COMPANY REGISTRATION NUMBER: 02104165 CHARITY REGISTRATION NUMBER: 327396 Siloam Christian Ministries Ltd Company Limited by Guarantee Unaudited Financial Statements 31 December 2023 MATTOCKS GRINDLEY Chartered Accountants 18 Mulberry Avenue Turnstone Business Park Widnes Cheshire WA8 OWN
Siloam Chrlstlan Ministries Ltd Company Limited by Guarantee Financial Statements Year ended 31 Decembar 2023 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees 15 Statement of financial activities (including income and expenditure account) Statement of financial position 17 18 Notes to the financial statements 20 The following pages do not form part of the financlal statements Detailed statement of financial activities 33 Notes to the detailed statement of financial activities 34
Siloam Christian Ministries Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating th8 Director's Report) Year ended 31 December 2023 The trustees. who are also the directors for the purposes of company law. present their report and the unaudited financial ststements of the charity for the year ended 31 December 2023. Reference and admlnlstrative details Registered charlly name Siloam Christian Ministries Ltd Charity registration number 327396 Company registration number 02104165 Princlpal offlce and reglstered 18 Mulberry Avenue office Turnstone Business Park Widn8S Cheshire WA8 OWN The trustees MrJJEld MrPMGale Mr R P Norton Independent examiner Giles Mattocks FCA Mattocks Grindley 18 Mulberry Avenue Tumstone Business Park Widnes Cheshire WA8 OWN Structurei governance and management Siloam Christian Ministries Ltd has been incorporated since 26th day of February 1987. ft is registered as a Company Limited by Guarantee number 2104165 and is govemed by a Memorandum & Articles of Association. The organisation is registered under the Charities Act 1960 number 327396. The organisatton has three Trustees" Mr Richard Peter Norton, Mr John Joseph Eld and Mr Peter Gale. The day to day running of the organisation is handled by Mr Richard Peter Norton assisted by 4 members of staff in the office, one of whom is a part-time bwkkeeper and two of whom are part-time clericavcomputer staff. The Truslees meet at least twice per year formally for board meetings and on other oGGasions to discuss actlvities of the organisation and future policy. Two Trustees apart from Mr Richard Peter Norton are also bank co-signatories and who are also requlred to countersign an(1 confirm 818Ctronic transfers of funds which ar8 made to our co-workers in the developing world.
Siloam Christian Ministries Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporatlng the Dlrectovs Raport) (continusd) Year ended 31 December 2023 Structure, governance and management (contlnued) RISK MANAGEMENT The Trustees constantly VIeW the major risks which Siloam faces on a regular basis which relate mainly to the employees and the office at 15a Newbold Street, Leamington Spa. All the projects overseas 8r8 independent projects controlled and maintained by their own boards and Gammittees etc. Siloam Christian Ministries in the UK can therefore not be held r8sponsibl8 for any eventualities which may occur in the overseas projects we support. Siloam supports partners that are independent and whilst we have no direct 'Hand5 On, financial control on how they run their project, Siloam can exercise authority in stipulating how the money which it raises on their behalf is actually spenL Siloam undertakes this control by insisting on receiving regular audited accounts from the various partners It supports. Also, In the case of major projects like the funding of children's bible camps or Christmas parcel outreaches, then Siloam insists on seeing copies of the bills or Ihe bills themselves, if they are not required by the independent entity. There is a small financial risk that Siloam may spend more on raising funds than Siloam actually receives in response to a mailing but thi8'has very rarely ever happ8ned and in those few cases the income tsrget has been topped up from funds initially allocated to Siloam's general fund. Siloam does not actually employ any staff overseas so there is no risk of Siloam belng Involved in any labour disput@s which could ba a serious drain on UK funds. Also, Siloam does not own any properties used or managed by the partners in any countries overseas so Siloam d08s not have a risk of being involved In costly property disputes which again could be a source of financial lost. A major risk which could affeGt Siloam financially, is a risk to Siloam's good raputalion, caused by the physical or mental abuse of ben8ficiari88 or the misuse of funds by any partner which Siloam is funding as an overseas partner or funding agent. Siloam tskes steps to see that it works with partners who have a history of good character who have been recommended to us by other trustees or other persons of authority in th8 various countries where Siloam provides funding and support. Slloam is currently updatir)g its records and building in various checks to ba made by the overseas partners concerning any criminal records of any staff paid or volunteers that they may employ. Also, because Siloam has regular and physical contact by vlsiting the partners, Siloam takes steps to check the procedures and activities of the various partners Siloam supports overseas. The Trustees in the UK carry indemnity insurance 8nd our Insurance liabilities are regularfy reviewed by one of our Trustees who was formerly an Insurance Broker.
Siloam Chrlstlan Ministrles Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) {¢ontlnu¢d) Year ended 31 December 2023 Structure. governance and management (contlnu8dJ EMPLOYEE EfHNICITY The 5 members of staff of Siloam Christian Ministries comprise a rich diversity of elhnicty. Only Mr Richafd Peter Norton the Founder is of Englishllrish de5cenl. the remaining members of staff are made up of Vietnamese-2, Indian Tamil -1 and Portuguese Goan -1. DISABLED EMPLOYEES Siloam Christian Minislries has an equal opportunities policy in respect of its fair employment practice relating to age, sex, gender and ethnic background of staff as well as staff who may be considergd to be physically challenged. EMPLOYEE INVOLVEMENT AND EMPLOYMENT OF THE DISABLED Siloam is a small Charity and up to the present, the organisation has not received applications for employment from anyone who could be considered physically challenged but it would welcome such applications. Siloam has made special opportunities to make employment available for overseas staff coming from ethnic minorities who share the Charity's philosophy about using educatton, medical aid, social and other relief as an expression of God's love. The staff are regularly informed by the Charity's Directors on specific matters and all members of staff have right of access and appeal to the Chief Executive and th8 Board of Trustees. The Charity regularly reviews its commitments under the current health and safety legislation and carries insurance for employers, liability in order to protect the truslees in respect of Iheir legal liabilities for death, injury, illness or disease of employees arising out of their work for Siloam. Similar claims arising from visitors. volunteers or any other Third Parties as well as property damage is dealt with under ihe Gharity's Public Liability (or Third Party) insurance cover for those working on the Charity's UK premises and on casIonS where the Charity is promoting its ministry for fundraising and other purposes such as at exhibition venues etc. Objectives and aGtivitiOS The objectives of the charity are to use medical aid, education, soclal 8nd other relief as an expression of God's love to individuals and small groups worldwide. By funding these activities the organisation and its Directors believe that it can have a positive effect upon individuals who have become homeless, dispossessed of their possessions or opportunities of education or employment through natural causes or w8r.
Siloam Christian Ministries Ltd Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {¢ontlnued) Year ended 31 December 2023 AGhlevements and performanc¢ CHILD SPONSORSHIP Siloam has been conscious of th8 fact that many developing countries are more Goncerned now about Child Protection issues and are therelore becoming very sensitive about photos and delails of children being shared with overseas sponsors. Siloam has continued to f8ature child sponsorship because it meets the need of categories of donors who want to have a personal relationship with an individual child or young person in another country. But, Siloam does not major on child sponsorship as a means of fundraising for children in the developing world. Siloam is also mindful of the fact that many of our supporters are becoming elderly and perhaps unable to take on the long term commitment of a regular chlld sponsorship commitment and would prefer to sponsor the project as a whole in case they are not able through age or infirmity to honour their individual child sponsorship in the fulure. However, Siloam continues to sponsor the foifowing children in 2023 by UK donors: South India- 6 children at the Light of Hope Mlsslon Kerala project 013 Vietnam - 90 children who each reside in their own homes but who are sponsored for their education project 043 Kenya 26 children at Blessed Generation Children's Home project 022 and 9 children at the Lambwe Christian School for lh8 Deaf- project 042 and 2 children at the Jirani Centre - project 004 Peru - 1 child - project 008 Siloam has funded many activities and projects In dlfferent parts of the developing world during 2023 which are listed in detail in our minisiry gift grant supplement sheet {the last page of these accounts). During 2023 Siloam continued to make updates to the Siloam websit8 by taking advantag8 of a n8W outside consultant who manages our SpOnSIbl1ty on an ongoing basis to refine our message and update our procedures to attract donalions. Siloam also maintains other websites which describe some of the Indivldual projects or activities which help to attract a wider inter88t base for those searching the internet. We also have two special w8bsites of an evangelistic nature which are maintained www.bomagain.org.uk and www.e1eventhh0uepentistchurch.cO.uk We also have another W.giving1sgoodf0ry0U.co.uk website to encourage and motivate giving entitled
Siloam Christian Ministries Ltd Company Limited by Guarantee Trustoes. Annual Report (Incorporating tha Directorfs Report) {contlnued) Year ended 31 December 2023 Achievements and performance (¢onUnued) Siloam's voluntary Representstive for Southeast Asia Mr Don Foster made 2 inspection ministy visits to the Philippines viz 27 February to 30 March 2023 and 25 September to 19 October 2023. Don also visited Vietnam viz 11 to 27 June 2023. However. in 2023 Siloam provided £18,444 in educational sponsorships for disadvantaged children in Vietnam (2022 - £20,043. 2021- £20,553, 2020~ £22.812, 2019- £24,745 and 2018 - £21,683). In the Philippines for Siloam's major project.. the Rehoboth Children's Centre. Siloam provided £10,810 in financial support in 2022 (£13.375 - 2022, £13.363 - 2021, £15,134 - 2020 and £12.521 2019). A new Christrnas parcel outreach in Portugal was undertaken during 2022 with a ministry gtft of £1,742. Siloam did not provide funds for another Christmas parcel outreach in Portugal as it was felt by the response that it was not productive. People who had reiVed the Christmas parcels in 2022 were reluctant to publicly thank the donors and be photographed raceiving Christmas food parcels as they fett this was 'demeaning'. This unfortunate display of negative aPpClatiOn influenced Siloam to decline further an outreach such as a Christmas parcel outreach with the organisation known 8S 'Adonia'. For the third year. a gift of £2,239 {£1,764 in 2022) was fonvarded to our co-workers in Guinea-Bissau for their third Christmas food parcels distribution. This outreach was very much appreciated by the poor people it reach8d by our missionary co-worker and plans are being made to support the project in Guinea-Bissau again in December 2024. Our winter Christmas outreach in the Ukraine was suspended again for 2023 because of the ongoing war with Russia. However. funds to provide food parcels and other aid were sent during the year totslling £12,500 (£14,865 in 20221. In 8ulgaria, Siloam provided a gift grant of £10,000 (£12,000 in 2022, £10,000 in 2021) to the Church of God Prophecy in Rousse (Ruse). This provided 1.100 simple bags of groceri8s for very poor people from 26 churches. mostly elderly and 600 special Christmas gift parcels for deprived children. Some government run children's institutions were also helped with gift parcels. Siloam's children's Bible camps continue to be 8 very popular oulr8ach to disadvantsged children and young people. Funds totalling £21.063 (£21,251 in 2022, £12,738 in 2021). Camps were provided in Portugal. Poland, Peru, Romania and Ukraine, where we provided funds for day camps to be held in the city of Chemigiv. Siloam was privileged to assist the Siloam Gospel Clinic in Ghana in the southwest remote part of the country for project.. 010 which totalled £12,300 in 2023 (2022 £10.000 and £13,500 2021). These funds over the last 3 years have enabled the clinic to be provided with a new clinical wasté facilily, a new Perkins 30KVA electric generator as well as the replacement roof for the cliniG which was completed in 2023. Our challenge to provide funds for the refurbishing and re-roofing of the visiting doctors. accommodation so that senior medical staff who visit the project can be adequately accommodated was delayed until the end of 2023. This was because we were first obliged to provide funds for 25 new hospital bads before providing for the visiting doctors. accommodation refurbishment. This was all done in 2023 and the refurbishm8nt was finished and paid for during the early months of 2024 with the final grfts tolalling £6.500.
Siloam Christian Ministries Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 December 2023 Achievements and performance (contlnuodj Siloam's foundational ministy which began back in 1983, the Slloam Thomas Eye Hospital in Coimbatore, south India received funding in 2023 of £7,520 {in 2022 £6,607). These funds were used to help provide eye treatment for patients who were unable to pay for their own medical eyecare as well as helping to paywoff a 5-year loan to purchase a 'State of the Art, Fundus Gamera which had earlier been frustrated by the Indian Govemment's F.C.R.A Regulations. Our Trustees, as an oversight group, have been very supportive Wlth their skills and advice as well as putting fomard overseas management suggestions. They supported the management in a very helpful way particularly during the earlier 'Covid-19' pandemic time and they have been able to contribute on a number of issues involving the Charity's Complian with health and safety matters as well as G.D.P.R. Fssues and generalty helping the management obsarve and comply with all current employment law and assist by suggesting future policy. Both our 'out of office, Trustees have been very helpful in arranging to confirm overseas financial transactions processed through Natwest Banking and 'Equals Connect,. We are also thankful to our 'out of office, Trustees who have also attended the office on special occasions to countersi9n ch8qU8S and discuss mission policy for the future.
Siloam Christian Ministries Ltd Company Limited by Guarant88 Trust8es' Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 December 2023 Flnancial review The results of the year and financial position of the Company and Charity are shown in the annexe to the financial statements. The Charity continues to fund 31 projectslministries overseas plus in the UK (Home Ministry- project 017 and our new project 100 - Evangelistic Ministry). Both the level of activity and the year-end financial position were satisfactory bearing in mind the UK is still in a period of global uncertainty brought about by the earlier 'Covid-19' pandemic and which has been exacerbated by the ongoing 'Brexit' issue but it was also not helped by the political instabilty regarding the future. But. the Trustees l Directors still expect that the current level of aGtivity will be maintained at least for the foreseeable future even though many of our donors are of a senior age and it is more difficult to recruit younger donors to this kind of ministy. Many of our 'Cind8r8118' projects have be8n supported by the General Fund which this year made a special grant of £14.356 {£14,461 in 2022. £6,971 in 2021. £7.519 in 2020 and £8,018 in 2019) to various underfunded projects to cover outstanding fund defici8ncies. The following charts give an overall picture of the current status of the Charity's fundraising effectiveness and can be compared wlth the activity over the lasi 5 years. Please see the supplementary charts which should show you the data more clearly. SILOAM'S OVERALL DONATED INCOME COMPARISONS NOOF DONATIONS GIFT AID RECEIVED VALUE 2023 2022 2021 2020 2019 6,898 7,217 7,734 7,507 7,659 254.807 279.463 272,438 276.868 251,600 26.393 28,250 31.518 28,993 29,063 DONATIONS RECEIVED BY WAY OF WILLS AND LEGACIES %OF OVERALL INCQME NO OF WILL GI8 VALUE 2023 2022 2020 2019 6.274 5.973 22.807 7.746 DONATIONS RECEIVED DIRECTLY VIA THE BANK INC'BMSO %OF OVEFIALL INCOME NOOF DONATIONS VALUE 2023 2022 2021 2020 2019 4.942 5.162 5.201 5.175 5,042 147,070 174.887 146,754 132,144 108,938 52 63 48 43
Siloam Christian Ministries Ltd Company Llmltod by Guarantee Trustees. Annual Roport (Incorporatlng the Directorfs Report) (continued) Year ended 31 December 2023 DONATIONS RECEIVED FROM CURRENT YEAR'S DIRECT MAILING CAMPAIGNS % INCOME OF TOTAL DONATED INCOME NOOF DONATIONS GROSS INCOME COSTS 2023 2022 2021 2020 2019 1,485 1,652 2,124 1,812 2,116 69,207 71,369 96,743 76,466 91,551 10.938 13,105 14,297 16,544 26,562 25 26 36 27 36 DONATIONS RECEIVED FROM FORMER DIRECT MAILING CAMPAIGNS /oOF OVERALL DONATED INCOMe NOOF DONATIONS VALUE 2023 2022 2021 2020 2019 194 142 65 110 70 11,229 6,924 2,254 4,823 6,187 DONATIONS RECEIVED FROM UNSOLICITED MISCELLANEOUS LETTERS 'hOF OVEIiALL DONATION INCOME NOOF DONATIONS VALUE 2023 2022 2021 2020 (incl 1 grant of £10,000) 2019 272 258 344 404 427 21,027 20,310 26,687 40,628 38,177 10 15 15 COMPARISON OF RESULTS OF DIRECT MAILING FUNDRAISING CAMPAIGNS BY THE YEAR NOOF NOOF NET %OF ITEMS RESPONSE INCOME RESPONSE MAILED RAISED TO MAILING 2023 2022 2021 2020 2019 9,974 12,858 13,7T5 17,527 23,808 1,485 1,652 2,124 1,812 2,116 58,269 58,263 82,446 58,793 64,989 15 13 15 10
Siloam Christian Ministries Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the DirectOS Report) (contlnuad) Year ended 31 December 2023 Flnanclal revlew (continugdj Siloam's contribution for 2022 of £175 to the Evangelical Alltance as a paid up member, was not paid in 2022 as the payment advice was received late. This was therefore paid in January 2023 and our 2023 subscription was also paid later in the year ie 2 x £175. Siloam also provided gift subscriptions to the Creation Magazine for our overseas co-workers as part of our ministry equipping mandate. RESERVES POLICY Siloam ensures that it has sufficient reserves 'on hand. in its bank accounts to cover six months expenses in the event of a fundraising or olher problem within Sik)am in the UK so that continued support can be made to our ongoing projects such as our children's sponsorship programmes in Kenya, South India and Vietnam. Obviousty, if Siloam is unable to raise funds for a particular outreach project such as a Christmas parcel outreach or a children's Bible camp, that activity would simply not happen. Siloam Christian Ministries support 31 projects overseas and also maintains a fund in the UK (project: 017 - Home Ministries), so Ihat gifts can be made to UK based organisations with which Siloam is In fellowship at the time. In addition to this, we also have a UK project 100 which began in 2022 with the aim of reaching members of the g8n8ral public with the Christian gospel of Jesus Christ. This ministry is mostly undertaken by mailing packages of Christian literature to unnamed individuals so that G.D.P.R Regulations are not infringed. Approximately 200 packages per month are mailed which also Contsin the 'Good News, newspaper as well as other relevant evang81istic material. In 2023, all projects rec8iV8d funds on the basis that they received 900/0 of the funds which had been donated towards their particular projects. The remaining 10D/o was held back as a reserve to help future fundraising, advertising, publicity and governance as well as any administration costs as directed by Ihe Trustees. Be¢aus8 of th8 rising Cost of govemance and keeping up with govemment legislats'on, this will change from 1st January 2024 so the projects will only receive 87.50/0 of the fund donated towards their particular projects and the remaining 12.5'/o will be used towards advertising, publicily, govemance as well as administrdtion costs. Also, the 'gift aid. received from HMRC is allocated to Siloam's general fund project 001 and not as previously up until 31st December 2020 allocated to eaGh of the individual projects. However, the Trustees do reserve the right to reduce the amount of funds retained from that 10 /0 or future 12.5/0, if they fèel the project is worthy of additional support at that time. Siloam's two 'Freehold' investment properties purchased on 18th December 2017 provided gross income during the year 2023 of £21,540 (£20,400 in 2022, £16,646 in 2021 }. Back on 11th March 2019. Siloam invested £50.000 of the organisation's serveS with Green Pastures CPS Limited, an organisation which helps UK Homeless by providing needed funds with which to purchase properties for churches so they (2n rehouse and rehabilitste homeless people and get them equipped and ready for employment. By the 4th anniversary of our investment on 1 Oth March 2023, our interest had accrued to £7.881.25. By ihe end of the 5-year term when the investment mabjred on 10th March 2024. Siloam received back £60.775.31. This represented a 'profit' of £10,775.31. This total was later re-invested in 2024 with Green Pastures aEong with other funds making a totsl of £90,000 for a further two years at 50/0 intsr8St. At the end of 2023, the total serveS in the bank availab for emergency needs and re-investment directed by the Trustees was £95,150. The current account balance at the end of the year was £22,498. The Trustees consider this is an appropriate amount to meet the continuing needs of the Charity.
Siloam Christian Ministries Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (Gontinuad) Year ended 31 December 2023 Financial reviow (continu¢dJ BENEFITS TO THE PUBLIC Although Siloam Christian Ministries has been in existence in the UK since 1983 and registered as a Charily on 26th February 1987, it continues to use medical work, education, social and other relief as an expression of God's love, worldwide. By funding th8 following activities, the organisation believes it has a positive effecl upon individuals who have become homeless, dispossessed of their possessions or opportunltles of educatlon andlor employment through natural causes or war. By funding the following activities, Siloam believes we have provided benefits to the public in the various countri8s where Siloam is privi18g8d to operate. Because Slloam has a faithful supporter whose son is working with this family in Turkey in a Church planting programme, we took advantage of Ihis opportunity to pass any Siloam funds Ihat W8 coukl raise through this co-workerfs son. This empow8red a local church to minister as best they could to the earthquake vicllms who had fled to the capital Ankar8 and other cities to escape the effects of the earthquake. During the first few months of 2023, a gift of £4,500 was raised and sent in two amounts which would have been of great benefit to the public the church was helping in Turkey. During 2023 we were privileged to send £7,520 for the Siloam Thomas Eye Hospital in Colmbatore. South India. Earlier we had been frustrated by the Indian Financial Authorities F.C.R.A as wer& only able to S8nd £2,349 in 2021 but after the F.C.RA had been relax8d in 2022, Siloam provided £6,606 used mostly to repay our loan a9reecl to pay for the purchase of an Optopol Fundus Camera. Siloam continues to provide funds to help patients who are unable to pay for their own eyecare treatment. n 2023, Siloam assisted the Siloam Gospel Clinic in Ghana by providing £12.500. £6,000 was used to provide an urgent requesl for 25 new hospital beds required by the Ghanian Health Authority. The balanc8 of £6,500 was used for the first half of the refurbishment of the bungalow used by the visiting doctors and surgeon8. A further £8,500 was also furnished at the beginning of 2024 which has enabled the visiting doctors, bungalow to be completely refurbished. Prior to this, in August 2021 we provided £4,300 for a waste disposal facility to make clinical waste safe for the 8nvironm8nt. Before that in May 2021, £9,000 was provided to purchase a Perkins Electrical 30KVA generator. In 2022, £17,000 was provided to comptelely renew the roof of the Slloam Gospel Clinic which included roofing sheets as well as new joists and supports and a new plywood c8iling. 10
Siloam Christian Ministries Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) {conllnugdJ Year ended 31 December 2023 Financial review (conunu Other activities which we believe are of a benefit to the public are listed on sheets 4 & 5 but we will state them here again for clarity. During 2023, Vietnam received £18,444 (in 2022 £20,043), used for educational sponsorship of poor children. In the Philippines, £10,810 {£13,375 in 2022) was provided for the Rehoboth Children's Home to rescue abandoned babies and toddlers. A further £853 (£1,246 in 2022) was provided for the Ephesians Christian School in the Philippines which provides educational opportunÉties for deserving children. In Kenya, during 2023 the Lambwe Christian School for the De8f received £7,543 (£7.032 in 2022) and the Blessed Generation Children's Home which op8rates on 3 sit88 received a total of £13,371 (£13,689 in 2022). Bible Training for Christian Leaders in Kenya organised by Pastor Paul Mwangangi received £8,659 (£9,997 in 2022). The Jirani Centre in Kenya founded by Sr Veronica also rec8lV8d £3,647 (£2.632 in 2022). In India at the Light of Hope Mission in Kerala, £6,096 was provlded durlng 2023 (£18,176 In 2022 because 1 supporter alone provtded £10.000 for help to construct a new home for widowsll). Because of the Ukrainian emergency crisis. Siloam provided 5UPPOrt for the Baptisl Church in Chernigiv. Ukraine totalling £12.500 (£14,685 in 2022). Further help via Transmission Partnerships headed up by Peter Malkin also provided help lotalling £10.361 {£1,500 in 2022). A further benefit to the public is also worth mentioning a funds which SiSJam has entrusted and invested (£50,000) with Green Pastures CBS Ltd which will enable Green Pastures to provide help to UK homeless people by providing funds so that properties can be purchased for churches to rehouse home1888 people and provide training and practical support for them to find employment. After this investment materialised in March 2024, the profrt of £10,775 and additional capital was invested with Green Pastures totalling £90.000 for a period of years at an interest rate of 50/0 which will furth8r help Green Pastures lo provide help to the very people who need to be rehoused and have a useful role in sociely. 11
Siloam Christian Ministries Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Raport) (¢ontinued) Year ended 31 December 2023 Plans for future perlods Since the inceptlon of Siloam In 1983 and after it became a registered Charity on 27th February 1987, Siloam has continued to build up its support mostly from contacting folk through direct mail and advertising in Christian newspapers and magazines. In recent years, this has not been so productive as in the distant past although now as folk are becoming more irritated by receiving numerous uninvited emails, it would appear that th8 r8sponse rat8 for dir8Ct mail are again on the increase. Although we have tried to recruit supporters and get new prospects by email, they are nol as productive as the posltive response that we obtain from dlrect mail. Indeed, compared to some organisations, we seem to be more than holding our own in these difficult times. In 2023, Siloam maintains the number of fundraising mailings campaigns but the average number malled was less than in former years. In 2023, Siloam mailed an 8verage of 997 newsletters per month for 10 conseculive mailings (in 2022 the average was 1,072 per mnth, in 2021 the av8rage monthly mailing was 1,148 and in 2020 - 1,461, 2019 - 1,984 and in 2018 - 1,9891. Because of the decreasing return on our mailings, we plan only to mall around 1,000 items or less per month and not for every month. Our quarterly mailings seem the most productive and Ihose special mailing which are targeted to raise funds for children's Bible camps as well as our Christmas parcel outreach in Bulg8ri8. During 2023, we conducted 3 special mallings for Bible camps in May, July and August and the tolal net income produced from those 3 mailings was £22,484. But, overall the total income for the year for children's Bible camps came lo £31,697 which shows that som8 SUPPOrters have it in their annual ptans anyway to support Siloam's children's Bible Gamps. The amount we spent overseas on Bible camps for 2023 was £21.633. This leaves a surplus to carry on for the Bible camp expenses in 2024 and beyond. By contrast. the response to our Bulgarian Chrlslmas parcel appeal durlng 2023 was less than we had predicted as we already advanced £10,000 to Bulgaria before we actualty received all the funds for th8 year. We only actually received £9,021 for the Christmas parcel outreach in Bulgaria and only £4,791 resulted from our Christmas appeal which was launched on 15th November 2023. The balance of the funds required was tsken in this case from the general fund. In 2024, we plan to conduct 2 mailings for our Bible camps and we will use some of the surplus generated in 2023 to cover the anticipated expenditure for the 2024 camps which will come to £26,000. However, £5,000 of this wi15 not be required until January l February 2025 as this will be for their 2025 winter camp. Now that the FCRA issue in India has been resolved, we will continue to raise funds for Items of optical equipment that we so desperately need in Coimbatore as much of the equipment is over 30 years old. Also we will continu8 to provide funds for patients who ar& unable to fund their own eyecare. In Ghana, the beginning of 2024, we managed to raise all the funds required to re-roof and refurblsh th8 Visiting doctors, bungalow so we will continue to raise funds for the Siloam Gosp81 Clinic which will be spent on updating Ihe equipmenl and facilities available to th8 people in these desperately poor and remote parts of Ghana. Our Christmas outr8a¢h to Bulgaria in 2024 will be sca18d back because of th8 lack of income received during 2023. Instead of the £10,000 that we sent in 2023, Siloam's target for 2024 will be just £8,000. 12
Siloam Christian Ministries Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Dlrectorfs Report) (¢ontlnuedJ Year ended 31 December 2023 Plans for future perlods (conllnUj In Guinea-Bissau, we plan to continue with our Christmas OLrtr8ach to help peop18 in that former Portugu888 colony with a gift of at least £2,000 and we are also boking at how we can help with a special Christmas outreach to desperately poor people in the Azores in the mid-Atlantlc Islands which are part of Portugal and the most westerly part of the EU. An appeal has been received alerting us to the great need and r8qU8Sting Siloam's help to address the situation suffered by many impoverished people. We will continue to roll out our evangelistic campaign to 200 address8s each month with a copy of the 'Good News, newspaper and 8n introductory letter another thought-provoking lit8ratur8. This outreach tsrgets individual houses but addresses the recipients as 'The Householderf so as to avoid infringing G.D.P.R. Regulations. This is indeed letter-box evangellsm and if Siloam supporters continue lo catch the vision for this outreach. our monthty budget numbers targeted could well increase. During 2023 Siloam continued to mail18ss literature each month to regular supporters. Back in 2020, we tryjk the step of removing over 600 non-donors from our mailing list who had never really responded to our newsletters. We have continued to mail our supporters according to their mailing preferences which is either monthly, bi-monthly, quarterty or just 3 times per year. once every 6 months or just once a y88r. About half of our mailing list comprises of folk who like to receive mail only once a year and they numbered 1,375 donors back in February 2023. This compares with 1,290 in May 2022. A malling despatched on 7th February 2023 cost L6S £985.28 to mail and only attracted 26 responses. This was only a 1.890/0 r8sponse rate which was very disappointing! The income raised was £985.54. This means that we only mad8 a profit of £0.26P on this mailingl! y comparison, we mailed our Ukraine Emergency Aid appeal on 31st January 2023 to our regular supporters using the same material to a total of 1,031 supporters to all mailing cycles except the once-a-year cycle and this attracted a response of 207 supporters donating a total of £12,724.80 which represents a response rate of 20.08% response. The profit from this mailing amounted to £11,931.53. We have been very disappointed in recent times with mailing our once-a-year list as this is currently counter-productive although we have managed to recover at least 2 good donors to our other more meaningful mailing frequencies so we hope they will respond more in future. Both th8 mailings mentioned above concerned our outreach to Ukraine bringing food parlS and material aid so it was extremely topical. Even after the 'Covid-19' pandemic, the donations picked up for a short time but then due to the economic Crisis in 202212023, this badly hit our donors again. We will have to continue to be more targ8t8d and perhaps send our mailings less frequently so that we do not weary our existing donors and cause them to lose interest. In our spectal mailing in July 2023 we sent our annual 'Stat8ments of Giving, to supporters to encourage them to use the bank transfer method of sending gifts to Siloam which only cost us a deduction of £0.35P A little card advising folk that they can help us withoul 8nriching the Post Offic8 and th8 N8$t Bank was al80 enclosed and we believe this has also encouraged more folk to send us bank transfers rather than cheques in the mail. 13
Siloam Christian Ministries Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) {¢ontlnued) Year ended 31 December 2023 Plans for future perlods rcontlnuodj Statistics concerning our mailing responses and income can be seen on page 6 17 of thls report but we also want to mention our 'g@n8ral unsolicited. donations which amounted lo £21,027 in 2023 which represents 7.480/0 of our total overall income. This compares with £20,310 in 2022 which represents 6.60/0 of Siloam's total income. We believe that much of this income may well not have been raised had tt not been the result of a donor receiving a piece of mail in the post or an email from Siloam which caused donors to respond in the way they did. Small Gompany provlslons This r8POrt has be8n prepared in accordance with th8 provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 1.7.- 09..~ LC.It and signed on behalf of the board of trustees by: MrJJEld Trustee Mr R P Norton Trustee 14
Siloam Christian Ministries Ltd Company Limitsd by Guarant80 Independent Examinerfs Report to the Trustees of Siloam Christian Ministries Ltd Year ended 31 December 2023 I report to Ihe trustees on my examination of the financial statements of Siloam Christian Ministries Lld (Yhe charty,) for the year ended 31 December 2023. Responsibilities and basis of report As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Acl 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the company are not required to be audtted under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts as carried out under seGtion 145 of th8 Charit18s Act 2011 {'the 2011 Act,). In carrying out my examination I have followed th8 Dir8Ctions given by th8 Charity Commission under section 145(5){b) of Ihe 2011 Act. Independent examlnerfs statement Since the charity's gross incom8 exceeded £250,000 your examiner must be a m8mb8r of a body listed in section 145 of the 2011 Act. I confinn that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountsnts in England and Wales (ICAEW), which is one of the listed bodies. I have completed my examination. I confim) that no matters have come to my 8ttention in connection with the examination giving me Gause to believe- ac(xiunting records were not kept in respect of the charity as required by section 386 of the 2006 Act. or the financial statements do not accord with those records" or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fai¢ view which is not a matter considered as part of an independent examination., or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial R8POrting Standard applicable in th@ UK and R8public of Ireland (FRS 1021. 15
Siloam Christian Ministries Ltd Company Limited by Guarantee Independent Examiner's Report to the Trustees of Siloam Christian Ministries Ltd (continue Year ended 31 December 2023 I have no concerns and have Come across no other matters in connection with the examination to which attention should be drawn in thls report in order to enable a proper understanding of the accounts to be reached. Giles Mattocks FCA Mattocks Grindley Indep8nd8nt Examiner 18 Mulberry Avenue Turnstone Business Park Widnes Cheshire WA8 OWN 3l9/z 16
Siloam Christian Ministries Ltd Company Limited by Guarant88 Statement of Financial Activities (Including income and expenditure account) Year ended 31 December 2023 2023 Restricted funds Totsl funds Total funds 2022 Unrestricted funds Nota Income and endowments Donalions and legacies Investment income 91.142 22.602 190.068 281,210 22.602 307,659 20,733 Total income 113.744 190.068 303,812 328,392 Expenditure Expenditure on charitable activities Total expenditure 118.164 198,145 316,309 327,771 118.164 198,145 316,309 327,771 Net (expendlture)lincome (4,420) (8,077) 112,497) 621 Transfers bebNeen funds 3.666 (3,666) Other recognised gains and losses Gainsl(losses) from revaluation of fixed assets Gainsl(losses) trom valUation of investments 6.693 6.693 (10,894) 17 17 {1.725) (11.998) Net movement in funds (737) (5.050) (5,787) Reconclllatlon of funds Totsl funds brought forward Total funds carrled forward 575.073 94.197 669,270 663.483 681,268 574.336 89.147 669,270 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from conlinuing activities. The notes on pages 20 to 31 fomi part of thèsa financial statèments. 17
Siloam Christian Minlstries Ltd Company Limited by Guarantee Statement of Financial Position 31 December 2023 2023 2022 Mote Flxed assets Tangible fixed assets Investments 14 15 4,049 538.807 542,856 4,499 529.203 533.702 Current assets Stocks Debtors Cash at bank and in hand 16 17 1,000 12,112 117,648 130,760 1,000 8.019 135.918 144.937 Creditors: amounts falling due wlthin one year Net current assets 18 (10,133) (9,369) 135,568 120,627 Total a88ets less current liabiliti88 663,483 669,270 Net assets 663,483 669,270 Funds of the charlty Restricted income funds: Revaluation reserve Other restricted income funds Unrestricted funds 34.384 54,763 574,336 27,691 68,506 575,073 Total charity lunds 20 663,483 669,270 For the year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibililies: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476- The directors acknowledge their responsibilities for complying with the requir8ments of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provlslons applicable to companies subject to lh8 small compani8s' regime. The statement of financial position continues on the following page. Tha notes on page$ 20 to 31 form part of these finan¢lal statements. 18
Siloam Christian Ministries Ltd Company Limited by Guarantee Statement of Financial Position (continuedj 31 December 2023 The e financial statements were approved by the board of tnjstees and authorised for issue on and are signed on behalf of the board by.. MrJJEld Trustee Mr R P Norton Trustee Tho notes on pages 20 to 31 form part of these financial statements. 19
Siloam Christian Ministries Ltd Company Limitad by Guarantee Notes to the Flnanclal Statements Year ended 31 December 2023 General Information The charity is a public benefit entity and a private company limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The address of thè r1$tered office is 18 Mulberry Avenue, Tumstone Business Park, Widnes, Cheshire, WA8 OWN. Statement of ¢ompllance These financial statements have been prepared In compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financlal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basls of preparation Th8 financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilitl8s and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no materia5 uncertainties about the charity's ability to continue. Disclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such. advantage has been taken of the following disdosure exemptions available under paragraph 1.12 ofFRS 102: {a) No cash flow statement has been presented for th8 company. (b) Disdosures In respect of financial instruments have not been presented. Judgements and key sources of esllmatlon uncertalnty The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgem@nts are continually reviewed and are based on experience and other factors, including expectations of future events that are b81ieved to be reasonable under the circumstances. 20
Siloam Christian Ministries Ltd Company Limited by Guarantee Notes to the Financial Statements {contlnu•dJ Year ended 31 December 2023 Accountlng poliGies (¢ontinued) Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unr8Strict8d fiJnds 8armarked by th8 Irust88s for particular future projecl or commitment. Restricted funds are subjected to restrlctlons on thelr expendlture declared by the donor or through the terms of an appeal, and fall into one of two Sub-classes.. restricted income funds or endowment funds. Incoming resources All incomlng resources are included in the statement of finanGial aclivities when entitlement has passed to th8 charity. it is probabl8 that th8 economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to partlcular categories of income: income from donations or grants is recognised when there Is evidence of entitlement to the gift. receipl is probable and its amount can be measured reliably, legacy income is recognised when receipt is probable and entitlement Is established. income from donated goods is measured at the fair value of the goods unless this is impraclical to measure reliably, in which case the value is derived from the cost to the donor or the 8Stimated r8sa18 valu8. Donated faciliti8s and s8rvices ar8 recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contributlon of general volunteers. InMe from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual quirement for it to be spent on a particular purpose and retume(f if unspent. in which case it may be regarded as restricted. 21
Siloam Christian Ministrles Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Aeeountlng pollcles (contlnuedj Resources expended Expenditure is r8cognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified und8r headings of the statement of financial activities to which it relates- expenditure on raising funds includes the costs of all fundr8ising activities, events, non-charitable trading aGtivities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking a1vEtleS thal further its charitable aims for the benefit of its beneficiaries, including those support costs arKI costs relating to the g0veMan of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated direGtly to that activity. Shared costs are apportioned beeen the acttvilies they contribute to on a reasonable, justifiable and consistent basis. Tanglble assets Tangible assets are Inltially recorded at cost, and subsequently ststed at cost less any accumulated depreGialion and impaimient losses. Any tangible assets carried at revalued amounts are recorded at the fair valu8 at the dale of revalualion 18ss any subsequent accumulaled depreciation and subsequent accumulated impairment losses. An increase in the carying amount of an asset as a result of a revaluatlon. is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has pVrouS1Y been recognised as expenditure wilhin the statement of financial 8Ctivities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreclation Depreciation is calculated so as to WTite off the Cost or valuation of an asset. less its residual value, over Ihe useful economic life of that asset as follows- Fixtures & Fittings 10°/o reducing balance Investments Listed investments are inttially recorded at cost and subsequentty stated at market value. Inveslment property Investment propety is initially rewrded at cost, which Includes purchase pri and any directly auributable expenditure. 22
Siloam Christian Ministries Ltd Company Limited by Guarantee Notes to the Financial Statements {contlnu•dJ Year ended 31 December 2023 Accountlng policies (continued) Inveslment property (eontinuod) Investment propety is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an onOing basis. Impairment of fixed assets A review for indicators of impaimient IS Garri8d out at each reporting dale, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impaimient5 are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverab amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from oth8r assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to 8ach of the cash-gen8rating units that ar8 expected to ben8fit from the synergi8s of the combination, irrespective of whether other assels or liabilities of the charity are assigned to those units. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete an(J sell. Cost includes all costs of purchase, costs of conversion and olher costs incurred in bringing the stock to its present location and condition. Financial instruments A financial asset or a linancial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaclion costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publidy traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value wlth changes In fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less imp8irment. 23
Siloam Christian Ministries Ltd Company Limlted by Guarantee Notes to the Financial Statements (¢ontinuedJ Year ended 31 December 2023 Accountlng policies roonllnu•d) Flnanclal instrurnents (¢ontinued) Other financial instruments. including derivatives, are initially recognised at fair value. unless payment for an asset is deferred beyond normal business terms or financed at a r8te of interest that is not a market rate, in which Gase the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities. with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidenc8 of impairment at the end of each reporting date. If ther8 is objective evidence of impairment. an impaimient loss is recognised under the appropriate heading in the stst8ment of financial activities in which the initial galn was recognlsed. For all equity instruments regardless of significance. and other financial assets that 8re individually significant, these are assessed individually for impairment. other financial assels are elther assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment 8re recognised immediately. to the extenl thal the reversal does not sult in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Deflned contrlbution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent thst the prepayment will lead to a reduction in future payments or a cash refund. When contribulions 8re not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service. the liability Is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee The charity is a registered company limited by guarantee and has no share capilal. Donatrons and legacies Unrestricted Funds Restricted Total Funds Funds 2023 Donatlon8 Donations Gift Aid 59,468 26,400 189,068 248,536 26,400 Legacle8 Legacies 5,274 1,000 6,274 91,142 190,068 281,210
Slloam Christian Ministries Ltd Company Limited by Guarantee Notes to the Financial Statements (contlnu8dJ Year ended 31 December 2023 Donatlons and18gaci88 {conflnued) Unrestrlcted Funds Restrlcted Total Funds Funds 2022 DonatFons Donations Glft Aid 82,263 29,555 209.888 272.131 29,555 Legacles Legacies 5,973 5,973 97,791 209,868 307.659 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Income from investment properties Income from listed investments Bank interest re1vable 18,188 227 4.187 18,188 227 4.187 17.498 159 3.076 17,498 159 3,076 22.602 22.602 20.733 20,733 Expenditure on charitable activities by fund type Unrestrfcted Funds Restricted Total Funds Funds 2023 Overseas aid projects Fundraising and publicity Management and administration Support costs 4,007 92.983 12,287 8,887 179.920 16,478 1,747 183,927 109.461 14,034 8.887 118,164 198,145 316,309 UnrestriGted Funds Restricted Total Funds Funds 2022 Overseas aid proj8Cts Fundraising and publicity Management and administration Support costs 3,732 88,223 13.025 10,007 195.367 17,119 298 199.099 105.342 13,323 10.007 114,987 212,784 327.771 25
Siloam Christian Ministrles Ltd Company Limited by Guarantee Notes to tha Flnancial Statements (¢¢>ntlnu Year ended 31 December 2023 Expenditure on charitable actlvttles by actlvlty type Actlvltles undertaken directly Support Total funds costs 2023 Total fund 2022 Overseas aid projects Fundraising and publicty Management and administration Governance costs 183.927 109.461 14,034 4.942 188,869 109,461 14,034 3.945 204.768 105,342 13.323 4,338 3,945 307,422 8.887 316,309 327,771 Analysls of support costs Overseas aid proj8Ct8 Governance Total 2023 Totsl 2022 Premises General office Gov8rnance costs 3,328 1.614 3,328 1,614 4,137 1,532 4,338 3.945 4,942 3.945 8,887 10,007 10. Net (expenditureyincome Net (expenditureyincome is stated after chargingl(crediting): 2023 2022 Depreciation of t8ngible fixed assels 450 500 11. Independent examination fees 2023 2022 Fees payable to the independent examiner for: Independent examination of the financial statements Other financial services 2,400 1,545 2,400 1 ,551 3,951 3.945 12. Staff costs The average head count of employees durlng the year was 5 (2022: 5). The average number of full-time equivalent employees during the year is analysed as follows: 2023 No. 2022 No. Numb8r of staff No employee received employe8 benefits of mor8 than £60,000 during the year (2022.. Nil). 26
Siloam Christian Ministries Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 13. Trustee remuneratlon and expenses One trustee has been paid remuneration or receiv8d other benefrts from employment with the charity. Mr Richard Norton received a salary of £30,546 for his employment as Director of the charity, 14. Tanglble flxed assets Fixtures and Ilttlngs Total Cost At 1 January 2023 and 31 December 2023 Depreciatron At 1 January 2023 Charg8 for the year At 31 December 2023 30,026 30,026 25,527 450 25,527 450 25.977 25,977 Carrying amount At 31 Oecember 2023 4,049 4,049 At 31 D8cember 2022 4.499 4,499 15. Investments Cash or cash Listed Investment equivalents investm8nts prop8rties Total Cost or valualion At 1 January 2023 Additions Fair value movements 57.881 2,894 49.778 421,544 529,203 2,894 6.710 6,710 At 31 Oecember 2023 60.775 56.488 421,544 538,807 Impaimient At 1 January 2023 and 31 December 2023 Carrylng amount At 31 December 2023 80.775 56,488 421.544 538.807 At 31 December 2022 57.881 49,778 421,544 529,203 All investments shown above are held at valuation. Investment propertles Two investment properties were purchased on 18 December 2017 and are shown in the Financial St8tements at cost. Rentsl income is being received and is included in Investment Income in the SOFA. 27
Slloam Christian Ministries Ltd Company Limited by Guarantee Notes to the Financial Statements {conUnugd) Year ended 31 December 2023 15. Investments (contlnuodj Financlal assets held at falr value The investments held are ordinary shares in Banco Santander and BT and investment funds held with Schroder Investments Ltd and Aegon (Invesco Perpetual Global). The markel value at 31 December 2023 was used as the basis for determining the fair value. Where the market value is higher than the original cost the gain is shown in the revaluation reserve. Any movement in the fair value in the year is shown in the SOFA. The cash and cash equivalent figure relates to money held as Loan Stock in Green Pastures CBS Ltd which is eaming interest at 5Vh per annum. 16. Stocks 2023 2022 Raw materials and consumables 1,000 1,000 17. Dobtors 2023 2022 Trade debtors Prepayments and acGrued income 3,682 8,430 1.500 6,519 12,112 8,019 18. Creditors: amounts falling due wlthln one year 2023 2022 Trade cr8ditors Accruals and deferred inGome Social security and olher taxes 3.565 3,296 3,272 3,342 3,217 2,810 10,133 9,369 19. Penslons and other post retirement beneflts Defined contribullon plans The amount recognised in income or expenditure as an expens8 in relation to defined contribution plans was £1,200 (2022: £1.200). 28
Siloam Christian Ministries Ltd Company Limited by Guarantee Notes to the Financial Statements (continuèd) Year ended 31 December 2023 20. Analysis of charitable funds Unrestricted funds At 1 Jan 2023 Gains and k)sses At31 Dec 2023 Income Expenditure Transfers General funds 575,073 113,744 (118,164) 3,666 17 574.336 At 1 Jan 2022 Gains and k)sses At31 Dec 2022 Income Expenditure Transfers General funds 563,877 118,524 (114,987) 7,659 575,073 Restricted funds At 1 Jan 2023 Gains and sses At31 Dec 2023 Income Expenditure Transf8rs Restricted Funds Revaluation reserve 66,508 190,068 (198,145) (3,666) 54,763 27,691 8,693 34,384 94,197 190,068 (198.145) (3,666) 6,693 89,147 At 1 Jan 2022 Gains and losses At31 Dec 2022 Income Expenditure Transfers Restricted Funds Revaluation reserve 78,806 209.868 (212.784) (7,659) {1,7251 66,506 38,585 117.391 (10,894} (7,659) (12,6191 27.691 209,868 (212,784) 94,197 29
Siloam Christian Ministries Ltd Company Limlted by Guarant88 Notes to the Financial Statements (continued) Year ended 31 December 2023 20. Analysls of Gharltable funds (conflnued) Balance 01101123 Incoming Outgoing 3111212023 2 Project Portugal (reserve) 4 SVF Jirani Centre Kenya 5 Earthquake Victims Support - Kenya 8 Rehoboth Centre Philippines 7 Love In Action India 8 Chlld Sponsorship Peru 9 Sight Saving Ministry India 10 Siloam Gospel Clinic Ghana 11 Christmas Outreach, Ukraine - suspended due to the war 12 Ministry of Seth Copeland in Ghana - Heart Transformation Minislry 13 Llght of Hope Mission India 7,690 483 4,371 (1,320) (4,084) 6,853 287 5,133 12,803 (5,133) (12,803) 505 29 11,520 2,982 505 18 7.386 7,797 560 3,762 21,239 (571) (7,896) 116,424) 6,242 252 (6.4951 1,255 7,366 (1,255) (6,814) 552 14 Trans-mission Partnerships 17 Home Ministy 18 Life Centre Advoca 19 Children's Rescue Ministry in Nepal 20 PRR Romanla 8,135 795 64 2,415 110,5501 115) (1,126) 780 92 1,154 263 227 440 (226) (440) 264 21 Children's Mintry in India 22 Child Sponsorship BG (Kenya) 23 Child Sponsor Kenya CCI 26 Aid to Vietnam 31 Christmas Outreach Guinea Bissau 32 Help to Pakistan's Poor 37 Children's Bible Camps 39 Christmas Par1$ Bulgaria 42 Deaf Children in Kenya 43 Child Sponsorship Vietnam 45 Child Support India 5.545 7,212 22 2,350 342 8,254 (337) (14,199) (22) (25) 5,550 1,267 252 2,577 1,502 2,906 31,697 12,478 7,499 21,124 327 (1,502) (2,906) (22.735) (12.580) (8,316) (21,124) (2,293) 8,962 102 1.543 726 2,908 942 46 Gospel Ministry in India 50 Love to the Needy Israel 63 Sponsorship of Paslor Indla 64 Sponsor Bible Student India 65 Holistic Ministries 68 Medical Needs of Children in Kenya 76 Christian Ministry in Peru 77 Extra Gifts-sponsored Children in Vietnam 79 Extra Gifts Blessed Generation 82 Ephesians Christian School 83 Kenya's Needy Children 6,664 {1,010) 117,517) (625) 5.654 4,770 2,506 232 549 22,287 270 2,861 232 549 440 440 1,530 (1.527 3,075 219 781 540 (3,075) (236) (931) (540) 132 200 30
Siloam Christian Ministries Ltd Company Limited by Guarantee Notes to tha Flnancial Statements (¢1}nnU•dj Year ended 31 Dècember 2023 20. Analysls of charitable funds (¢ontlnued) 84 Destitute Children's Project-Kenya 85 Biblical Training-christian Leaders in Kenya 87 P & R Collins Ministry Reserve 90 Siloam's Christian Character Programme 99 Ukraine Emergency 100 Evangelistic Outreach 669 (669) 6,665 14,357 1,994 9,650 (8,659) {1,445) 22,562 92 3,410 100 13,968 4.282 (22) {9,859) (4,282) 170 7,519 94,197 206,537 1211,588> 89,147 21. Analysls of net assets between funds Unr88tricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year 4,049 482,389 93,805 (10,133) 570,110 4,049 538,807 130,760 {10,133) 663,483 56.418 36.955 Net assets 93.373 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Investments Current assets Creditors less than 1 year 4.499 479.479 100.464 (9,369) 575,073 4,499 529,203 144,937 (9.369) 669,270 49,724 44,473 Net assets 94,197 31
Siloam Christian Minlstries Ltd Company Limited by Guarantee Management Information Year ended 31 December 2023 The following pages do not forni part of the financial statements. 32
Siloam Christian Ministries Ltd Company Llmlted by Guarantee Detailed Ststement of Flnanclal Activities Year ended 31 December 2023 2023 2022 Income and endowments Donations and legacles Donations Gift Aid Legacias 248,536 26,400 6,274 272,131 29,555 5,973 281.210 307,659 Investment income Income from investment properties Income from listed investments Bank interest receivable 18,188 227 4,187 17.498 159 3.076 22,602 20,733 Total income 303,812 328,392 Expenditure Expendlturo on charftsble actlvltles Wages and salaries Employerfs NIC Pansion costs Rent Repairs and maintenance Other 8stsblishment Motor vehicle expenses Legal and professional fees Telephone Other office costs Depreciation Financial assistsn Bank charges Advertising and promotion FinanGial assistance to other organisations 79,085 47 1,200 10,345 877 3,328 1,787 7,317 657 12,273 450 178.100 2.551 16,516 1,776 73,598 570 1,200 10,285 589 4,137 1,958 7.792 793 11,966 500 193.727 2.787 16,799 1,070 316,309 327,771 Total expenditure 316.309 327,771 Net (expenditure}Ilncome (12,497) 621 33
Siloam Christian Ministries Ltd Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 December 2023 2023 2022 Expenditure on charltable activities Overseas aid projec18 Aetivlties undertakon directly Travel Financial assistance Bank charges Financial assistance lo other organisations 1,500 178,100 2,551 1,776 1,515 193,727 2,787 1,070 183,927 199.099 Support costs Repairs & maintenance Premises costs Travel Depreciation 877 3,328 287 450 589 4,137 443 500 4,942 5,869 Fundralslng and publicity Actlvlties undertaken dlrectly Staff costs Employerfs NIC P8nsion costs Legal and professional fe8S Postage Advertising and promotion 79,085 47 1,200 3,372 10,536 15.221 73,598 570 1,200 3,454 10,074 16.446 109,461 105,342 Management and administration Actlvities undertaken directly Operating18ases - land and buildings Telephone Olher office costs Exhibitions and conferences 10,345 657 1,737 1,295 10.285 793 1,892 353 14,034 13.323 Governance costs Govemance costs - accountancy fees 3,945 4,338 Expenditure on charitable actlvltles 316,309 327,771 34
MINISTRY GIFTS DISBURSED TO PROJECTS WORLDWIDE - 2023 PROJECT NUMBER RECIPIENT £ VALUE l Jirani Boys. Home - Sister VeronKa's Foundation - Kanya 005 Eathquake Victim support- Turkey 006 | Rehoboth Baby Rescue Centre - Philippines 008 Child sw)nsorship- Peru 009 i Eye ministry - India 010 Siloam Gospel Clinic - Ghana, towards rafurtjishments 012 I Seth Copeland - Heart Transfornation Ministy- Ghana 013 Light of Hope Mlssion - Kerala - India 014 i Trans-mission Partnerships - ROnia l Ukraine 018 Life Centre Advockn . Peru t?.<: 019 l Nepal ChIldn,$ ReSe Ministy 020 Prqect Romanlan Rescue IP.R.R.) Children's Home | Children's ministry in Indla vla Porur Evangelical Church Blessed Generation Children's Centre - Kenya i Aid to Guinea-Bissau - Special Chrfstmas Food Outfeach Help to Pakfstan's poor- Joseph & Rose Batha¥s 'Footsteps Ministri8S' I Ch51dren's Summer I winter Blble camps Chrislmas par outreach - Bulgaria | Lambwe Christian Sthool for the Deaf- Kenya Chikl ssorship in Ifietnam ! Child support- India Gospel Ministry- India I'Love to the Needy - Israel spC80r8hip of pastors - India | Chrfstian social work ministry- Pew - inclLKling new homes provided Birthday and Christmas grfts for sponsored dldr) - Wietnam i Blthday and Christmas glfts for sponsored children - Kenya Ephesians ChTlstlan Sch(1 - Phillppln88 ', cmrtreach to Kenya's needy children Bible Tralnlng for Christian Leaders In Kenya - Paul Mwangangi l Ukraine Emergency Ongoing Crisis Support £3,647.00 £4.5(XY.IJO £10,809.64 £7,519.60 £12.5LTh).00 £1,150.IJ) £6.096.03 £10,361.02 £1,010.90 £203.00 £415.76 £298.13 £13.371.lJJ £2238.74 £2,647. £21,3.01 £10.0.00 £7,543.Cil £18,444A9 £2,255.22 £1,OOOA7 £12,850.43 £598.12 £1.374.68 £2,921.58 £214.00 £853.22 £540. ?. 021 022 031 032 037 039 042 076 077 079 082 £12.499.79 SUB TOTAL £178 099 PLUS: Gift subseriptlons for overs&% -wOrf<eVJ In Bulgalia. Ukralne. Ghana. Romania. Gemwny, India and Poland to". creation.com + an advert sporwred In 'Good News, and j. distribution of 'Good News. rwspapers for evangelism. £.1 T75.75 GRAND TOTAL. £179 875.58 R4glat•r•dwt FUNDRAJSING REGULATOR