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REGISTERED COMPANY NUMBER: 04594727 (England and Wales)
REGISTERED CHARITY NUMBER: 1099143













Report of the Trustees and

Financial Statements

for the Year Ended 31 December 2023

for

Elam Ministries

Elam Ministries






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Report of the Trustees 1

Report of the Independent Auditors 6

Statement of Financial Activities 10

Balance Sheet 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14

Elam Ministries (Registered number: 04594727)

Report of the Trustees
for the Year Ended 31 December 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).


Elam Ministries (Registered number: 04594727)

Report of the Trustees
for the Year Ended 31 December 2023

OBJECTIVES AND ACTIVITIES
Principal Activity
Our team has done a significant amount of work to further our efforts in the promotion of education, poverty relief, and advancement of the Christian faith. We remain deeply grateful to our financial partners who enable us to impact so many lives, families, and communities. Principal activities for the year included:

Bible training and education
Training active and emerging leaders continues to remain at the heart of our work. We support those we train with Bible teaching, leadership skills, mentoring, and strategic planning to further their growth as leaders. We also provide tools enabling them to share what they have learned with others, as well as to help them engage with the Christian Bible and continue learning on their own. In 2023, the programs we provided included: three-month Christian leadership courses, two-week intensive Bible trainings, one-week intensive Bible trainings, advanced training in Christian ministry, Bible conferences and distance-learning programmes in Christian living and Christian theology.

Our Safar discipleship initiative, which promotes Bible reading and study, prayer, service, and healthy relationships, was available in many languages as well as Persian (Farsi) and English by the end of 2023. The resource was launched as an app during the year to improve usability and to expand access.

Scripture printing and distribution
We continued to print and distribute Bibles and New Testaments in Persian (Farsi). Action Bibles and Action Bible New Testaments for children were also distributed.

Books and resources
We published and printed additional Christian literature for discipleship, personal devotion, and Bible study. In addition to print, we continued to make many titles available digitally. We also produced a year's worth of 'Weekly Fellowship' resources for small group gatherings to read and study the Bible; an increasing number of groups used this resource during the year. Additionally, we produced and distributed specific resources for women's, children's, and youth ministry to help them meet in small groups for fellowship and Bible study.

Media
We continued to produce programmes for digital distribution online, as well as for broadcast via satellite TV. Additionally, we produced short clips and materials that were easily shared online and via social media. Programmes and digital content included Bible teaching, Christian worship, and education. We also created programming for women, youth, men, and children. Media resources are made available on our YouTube channel and at www.Kalameh.com, as well as shared via social media platforms like Telegram and Instagram.

Women, men, and marriage ministry
We continued to provide conferences and resources to women who have experienced abuse, oppression or trauma. We provided multiple women's ministry webinars and in-person events to foster healing for hurt women, as well as to strengthen their identity and self-worth. We held men's conferences to help men develop a healthy understanding of - and attitude toward - women, as well as grow in service to women in their lives. We also provided intensive training in men's ministry for a small cohort of Christians. Additionally, more than 100 couples took part in a specially-designed marriage course to strengthen relationships and foster healthy family dynamics. Lastly, we continued to provide counselling to women, men, and couples with whom we connected through webinars, satellite tv ministry, and social media.

Children and youth ministry
We provided written and digital resources for Bible study and small group gatherings for children (aged 3-11 years old) and teenagers. We also provided leadership training, encouragement, and mentoring for people working in children's and youth ministry. Additionally, we led webinars to encourage youth in developing a healthy identity and healthy relationships. Further, we supported the establishment of more than 20 parent-and-toddler groups connected to local churches. We provided training and resources for coaches and mentors to develop sports ministry programming serving hundreds of youth. Lastly, we produced and released a new youth worship music album.




Elam Ministries (Registered number: 04594727)

Report of the Trustees
for the Year Ended 31 December 2023

Refugees in Europe and beyond
We continued to assist European churches and mission agencies in outreach to refugees, as well as providing strategic planning on how to better integrate refugees into the life of the local church community. We also provided Bible teaching and training for refugees living in Europe. We expanded our work globally to promote education, relieve poverty, and advance the Christian faith among refugees, particularly in Greece, as for the majority of refugees from the Middle East, Greece is the first stop into Europe. In addition to working with refugees in the UK and EU, we continue to provide resources for churches working with refugees in Australia, Canada, and the USA.

Advocacy and relief
We provided advocacy, financial support, and pastoral care for persecuted Christians and their families. Over several months we also provided humanitarian relief, schooling provision, and youth and kids programs in one key location in eastern Turkey following devastating earthquakes that struck the region in February 2023.

Public benefit
Through these activities, the charity has benefitted members of the public in the following ways:

- by teaching them about and begin a life in the Christian faith
- by helping them grow in their Christian faith, worship, and practice
- by giving them tools to serve others in Christian ministry
- by helping those who have suffered persecution and/or abuse
- by helping those in poverty, including refugees
- by helping those in immediate need of humanitarian relief such as following an earthquake

ACHIEVEMENT AND PERFORMANCE
In 2023, we provided training and Christian education to more than 5,000 people through Bible study webinars, advanced trainings, discipleship intensives, accredited distance learning, specialised training for youth and children ministry, and our three-month leadership and church planting-course. Around 1,000 women attended women's webinars, and around 630 women participated in day conferences for women's ministry. 500+ men participated in men's ministry events. 7,000+ Christians were registered as users of Safar, engaging in one-to-one discipleship.

We provided support, mentoring, and strategic planning to a growing number of trained leaders who are providing pastoral care and Bible education to others. In 2023, we helped over 700 trained leaders and evangelists in their ministry.

We distributed Christian Scriptures widely, and sent 25,000 Bibles and 200,000 New Testaments to print. 61 new titles were translated and printed, and 60 titles were re-printed for use in discipleship and evangelism.

The 'Only One' youth worship album was made available at the end of the year on Spotify, iTunes, Amazon Music (under 'Only One, Elam Music'), and YouTube. Within weeks, the title track had been listened to tens of thousands of times, aiding many teenage Christians in expressing worship to God.

Our 'Weekly Fellowship' resource was reimagined and improved during the year, including incorporating specially filmed worship sets to help the resource better suit the target audience. We are aware that at least 100 new groups started using this resource in 2023. We broadcast regular Christian programming for women, children, Christian worship, and evangelism. Further, more than 3,000 people were served through a new engagement platform on our resource website, www.kalameh.com. Over 200,000 unique users accessed www.kalameh.com across the year, and our video content on YouTube received nearly 1.7 million views.

Hundreds of families were served through the humanitarian relief program we established in eastern Turkey following the earthquakes.


Elam Ministries (Registered number: 04594727)

Report of the Trustees
for the Year Ended 31 December 2023

FINANCIAL REVIEW
The results during this financial year were a net deficit of £202,552 (2022: £43,883) and this was due to less funding received compared to last year £2,526,287 (2022: £3,088,204). Expenditure totalling £2,728,839 (2022: £3,132,087) was lower as less scriptures were distributed this year compared to last year. Total funds carried forward are £4,650,693 (2022: £4,853,245) split between Unrestricted £3,843,811 (2022: £3,823,038) and Restricted £806,882 (2022: £1,030,207). Most of the Unrestricted Fund is represented by Tangible Fixed Assets £2,052,600 (2022: £1,953,129).

RESERVES POLICY
The Trustees have established a policy to reserve enough cash (unrestricted funds not committed or invested in
tangible fixed assets), to cover at least 3 to 6 months' worth of operational expenditure. This has been estimated at
£140,000 per month, to cover basic salaries, committed event costs, other creditors, and building overheads.

FUTURE PLANS
Future plans include strategic efforts to provide Christian education and resources to existing and emerging leaders who can go on to share what they learn with others for the purposes of furthering the promotion of education, poverty relief, and advancement of the Christian faith. As a part of this effort, we will continue to create resources that can be widely utilised for Bible study, small group gatherings, and discipleship. This includes developing resources for children, youth, men, women, parents, and couples that can be widely used. We will be launching a new app during 2024 to make our growing library of Persian Bible teaching and discipleship resources more easily accessible. Lastly, we continue to grow our efforts to provide refugees with Christian education and humanitarian relief.

In sum, we are encouraged by the growing opportunity to promote education, provide poverty relief, and further the advancement of the Christian faith. As such, we remain deeply hopeful for the future and profoundly thankful to all who provide funds to enable this work.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Structure, Governance and Management
The governing documents of the charitable company are the Memorandum and Articles of Association dated 7th November 2002. The Governing Documents set out the objects for which the charitable company was established, and how it is to be managed.

The affairs of the organisation have been directed by a board of directors, which meets regularly for this purpose. The directors then delegate the day-to-day management of the different departments to managers who are overseen by the executive director.

The directors are aware of the risks affecting Elam Ministries and as far as possible have put policies and procedures in place to diminish those risks.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
04594727 (England and Wales)

Registered Charity number
1099143

Registered office
'Grenville'
Grenville Road
Shackleford
Godalming
Surrey
GU8 6AX


Elam Ministries (Registered number: 04594727)

Report of the Trustees
for the Year Ended 31 December 2023

Trustees
Rev S Yeghnazar
Mr M R Roshanzamir
Mrs L Yeghnazar
Mrs A Kuhn
Mr R Worton
Mr K K Devaraj
Mr D A Yeghnazar
Mr L Brown

Auditors
Bennewith 2018 Limited (Statutory Auditors)
Upper Ground Floor
18 Farnham Road
Guildford
Surrey
GU1 4XA

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Elam Ministries for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

-there is no relevant audit information of which the charitable company's auditors are unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS
The auditors, Bennewith 2018 Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 14 August 2024 and signed on its behalf by:



Mr M R Roshanzamir - Trustee

Report of the Independent Auditors to the Members of
Elam Ministries

Opinion
We have audited the financial statements of Elam Ministries (the 'charitable company') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, 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 requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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 determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Elam Ministries


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Elam Ministries


Our responsibilities for the audit of the financial statements
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 a Report of the Independent Auditors 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined the most significant are those that relate to FRS 102 Section 1A, pension laws and regulations and tax regulations.

We assessed the risks of material misstatement in respect of fraud as follows:
- Enquiries made of management and those charged with governance as well as the service organisation in relation to payroll services
- Analytical procedures were used to identify if there were any unusual or unexpected relationships
- Discussions with management to identify any fraud risk factors of related party relationships and transactions

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.
Enquiries were made of management and those charged with governance. We corroborated our enquiries through the review of Board minutes and other papers provided. There was no contradictory evidence.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. We tested year end journals as well as journal entries throughout the year. There were no transactions identified outside the normal course of business.

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. We incorporated an element of unpredictability in the selection of the nature, timing, and extent of audit procedures.

Where transaction meeting risk criteria were identified, we carried out further work such as additional testing to source information.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Report of the Independent Auditors to the Members of
Elam Ministries


Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.




A J Bennewith FCA,FCPA, FFA, FFTA, FIPA, DChA, FRSA (Senior Statutory Auditor)
for and on behalf of Bennewith 2018 Limited (Statutory Auditors)
Upper Ground Floor
18 Farnham Road
Guildford
Surrey
GU1 4XA

14 August 2024

Elam Ministries

Statement of Financial Activities
for the Year Ended 31 December 2023

31.12.23 31.12.22
Unrestricted Revaluation Restricted Total Total
fund Reserve funds funds funds
Notes £    £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 339,838 - 2,076,397 2,416,235 2,959,879

Other trading activities 3 96,568 - - 96,568 128,325
Investment income 4 13,484 - - 13,484 -
Total 449,890 - 2,076,397 2,526,287 3,088,204

EXPENDITURE ON
Charitable activities 5
Church Planting & Missions 51,732 - 420,940 472,672 577,196
Training 57,958 - 926,011 983,969 742,401
Bible & Literature Translation & Production
188,890

-

868,224

1,057,114

1,615,806
Technology Initiative - - - - 658
Europe & Diaspora 6,100 - 98,956 105,056 173,551
Advocacy & Awareness - - 51,872 51,872 22,475
Humanitarian Relief 5,910 - 52,246 58,156 -
Total 310,590 - 2,418,249 2,728,839 3,132,087

NET INCOME/(EXPENDITURE) 139,300 - (341,852 ) (202,552 ) (43,883 )
Transfers between funds 17 (118,525 ) - 118,525 - -
Net movement in funds 20,775 - (223,327 ) (202,552 ) (43,883 )

RECONCILIATION OF FUNDS
Total funds brought forward 3,005,054 817,984 1,030,207 4,853,245 4,897,128

TOTAL FUNDS CARRIED
FORWARD

3,025,829

817,984

806,880

4,650,693

4,853,245

Elam Ministries (Registered number: 04594727)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Unrestricted Revaluation Restricted Total Total
fund Reserve funds funds funds
Notes £    £    £    £    £   
FIXED ASSETS
Tangible assets 12 1,234,616 817,984 - 2,052,600 1,953,129

CURRENT ASSETS
Stocks 13 818,852 - 775,648 1,594,500 1,046,073
Debtors 14 127,180 - - 127,180 787,550
Cash at bank 942,911 - 31,234 974,145 1,119,886
1,888,943 - 806,882 2,695,825 2,953,509

CREDITORS
Amounts falling due within one
year

15

(97,732

)

-

-

(97,732

)

(53,393

)

NET CURRENT ASSETS 1,791,211 - 806,882 2,598,093 2,900,116

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,025,827

817,984

806,882

4,650,693

4,853,245

NET ASSETS 3,025,827 817,984 806,882 4,650,693 4,853,245
FUNDS 17
Unrestricted funds:
General fund 3,025,827 3,005,054
Revaluation Reserve 817,984 817,984
3,843,811 3,823,038
Restricted funds 806,882 1,030,207
TOTAL FUNDS 4,650,693 4,853,245

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 14 August 2024 and were signed on its behalf by:





Mr M R Roshanzamir - Trustee

Elam Ministries

Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 (20,891 ) (125,510 )
Interest paid - (3,212 )
Net cash used in operating activities (20,891 ) (128,722 )

Cash flows from investing activities
Purchase of tangible fixed assets (125,041 ) (91,977 )
Sale of tangible fixed assets 191 15
Net cash used in investing activities (124,850 ) (91,962 )

Cash flows from financing activities
Loan repayments made in year - (235,968 )
Net cash provided by/(used in) financing activities - (235,968 )

Change in cash and cash equivalents in the
reporting period

(145,741

)

(456,652

)
Cash and cash equivalents at the beginning
of the reporting period

1,119,886

1,576,538
Cash and cash equivalents at the end of
the reporting period

974,145

1,119,886

Elam Ministries

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
31.12.23 31.12.22
£    £   
Net expenditure for the reporting period (as per the Statement of
Financial Activities)

(202,552

)

(43,883

)
Adjustments for:
Depreciation charges 23,167 20,588
Loss on disposal of fixed assets 2,212 1,783
Interest paid - 3,212
(Increase)/decrease in stocks (548,427 ) 83,389
Decrease/(increase) in debtors 660,370 (212,431 )
Increase in creditors 44,339 21,832
Net cash used in operations (20,891 ) (125,510 )


2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 1,119,886 (145,741 ) 974,145
1,119,886 (145,741 ) 974,145
Total 1,119,886 (145,741 ) 974,145

Elam Ministries

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs
Direct costs are allocated to the activity they relate to. If a direct cost relates to more than one activity it is apportioned based on the estimated usage.

Support cost are apportioned between activities according to the activities percentage of the total direct income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery
Fixtures and fittings10% reducing balance
Office equipment20% reducing balance
Motor vehicles20% reducing balance
Improvements to property 2% straight line

The trustees have considered that the useful economic life of Buildings would be such that a depreciation charge would have no material effect on the financial statements.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items. The method adopted to calculate cost is the weighted average method. Included in the stock value are all items held by 3rd parties such as printers, and all items which will be given away for free as part of the charitable objectives.

Taxation
The charity is exempt from corporation tax on its charitable activities.


Elam Ministries

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES - continued

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Freehold land and buildings revaluation
During the transition to FRS 102, the trustees decided to bring in the revaluation of the freehold land and buildings as deemed cost.

2. DONATIONS AND LEGACIES
31.12.23 31.12.22
£    £   
Church Planting & Missions 457,301 464,796
General 339,841 993,926
Training 512,347 448,872
Bible & Literature Translation & Production 1,000,563 906,638
Europe & Diaspora 53,937 145,647
Humanitarian Relief 52,246 -
2,416,235 2,959,879

3. OTHER TRADING ACTIVITIES
31.12.23 31.12.22
£    £   
Book income 96,568 128,325


Elam Ministries

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INVESTMENT INCOME
31.12.23 31.12.22
£    £   
Bank interest received 13,484 -

5. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities Support
Direct (see note costs (see
Costs 6) note 7) Totals
£    £    £    £   
Church Planting & Missions 405,925 14,229 52,518 472,672
Training 923,976 - 59,993 983,969
Bible & Literature Translation &
Production

899,420

44,179

113,515

1,057,114
Europe & Diaspora 98,606 - 6,450 105,056
Advocacy & Awareness 47,206 4,502 164 51,872
Humanitarian Relief - 52,246 5,910 58,156
2,375,133 115,156 238,550 2,728,839

6. GRANTS PAYABLE
31.12.23 31.12.22
£    £   
Church Planting & Missions 14,229 117,536
Training - 60,599
Bible & Literature Translation & Production 44,179 94,686
Advocacy & Awareness 4,502 6,000
Humanitarian Relief 52,246 -
115,156 278,821
The total grants paid to institutions during the year was as follows:
31.12.23 31.12.22
£    £   
Elam Germany - 119,248
Elam Greece - 96,083
Elam US 64,188 12,407
64,188 227,738



Elam Ministries

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. SUPPORT COSTS
Governance
Management Finance costs Totals
£    £    £    £   
Church Planting & Missions 40,588 1,153 10,777 52,518
Training 46,626 1,292 12,075 59,993
Bible & Literature Translation & Production 87,407 2,527 23,581 113,515
Europe & Diaspora 5,043 136 1,271 6,450
Advocacy & Awareness 164 - - 164
Humanitarian Relief 4,546 132 1,232 5,910
184,374 5,240 48,936 238,550

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging:
31.12.23 31.12.22
£ £
Auditor's remuneration for audit work (ex VAT) 13,200 12,000
Auditor's remuneration for non audit work (ex VAT) 27,900 34,500
Depreciation - owned assets 23,167 20,589
Loss on disposal of fixed assets 2,253 1,798
Bibles given as charitable donations 86,496 447,656

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees remunerated for their service as trustees for the year ended 31 December 2023 nor for the year ended 31 December 2022. Only one trustee (Mrs L Yeghnazar) was remunerated for other services to the charity and the total remuneration she received during the year was £20,914 (2022: £19,466).

Trustees' expenses

During the year, seven trustees (2022: three) incurred expenses of £12,774 (2022: £7,380) in respect of travel and subsistence, £2,878 (2022: 3,339) in respect of telephone costs, and £1,545 (2022: £235) in respect of computer equipment. All costs are wholly in fulfilment of charity business.

10. STAFF COSTS

31.12.23 31.12.22

£ £
Wages and salaries 1,407,693 1,147,347
Social security costs 142,533 119,140
Other pension costs 40,340 33,233
1,590,567 1,299,720

Key management personnel

The total amount of employee benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the charity was £214,894 by four employees (2022: £185,194, four employees) .

Elam Ministries

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. STAFF COSTS - continued

The average monthly number of employees during the year was as follows:

31.12.23 31.12.22
Staff (full-time equivalent) 38 37

No employees received emoluments in excess of £60,000, nor did they in 2022.

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Revaluation Restricted Total
fund Reserve funds funds
£    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 993,927 - 1,965,952 2,959,879

Other trading activities 128,325 - - 128,325
Total 1,122,252 - 1,965,952 3,088,204

EXPENDITURE ON
Charitable activities
Church Planting & Missions 56,267 - 520,929 577,196
Training 54,343 - 688,058 742,401
Bible & Literature Translation & Production 306,914 - 1,308,892 1,615,806
Technology Initiative - - 658 658
Europe & Diaspora 17,616 - 155,935 173,551
Advocacy & Awareness - - 22,475 22,475
Total 435,140 - 2,696,947 3,132,087

NET INCOME/(EXPENDITURE) 687,112 - (730,995 ) (43,883 )
Transfers between funds 1,158,355 - (1,158,355 ) -
Net movement in funds 1,845,467 - (1,889,350 ) (43,883 )

RECONCILIATION OF FUNDS
Total funds brought forward 1,159,587 817,984 2,919,557 4,897,128

TOTAL FUNDS CARRIED FORWARD 3,005,054 817,984 1,030,207 4,853,245


Elam Ministries

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
COST
At 1 January 2023 1,775,000 69,673 56,158
Additions - 111,697 504
Disposals - - -
At 31 December 2023 1,775,000 181,370 56,662
DEPRECIATION
At 1 January 2023 - 834 32,200
Charge for year - 2,407 2,442
Eliminated on disposal - - -
At 31 December 2023 - 3,241 34,642
NET BOOK VALUE
At 31 December 2023 1,775,000 178,129 22,020
At 31 December 2022 1,775,000 68,839 23,958

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 10,590 226,297 2,137,718
Additions - 12,840 125,041
Disposals - (6,071 ) (6,071 )
At 31 December 2023 10,590 233,066 2,256,688
DEPRECIATION
At 1 January 2023 7,814 143,741 184,589
Charge for year 555 17,763 23,167
Eliminated on disposal - (3,668 ) (3,668 )
At 31 December 2023 8,369 157,836 204,088
NET BOOK VALUE
At 31 December 2023 2,221 75,230 2,052,600
At 31 December 2022 2,776 82,556 1,953,129

Elam Ministries

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. TANGIBLE FIXED ASSETS - continued










Cost or valuation at 31 December 2023 is represented by:


Land and
buildings

Plant and
machinery

Motor
vehicles


Totals
££££
Increase per re-valuation in 2002485,000--485,000
Increase per re-valuation in 1997332,984--332,984
Cost682,016289,72810,590982,334
The Lodge275,000--275,000
The Lodge improvements181,370--181,370
1,956,370289,72810,5902,256,688

Trustees have decided to bring in the revaluation of the freehold land and buildings as deemed cost after transitioning to FRS102. As such freehold property was last re-valued on an open market basis on 8 October 2002 by Wadham & Isherwood.

13. STOCKS
31.12.23 31.12.22
£    £   
Finished goods 1,594,500 1,046,073

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.2331.12.22

£ £
Trade debtors16,29017,139
Prepayments19,490395,477
Legacies90,00080,000
Gift aid debtor-23,122
Other debtors1,400271,811
127,180787,549



Elam Ministries

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 64,943 30,135
Other creditors 32,789 23,258
97,732 53,393

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.23 31.12.22
£    £   
Within one year 1,512 1,512
Between one and five years 1,890 3,402
3,402 4,914

17. MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1.1.23 in funds funds 31.12.23
£    £    £    £   
Unrestricted funds
General fund 3,005,054 139,298 (118,525 ) 3,025,827
Revaluation Reserve 817,984 - - 817,984
3,823,038 139,298 (118,525 ) 3,843,811
Restricted funds
Church Planting & Missions Fund - 31,234 - 31,234
Training Fund 201,104 (426,887 ) - (225,783 )
Bible Fund 829,103 159,910 12,418 1,001,431
Media Fund - (5,842 ) 5,842 -
Advocacy and Awareness - (52,900 ) 52,900 -
Europe and Diaspora - (47,365 ) 47,365 -
1,030,207 (341,850 ) 118,525 806,882
TOTAL FUNDS 4,853,245 (202,552 ) - 4,650,693

Elam Ministries

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 449,890 (310,592 ) 139,298

Restricted funds
Church Planting & Missions Fund 457,302 (426,068 ) 31,234
Training Fund 512,347 (939,234 ) (426,887 )
Bible Fund 680,701 (520,791 ) 159,910
Media Fund 319,862 (325,704 ) (5,842 )
Advocacy and Awareness - (52,900 ) (52,900 )
Europe and Diaspora 53,939 (101,304 ) (47,365 )
Humanitarian Relief 52,246 (52,246 ) -
2,076,397 (2,418,247 ) (341,850 )
TOTAL FUNDS 2,526,287 (2,728,839 ) (202,552 )


Comparatives for movement in funds

Net Transfers
movement between At
At 1.1.22 in funds funds 31.12.22
£    £    £    £   
Unrestricted funds
General fund 1,159,587 687,112 1,158,355 3,005,054
Revaluation Reserve 817,984 - - 817,984
1,977,571 687,112 1,158,355 3,823,038
Restricted funds
Church Planting & Missions Fund - (56,136 ) 56,136 -
Training Fund 440,291 (239,187 ) - 201,104
Bible Fund 2,479,266 (353,066 ) (1,297,097 ) 829,103
Media Fund - (49,187 ) 49,187 -
Technology Fund - (658 ) 658 -
Advocacy and Awareness - (22,475 ) 22,475 -
Europe and Diaspora - (10,286 ) 10,286 -
2,919,557 (730,995 ) (1,158,355 ) 1,030,207
TOTAL FUNDS 4,897,128 (43,883 ) - 4,853,245

Elam Ministries

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

17. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 1,122,252 (435,140 ) 687,112

Restricted funds
Church Planting & Missions Fund 464,794 (520,930 ) (56,136 )
Training Fund 448,871 (688,058 ) (239,187 )
Bible Fund 598,861 (951,927 ) (353,066 )
Media Fund 307,777 (356,964 ) (49,187 )
Technology Fund - (658 ) (658 )
Advocacy and Awareness - (22,475 ) (22,475 )
Europe and Diaspora 145,649 (155,935 ) (10,286 )
1,965,952 (2,696,947 ) (730,995 )
TOTAL FUNDS 3,088,204 (3,132,087 ) (43,883 )

Restricted funds:

The 'Church Planting and Missions' fund is for supporting and mentoring church planters and pastors among Persian speakers.

The 'Training' fund is for training leaders to plant house churches and increase discipleship and evangelism among Persian speakers.

The 'Bible' fund is for printing and distributing Persian New Testaments and Bibles.

The 'Media' fund is for the production of Elam's TV programmes as well as other digital video content, including house church resources, short clips and materials that can easily be shared online or via social media.

The 'Technology' fund is for promoting discipleship programming through technology for women, children, youth and men.

The 'Advocacy and Awareness' fund is for highlighting the plight of the poor and the persecuted.

The 'Europe and Diaspora' fund is for providing support and ministry services to churches and groups working with refugees in Europe.

The 'Humanitarian Relief' Fund was to help deliver Humanitarian aid in Turkey during the aftermath of the earthquake in the early months of 2023.

Transfers between funds

All transfers made from Unrestricted to Restricted Funds are to finance a deficit on the Restricted Fund.


Elam Ministries

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

18. RELATED PARTY DISCLOSURES

A daughter of Trustee R Roshanzamir is an employee of the charity and receives a salary for her role.

One daughter and a daughter-in-law of Trustee S Yeghnazar are employees of the the charity and receive salaries for their roles. These employees are also the sister and wife of Trustee D Yeghnazar.

The brother-in-law of Trustee D Yeghnazar also receives a salary for his role. The employee is also the son-in-law of Trustee S Yeghnazar.

A daughter and a son of Trustee D Yeghnazar are employees of the charity and received a salary for their respective roles. They are also grandchildren of Trustee S Yeghnazar.

The total amount paid for salaries (including employer pension contributions and employer national insurance contributions) in respect of these six (2022: four) related parties amounted to £161,719 (2022: £122,142).