2020-12-31-accounts - Omf International (UK)

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Contents			Pages
Trustees'	Annual Report		2-16
Independent Auditor's		Report	17-19
Statement	of Financial	Activities	20
Balance Sheet			21
Cash-flow	statement		22
Notes to	the Financial	Statements	23-38

Independent Auditor's Report to the trustees and members of OMF Intemational (UK) For the year ended 31 December 2020 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 direttors. remuneration specified by law are not made,. or we have not received all the infomiation and explanations we require for our audit- or the trustees were not entided to prepare the financial statements in accordance with the small companies, regime arKS take advantage of the srnall companies. exemption in preparing the d1ctorS. report. Responslbllities of trustees As explained MO fully in the tru5tee5' responsibillties statement set out on page 16, the trustees (who are also the dirertor5 of the charitable company for the wrposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, arKI 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 lo fraud or error. In preparing the financial statements. the trustee5 a 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 infrnd to liquidate the charitable company or to cease operattons, or have no realistic alternative but to do so. Audltorfs responsibilities for the audit of the financial statements Our objertives 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 audrtor's report that includes our opinion. Reasonable assurance is a high level of aVrance, but 15 not a guarantee that an audit condutted in accordan with ISA5 {UKI will always detert a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, indivscsually or in the aggregate, they could reasonably be experted to Influen the economic decisions of users tsken on the basis of these financial statements. A further descriptlon of our responsibilities Is availableon the Financial Reporting Council's website at: httP5.'Ilwww.frc.org.uklOur-WorVAuditlAudit-and-a5surancelStandards-and-guidante/Stsndards-and-guidance-for- auditorslAuditors-re5ponsibilities-for-audiVDescription-of-audors-responsibIlities-for-audlt.OSpx. This description form5 part of our auditor's report. Extent to which the audit was considered capable of deterting irregularities, including fraud Irregularities, Irregularities, including fraud, are instances of non-compliarKe with laws and regulations. We design procedures in line with our responsibilities, oudined above and on the Financial Reporting Council's website, to detect material misstatements in respert of irregularities, induding fraud. We obtain and update our understanding of the entity, its attivitr"e5, its control environrnent. and likety future developments, Induding in relation to the legèl and regul3tory framework applicable and how the entity is complying with that framework. Based on thi5 understanding, we identify and asse5S the risks of material mi5Statement of the rinancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of aLts by the entity that were contrary to applicat4e laws and regulations, including fraud. In response to the risk of irregularitie5 and non-compliance with laws and regulations. including fraud, we designed Pr(ureS which induded: ErNuiry of management and those charged with governance around actual and potents'al litigation and claims as well as actual, suspected and alleged fraud. Reviewing minutes of meetings of those charged with governance,. Assessing the extent of compliance with the laws and regulations cOnsided to have a dirett material effert on the financial statements or the operations of the company through enquiry and inspection; Reviewing financial statement disclosures and testing to suptorting documentation to assess compliance with pplicable laws arnl regulations; Perfomiing audit work over the risk of management bias and override of controls, including testing of jwrnal entries and other adjustments for appropriateness, evaluating the business rationale of significant transartions outside the nomial course of business and revIen9 accounting estimates for indicators of potential bias.

					2020			2019
				Unrestricted	Restricted	Total	Vnrestricted	Restricted
			Not e	Funds	Funds	Funds	Funds	Funds	Funds
				E	E
Income from:
Donations:
Support gifts				4,429,704		4,429,704	4,322,049		4,322~049
General donations				637,554		637,554	12,112,775		12,112,775
Project Funds				2,665	390,201	392,866	7,964	339,710	347,674
Legacies			2,15	350,062	57,732	407,794	1,044,026	46,721	1,090,747
Investments								0
Other Trading Activities
Publications income				22,124		22,124	20,602		20,602
Rental income				43,745		43,745	61,568		61,568
Investment income:
Gain on disposal of properties Interest receivable	investment			4,480	37,255	37,255 4,480	10,557		10,557
Other income
Net gain on disposal	of assets
Total Income				5,490,334	485,188	5,975,522	17,579,$41	3S6,431	17,96$,972
Expenditure on:
Raising funds				4,345		4,345	4,953		4,953
Charitable activities
Mobilisation				1,054,710	28,942	1,083,652	1,235336	55858	1,291,194
Evangelisation				3,390,245	355,557	3,745,802	3,322,979	340,454	3,663,433
Mission Support			3,7	527,376	3,618	530,994	563,119	6,982	570,101
Administration Support			3,8	510,451		510,451	408,762		40S,762
Education and Information				39,109		39,109	59,509		59,509
Retirement			10	658,240		658,240	695044		695,044
Total Expenditure				6,184,476	388,117	6,572,593	6,289,702	403,294	6,692,996
Net Gains/(Losses) investments	on			626,744	11,836	638,580
Net (expenditure)/		income		(67,398)	108,907	41,509	1li289J839	(16I863)	1li272i976
Transfers between		funds		2,638	(2,638)		(99,845)	99,845
Net movement in	funds			(64g760)	106I269	41I509	11189994	82,982	11,272,976
Reconciliation of	funds:
Total funds brought	forward			14,462,505	340,246	14,802,751	3,272,511	257,264	3,529,775
Total funds carried		forward		14g397745	446 515	14i844 260	14i462+05	340i246	14~SOZi751

									Note
										2020	2019
										E
Fixed Assets
Tangible	Fixed Assets- Properties								12	5,752,400	5840,000
Tangible	Fixed Assets- Other								12	74,167	105495
Fixed Assets		Investments-		Managed					13	6,010,880	5372,300
Fixed Assets		Investments-		Unlisted					13	33,627	33,627
										11,871,074	11,351,422
Current	Assets
Investment		property held	for re-sale							37,418	52,972
Stock										8,351	7,411
Debtors									15	595,795	1,163478
Cash at	bank and in hand									2,723,838	2,713,110
										3,365,402	3,936,971
Creditors: amounts falling				due within			one year		16	(392,216)	(485642)
Net Current		Assets								2,973,186	3,451,329
Net Assets									18 - 20	14,844,260	14,802,751
Funds
Unrestricted		-General	Fund							3,363,147	12584,910
Designated
		- Property Fund								5,840,000
		- Retirement		Fund						3,336,594
		- HSF Buffer	reserve							760,000	850,000
		- Legacy Reserve								414,000	438,000
		- Home Assignment			Ministry			Fund		233,076	349,215
		- Marketplace		Ministry		Fund				200,000
		- Other Designated			Funds				18-20	250,928 14,397,745	240,380 14,462,505
Restricted									18-20	446,515	340,246
										14I844I260	14,802,751

					Total funds	Prior Year
						funds
Cash flows from operating	activities:
Net Cash used in operating activities					23,911	(6,OOZ)
Cash flows from investing	activities:
Interest from investments					4,480	10557
Purchase of property, plant and equipment					(17,663)	(54,192)
Net cash provided (used in)/by investing				activities	(13,183)	(43i635)
Changein cash and cash equivalentsin				the reporting period	10/728	(49,642)
Cash and cash equivalents reporting period	at	the beginning ofthe			2,713,110	2,762,752
Cash and cash equi valents	at	the end	ofthe reporting period		2,723,838	2,713,110
Reconciliation ofnet income to net cash				flow from operating	activities
					Current Year	Prior Year
					f	E
Netincome for the reporting offinancial activities)		period (as		per the statement	41i509	11i272i97'6
Depreciation					136,591	45516
Interest from investments					(4,480)	(10,557)
Decrease in creditors					(93,426)	(152,233)
Decrease in debtors					567,683	97,021
(Increase)/decrease in stocks					(940)	6542
Lammermuir donation - (adjusted		for cash	elements)			(11,212,300)
Gains on investments					(638,580)
Decrease/(increase) in Investment		Property	held for re-sale		15,554	(52,972)
Net (used in)/provided by	operating activities				23,911	(6OOZ)

Mobilisation ex	penditure
		Unrestricted	Restricted	TOTAL	Unrestricted	Restricted	TOTAL
		Funds	Funds	2020	Funds	Funds	2019
		f		E
Staff salaries (note 11)		122,290		122,290	105116		105116
Member Allowance	payments	399,519		399,519	364,356		364,356
Member Expense	payments	6,305		6,305	17,013		17,013
Member Pension,	NI &Tax	79,537		79,537	67,477		67,477
Home Assignment & Expenses	Allowances	375,832		375,832	460,092		460,092
Notional Rental Cost					101,530		101,530
Literature &.Information		33,722		33,722	28,442		28,442
Other Costs		36,149	28,942	65,091	89,525	55858	145383
Serve Asia Teams		1356		1356	1785		1785
		1,054,710	28,942	1,083,652	1,23S336	SS8S8	1,291,194

		Unrestricted	Restricted	TOTAL	Unrestricted	Restricted	TOTAL
		Funds	Funds	2020	Funds	Funds	2019
Overseas allocation to OMF International (Singapore)		2,229,442	315,761	2,545,203	2,219,583	263,652	2,483,235
Member Allowance	payments	421,029		421,029	400,891		400,891
Member Expense Member Pension,	payments NI 5Tax	(4,317) 676,059		(4,317) 676,059	6,432 573,556		6,432 573,556
Serve Asia Teams		4,068		4,068	5357		5357
Other costs		63,964	39,796	103,760	117,160	76802	193,962
		3I390I245	355I557	3745 802	3,322,979	340,454	3,663,433

Mission Sup	port expend	iture
		Unrestricted	Restricted	TOTAL	Unrestricted	Restricted	TOTAL
		Funds	Funds	2020	Funds	Funds	2019
					E		E
Staff salaries (note 11)		117,220		117,220	91,052		91,052
Member Allowance	payments	238,039		238,039	218,346		218,346
Member Expense Member Pension,	payments NI5Tax	3,611 31,815		3,611 31,815	8,674 26,991		8,674 26,991
Home Assignment 5 Expenses	Allowances	41,759		41,759	51,121		51,121
Notional Rental Cost					95558		95558
Other costs		94,932	3,618	98,550	71,377	6,982	78,359
		527,376	3,618	530,994	Sb3,119	b,982	570r101

				Unrestricted	Restricted	TOTAL	Un estricted	Restricted	TOTAL
				Funds	Funds	2020	Funds	Funds	2029
				f.			E		E
Staff salaries		(note 11)		210,528		210,528	181,105		181,105
Member	Allowance		payments	22,757		22,757	20,633		20,633
Member	Expense		payments	438		438	1,051		1,051
Member	Pension,		NI lk Tax	7,954		7,954	6,748		6,748
Information Technology Notional Rental Cost				39,044		39,044	35089 83,615		35089 83,615
Exceptional		Costs					(191,344)		(191,344)
Other costs				229 730		229 730	271865		271865
				510,451		510/451	40S,762		40S/762

			Unrestricted	Restricted	TOTAL	Unrestricted	Restricted	TOTAL
			Funds	Funds	2020	Funds	Funds	2029
			f		f	E
Literature and information Books and Conferences			7,637 372		7,637 372	10,669 5633		10,669 5633
Staff salaries		(note 11)	31,100		31,100	28,276		28,276
Notional	Rental Cost					14931		14,931
			39,109		39,109	59,509		59,509

		Unrestricted	Restricted	TOTAL	Unrestricted	Restricted	TOTAL
		Funds	Funds	2020	Funds	Funds	2029
Retired member allowance		647,838		647,838	682,575		682,575
payments Member	Allowance payments	5,689		5,689	5158		5158
Member	Expense payments	109		109	263		263
Staff salaries (note 11)		3,984		3,984	3,957		3,957
Notional	Rental Cost				2,986		2,986
Other costs		620		620	105		105
		658,240		658,240	695,044		695044

osts
				2020	2019
				f
Wages &.salaries				415,891	351,163
Social security costs				36,849	30,854
Pension contributions				32 382	27489
				485 122	409506
Staff costs analysed	by function:
Note 5 Mobilisation	Expenditure			122,290	105116
Note 7 Mission Support				117,220	91,052
Note 8 Administration		Support		210,528	181,105
Note 9 Education and		Information	Expenditure	31,100	28276
Note 10Retirement	costs			3 984	3957
				485 122	409,506

e fixed asse	ts
		Land			Fixtures
		and	Computer	Office	and	Motor
		Buildings E	equipment f	equipment f	Fittings f	Vehicles f	Total f
Cost or valuation
1January 2020		5,840,000	223,005	60,107	109,675	10 150	6242I937
Additions			15,541	2,122			17,663
Disposals
31December	2020	5840 000	238546	62 229	109675	10150	6260 600
Accumulated	depreciation
1january 2020			(177,597)	(58,689)	(52,452)	(8,704)	(297,442)
Charge for the year		(87,600)	(26,339)	(964)	(20,242)	(1,446)	(136,591)
Released on disposals
31December	2020	87600	203936	59653	72 694	10150	434033
Net book value
1January 2020		5840000	45408	1418	57 223	1446	5945495
31December	2020	5,752400	34610	2 576	36981		5826 567
xed Asset Investments
				Managed Investments
				2020	2019
				f	E
Market Value at 1January 2020 (accrued)				5,372,300
Additions					5,372,300
Disposals
Unrealised	investment	gains/ (losses)		638,580
Market Value at 31December			2020	6,010,880	5,372,300

					Unlisted	Investments
					2020	2D19
Value at 1	january	2020			33,627	33,627
Additions
Disposals
Unrealised	investment		gains/	(losses)
Market Value at		31	December 2020		33,627	93,b2Z

Current	Asset Inve	stment	s - property held	for sale (restrict	ed)
				2020	2019
Market Value at 1 January 2020				52,972
Transfers	in				52,972
Disposals				(15,554)
Unrealised	investment	gains/	(losses)
Market Value at 31		December 2019		37,418	52,9/2

ors
				2020		2019
				f
Trade debtors					531	1,017
Other debtors				1,863		7,892
NI Bulk Payment	Class 2 8. 3					27,237
Prepayments				42,	139	45340
Accrued income	- Legacies			453,295		697,328
Accrued income	from OMF International		- legal case	costs		346,825
Accrued income	—Gift Aid			37,904		37,524
Accrued income	from Lammermuir	freeholds		60,000
Accrued income	- Other				63	315
				595,795		1,163,478
53,295 legacies	accrued, f88,054 had been received			by the charity at the date	the	financial statements
re-imbursement	for the legal case	costs	was received from OMF International		in	Singapore in April 2
ditors: amounts falling due within			one year
				2020		2019
				E
Sundry creditors				121,839		144,868
Accruals —general				30,946		35811
Exceptional cost accrual (note 8)						91,667
Taxation 8 social security				4,743		1,903
OMF International (Singapore)				58,198		36,410
Deferred income				176,490		174,983
				392,216		485642

iation o	fdeferre	d	income
				2020	2019
				f	f
Amount	Deferred	at	january 1 2020	174,983	113,116
Amounts	deferred	in	year	65,920	126,079
Amounts	received	-	from prior years	(64,413)	(64,212)
Amounts	received	-	from current year
Deferred	income	at	31 December 2020	176490	174983

				2020 f	2019
Financial	Assets
Financial	assets at amortised cost			3,277,495	3BW,011
Fixed asset investments		at market value		6,010,880	5372,300
Fixed asset investments		at fair	value	33,627	33,627
Financial	Liabilities
Financial	liabilities at amortised		cost	215,726	310,659

9Funds
				Balance	Income	Expenditure	Investment		Transfers	Balance
				01/01/2020 E	E	E	gains/(losses) E			31/12/2020 f
General Fund				12,584,910	3,257,681	(3,851,042)	256,669		(8,885,071)	3,363,147
Designated Funds:
Property Fund									5,840,000	5,840,000
Retirement Fund							364,256		2,972,338	3,336,594
HSF Buffer Reserve				850,000					(90,000)	760,000
Legacy Reserve				438,000					(24,000)	414,000
joining Members Fund				38,892	44,495	(43,646)				39,741
Home Assignment	Ministry		Fund	349,215	303,752	(419,891)				233,076
UK Ministry Funds				86,140	1,826,748	(1,787,863)				125,025
Creation Care Fund									20,000	20,000
Philip Henman Fund				55,662		(16,901)		5,819	(372)	44,208
Logos Hope Fund				45,000		(12,860)			(32,140)
Marketplace Ministry		Fund							200,000	200,000
Other Miscellaneous (&E20k)		Funds		14,686	57,658	(52,273)			1,883	21,954
Total Designated	funds			1877595	2 232g653	(2333~434)	370,075		8,887,709	11,034,598
Total Unrestricted		Funds		14462 505	5490~334	(6184~476)	626,744		2,638	14,397,745
Restricted Funds:
Holland Legacy Fund				51,303	37,255	(12,745)				75,813
Hong Kong Welcome		Project Fund			15,000	(4,166)				10,834
Chapman Legacy				84,730		(3,557)				81,173
Medical Missionaries		Fund		32,464				3,223	(206)	35,481
Leah Evans Bequest				89,305				8,613	(549)	97,369
Other Miscellaneous (&E30k)		Funds		52,444	17,172	(51,888)			(1,883)	15,845
				310,246	69,427	(72,356)		11,836	(2,638)	316,515
Other Overseas funds				30,000	415,761	(315,761)				130,000
Total Restricted	Funds			340,246	485,188	(388,117)		11,836	(2,638)	446,515
Total Funds				14~802g751	Sg975g522	(6g572~593)	638,580			14,844,260

		Balance	Income	Expenditure	Transfers	Balance
		01/01/2019				31/12/2019
General Fund		896,387	15385266	(3,939,346)	242,603	12,S84,910
Designated Funds:
HSFBuffer Reserve		950,000			(100,000)	850,000
Legacy Reserve		729,000			(291,000)	438,000
Joining Members Fund		56i406	105168	(122,682)		38,892
Home Assignment Ministry Fund		569,660	290,768	(511,213)		349,215
VKMinistry Funds		S2,356	1,694,979	(1,661,195)		86140
Phiilp Henman Fund		6,978		(270)	48 954	55662
Serve Asia Fund		10,847	7,964	(7,142)	(132)	11,$37
Leaving members fund		877	50,396	(48,124)		3,'149
Logos Hope Fund			45000			45,000
Total Designated funds		2,376,124	2,194,275	(2,350,626)	(342,178)	1,877,595
Total Unrestricted	Funds	3,272,511	17,$79,541	(6,289,972)	(99,$75)	14,462,505
Restricted Funds
Holland Legacy Fund		76,303		(25000)		51,303
China Youth Project	Mobilisation	12,750		(5000)		7,750
Medical Missionaries	Fund	5i351			27,113	32,464
Leah Evans Bequest		16,843			72,462	89,3'05
Chapman Legacy		91i792		(7,062)		84,730
Member Ministry Oevelopment Bursary		23,417		(8,451)		14,966
Other Miscellaneous	Funds (&58k)	30iBOB	92,779	(93,859)		29,728
Other Overseas funds			293,652	(263,652)		30i000
Total Restricted Funds		257,264	386,431	(403,024)	99~575	340~246
Total Funds		3529775	17)965~972	(I5~692j996)		14,802,7S1

			Restricted Funds	Designated funds	General Funds	Total 2020
Tangible	Fixed Assets			5,752,400	74,167	5,826,567
Fixed Asset Investments		—Managed	111,411	3,483,475	2,415,994	6,010,880
Fixed Asset Investments		- Unlisted			33,627	33,627
Current	Asset Property	Investments	37,418			37,418
Current	Assets		297,686	1,798,723	1,231,575	3,327,984
Current	Liabilities				(392,216)	(392,216)
Total			446g515	11g0341598	31363'147	141844~260

or Year	Analysis ofn	et assets betwee	n Funds
			Restricted Funds	Designated funds	General Funds	Total2019
				E	E
Tangible	Fixed Assets				5945 495	5,945495
FixedAsset Investments		-Managed	99,575		5272,725	5,372,300
FixedAsset Investments		- Unlisted			33,627	33,627
Current	Asset Property	Investments	52,972			52,972
Current	Assets		187,699	1,877,595	1,818,705	3,883,999
Current	Liabilities				(485642)	(485,642)
Total			34D(246	1,877)595	12,584,910	14,802,751