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← OM International

2023-12-31-accounts

OM INTERNATIONAL

Annual Report and Financial Statements For the year ended 31 December 2023

Company Number 05649412 Charity Number 1112655

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CONTENTS

Report of the Board of Directors page 3 - 10 Independent Auditor’s Report page 11-13 Accounting Policies page 14 - 17 Statement of Financial Activities page 18 Balance Sheet page 19 Statement of Cash Flows page 20 Notes to the Financial Statements pages 21 – 30

OMOM International

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REPORT OF THE BOARD OF DIRECTORS

The Board of Directors present their annual report and audited financial statements for the year to 31 December 2023.

REFERENCE AND MANAGEMENT INFORMATION

Company name: OM International Company Registration number: 05649412 Charity Registration number: 1112655 Registered Office Unit B, Clifford Court Cooper Way Parkhouse Carlisle CA3 0JG

BOARD OF DIRECTORS Julyan LIDSTONE Wei Leong GOH Chuan Seng (Albert) TEH AGC (Bert) VAN DE HAAR Grant PORTER (resigned 28 February 2023) Jon SEELEY Kelvin SAMWATA (resigned 24 September 2023) Paul HYNAM (Chairman – until 26 September 2023) Shura FACANHA Mary LEDERLEITNER (Chairman – from 26 September 2023) Zenaida MARAMARA Holly STEWARD (resigned 31 March 2023) Calisto ODEDE Andrea VOGT Seang Pin SAW (appointed 24 September 2023) Mojis Parmar (appointed 1 May 2024) Joel Kumar (appointed 1 May 2024)

COMPANY SECRETARY

Julyan LIDSTONE

AUDITORS

Forvis Mazars LLP, 1 St Peter’s Square, Manchester, M2 3DE

SOLICITORS

Stone King LLP, 13 Queen Square, Bath BA1 2HJ

BANKERS

National Westminster Bank PLC, 17 Church Street, Oswestry, Shropshire, SY11 2SX

KEY MANAGEMENT PERSONNEL

International Director Lawrence Tong Associate International Director, Global Services Gian Walser Associate International Director, Resourcing I’Ching Thomas Associate International Director, Organisational Development Katherine Porter Associate International Director Peter Tarantal Chief Financial Officer Kevin Borlase Chief IT Officer Holger Rabbach Human Resources Manager Sharen Parsley

OMOM International

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REPORT OF THE BOARD OF DIRECTORS

STRUCTURE GOVERNANCE AND MANAGEMENT

OM International is governed by the terms of its constitution, the Memorandum and Articles of Association . The company is limited by guarantee and was incorporated on 8 December 2005. It is registered as a company in England and Wales, Company Registration Number: 05649412 and with the Charity Commission for England and Wales, Charity Registration Number: 1112655. Members of the Board of Directors are the trustees for charitable purposes.

Organisation

The Board of Directors is responsible for ultimate strategic decisions, having regard to International Policy under the JMA (see below) and advice from senior management. As charity trustees, the directors receive no remuneration for their services.

The members of the Board (as set out on page 3) have held office during the year to the date of this report, unless otherwise stated. The Board currently meets at least four times per year. Two directors resigned in early 2023 and another in September. Following the appointment of a new director in September 2023 and two more in May 2024 the Board currently consists of 14 directors. As well as their responsibilities in relation to this company they also assume a role for OM-Worldwide, providing oversight, support and accountability to OM’s International Director, Mr Lawrence Tong. They do not assume legal responsibility or governance of other OM entities, which remains with the boards, or current leadership, of those entities.

The directors delegate the day-to-day management of the charity to the International Director (Mr Lawrence Tong) and members of the key management personnel as detailed on page 3.

The International Director (ID) oversees the execution of the company’s strategic plans and directs management to develop specific goals in pursuit of these strategic objectives. The Board will review progress quarterly with reports from the ID and his senior management team as to the current health of the organisation, ongoing initiatives and how they are contributing to achieving agreed goals and objectives.

Related Organisations

This company shares the core values of an international partnership now operating in 118 countries worldwide known as “Operation Mobilisation”. The company is a signatory to a “Joint Ministries Agreement” (JMA) which sets out the ways in which the various constituent parts shall work together. In this report this “international partnership” is called “Operation Mobilisation Worldwide” (or “OM-Worldwide”) and the company is called “OM International”. The relationships between the constituent entities are also governed by a Legal Agreement.

Recruitment and Appointment of the Board of Directors

The directors are also the trustees for the purposes of charity law. As of the date of this report the Board consists of twelve experienced and committed directors. Only the members (who in our case are the Board of Directors) have the power to appoint new trustees/directors.

Induction and Training of Directors

In the event of new Directors being recruited they are invited to attend a meeting prior to any decision concerning their appointment, and are provided with material to give them background and necessary information regarding the organisation.

Risk Management

The directors have identified and evaluated the areas of major risk and the action required to mitigate those risks. Procedures are in place to keep areas of risk under review and identify future risk areas. These procedures are in turn reviewed on a regular basis by the directors. The directors have considered the risks to the company in light of the Covid-19 pandemic and believe the Charity is able to manage and mitigate those risks.

Risk and Uncertainties

The principal risks and uncertainties facing the charity include:

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REPORT OF THE BOARD OF DIRECTORS

Risk and Uncertainties (continued)

In order to address the financial risks, an annual budget is maintained, and monthly management accounts are prepared to ensure that any significant problems are quickly identified. The charity endeavours to maintain on-going cash reserves which would provide time for solutions to be found in the event of funding shortfalls. The charity’s work benefits OM-Worldwide and it would seek support from the global organisation if required.

Going Concern Basis of Accounting

In assessing the company’s ability to continue to adopt the going concern basis of accounting in the future, for at least 12 months from the date of this report, the directors have determined that there are no material uncertainties relating to events or conditions that may cast significant doubt upon the continuing use of the going concern basis of accounting in future periods.

Key Management Personnel Remuneration

Remuneration of the charity’s key management personnel is set in consultation with the relevant individuals. As a mission organisation those joining are committed to the ethos of the charity and do not have an expectation of receiving market rates of pay and remuneration. The National Living Wage is the minimum rate paid, and the remuneration levels are set taking into account the individual’s situation and their level of responsibility within the organisation.

Fundraising

The charity does not actively engage in fundraising and does not use the services of any professional or commercial fundraiser. The main sources of voluntary income are an administration grant received from OM fields around the world on the gifts they receive, and financial support raised by personnel working with the charity through their contact with sending churches, friends, and family. Support raising by personnel is monitored by their sending OM fields, and support gifts are received by those fields and then forwarded to OM International. The charity has not received any complaints relating to fundraising activities and is not aware of any complaints received by OM fields fundraising on behalf of the charity.

OBJECTIVES AND ACTIVITIES

OM International’s principal objective, as set out in the Memorandum of Association, is to support, through the provision of services including administration and co-ordination, charities and NGOs both in the UK and worldwide whose purposes include:

OM International plays a key role in co-ordinating decision making on common standards throughout the OM world. It also supplies services and resources vital to the functioning of OM internationally.

OM-Worldwide’s stated objective is “we want to see vibrant communities of Jesus followers among the least reached”, often referred to as VCJFs.

OMOM International

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REPORT OF THE BOARD OF DIRECTORS

Public Benefit

The directors are aware of the Charity Commission guidance on public benefit, and the two key principles of public benefit, namely that there must be an identifiable benefit or benefits, and that benefit must be to the public, or a section of the public.

The Board believes that by supporting the work of OM-Worldwide it supports the whole mission of OM. The aim of OMWorldwide is to mobilise people to share the Christian faith with every generation in every nation, pioneering and leading initiatives to redeem lives, rebuild communities and restore hope. OM-Worldwide works in over 118 countries, motivating and equipping people to share God’s love with people all over the world. This involves over 5,000 workers from at least 120 different nations. In doing so, the Board believes that it provides a benefit to the public by:

The board relies on feedback from OM international leadership, and from OM fields around the world, to assess the value and effectiveness of the organisation’s work. Reports are available of the work being done by OM fields, and the board is confident that the services provided by this charity enable and facilitate that work. Department heads are in regular contact with OM leaders around the world to ensure that the services provided meet their needs and increase their effectiveness.

ACTIVITIES

During 2023 OM International continued to provide services and resources to increase the effectiveness of OM ministry around the world. Some of the highlights or major activities during the year are as follows:

Global Services: This division includes IT, Personnel, People Care, Crisis and Security Management, Disaster Response, Finance and Audit.

Resourcing : This division is responsible for the areas of financial development and generosity, Global Communications and Marketing, and TeenStreet.

Organisational Development: This division includes Training, Leadership development, Research, Prayer, and Board Development.

OMOM International

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REPORT OF THE BOARD OF DIRECTORS

The Global Capacity Fund continues to be managed by OM International. This restricted fund comprises gifts received from one major donor in the USA, primarily for the development of OM’s structure and systems, and investment into some key initiatives. Grants from this fund have been made to other OM entities and there have also been internal grants to other departments for specific purposes which continue to be held as restricted funds.

Leadership and support to OM-Worldwide is provided from Carlisle, which remains a service hub primarily for some IT services as well as finance services, and by leaders scattered around the world who work with OM International, including a small number based in the UK. The Board provide oversight, support and accountability to OM’s International Director. Board members are located around the world (Australia, Singapore, Malaysia, Zambia, Netherlands, Ecuador, Barbados, USA, UK and Philippines).

FINANCIAL REVIEW

The full results of the company for the year to 31 December 2023 are set out in the financial statements on pages 18 to 30.

Total income for 2023 was £6.01 million (2022 - £6.14 million), and total expenditure totalled £5.95 million (2022 - £6.05 million). The net income of £66,218 can be analysed as follows:


on). The net income of £66,218 can be analysed as
follows:
2023 2022
Unrestricted – General (£488,294)
 £155,065
Unrestricted – Designated Fund – GIF
 (£117,410)
 £20,610
Unrestricted – Designated Fund – Asset Fund (£48,672)
 (£60,950)
Restricted Funds
 £720,594
 (£26,171)
--------------
 -------------
Net income/(expenditure) £66,218 £88,554
main sources of income were as follows:
2023 2022
Gifts and grants received £3,803,007 £3,746,380
Gifts received for the support of personnel £1,514,835 £1,477,935
Income generated from charitable activities £637,133 £885,593
Profit on disposal of assets £2,620 £1625
Investment income £54,564 £27,686

The main sources of income were as follows:

Dividends are not permitted under the Articles of Association.

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REPORT OF THE BOARD OF DIRECTORS

Reserves Policy

Total unrestricted reserves, excluding designated reserves and the concessionary loan, totalled £457,454 at the year-end (see note 16). The directors consider that unrestricted reserves should be maintained at a sum equivalent to approximately three months of unrestricted costs. General unrestricted costs, excluding designated funds, for 2023 totalled £4,961,648. Therefore, at year end unrestricted reserves equated to 1.1 months of unrestricted costs (2022 – 1.8 months). The anticipated sale of the Forest Hill property will replenish unrestricted reserves back to the target level.

Designated reserves held at year end included the Global Impact Fund £299,842 (2022 - £440,818) and the Asset Fund £1,224,810 (2022 - £1,244,945) representing net tangible assets.

Restricted funds, representing the balance of gifts and grants received for specific projects less related expenditure, were £2,176,816 (2022 - £1,661,500).

Grant Making Policy

Grants made during the year totalled £904,237 (2022 - £1,400,969). Grants are made in support of various international ministries and projects of OM-Worldwide, or to other OM fields in need of financial assistance. Grants from the designated GIF funds are approved by the International Director, in line with guidelines provided by the Board. Other grants from general funds have been provided for in the budget for the year which has been approved by the Board. Any other grants require the Boards approval. The grants made contribute to the charity’s objective of supporting OM ministries around the world.

Investment Policy

The Memorandum of Association gives the directors the power to deposit or invest funds in any manner, but to invest only after obtaining such advice from a financial expert as the directors consider necessary and having regard to the suitability of investments and the need for diversification. Currently, surplus cash funds are deposited in interest-bearing accounts with NatWest Bank.

Social Investment Policy

In support of various international ministries and projects of OM-Worldwide, or to assist other OM fields in need of financial assistance, the Board may grant concessionary loans. In November 2022 the Board agreed to loan GBA Ships e.V. the sum of US$1,800,000 (£1,413,983), interest free, and repayable in full by 30th October 2025. Early repayment can be made by the borrower at any time, or can be required by OM International by giving 12 months’ notice. The loan was provided to enable OM Ships to prepare M.V. Doulos Hope for ministry.

PLANS FOR FUTURE PERIODS

OM International will continue to provide services and resources to increase the effectiveness of OM ministry around the world. The stated objective of OM-worldwide is “to see vibrant communities of Jesus followers among the least reached”. Our divisions and some of their future plans include:

Global Services:

Resourcing:

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REPORT OF THE BOARD OF DIRECTORS

Organisational Development:

Field Ministries

As the current International Director’s term of service will end in September 2025 the board will be overseeing the process of identifying his replacement. This will involve the appointment of a search committee who will be seeking input from people across the organisation.

FUNDS HELD AS CUSTODIAN TRUSTEES FOR OTHERS

The company acts as custodian trustee in respect of the transmission of worldwide income and expenditure, received and paid respectively by one Operation Mobilisation organisation in respect of another. All the organisations have similar objectives. The assets held as at 31 December 2023, totalling £16,743,606 (2022 - £19,074,429) are held in a custodian capacity for the settlement of the corresponding liabilities. These amounts do not therefore form part of the charity’s balance sheet. This facility is known within OM-Worldwide as the International Clearing House (ICH). Provision of the ICH facility further supports the work of OM-Worldwide enabling efficient movement of funds between OM organisations around the world. ICH funds are held with ING Bank, Belgium and U.S. Bank, USA. The management of those funds is completely separate from the company’s banking arrangements.

RESPONSIBILITIES OF THE BOARD OF DIRECTORS

Company and charity law requires the Board, as trustees and directors, to prepare financial statements for each financial period which give a true and fair view of the state of the affairs of OM International and the results for the period. In preparing the financial statements, the directors have:

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

OMOM International

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REPORT OF THE BOARD OF DIRECTORS

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

Members of the Board of Directors, who are directors for the purposes of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 3. In accordance with company law, as the company’s directors, we certify that:

AUDITORS

A resolution to re-appoint Forvis Mazars LLP as auditors to the company, and to authorise the directors to fix their remuneration, will be proposed at a meeting of the Trustees.

SMALL COMPANIES NOTE

In preparing this report the directors have taken advantage of the small company exemptions provided by section 415A of the Companies Act 2006.

Approved by the Board of Directors on 15[th] September 2024 and signed on its behalf by:

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By order of The Board Julyan Lidstone (Director) Date: 26[th] September 2024

OMOM International

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Independent auditor’s report to the members of OM International

Opinion

We have audited the financial statements of OM International (the ‘company’) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows 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, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the 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 directors’ 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.

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 course of 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.

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Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Directors

As explained more fully in the directors’ responsibilities statement set out on page 9, the directors 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 directors 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, antimoney laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

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We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as the Companies Act 2006 and the Charities Statement of Recommended Practice.

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to income recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor’s report.

Use of the audit report

This report is made solely to the 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 company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body for our audit work, for this report, or for the opinions we have formed.

Michael Speight

Michael Speight (Sep 27, 2024 17:58 GMT+1)

Michael Speight (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor

5[th] Floor 3 Wellington Place Leeds LS1 4AP

Date: 27/09/2024

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ACCOUNTING POLICIES

1 GENERAL INFORMATION

OM International is a private company (registered number: 05649412) limited by guarantee and is non-profit making. The charity is incorporated in the United Kingdom and registered within England and Wales. The registered address of the charity is included on page 3.

2 BASIS OF PREPARATION

The financial statements have been prepared in accordance with applicable Accounting Standards in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

OM International meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements have been prepared in Pound Sterling as this is the currency of the primary economic environment in which the company operates.

3 ACCOUNTING CONVENTION

These financial statements have been prepared on the going concern basis under the historic cost convention.

4 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In applying the charity’s accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The property situated at 39 Honor Oak Road, Forest Hill, London, was originally included within tangible fixed assets at a deemed cost of £1.5 million, reflecting the external professional valuation obtained when the property was transferred from Witness and Testimony Trust in 2019. Following the Board’s decision in 2020 to sell the property it became evident that the marketability of the property is restricted by a long-term lease on part of the property. Following extensive investigations of various options, and aware of the on-going costs associated with keeping the property, the directors are currently in negotiations to sell the property to the leaseholder at a price which is below the initial carry value of £1.5m. Therefore the decision was made in 2021 to impair the value of the property to reflect the best estimate of sales proceeds less costs to sell, resulting in an impairment loss of £800,000. This value has been maintained at 31 December 2023.

In November 2022 the Board agreed to loan GBA Ships e.V. the sum of US$1,800,000 (£1,413,983), interest free, and repayable in full by 30[th] October 2025. Early repayment can be required by OM International by giving 12 months’ notice. The loan was provided to enable OM Ships to prepare M.V. Doulos Hope for ministry. The directors have made the decision to disclose this loan as a concessionary loan as it is made to further the objects of OM International, and supports the work of OM worldwide. The loan is secured by a mortgage over M.V. Doulos Hope, registered in November 2023.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Critical accounting judgements

The critical accounting judgements that the directors have made in the process of applying the charity’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.

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ACCOUNTING POLICIES

4 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (CONTINUED)

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Estimating value in use

Where an indication of impairment exists the directors will carry out an impairment review to determine the recoverable amount, which is the higher of fair value less cost to sell and value in use. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value.

Recoverability of receivables

The charity believes all receivables to be recoverable and has not made any provision for unrecoverable amounts. When assessing recoverability the directors consider factors such as the ageing of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers.

Determining residual values and useful economic lives of property, plant and equipment

The charity depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. Judgement is applied by management when determining the residual values for fixtures, fittings and equipment. When determining the residual value, management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

5 FUND ACCOUNTING

Unrestricted Funds are available for use at the discretion of the directors in furtherance of the general objectives of the charity.

Designated Funds are unrestricted funds that the directors have set aside for specific purposes.

Restricted Funds are subject to restrictions on their use, either imposed by the donor or included in the terms of an appeal.

6 INCOME

Gifts received are accounted for as soon as it is prudent and practicable to do so, generally the earlier of the date of notification or receipt. Gifts in kind are included at an estimated value.

Income from charitable activities includes turnover in relation to sales of audio visual supplies and the provision of audio visual services, rent income and registration fees for training events.

Net currency exchange gains are included in income from charitable activities. Net currency exchange losses are included in expenditure on charitable activities.

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ACCOUNTING POLICIES

7 EXPENDITURE

COSTS OF GENERATING FUNDS

This amount represents administration costs charged by OM offices worldwide on the gifts they receive for OM International.

DIRECT CHARITABLE EXPENDITURE

Includes all expenditure directly related to the objects of the charity and comprises the following:

Support to other missions

This amount represents expenditure incurred by the charity in supporting the ministry of OM-Worldwide. This includes personnel costs, provision of office facilities, travel costs, and depreciation on buildings, vehicles and equipment.

Net currency exchange losses incurred during the year are also included in this figure.

Costs of generating income from Charitable Activities

This amount represents expenditure incurred by the audio visual department, and the provision of training courses by the International Human Resources department. These activities generate income by way of payment for services received, sale of goods, and registration fees for courses.

Governance

This comprises expenditure incurred in the management of the charity’s assets, organisational administration and compliance with constitutional and statutory requirements.

8 FIXED ASSETS AND DEPRECIATION

In general, tangible fixed assets with a cost over £500 and all vehicles are capitalised in the financial statements, and are stated at cost less depreciation.

During 2022, depreciation has been provided in order to write-off the cost of tangible fixed assets on a straight line basis over their estimated useful lives, using the following rates:

Long leasehold buildings 2% per annum Outfitting of building, and initial furniture 10% per annum IT equipment (computers and phone system) 20-33% per annum Other fixtures, fittings and equipment 20% per annum Vehicles 20-50% per annum

Impairment losses on the value of London property are detailed in note 4 above.

9 CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Where deposits are for periods exceeding three months the bank allows a break in exceptional circumstances and therefore such deposits have been classified as cash equivalent.

10 FOREIGN CURRENCIES

Income and expenditure items denominated in foreign currency are translated into sterling and recorded at the rate ruling for the month of the transaction. Balance Sheet items denominated in foreign currency are translated into sterling and recorded at the rate ruling at the end of December. These rates (provided by the International Finance Office) are used in Operation Mobilisation Worldwide.

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ACCOUNTING POLICIES

11 OPERATING LEASES

Rentals payable under operating leases are charged on a straight-line basis over the term of the lease.

12 CONCESSIONARY LOANS

Concessionary loans are valued at par value, and reviewed annually for indicators of impairment. When the loan is in USD the balance is retranslated in GBP at the year-end exchange rate.

13 PENSIONS

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year. All pension costs relate to unrestricted funds.

14 FINANCIAL INSTRUMENTS

The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

15 GOING CONCERN

The directors have reviewed the charity’s financial position, are confident that the charity has adequate resources to continue in operation for a minimum of twelve months after the date of approval of these financial statements and therefore can continue to adopt the going concern basis of accounting in preparing the financial statements. They acknowledge that the level of reserves is below target however the impending sale of the Forest Hill property will much improve the situation. The charity’s main sources of income come from a very wide base and are therefore relatively secure, and not exposed to large fluctuations. There are no material uncertainties in respect of going concern.

OMOM International

17

STATEMENT OF FINANCIAL ACTIVITIES

Including income and expenditure account Year ended 31 December 2023

Notes
INCOME
Donations and gifts
2
Income from investments
Income from charitable activities
2
Other income
2
Total Income
EXPENDITURE
Costs of Raising Funds
Costs of generating voluntary income
Expenditure on Charitable Activities
3
Costs of charitable activities
Total Expenditure
Net Income/(Expenditure) Before
Transfers
5
Gross Transfers between Funds
15
Net Income/(Expenditure)
Fund Balance brought forward as at 31
December 2022
Fund Balance carried forward as at 31
December 2023
15		 Unrestricted
Restricted
2023
2022
Funds
Funds
Total
Total
Funds
Funds
£
£
£
£
3,857,365
1,460,477
5,317,842
5,224,315
54,564
-
54,564
27,686
581,525
55,608
637,133
885,593
2,620
-
2,620
1,625
4,496,074
1,516,085
6,012,159
6,139,219
188,802
33,363
222,165
222,133
4,961,648
762,128
5,723,776
5,828,532
5,150,450
795,491
5,945,941
6,050,665
(654,376)
720,594
66,218
88,554
205,278
(205,278)
-
-
(449,098)
515,316
66,218
88,554
3,845,187
1,661,500
5,506,687
5,418,133
3,396,089
2,176,816
5,572,905
5,506,687

The company’s income and expenditure all relate to continuing operations. The Statement of Financial Activities includes all gains and losses in the year.

OMOM International

18

BALANCE SHEET As at 31 December 2023 Company Number 05649412

Notes
Fixed Assets
Tangible assets
8
Concessionary Loan
9
TOTAL FIXED ASSETS
Current assets
Debtors
10
Cash at bank and in hand
CREDITORS:
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS:
Amounts falling due after one year
FUNDS
Unrestricted Funds – Designated
15&16
– General
15&16
Restricted Funds
15&16		 £
1,224,810
1,413,983		 2023
£
2,638,793
2,934,112
5,572,905
-
5,572,905
1,524,652
1,871,437
2,176,816
5,572,905		 2022
£
1,244,945
1,487,603
977,866
2,133,104		 2,732,548
459,227
2,395,304
3,110,970
(176,858)		 2,854,531
(80,392)
2,774,139
5,506,687
-
5,506,687
1,685,763
2,159,424
1,661,500
5,506,687

These financial statements have been prepared in accordance with the special provisions of the Companies Act 2006 relating to small companies.

These Financial Statements were approved by the Board of Directors on 15[th] September 2024 and signed on their behalf by:

==> picture [134 x 36] intentionally omitted <==

Julyan Lidstone Director and Secretary to the Board Date: 26 September 2024

OMOM International

19

STATEMENT OF CASH FLOWS Year Ended 31 December 2023

STATEMENT OF CASH FLOWS
Year Ended 31 December 2023
2023
2022
Note £
£
CASH (UTILISED BY)/GENERATED FROM
OPERATING ACTIVITIES
19		 (290,847)
3,610,390
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 54,564
27,686
Interest paid -
-
Purchase of tangible fixed assets (30,103)
(39,671)
Proceeds from sale of tangible fixed assets 4,186
4,000
NET CASH FROM (UTILISED BY) INVESTING
ACTIVITIES		 28,647
(7,985)
CASH FLOWS FROM FINANCING ACTIVITIES
Concessionary Loan given -
(1,487,603)
NET CASH UTILISED BY FINANCING
ACTIVITIES		 -
(1,487,603)
(DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS		 (262,200)
2,114,802
CASH AND CASH EQUIVALENTS AT THE
BEGINNING OF THE YEAR		 2,395,304
280,502
TOTAL CASH AND CASH EQUIVALENTS AT
THE END OF THE YEAR		 2,133,104
2,395,304

OMOM International

20

NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 December 2023

1 TAXATION

The company is a registered charity whose charitable activities are fully exempt from United Kingdom corporation and capital gains tax.

2 ANALYSIS OF DONATIONS AND GIFTS

Unrestricted Voluntary Income
Gifts
Gifts for support of personnel
Administration income on OM gifts worldwide
Grants from OM fields
Other gift income
Total Unrestricted Voluntary Income
Restricted Voluntary Income
Gifts
Grants from OM fields
Other gift income
Total Restricted Voluntary Income
ANALYSIS OF INCOME FROM CHARITABLE ACTIVITIES
Unrestricted Income from charitable activities
Audio Visual services and sales
Rent income
Registration fees
International finance costs recharged
ICH contribution to cover expenses
Exchange gains
Other income
Total Unrestricted income from charitable activities
Restricted Income from charitable activities
Registration Fees
Financial Development services
Exchange gains
Other income
Total Restricted income from charitable activities		 2023
2022
£
£
173,344
190,068
1,514,835
1,477,935
2,019,898
2,057,442
124,750
117,089
24,539
682
3,857,366
3,843,216
1,354,849
1,283,782
102,845
96,260
2,782
1,057
1,460,476
1,381,099
2023
2022
£
£
72,277
81,313
78,494
50,291
360,073
271,789
43,518
44,005
6,203
5,589
-
338,558
20,960
11,957
581,525
803,502
4,416
5,509
50,297
24,464
-
52,118
895
-
55,608
82,091

Income from charitable activities totalled £637,132 (2022 -£885,593), of which £530,434 (2022 - £401,600) came from outside the UK.

ANALYSIS OF OTHER INCOME
Depreciation recovered on sale of assets
Capital gain on sale of fixed assets
Total other income		 2023
2022
£
£
2,620
1,594
-
31
2,620
1,625

OMOM International

21

NOTES TO THE FINANCIAL STATEMENTS

Year Ended 31 December 2023

3 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
Unrestricted Restricted 2023 2022
£ £
Support to other Missions
Administration 685,869 222,930 908,799 940,534
Personnel 2,575,367 22,521 2,597,888 2,446,009
Travel 306,911 150,917 457,828 437,365
Grants made (note 4) 630,665 273,572 904,237 1,400,969
Depreciation 37,550 - 37,550 45,965
Exchange losses 122,013 50,799 172,812 -
Total Support to other Missions 4,358,375 720,739 5,079,114 5,270,842
Costs of generating income
Audio Visual department 107,613 - 107,613 105,373
Depreciation – Audio Visual department 11,122 - 11,122 14,985
ICH 33,474 - 33,474 29,573
International Leaders Meeting 206,738 - 206,738 228,233
International Personnel courses 95,515 - 95,515 37,250
Global Services 95,661 - 95,661 82,922
Resourcing & Organisation Development 33,500 - 33,500 -
TeenStreet - 1,200 1,200 5,509
Financial Development - 40,189 40,189 42,223
Total costs of generating income 583,623 41,389 625,012 546,068
Governance costs
Audit and accountancy fees 19,650 - 19,650 11,622
Total governance costs 19,650 - 19,650 11,622
TOTAL EXPENDITURE ON
CHARITABLE ACTIVITIES 4,961,648 762,128 5,723,776 5,828,532

4 GRANTS MADE

Grants made during the year totalled £904,237 (2022 - £1,400,969). These were made in support of various international ministries and projects of OM-Worldwide, or to other OM fields in need of financial assistance. Grants from the designated GIF funds are approved by the International Director, in line with guidelines provided by the Board. Other grants from general funds have been provided for in the budget for the year which has been approved by the Board. Any other grants require the Boards approval. No significant support costs are incurred in relation to grant making activities.

5 NET (EXPENDITURE)/ INCOME

Net (expenditure)/income before transfers for the year is stated after charging the following:

Depreciation on Tangible Fixed Assets
Auditor’s Remuneration:
Audit Fee
Non-Audit Fee – other services
Total Remuneration		 2023
2022
£
£
48,672
60,950
19,650
11,622
11,604
7,380
31,254
19,002

The Non-Audit Fee is for the provision of an accountants’ report on the financial records of the International Clearing House (ICH) and taxation services.

OMOM International

22

NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 December 2023

6 ACTING AS AGENT

OM International acts as agent/trustee in respect of the transmission of worldwide income and expenditure, received and paid respectively by one Operation Mobilisation organisation in respect of another. This facility is known within OM-Worldwide as the International Clearing House (ICH).

During the year OM International, in its capacity as agent, has handled over US$29 million received from, and paid out to, OM fields. In total ICH has facilitated the transfer of US$92 million of income and expenses between OM fields during the year. These amounts are not recorded as income and expenditure in these financial statements as the funds are received and paid out as agent for the OM fields, and do not represent income or expenditure for the company.

At the year-end ICH held the following assets:

the year-end ICH held the following assets:
2023 2022
Exchange rates used for conversion of USD balance to GBP 1.273 1.210
£ £
Bank balances 13,780,405 15,331,893
Debtors (amounts due from OM fields) 2,963,201 3,742,536

These amounts are held in a custodian capacity for the settlement of the corresponding liabilities, primarily consisting of balances due to OM fields.

7 STAFF COSTS AND DIRECTORS’ REMUNERATION

AFF COSTS AND DIRECTORS’ REMUNERATION
Salaries and wages
Employer’s National Insurance Contribution
Pension Contributions
Total		 2023
2022
£
£
689,084
667,767
53,070
50,966
19,341
18,651
761,495
737,384

There are no employees with emoluments above £60,000. No pension contributions were allocated to restricted funds.

The key management personnel of the charity comprise the Board of Directors, the Associate International Directors (who are not company directors), the Team Leader (until August 2023), the IT Manager and the Finance Manager. The Board of Directors receive no remuneration. The total employee benefits of the key management personnel of the charity were £130,781 (2022: £120,403).

As at 31 December 2023 there were 34 employees on the payroll. The average number of persons employed by the company during the year was 35. The employees were in the following roles:

Support to other missions
Administration
Finance
Total		 2023
2022
Number
Number
28
29
4
5
3
3
35
37

As charity trustees, the Board of Directors, who are not employees, received no remuneration for their services. Directly incurred expenses, when claimed, are reimbursed, or paid directly to third parties. In 2023 these totalled £11,670 for travel expenses (2022 - £9,145) and £9,240 for accommodation costs (2022 – £8,374), for twelve (2022 – twelve) directors.

Also involved in the work of the charity were 2 self-supporting volunteers, and 65 people resident overseas. Costs borne by OM International in relation to these people, included in note 3 “Personnel costs”, were £1,748,462.

OMOM International

23

NOTES TO THE FINANCIAL STATEMENTS

Year Ended 31 December 2023

8 TANGIBLE FIXED ASSETS

Cost:
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation:
At 1 January 2023
Disposals
Charge for the year
Impairment losses
At 31 December 2023
At 31 December 2023
At 1 January 2023		 Long
Leasehold
Outfitting
Fixtures,
Land &
of Buildings
Vehicles
Fittings &
TOTAL
Buildings
Equipment
£
£
£
£
£
2,228,119
141,580
12,157
585,748
2,967,604
-
-
-
30,103
30,103
-
-
-
(31,693)
(31,693)
2,228,119
141,580
12,157
584,158
2,966,014
1,032,996
141,580
12,157
535,926
1,722,659
-
-
-
(30,127)
(30,127)
14,562
-
-
34,110
48,672
-
-
-
-
-
1,047,558
141,580
12,157
539,909
1,741,204
1,180,561
-
-
44,249
1,224,810
1,195,123
-
-
49,822
1,244,945

The property situated at 39 Honor Oak Road, Forest Hill, London, is included within tangible fixed assets at a deemed cost of £1.5 million, reflecting the external professional valuation obtained when the property was transferred from Witness and Testimony Trust in 2019. Following the Board’s decision in 2020 to sell the property it became evident that the marketability of the property is restricted by a long-term lease on part of the property. Following extensive investigations of various options, and aware of the on-going costs associated with keeping the property, the directors are currently in negotiations to sell the property to the leaseholder at a price which is below the carry value. Therefore the decision was made in 2021 to impair the value of the property to reflect the best estimate of sales proceeds less costs to sell, resulting in an impairment loss of £800,000.

9 CONCESSIONARY LOAN

ONCESSIONARY LOAN
Cost at 1 January 2023
Loans made
Repayments
Balance at 31 December 2023
Balance at 31 December 2023 in GBP (£)		 2023
2022
US$
US$
-
-
1,800,000
1,800,000
-
-
1,800,000
1,800,000
1,413,983
1,487,603

In November 2022 the Board agreed to loan GBA Ships e.V. the sum of US$1,800,000 (current value £1,413,983), interest free, and repayable in full by 30[th] October 2025. As the loan in in USD it is retranslated to GBP at the year-end exchange rate. Early repayment can be made by the borrower at any time, or can be required by OM International by giving 12 months’ notice. The loan was provided to enable OM Ships to prepare M.V. Doulos Hope for ministry. The loan is secured by a mortgage over M.V. Doulos Hope, registered in November 2023.

OMOM International

24

NOTES TO THE FINANCIAL STATEMENTS

Year Ended 31 December 2023

10
DEBTORS
Due within one year:
Amounts due from connected charities
Prepayments
Loans receivable
Other debtors
Due within more than one year:
Loans receivable
TOTAL DEBTORS
11
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals
Social Security and other taxes
Pension contributions
Accounts payable
Amounts due to connected charities
Deferred income		 2023
2022
£
£
707,308
278,543
248,241
153,068
-
6,112
22,317
21,504
977,866
459,227
-
-
977,866
459,227
2023
2022
£
£
15,000
10,500
10,770
12,448
4,743
5,487
146,345
41,612
-
-
-
10,345
176,858
80,392

12

FINANCIAL INSTRUMENTS
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost
Cash and cash equivalents		 2023
2022
£
£
2,143,607
3,281,365
161,858
69,892
2,133,104
2,395,304

Financial assets comprise other debtors, loans receivable, concessionary loans, and amounts due from connected charities.

Financial liabilities comprise loans and accounts payable.

13 DEFERRED INCOME

EFERRED INCOME
Balance at 1 January 2023
Amount released to income
Amount deferred in the year
Balance at 31 December 2023		 2023
2022
£
£
10,345
660
(10,345)
(660)
-
10,345
-
10,345

Deferred income comprises funding and personal support received in advance.

OMOM International

25

NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 December 2023

14 CALLED UP SHARE CAPITAL

The company is limited by guarantee and therefore there is no share capital.

15 STATEMENT OF FUNDS

Unrestricted
General
Designated – Global Impact
Designated – Asset Fund
Total unrestricted funds
Restricted
Financial Development
Organisational Development
Global Services Funds
Field Ministries
International Director Funds
Muslim Ministries Ambassador
Teenstreet Excellence
Global Capacity Fund
People Care Fund
Global Brand Development
General Restricted Funds
Total restricted funds
TOTAL FUNDS		 At 31
December
2022
Income
Expenditure
Utilised/
transfers
At 31
December
2023
£
£
£
£
£
2,159,424
4,399,416
(4,887,710)
200,307
1,871,437
440,818
96,658
(214,068)
(23,566)
299,842
1,244,945
-
(48,672)
28,537
1,224,810
3,845,187
4,496,074
(5,150,450)
205,278
3,396,089
165,742
57,289
(71,243)
-
151,788
255,694
207
(120,538)
110,222
245,585
125,617
-
(79,259)
1,000
47,358
118,786
187,480
(151,890)
58,957
213,333
22,672
-
(3,195)
-
19,477

4,623
-
(1,371)
1,000
4,252
75,003
198,993
(181,192)
(24,760)
68,04
663,429
1,054,278
(105,378)
(472,974)
1,139,355
101,626
-
(923)
-
100,703
115,748
-
(77,218)
121,277
159,808
12,560
17,838
(3,284)
-
27,113
1,661,500
1,516,085
(795,491)
(205,278)
2,176,816
5,506,687
6,012,159
(5,945,941)
-
5,572,905

Designated

The income funds of the charity include the following designated funds that have been set aside out of unrestricted funds held by the directors for specific purposes:

Transfers

The transfer of £28,537 from the General Fund to the Designated-Asset Fund represents the net increase in value of assets, after the provision of depreciation of £48,672.

The net transfer of £205,278 from various Restricted funds to General Unrestricted funds represents the allocation of restricted funds to cover operational expenses incurred in unrestricted cost centres. The expenses meet the requirements applicable to those restricted funds.

OMOM International

26

NOTES TO THE FINANCIAL STATEMENTS

Year Ended 31 December 2023

15 STATEMENT OF FUNDS (continued)

Restricted funds

The income funds of the charity include various gifts and grants given specifically for a number of projects which benefit OM-Worldwide. These restricted funds are held by the directors for specific purposes:

16 ANALYSIS OF NET ASSETS BETWEEN FUNDS AS AT 31 DECEMBER 2023

Unrestricted Funds
Asset Fund
Global Impact Fund
General Fund
Total Unrestricted Funds
Restricted Funds
TOTAL FUNDS		 Tangible
Concessionary
Net Current
Long Term
Total
Fixed
Assets
Loan
Assets
Creditors
£
£
£
£
£
1,224,810
-
-
-
1,224,810
-
-
299,842
-
299,842
-
1,413,983
457,454
-
1,871,437
1,224,810
1,413,983
757,296
-
3,396,089
-
-
2,176,816
-
2,176,816
1,224,810
1,413,983
2,934,112
-
5,572,905

ANALYSIS OF NET ASSETS BETWEEN FUNDS AS AT 31 DECEMBER 2022

Unrestricted Funds
Asset Fund
Global Impact Fund
General Fund
Total Unrestricted Funds
Restricted Funds
TOTAL FUNDS		 Tangible
Investments
Net Current
Long Term
Total
Fixed Assets
Assets
Creditors
£
£
£
£
1,244,945
-
-
-
1,244,945
-
-
440,818
-
440,818
-
1,487,603
671,821
-
2,159,424
1,244,945
1,487,603
1,112,639
-
3,845,187
-
-
1,661,500
-
1,661,500
1,244,945
1,487,603
2,774,139
-
5,506,687

OMOM International

27

NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 December 2023

17 RELATED PARTY TRANSACTIONS

The company acts as Trustee in respect of the transmission of worldwide income and expenditure, received and paid respectively by one Operation Mobilisation organisation in respect of another. All the organisations have similar objectives. The assets held at 31 December 2023, totalling £16,743,606 (2022 - £19,074,429) are held in a custodian capacity for the settlement of the corresponding liabilities. This facility is known within OM-Worldwide as the International Clearing House (ICH).

Donations received during the year from directors and related parties totalled £nil (2020 - £nil). The directors may have donated via other OM offices towards the support of individuals working for the charity, however that information is not readily available.

18 COMMITMENTS

At 31 December 2023 the charity’s total commitments under non-cancellable operating leases was as follows:

Within one year
Two to five years
Over five years
Total		 2023
2022
£
£
3,937
15,749
-
48,000
-
19,000
3,937
82,749

Lease payments recognised as an expense during the year totalled £26,888 (2022 - £26,420). The commitments reflected in 2022 no longer exist as the lease of Manna House was terminated at the end of 2023 by mutual agreement between OM International and the landlord.

19 RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES

Net movement in funds
Interest paid
Interest received
Depreciation charges
Profit on disposal of fixed assets
Loss on sale of fixed assets
Exchange loss on concessionary loan
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Net cash generated from/(utilised by) operating
activities		 2023
2022
£
£
66,218
88,554
-
-
(54,564)
(27,686)
48,672
60,950
(2,620)
(1,624)
-
-
73,620
-
(518,639)
3,497,243
96,465
(7,047)
290,848
3,610,390

OMOM International

28

NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 December 2023

20 ANALYSIS OF CHANGES IN CASH AND CASH EQUIVALENTS

Cash at bank and in hand
Total Cash and Cash Equivalents		 Net Funds as at
1 January
2023
Cashflows in
the year
Net Funds as at
31 December
2023
£
£
£
2,395,304
(262,200)
2,133,104
2,395,304
(262,200)
2,133,104

OMOM International

29

NOTES TO THE FINANCIAL STATEMENTS

Year Ended 31 December 2023

21 PRIOR YEAR COMPARATIVE SOFA

INCOME
Donations and gifts
Income from investments
Income from charitable activities
Other income
Total Income
EXPENDITURE
Costs of Raising Funds
Costs of generating voluntary income
Expenditure on Charitable Activities
Costs of charitable activities
Total Expenditure
Net Income Before Transfers
Gross Transfers between Funds
Net Income
Fund Balance brought forward as at 31
December 2021
Fund Balance carried forward as at 31
December 2022		 Unrestricted
Restricted
2022
Funds
Funds
Total
Funds
£
£
£
3,843,216
1,381,099
5,224,315
27,686
-
27,686
803,502
82,091
885,593
1,625
-
1,625
4,676,029
1,463,190
6,139,219
188,791
33,342
222,133
4,372,512
1,456,020
5,828,532
4,561,303
1,489,362
6,050,665
114,726
(26,172)
88,554
377,501
(377,501)
-
492,227
(403,673)
88,554
3,352,960
2,065,173
5,418,133
3,845,187
1,661,500
5,506,687

OMOM International

30