Finance

May-August 2021
2020 Financial Report – Signposts to change

In September 2020 when I wrote my article for the January issue of Billions, I wondered what kind of Christmas we would experience due to the pandemic and now again we are facing uncertain times. However, this time there is more hope, with the roll out of effective vaccines, a government plan to hopefully reduce the impact of COVID-19 on our society and, not least, the prospect of seeing the beauty of creation as spring and summer arrive. There are also challenges ahead such as the impact of changes in the government’s furlough scheme and growing hospital waiting lists.

In Exodus 13, we see the Israelites full of hope as they start their journey out of Egypt to the promised land. But, like us, they know they face challenges ahead on the journey. Whilst we don’t have a visible pillar of cloud by day or fire by night to guide us, we do have the Lord’s word and his Holy Spirit to guide and help us through the uncertain and challenging times ahead.

Once again, and despite impact of the pandemic, the Lord has continued to provide amazingly for OMF (UK) through many of you who are reading this. As a result, our workers were again fully funded from a combination of personal support gifts and General Funds, for their life and ministry requirements in 2020. Thank you for your faithful part in OMF (UK)’s ongoing ministry through praying and giving.

In the 2019 figures below, the impact of the transfer of the Lammermuir charity’s assets in 2019 (mentioned in last year’s May – August Billions) can be seen. The General Donations for 2019 reflect the total £11.2m worth of assets being transferred to OMF (UK); the Property Assets reflect the £5.8m worth of properties transferred to OMF (UK); and OMF (UK) also received £5.4m of managed investments.

Whilst the transfer of assets from Lammermuir has been a blessing, it is also a challenge to be responsible stewards of the significant resources the Lord has given us. With this in mind, as part of our strategic review, OMF (UK), has already set up several new designated funds. These include a Retirement Fund (£3.3m) to help fund the allowances of retired workers who do not have pensions and a Marketplace Ministry Fund (£200k), which you will hear more about in future issues of Billions. There is also a new Property Fund (£5.8m) which relates to the properties OMF (UK) has received from Lammermuir.

The figures below are based on the draft annual accounts provided to our auditors. Due to accounting regulations, it is normal for there to be some minor differences between these and the published final accounts.
Please pray with us for wisdom during these uncertain times so we make wise decisions and are good stewards of all the resources the Lord has blessed us with.

Jeff Hall
Director for Finance & Corporate Services

Notes
– For the official annual accounts, our figures for legacies for the current and previous years need to comply with statutory regulations. This means we have to include amounts which were due to us at the end of 2020 but not necessarily received.
– Mobilisation is the cost of UK-based workers, mainly Area Representatives and Home Assignees, involved in serving the UK Church in its engagement in God’s mission, as well as covering other related costs such as running the Serve Asia short-term mission programme and producing
Billions magazine.
– Evangelisation includes mainly the cost of OMF workers involved in evangelistic ministry both overseas and in
the UK.
– Mission Support costs are those related to mission specific areas such as member care and candidate co-ordination.
– Admin. Support costs are more general, including finance, IT, HR and the running of the UK office.