 Current Liabilities Creditors 14 Current portion on long term loans 15 Net current assets Total assets less current liabilities Long term loans received and other liabilities 15 Pension obligations 22 Reserves General reserves Designated funds 17 Restricted funds 16

Unrestricted Restricted Total Total Funds Funds Funds Funds 2024 2024 2024 2023 £ £ £ £ 187,925,248 187,925,248 187,478,532 10,357,644 10,357,644 9,675,189 120,073 120,073 263,625 198,402,965 198,402,965 197,417,346 9,608 9,608 9,232 3,179,784 3,179,784 4,753,958 28,923,233 899,564 29,822,797 27,480,321 32,112,625 899,564 33,012,189 32,243,512 2,622,410 2,622,410 2,070,071 2,382,133 2,382,133 2,593,379 5,004,543 5,004,543 4,663,450 27,108,082 899,564 28,007,646 27,580,062 225,511,047 899,564 226,410,611 224,997,408 29,875,988 29,875,988 32,258,895 6,367,000 6,367,000 7,322,000 189,268,059 899,564 190,167,623 185,416,513 29,610,287 29,610,287 29,535,704 159,657,771 159,657,771 154,979,447 899,564 899,564 901,362 189,268,059 899,564 190,167,623 185,416,513

These financial statements were approved by the National Leadership Team and signed on its behalf by Rev Mark Pugh on 30 April 2025

The accounting policies on pages 23 to 26 and the notes on pages 32 to 45 form part of these financial statements.

30

ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

_______________

CONSOLIDATED CASH FLOW STATEMENT

Surplus of income over expenditure Adjustments for: Depreciation Investment income Interest paid Movement in stock Movement in debtors Movement in creditors Non cash movement re Defined Benefit Pension Scheme (Profit) / loss on disposal of fixed assets Net cash from operating activities Cash Flows from investing activities: Purchase of Property, plant and equipment Sale of Property, plant and equipment Investment income Repayment of loans advanced (Loans Advanced) Cash flows from financing activities Movement in loans Interest paid Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period

2024 2023 2,936,155 6,235,448 1,769,936 1,730,015 (1,404,328) (1,172,723) 2,557,261 2,365,029 134 7,927 1,574,833 (1,885,654) 548,024 536,008 171,000 469,000 (860,593) (6,798) 7,292,422 8,278,251 (2,983,292) (1,971,947) 1,627,234 73,798 1,404,328 1,172,723 143,552 362,935 191,822 (362,491) (2,594,153) (8,199,404) (2,557,261) (2,365,029) (5,151,414) (10,564,432) 2,332,830 (2,648,672) 27,570,940 30,219,612 29,903,770 27,570,940

Analysis of changes in net debt

Cash and cash equivalents Cash at bank and in hand Borrowings Debt due within one year Debt due after one year Total	1 October Cash flows 30 September 2023 2024
	27,570,940 2,332,830 29,903,770
	27,570,940 2,332,830 29,903,770 2,593,379 (211,246) 2,382,133 32,258,895 (2,382,907) 29,875,988
	34,852,274 (2,594,153) 32,258,121
	(7,281,335) 4,926,984 (2,354,351)

31

ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

_______________

NOTES TO THE FINANCIAL STATEMENTS

1. Activities for generating income 1. Voluntary Income General Gifts and Offerings Gift Aid donations and tax rebate Specific gifts and offerings Legacies Grants received 1a Other donations	Total Total 2024 2023 £ £ 20,552,199 19,830,176 26,633,319 25,196,736 653,943 2,918,149 143,894 775,833 4,318,599 3,315,126 1,959,918 3,471,573 54,261,872 55,507,593

Included with Voluntary income is £1,995,905 which relates to restricted funds (2023: £2,196,026).

1a. Grants received

Grants received from external sources during the year to 30 September 2024 and for the year to 30 September 2023, are included under voluntary income. We welcome and appreciate the support from the various grant makers and while the individual amounts are of considerable import to the relevant individual activity, the number involved renders it impracticable to list donors in detail. Branch reports contain more detail.

2. Income from ancillary programs Hire of premises+ Church Seminars etc Ministry and Skills training Coffee shops Bookrooms Charity shops Foodbanks Community Programs Childcare programs Nursing Homes Other ancillary activities	Total Total 2024 2023 3,977,699 3,947,080 2,549,465 2,636,351 2,144,058 1,886,183 674,924 601,045 55,243 56,561 190,607 183,254 578,061 413,064 1,663,503 1,317,803 5,524,987 5,971,397 5,613,905 4,890,581 273,538 125,476 23,245,991 22,028,795

A proportion of the income for childcare and community programs is derived from Local Authority support for payment of fees on behalf of beneficiaries. Included within the above is £370,248 which relates to the group's subsidiary company (2023: £326,027).

Ministry and Skills training includes tuition fees received for Regents college of £831,626 (2023: £823,079) of which £409,602 (2023: £496,543) was from Student Loans Company. Fees income for taught awards £713,224 (2023: £750,728), research awards £1,950 (2023: £2,075) and non-qualifying courses £116,452 (2023: £70,276).

32

ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

_______________

NOTES TO THE FINANCIAL STATEMENTS

3. Income from charitable activities Sundry Activities 4. Investment income Income generated from investment assets Interest Received Total incoming resources 5. Gain / (loss) on sale of assets Gain (loss) on sale of assets 6 Costs of raising funds Promotion and publicity Bank Charges	Total Total 2024 2023 129,007 146,018 129,007 146,018 Total Total 2024 2023 534,116 389,609 870,212 783,115 1,404,328 1,172,724 79,041,198 78,855,130 Total Total 2024 2023 860,593 6,798 860,593 6,798 Total Total 2024 2023 279,218 203,411 371,573 363,212 650,790 566,623

33

ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

_______________

NOTES TO THE FINANCIAL STATEMENTS

		Church Activity	Evangelism	Youth	Missions	Training	Ancillary	Total
		2024	2024	2024	2024	2024	2024	2024
6a Summary by Costs
Personnel costs	8	26,042,334	165,936	1,021,681	205,108	1,068,666	8,584,499	37,088,224
UK Events and ministry programs		5,428,115	394,614	1,204,159	125,613	365,406	1,072,497	8,590,404
UK ancillary and community programs	6c	1,529,240	3,747	31,471	0	205,972	2,820,539	4,590,969
Overseas ministry		0	0	0	0	0	0	0
Training and development		0	0	0	0	0	0	0
Literature and material		236,106	400	1,256	2,342	4,060	0	244,164
Premises costs		7,936,917	7,019	2,766	2,460	541,106	874,471	9,364,739
Utilities costs		2,936,014	0	0	0	896	284,306	3,221,216
Equipment costs		2,529,707	6,142	163,777	3,295	214,472	109,395	3,026,788
Office and administration costs		1,244,092	1,668	5,709	2,068	13,330	164,001	1,430,868
Grants Made	6d	2,672,478	65,646	16,972	1,557,356	9,523	62,735	4,384,710
Governance costs	7b	1,631,378	0	1,469	93,813	4,979	83,863	1,815,502
Interest Costs		2,529,813	126	11,471	5,648	7	10,196	2,557,261
		54,716,194	645,298	2,460,731	1,997,703	2,428,417	14,066,502	76,314,845

Support costs amount to £2,819,519 and are split out by cost type in Note 7a below.

These cost have allocated to "Church Activity", as this is considered appropriate as this is the main activity of the charity.

Included in the above £376,746 which relates to the group's subsidiary company. Included in the above is £1,997,703 which relate to restricted funds.

34

ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

_______________

NOTES TO THE FINANCIAL STATEMENTS

6a Summary by Costs Personnel costs 8 UK Events and ministry programs UK ancillary and community programs 6c Overseas ministry Training and development Literature and material Premises costs Utilities costs Equipment costs Office and administration costs Grants Made 6d Governance costs 7b Interest Costs

Church Activity Evangelism Youth Missions Training Ancillary Total 2023 2023 2023 2023 2023 2023 2023 25,411,030 265,768 1,001,251 263,333 1,066,824 7,647,081 35,655,287 4,972,890 412,002 1,329,998 158,887 200,977 1,259,982 8,334,736 1,129,335 692 35,232 0 191,964 2,706,380 4,063,603 0 0 0 0 0 0 0 0 0 0 0 0 0 0 225,282 453 1,410 2,876 6,553 0 236,574 7,987,828 5,672 530 1,968 391,484 756,623 9,144,105 2,530,186 0 0 0 1,065 287,139 2,818,390 2,338,442 2,883 9,501 4,190 179,318 106,868 2,641,202 1,343,349 2,619 5,651 2,419 14,150 140,635 1,508,823 1,993,011 51,217 12,547 1,777,941 12,733 106,423 3,953,872 1,029,837 0 693 108,863 133,764 65,079 1,338,236 2,345,463 56 1,553 6,227 4,541 7,189 2,365,029

51,306,654 741,361 2,398,366 2,326,704 2,203,373 13,083,399 72,059,857

Support costs amount to £2,819,519 and are split out by cost type in Note 7a below. These cost have allocated to "Church Activity", as this is considered appropriate as this is the main activity of the charity.

Included in the above £376,746 which relates to the group's subsidiary company. Included in the above is £1,997,703 which relate to restricted funds.

35

ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

_______________

NOTES TO THE FINANCIAL STATEMENTS

6c Expenditure re Ancillary Programs 6a Church Seminars etc Ministry and Skills training Coffee shops Bookrooms Foodbanks Charity shops Childcare programs Community Programs Nursing Homes 6d. Grants Made 6a Individuals Other ministries and institutions Other charities	Total Total 2024 2023 204,919 678,214 107,434 151,951 623,058 628,275 36,608 44,627 747,761 541,529 111,339 245,032 6,391,743 6,075,346 1,358,811 1,152,878 4,484,829 3,565,547 14,066,502 13,083,399 Total Total 2024 2023 979,573 758,255 2,751,407 2,651,401 653,731 544,216 4,384,710 3,953,873

Grants to other ministries and charities were mainly made by Churches. While specific details of each grant have not been collated it is known that over 100 churches made such payments. The trustees are satisfied that churches are adequately advised as to the parameters relative to the making of grants and that any misapplication would not have created any material misrepresentation in the financial statements.

7a. Support costs Central and Regional Salaries Central office premises Central Equipment Central administration costs 7b. Governance Costs Principal auditor fee Consultancy fees Legal and advisory fees Trustee and management committees	Total Total 2024 2023 2,057,607 1,955,019 219,838 146,185 261,244 169,365 280,830 259,885 2,819,519 2,530,454 132,000 121,200 27,198 4,776 1,640,898 1,199,796 15,405 12,464 4,635,021 3,868,690

36

ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

_______________

NOTES TO THE FINANCIAL STATEMENTS

8. EMPLOYEES STAFF COSTS DURING THE YEAR WERE AS FOLLOWS: Wages and salaries - ministry Wages and salaries - administration Agency Costs Social security costs Other pension costs Private health insurance Staff roles Church and ministry staff Youth Ministry Administration Care - Nursing and childcare Community Programs Property Services £90,001 - £100,000 £80,001 - £90,000 £70,001 - £80,000 £60,001 - £70,000 £50,001 - £60,000 £40,001 - £50,000 £30,001 - £40,000 £20,001 - £30,000 £10,001 - £20,000 £1 - £10,000 Total Trustees and Key Management Personnel Remuneration re offices held Trustees disbursement of expenses in fulfilment of duties

Total Total 2024 2023 29,125,814 27,821,339 4,667,367 4,313,877 25,620 13,189 884,629 876,105 2,301,660 2,551,754 83,134 79,023 37,088,224 35,655,287 Number Number 2024 2023 737 585 115 96 317 294 211 157 163 152 145 156 1,688 1,440 Number Number 2024 2023 1 1 9 2 5 1 21 8 59 11 187 29 266 152 481 229 564 420 95 587 1,688 1,440 2024 2023 1,091,307 1,087,721 30,755 47,924

As required by the Constitution of the Alliance all members of the National Leadership Team (the Trustees) are serving ministers of the Alliance. During the year all members received remuneration commensurate with their ministerial or executive role. The total amount including pension contributions was £998,625 (2023: £947,901). A breakdown of this amount is included within the Trustees Report. Please read these in conjunction with this report.

Included in the disbursement of expenses above are payments to 14 trustees (2023: 13 trustees).

No other payment was made during the year to persons related to a trustee other than those due under contract of employment. In the period to September 2024 the number employed was 6 (2023: 6) with a total salary of £79,385 (2023: £78,656) . A breakdown of this amount is included within the Trustees Report. Please read this in conjunction with this report

37

ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

_______________

NOTES TO THE FINANCIAL STATEMENTS

9. Tangible Fixed Assets

Group Cost as at 30 September 2023 Additions Transfer to Investments Disposals Cost as at 30 SEPTEMBER 2024 Accumulated depreciation as at 30 September 2023 Charge in the year Depreciation on disposals Accumulated depreciation as at 30 September 2024 Net book value at 30 SEPTEMBER 2024 Net book value at 30 September 2023 9. Tangible Fixed Assets Charity Cost as at 30 September 2023 Additions Transfer to Investments Disposals Cost as at 30 SEPTEMBER 2024 Accumulated depreciation as at 30 September 2023 Charge in the year Depreciation on disposals Accumulated depreciation as at 30 September 2024 Net book value at 30 SEPTEMBER 2024 Net book value at 30 September 2023	Freehold Assets in the course Fixtures, property & of fittings & leasehold Construction equipment Total improvements 2024 209,937,167 6,113,995 216,051,162 2,334,438 648,854 2,983,292 (761,711) (278,935) (1,040,646) 211,509,894 6,483,914 217,993,808 23,759,561 4,813,068 28,572,629 1,527,799 242,137 1,769,936 (274,005) (274,005) 25,287,360 4,781,200 30,068,560 186,222,534 1,702,714 187,925,248 186,177,606 1,300,927 187,478,533 Freehold Assets in the course Fixtures, property & of fittings & leasehold Construction equipment Total improvements 2024 209,937,167 6,113,995 216,051,162 2,334,438 648,854 2,983,292 (761,711) (278,935) (1,040,646) 211,509,894 6,483,914 217,993,808 23,759,561 4,813,068 28,572,629 1,527,799 242,137 1,769,936 (274,005) (274,005)
	25,287,360 4,781,200 30,068,560
	186,222,534 1,702,714 187,925,248
	186,177,606 1,300,927 187,478,533

On 31 October 1998, the freehold property in England, Scotland, Wales and the Channel Islands was revalued by Messrs GVA Grimley (RICS). The basis of the valuation used was depreciated replacement cost for the specialised properties, existing use value assuming vacant possession for non-specialised properties and open market value assuming vacant possession for properties, which are surplus to requirements. This valuation was included in the 1998 financial statements and the surplus arising transferred to the general reserve. Subsequently the 1998 valuation has been treated as the deemed cost for the relevant properties.

38

ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

_______________

NOTES TO THE FINANCIAL STATEMENTS

9a Investments

9a Investments
Value at 30 September 2023 Revaluation in year Value as at 30 September 2024	Investment property 9,675,189 682,455
	10,357,644

5 properties were identified as being held solely for income generation and capital appreciation so were transferred from Tangible Fixed Assets in previous years. The valuation is reviewed annually to establish fair value at the balance sheet date.

10. STOCKS	Total		Total
	2024		2023
Group
Goods for resale	8,142		6,932
Office stock	10,697		12,041
	18,839		18,973
Goods for resale are held by local church bookroomsand EPC Services Shop		`
		`
Charity
Goods for resale	8,142		6,932
Office stock	1,466		2,300
	9,608		9,232
Goods for resale are held by local church bookrooms
11. DEBTORS	Total		Total
	2024		2023
Group
Trade Debtors	573,795		887,952
Prepayments
Other debtors	2,645,764		3,906,440
	3,219,559		4,794,392
Charity
Trade Debtors	573,795		887,952
Intercompany
Other debtors	2,605,989		3,866,006
	3,179,784		4,753,958

39

ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

_______________

NOTES TO THE FINANCIAL STATEMENTS

12. LONG TERM LOANS ADVANCED Group and Charity Advances to individuals a Sundry advances less provisions	Total Total 2024 2023 120,073 263,625
	120,073 263,625

a. Includes advances to one officer of the Alliance secured against assets and repayable by date of sale £8,776 (2023: £24,002) No individual loan exceeds £30,000. No new loans were given in the year to any officers of the Alliance.

13. CASH AT BANK AND IN HAND Group Net balance held in local church accounts Central Funds	Unrestricted Restricted Total Total Funds Funds Funds Funds 2024 2024 2024 2023 20,608,788 20,608,788 18,213,176 8,395,418 899,564 9,294,982.0 9,357,764 29,004,206 899,564 29,903,770 27,570,940

Central funds balance includes £80,973 (2023: £90,619) which relates to groups subsidiary company.

14. CREDITORS Group Trade creditors Social security and other taxes Other creditors Accruals and deferred income Charity Trade creditors Social security and other taxes Other creditors Accruals and deferred income	Total Total 2024 2023 1,419,138 1,612,001 86,231 87,864 1,200,231 457,711 2,705,600 2,157,576 Total Total 2024 2023 1,413,599 1,604,601 86,195 75,720 1,122,616 389,750 2,622,410 2,070,071

40

ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

_______________

NOTES TO THE FINANCIAL STATEMENTS

15. LONG TERM LOANS RECEIVED Unsecured liabilities:- Amounts due to other trusts Amounts due to individuals Amounts repayable within one year Secured liabilities:- Bank loans (b) Bank loan portion payable within one year Individual loan portion payable within one year Total Long Term Loans Bank loan projected repayments Within one year After one and within two years After two and within five years After five years

Total Total 2024 2023 169,475 156,846 542,873 604,960 (402,873) (464,960) 309,475 296,846 31,545,773 34,090,468 (1,979,260) (2,128,419) 29,875,988 32,258,895 1,979,260 2,128,419 1,979,255 1,979,260 2,700,000 4,049,070 24,887,258 25,933,719 31,545,773 34,090,468

Bank loans are secured by charges on certain properties of the Alliance.

£22.25m is provided by Lloyds as a Fixed Rate loan due to be repaid in 2043.

The balance of the bank facilities is provided at LIBOR related rates by Lloyds and RBS and is being repaid over an agreed 15 year term by 2031.

16. MOVEMENT ON RESTRICTED FUNDS Group and charity At 1 October 2023 Incoming resources Expenditure At 30 SEPTEMBER 2024	CHURCH ELIM RELIEF 2024 TOTAL 2023 TOTAL RESTRICTED ASSOC. RESTRICTED RESTRICTED FUNDS FUND FUNDS FUNDS £ £ 808,453 92,909 901,362 1,032,040 1,765,319 230,586 1,995,905 2,196,026 (1,693,399) (304,304) (1,997,703) (2,326,704) 880,373 19,191 899,564 901,362

Churches hold various funds as a result of specific donations, which are awaiting the relevant allocation, The major portion of these funds are church building funds.

Elim Relief Association is a fund from which to provide relief overseas through humanitarian and development programs.

41

ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

_______________

NOTES TO THE FINANCIAL STATEMENTS

17. MOVEMENT ON DESIGNATED FUNDS The Group At 1 October 2023 Incoming resources Expenditure Transfers At 30 SEPTEMBER 2024 The charity At 1 October 2023 Incoming resources Expenditure Transfers At 30 SEPTEMBER 2024

CAPITAL DEFINED BENEFIT 2024 TOTAL 2023 TOTAL ASSETS PENSION DESIGNATED DESIGNATED FUND OBLIGATION FUNDS FUNDS 162,301,448 (7,322,000) 154,979,448 154,979,448 3,723,323 955,000 4,678,323 166,024,771 (6,367,000) 159,657,771 154,979,448 CAPITAL DEFINED BENEFIT 2024 TOTAL 2023 TOTAL ASSETS PENSION DESIGNATED DESIGNATED FUND OBLIGATION FUNDS FUNDS 162,301,448 (7,322,000) 154,979,448 154,979,448 3,723,323 955,000 4,678,323 166,024,771 (6,367,000) 159,657,771 154,979,448

Local Church leaderships have invested monies from unrestricted funds for various specific purposes particularly building projects

Capital Assets funds represents the accumulation of contributions applied to the acquisition of property used in pursuit of our charity objectives.

Defined benefit pension obligation is the deficit between a defined benefit pension scheme's assets and the present value of its liabilities, which the employer must recognise as a balance sheet liability in accordance with UK pensions legislation.

18. Allocation of Assets by Fund

18.1 Group Fixed Assets Investments Loan Advances Current Assets Current Liabilities Long term Liabilities Pension obligation 18.2 Charity Fixed Assets Investments Loan Advances Current Assets Current Laibilities Long term Liabilities Pension obligation

General Designated Restricted Total

187,925,248 187,925,248 10,357,644 10,357,644 120,073 120,073 32,242,604 899,564 33,142,168 (2,705,600) (2,382,133) (5,087,733) (29,875,988) (29,875,988) (6,367,000) (6,367,000) 29,657,077 159,657,771 899,564 190,214,412 General Designated Restricted Total 187,925,248 187,925,248 10,357,644 10,357,644 120,073 120,073 32,112,625 899,564 33,012,189 (2,622,410) (2,382,133) (5,004,543) (29,875,988) (29,875,988) (6,367,000) (6,367,000) 29,610,288 159,657,771 899,564 190,167,623

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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NOTES TO THE FINANCIAL STATEMENTS

19. CONTINGENT LIABILITIES

There are no contingent liabilities (2023 : £nil)

20. CAPITAL COMMITMENTS

As at 30 September 2024, the Alliance has no significant capital commitments outside of the minor church building projects already under contract.

21. OPERATING LEASES

At the year end the charity had commitments under non-cancellable operating leases expiring as below.

Group Not later than 1 year Later than 1 year but not later than 5 years Charity only Not later than 1 year Later than 1 year but not later than 5 years	2024 2023 £000s £000s Office Equipment Office Equipment 180,389 104 272,687 170 453,076 274 2024 2023 £000s £000s Office Equipment Office Equipment 180,389 104 272,687 170 453,076 274

22. PENSIONS

The charity operates a defined benefit occupational pension scheme, the Elim Ministers' Pension Fund to provide retirement benefits for its current and previous ministers and employees.

A full actuarial valuation was carried out as at 31 December 2021 and indicates a pension shortfall of £27.2m. However, the revised funding position, as at 17 March 2023 shows a shortfall of £11.4m which has been used as the appropriate deficit for the Recovery Plan calculations.

The total employer contributions during the year to 30 September 2024 amounted to £1,921,000 (2023: £1,822,000).

Contributions to the scheme for the year ending 30 September 2025 are expected to be £2.0 million. The scheme is funded by payment of contributions from the Alliance to a trustee administered fund (members are not required to contribute).

Benefits were built up in the scheme during the year on a 'final salary' basis, whereby the associated pension benefits are calculated with reference to a member's Final Pensionable Salary at the time they leave service or retire.

Employee benefit obligations Present value of benefit obligation Fair value of scheme assets Net Pension Liability	Value at Value at 2024 2023 £000s £000s £ £ 46,261 43,850 (39,894) (36,528) 6,367 7,322

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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NOTES TO THE FINANCIAL STATEMENTS

The amounts recognised in the statement of financial activities are as follows:

	2024	2023
	£000s	£000s
Current service cost	1,704	1,755
Net Interest cost on the net defined benefit liability	388	536
Total	2,092	2,291
Remeasurements of the net defined benefit liability recognised in Other gains and losses
	2024	2022 (Restated)
	£000s	£000s
Actual return on assets excluding interest income	2,253	(848)
Actuarial (losses) / gains	(1,127)	4,419
	1,126	3,571
Changes in present value of benefit obligation	2024	2023
	£000s	£000s
Opening defined benefit obligation	43,850	48,320
Current service cost	1,704	1,755
Interest cost	2,331	2,429
Actuarial loss / (gain)	1,127	(4,419)
Benefits paid	(2,751)	(4,235)
Closing defined benefit obligation	46,261	43,850
Change in fair value of scheme assests	2024	2022 (Restated)
	£000s	£000s
Opening fair value of scheme assets	36,528	37,896
Interest in scheme assets	2,253	(848)
Return on assets excluding interest income	1,943	1,893
Employer contributions	1,921	1,822
Benefits paid	(2,751)	(4,235)
Closing fair value of scheme assets	39,894	36,528
The assets of the scheme were:	2024	2022 (Restated)
LDI	19.2%	4.4%
UK Equities	0.7%	7.1%
Overseas equities	37.6%	38.4%
Gilts	1.1%	4.1%
Corporate bonds	0.9%	1.4%
Overseas bonds	0.9%	3.2%
Property	25.5%	27.7%
Cash/ other	14.1%	13.7%
	100%	100%

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ELIM FOURSQUARE GOSPEL ALLIANCE FINANCIAL STATEMENTS YEAR ENDED 30 September 2024

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NOTES TO THE FINANCIAL STATEMENTS

Prnicipal Actuarial assumptions	2024	2023
Discount rate	4.92%	5.38%
Inflation assumption (RPI)	3.23%	3.50%
Inflation assumption (CPI)	2.23%	2.50%
Future salary increases
for first 9 years post September 2024	0.00%	0.00%
thereafter	2.35%	2.45%
Deferred pension revaluation	2.23%	2.50%
Benefits accrued pre 6 April 1997	0.00%	0.00%
Benefits accrued April 1997 to 6 April 2005	2.28%	2.49%
Benefits accrued post 6 April 2005	1.69%	1.79%

Assumed life expectancies on retirement at age 65 are:

Male Mortality 100% of ONS National Life tables 2020-22 Females Mortality 100% of ONS National Life tables 2020-22 Mortality improvements CMI 2023 long term improvement of 1.0% using core parameters Cash Commutation 80% (2023: 80%) members take maximum amount available Expenses Nil

Historical disclosures

Historical disclosures
Defined benefit obligation Scheme assets Deficit	2024 2023 2022
	£ £ £ (46,261) (43,850) (48,320) 39,894 36,528 37,896
	(6,367) (7,322) (10,424)

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