Finance

Financial Overview 2019

Enable your servants…

As I write this article, there is much uncertainty over the impact of the coronavirus COVID-19 on people’s health, jobs and everyday life.

Added to this are the unknown outcomes of the UK’s Brexit talks with the European Union taking place this year. OMF (UK) also faces a changing church culture and we are asking serious questions about what changes we need to make to the way we work to best serve the UK Church and help it meet the challenge of sharing the gospel with East Asians, wherever they may be.

The need to change our approach to the way the good news of Jesus is proclaimed is something that we should readily accept, as the Church has done over the centuries. In Acts 4:23 – 31 we see the early church responding to threats from the authorities by praying for the Lord to ‘enable your servants to speak your word with great boldness’. In verse 31 we see the Lord’s response was an outpouring of the Holy Spirit enabling to them speak the word of God boldly. More recently and closer to home, James Hudson Taylor’s radical approach to mission in the interior of China, was again founded on prayer and resulted in millions of Chinese becoming Christians.

As some of you will know, at the end of 2019 a charity called Lammermuir Ltd signed an agreement to transfer all its assets to OMF (UK).
We feel that it is the Lord’s perfect timing that this has happened now. OMF (UK)’s Trustees and Leadership Team are currently prayerfully considering what changes are needed to OMF (UK)’s structures, procedures and even culture for the future, to enable the Lord’s servants to have the right opportunities to speak the word of God boldly to East Asians, through the power of the Holy Spirit.

We are grateful for how the Lord has continued to provide, through many of you reading this, so that our workers were again fully funded for their life and ministry in 2019. This came from a combination of support gifts for specific workers and general funds. Thank you for your faithful part in OMF (UK)’s ongoing ministry through prayer, giving and practical support for our workers.

To aid comparison between the figures for 2018 and 2019, I have excluded the impact of the Lammermuir transfer from the 2019 figures below. If the Lammermuir figures had been included approximately £11m would be added to the General Donations and to the Other Assets total.
Subject to audit confirmation, our income and expenditure and assets in 2019 broke down as detailed in the charts.

You may have heard of our online Hub, where you can subscribe for prayer materials, book on events and set up a direct debit, which is the easiest way to set up a regular gift. If you haven’t already used it, do take a look: ukhub.omf.org.

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, which means we have to include amounts which were due to us at the end of 2019 but not necessarily received. Of the legacy figures included in the accounts for 2019 and 2018 as being due to OMF (UK) at the respective year ends, £571k in 2019 (£79k in 2018), had not yet been 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 mission both overseas and in the UK.
– Mission Support costs are those related to mission specific areas such as member care and candidate coordination.
– Admin Support costs are more general including finance, IT, HR and the running of the UK office.
– Another way of looking at our total assets is as funds. We hold about £3.2m in unrestricted funds of which £1.8m are designated for a specific purpose by OMF (UK) and £1.4m in general funds. These include £438k to buffer the effects of fluctuations in legacy income, £490k for ministry related activities. In addition, £850k remains from the £950k set aside in 2018 to assist with funding the UK operation, whilst it is reviewed over the next four years, through subsidising member’s annual budgets. There is also £292k in funds that are restricted for use in specific purposes
by external donors.