OMF OMF INTERNATIONAL (UK) Reglstered charlty England & Wales: number 1123973 Scotland: SC039645 Republlc ol Ireland: 20200671 Company Ilmltsd by guarnntee England & Wale8: number 06541911 Report and Financlal Statements For the year ended 31 December 2023
OMF INTERNATIONAL (UK) Trustees, Annual Report - Contents For the year ended 31 December 2023 Pages Trust, Annual Repjrt 2-15 Independent Auditor's Repjrt 16-18 ststement of Financial Actlvlties 19 Balan Sheet 20 Cash-flow statement 21 Notes to the Flnanclal Statements 22-36
OMF INTERNATIONAL (UK) Trustees. Annual Report- Reference & Administrative Details For the year ended 31 December 2023 Governlng document: Memorandum & Articles (Dated 28 February 2014) Charity Number: 1123973 (England & Wales) SC039645 (Scotland) 20200671 (Republic of Ireland) Company Number: 06541911 (England & Wales) Trustees: K. S. Ashman {app)inted Chairman 3 September 2019) S. Beattie G. T. Featherstone L. L. Lee J. Thomas (resigned 7 Septemter 2023) Y. Huang Rev M. Wi E. K. Y. Kwan S. G. Connolly Rev T. L. Wambunya . A. Roles (apwinted 5 Septemter 2024) Natlryial Dlrector• P. & C. Rowan Secretary K, S. Ashman (appointed 31 March and signed 16 May 2024) J.R. Niblett (appointed 16 May 2024) J.S. Hall (resigned 31 March 2023) NatIor1 & Reglstered Offlce: Statlon Approach Borough Green Sevenoaks Kent TN15 8BG Audltor: Azets Audlt Servlce5 2nd Floor, Reg55 House 45 King William Street London EC4R 9AN Bankers: National Westmlnster Bank plc 7th Floor 280 Bishopsgate London EC2M 4RB Ulster Bank College Green Branch PO Box 145 33 College Green Dublin2 Republic of Ireland
OMF INTERNATIONAL (UK) Trustee$, Annual Report- Reference & Administratlve Detalls For the year ended 31 December 2023 Sollcltors: Wellers LLP Tenison House 45 Tweedy Ro& Bromty BRI 3NF Bates Wells Braithwalte LLP 10 Queen Street Place London EC4R 18E MB Solicitors Llmited Studio J The Quay5 Concordla Street Leeds LSI 4ES
OMF INTERNATIONAL (UK) Trnstees. Annual Report For the year ended 31 December 2023 Introduction The Trustees are pkawJ to present thelr together with the audited financial ststsments for the year eThJed 31 December 2023. The referen administrative details set out on pages 3 & 4 form part of this reFQrt. The financial statements comply with current ststutory requirements aTrd the Charlties Statement of Recommended Practl (Financial Reporting Standard 102) effective from l January 2019, the Companles Act 2006 and the Charltks Act 2011. Structure, Govern4nce, and Management OMF International (UK) "OMF UK" is a memkr body of OMF International, formerly the Overseas Missionary Fellowship, an inter-denominational evangellcal Chrlstian organisation which is united by common aims and values set out by James Hudson Taylor, the founder of the China Inland Mission. and the organisation is commltted to sharing the good news of Jesus Christ in all Its fullness wlth the peoples of East Asla. The Overseas Mlssbnary Fellowship succeeded the China Inland Ml5510n, which ceased to oFerate In Chlna in 1951. The International organisation was restructured durlng 2015 and now has a Covenantal Agreement to which all legal entities linked to OMF International, Including OMF UK, are signatories. This agreement sets out the commonly agreed prlnciples, pracilces and Sponsibl11t1es shared by those different entltles, whllst ensuring the autonomy and separate legal responsibllities of each unit. OMF UK co-operates wlth other Christlan agencies In the pursuit of Its misslon, both dlrectly and through Global Connections, an inter-mlssion organlsation that seeks to develop common under5tsnding and approaches to key issues in Chrlstian m155ion. OMF Internatlonal (UK) was incorpJrated as a company limlted by guarantee under a Memorandum and Artlcles of Association ttaving no Sha capital on 20 March 2008 and was registered as a charltable company In England & Wales on 7 May 2008, in Scotland on I l June 2008 and in the Republic of Ireland on 15 August 2018. During the period 20 March 2008 to 31 March 2009 the entity wa5 dormant. At the d05e of buslness on 31 March 2009, the undertakings, assets and liabilities of the unincorporated body known a5 OMF International (UK) (charlty number 1086040) were transferred to thls chadtable company. The charltable company tegan to operate on l April 2009. We understand the imwrtance of having an effective Board and Trustees, who are all evangellcal Chrlstlans In full agreement with the doctrinal basls and eth05 of the organisatton and are carefully selected on the basis of thelr skills and expertlse. Trustee5 seNe for a maximum of the consecutive terms of three years. New Trustees undertake a process of Induttion to give them a sound understsnding of OMF UK and its work. They are able to attend Conferen5, to meet personnel at their work, and to attend meetings with various members of the Leadership Team. The Trustees meet at least four tlmes a year, Including a day In the Natlonal Office In 8orough Gen, Kent. The Trustees delegate day-to-day management of OMF UK to the National Directors and the Leadership Team. The Trustees delegate the detalled scrutiny of budgets and annual accounts to the Audit and Finance Comrnittee, which meets at thst four times a year and is CornSed of representative Trustees and other sultabw qualified Fer50ns. The National Directors and all but one member of the Leadership Team, who Is an employee, In cc*nmon with all other Ill155ion partners of OMF UK serving in UK, re1ve monthly need5-based allowances on the same needs based allowance levels as Other members. The living allowan kve15 are reviewed on an annL1 basis, (nomally with a RPI increase) by the Trustees. (These were benchmarked in 2015 against the stipend for Anglican curates and allowances paid in other similar organisations). If OMF UK doe5 not receive sufficient income the livlng allowances are reduced. {Within OMF internationally, its supported mission partners are known as members and the term'members, is used throughout this document, only being used in the sense of company law 'members' in Note 25). On an ongoing basis, the Trustees revlew their current policEs and processes against those detsiled in the Charity GoVernare Code, seeking to adopt the recommendations of the CcNJe towards increasingly effectNe governance and achievement of charitable objectives, Whe these are not already being implemented.
OMF INTERNATIONAL (UK)
Trustees. Annual Report
For the year ended 31 December 2023
Objectives and Activitie5
We have referred to the Charity Commlssion's general guidan on publlc benefit when revlewlng our alms and objectives
and in planning our activitEs.
The objects of OMF UK are,.
The advanment of the Christian faith worldwide
The advanment of education according to Christian principles
The vision of OMF UK Is, by Gc
OMF INTERNATIONAL (UK) Trustees. Annual Report For the year ended 31 December 2023 2. Recognising that Asla Is on our doorstep in UK and Ireland Given the diverse nature of many communities across the UK and Ireland, Asia is increasingly on our dr)orstep and OMF UK therefore has opportunities to connect global with local mission, and to strengthen the connectlon between our existing diaspora ministries and our church related mobilisation mlnlstrles, The diversity of communities 15 seen in the fart that a quarter of the evangelical church in the UK and [land consists of people from ethnic minoritie5. Becoming a hub for intercultural mlssion entails coming alongside such churches With a commitment to reclproclty in our relationships and to our own transfomiation as we share the good news wlth others, 3. Creatlng a Dlverslty of Pathways In a world Whe the traditional missionary model is increasingly difficult to facilltate, OMF (UK) wlll develop a diversity of pathways for Christian5 In the UK and Ireland to share the good news across the street and across the world. OMF will do thls in collaboratlon with other OMF Centres, through placement5 and ministries that include both short and long- term opwrtunltles for ongolng engagement In global mlsslon. 4. Developing our Commltment to Integral Mlsslon OMF UK wlll ensure that these pathways reflect OMF'S commitment to integral mission, so that the good news In all Its fullness is demonstrated through lives, mlnistries and vocation5 that proclalm the lordship of Chrlst over the whole of life and a shaped by the kingdom of God. 5. SeNlng Indlgenous Mlsslon Movements OMF UK is commltted to Indlgenous, locally centred ways for how the gospel takes root wlthln, Is expressed by, and shared from, local communities. Together with other OMF Centres, OMF UK wlll prayerfully seek ways to serve Indigenous mlsslon movements In East Asia, understsnding the ImrnCe of listenlng and waitlng for the invltatlon to co-create wlder gospel initiatives. structure of OMF Internatlonal (UK) An operatlon overseen and supported from the Natnl OffSce In Borough Green, led by the Natbnal Directors as part of Leadershlp Team comprlslng mainly of dirertor member5, who are respjnslble for the maln functional departments, They are supported by skilled members, staff, intern5 and volunteers. Full flnancial sustalnablllty and responslble oversight of workers amongst East Asians, en5urlng that effective and appropriate mlnistry d1ctIOn, pastoral concern and other support structures are provided Sn the fields of ministry, meeting thelr necessary life and ministry requlrements. Sustainability is achieved partly through memkrs requirlng mlnlmum pledged flnancial SUPF¥Jrt commltsnents. A nethork of Area RepSentativeS across the UK and Ireland who serve the UK and Irlsh churches in their engagement in God'5 mission. Area Representatives are the primary face of OMF UK to the Christian public In the UK and Ireland, engaging with indivlduals and the Church through Conferen$, digital media, direct invitations, new enquir& or existing relationshlps. They are supported by OMF UK members turnIng from overseas fields of servi for home aSsnmentS and by an OMF UK volunteer network called Brldge Asia, which has a dedicated focus toward5 mobilisation ministries. A Cofflmunications Oepartment, whid) stngthen5 the minlstry of engagement and service to the Christian public through organising OMF UK led events and attendance at third party Christian conferences, as well as printed and digital materials targeting the Specif needs of those engaglng in cross cultural mission. Increasingly. strategies are being prioritised to develop engagement throu9h collaborative software, such as Zoom, and other social media platforms. In addition, there is specific focus on those in the Millennial & Generation Z age range with initiatives such a5 the Serve Asia pcdcast series.
OMF INTERNATIONAL (UK) Trustees. Annual Report For the year ended 31 December 2023 The Candidate Department is Support by volunteer area ministry teams working together wlth the local church, to provide a thorough screening process for candldates to ensure their suitability to operate in a demanding mission context. The team seeks to prepare mlsslonary candNlates so that they remain effective and he3hy• dcIng unne5Sary attrition. The short-tem) mlsslon department (SeNe Asia) main purpose Is to seeing increased engagement and awareness of Gcé's mission to East Asians. It provides effective screening, mission d15cipleship re50urcing, debriefing and follow up of short-term workers to serving oppjrtunities with East Asians. The department also seeks to engage UK Christians in God's mission to East Asia through Next Gen Conferen (virtual & in-person) with a partlcular focus on transformational discipleship to equip them to share Jesus Christ cross culturally across the street and the wider world, An Intercultural Mlnlstries department commltted to furtherlng OMF (UK)'s minlstry an)ng and with East Asian dlaspora in the UK and Ireland. This department is led by the Intercultural Mlnistries Director (IMDI. The IMD is responsible for coordinating all the dlaspora related minlstry of OMF In the UK and Ireland, collaborating closely with OMF'S Returnee Focus UK Country Leader, as well as wlth other Ilke-minded organi5ations and networks. A People and cultu Department, whth seeks to support members and their famllles, prlmarily whlle In the UK and Ireland, seeing them engaged and servlng amongst their sending churches and communltles of supporters. The People and Culture Department a150 provides resour5 to both members and churches to help facilitate this. Volunteer Area Ministry Team5 are a key part of the wider member care team as are the volunteer medical team and debriefers, Supwrt Is also provided for retired memters In partnershlp with the IrKal church a5 well as the adult children of members who have served with OMF UK. The Member Care and HR Department also oversees the personnel needs of the team of 16 full-time and part-tlme employed staff in the office. OMF UK'S identified core values wlth pect to undertaking activities and strategles are.. deFendlng on God in prayer,. seeking that the needs of the East Aslan Church and its Feoples are the hlghest priorlty drlvlng the organlsatlon's agenda,. keeplng the priorlty of long term m555ion and the blbllcal basis for mlsslon tefore the Chrlstlan public, providlng trainlng, resourong and facilltatlon of engagement. seeklng general and personal Income through prayer and the provlsion of informatlon while not appeallng for funds,. continulng to be a humble, learnlng organisation, listening to the Church in the UK, Ireland and East A51a, revlewing and critiquing our hlstoricltraditional approache5 to mission where these are being challenged and discernlng God's leading to embrace new challengeslopportunities, accepting the risk and loss of control Inherent in such approaches,. aiming to maintaln high stsndards, whlch include giving appropriate attention and resource to ensuring strong regulatory ccfflpliance,. and maintsining value and integrity In relatlonships. The criteria used to measure achievement of the objectives are flrstly. the amount of resources provided through OMF UK for serving the local church operating amongst East Asians, as well as establishing pioneer ministries where the local church Is not alwdy well established. One measure for quantifying thi5 15 the numter of fully supported workers, ensuring they are engaging in ministries, which are regularly reviewed for their effectiveness and appropriateness, sent wlth full sending church involvement in the areas of prayer, flnance and pastoral support. a5 a minimum. Hovvever, inCa51ngIY in the current changing world mlssion context, this quantifying of objective achievement needs to be considered in the light of whether it is workers (both overseas and in the UK) financed at high cost, oversea5 local workers financed at lower cost or a mix of lth strategies which provides the greatest LEneficiary impact.
OMF INTERNATIONAL (UK) Trustees. Annual Report For the year ended 31 December 2023 In considering these matters, it needs to be noted that OMF UK is part of and integrally Ilnked with a number of other entlties comprising the Fellowship that is OMF Internatlonal, This means that many of the intentlons highlighted here may be more effectively achieved if they are also adopted by the other OMF International entities that OMF UK works closely with. Secondly, achievement of these objertives will be assessed In terms of having the right number of appropriatety equipped, well managed and supported Area Representatives, OMF UK members on Home A55KJnment and volunteers engaging in effective training, resourcing, discipleship formation, mobilisation, carKlidate and memkr care activities on behalf of OMF amongst UK and Irish churches. Thirdly, achievement of these obiectlves is to be measured in tems of the breadth of church, cultural and generational constituencies Wlth which OMF UK is able to engage and serve effectively. Much of the current growth of the UK and Irish churches is outside of the tradlonal church constituency that OMF UK has engaged with over many decades and unless OMF UK is able to broaden Its engagement in these areas, it Is golng to incwsingly flnd Itself unable to achieve Its desId objectives. Finallyi the costs of OMF UK have Increased by less than inflation since 2010. The tTUStees will continue to tse careful not to Increase expenditure any more than 15 5trlctty necessary to deliver the strategy. However, the reduction in rnemr numbers over the past 14 years, from 252 members at the end of 2010 to 160 at the end of 2023, Ss reducing the member support, the main source of income. Rlsk Analy81s and Mltlgatlon The Trustees recognise their responslblllty for the management of r15k. Together wlth the Leadershlp Team, they have carefully considered the major risks faclng the charity, They have revlewed and updated thelr r15k register, whlch priorltlses all recognised risks and Identifies the mltlgatln9 factorsi Systems and controls In relatlon to each rlsk. The Trustees have also ensured that there 15 a comprehenslve monitorlng and review pro55 in pla to capture new risks a5 they may arise and that system5 are in place to manage these. As part of this process, the Charity Commisslon Internal Financial Controls Checkllst for Charltles ICC8) Is completed on an annual basls. The Leadershlp Team pOrtS to the Trustees regularly on all these matters. The most signiflcant medium to long-term rlsk to the organ15ation Is, as already Identlfied above, the effect of ch8nges wlthln the Church in the UK, Ireland and East Asia. In general, as already indicated In thls report, the organi5ation is kIng to mitigate these risks by ensurlng that falthful relationships of 5eryice to the UK and Irish churches (which entail more than just seeing workers sent out to serve through OMF UK) are prKsrltlsed and approprktely resourced. Included in thls Intentlon, the organisation has been taking steps to engage relevantly with a younger generation, bjth In terms of the opportunitEs for Involvement presented to it and how these are communicated. The reductKJn in members numbers ha5 caused a reductlon in Income. 2023 and 2022 saw operational deficlts of £539k and £239k. Thls level of deficit is not sustainable in the medium term. Thefore, the Tiustees are consklerlng ways of increasing general fund Income and reduclng costs to return the finances to a sustalnable footing. Working wlth chIldn and vulnerable adults requires detsiled and appropriate policies and management to mitigate agalnst risks arising from inappropriate relationships and artlons toward5 such people. OMF UK has a CoMphenSlve Safeguarding Policy, details of which are displayed on the organi5ation's website, prescribing that processes and protectlons are In place to ensure the wellÈeing of Such people when OMF UK is working with and servlng them from time to time. OMF UK'S pattern of giving from supporter5 to primarily individual members means that the organisation is not exposed to the risk of changing giving pattern5 from single large donors.
OMF INTERNATIONAL (UK) Trustees. Annual Report For the year ended 31 December 2023 Achievements & Performance Mem mma At the end of 2023, OMF UK had an overall totsl of 160 members (167 In 2022). Of these, 101 membets (2022: 104) came under the direction of field leadershlp in 14 countrles of East Asia, although some worked from other countriesl from the UK for a variety of reasons. Their work varied WKlely but they all worked in partnership with local churches. In addition. there were 24 members (2022: 23) in the UK and Ireland, working as part of the Return Focus Field. aChIng East Asians who expect to return to their native countries. During 2023, OMF UK also SUPkW)rted one couple working In theological education in the UK (2022.. 1 couple). In addition to the 5 members serving on the Leadershlp Team (2022.. 6), within the UK arKJ Ireland there were also 11 members (2022.. 11) serving in regional mobilisation role5, A further I I members (2022.. 12) were serving in roles within Central Mobilisation, Member Ca, Candidates, Serve Asia, Diaspora and International Leadership. There were also 8 members (2022.. 9) who retained their OMF member5hlp whllst temporarify pursuing other actlvitles not under OMF UK'S direction. During 2023, there were 6 members who retlred {2022; 101. 9 memr$ sIgned (2022.. 6). The reductlon In member numbers Is part of a broader trend seen across organisatlons In the same sector as OMF UK. In 2023, 4 new membets joined induding 2 slngles and I couple (2022.. 9 new members). New appllcatlons durlng the year included L famlly and I single (2022: 3 members). The People and cultu Team, worklng along51de the volunteer Area Mlni5try Teams, medlcal advlsors and debrlefers, ensured that members received good member care and supwrt, remaining healthy and effertive in ministry. Candldates were supported in thelr candldate proce55 by the People and Culture Team worklng In collabjratlon wlth their Iwal Area Representatives, Area Mlnlstry and Medical Adv150r5. Candldates were prepared for becomlng members through thorough candldate process whlch Included interyiews, virtual tralning and Jolnlng a candldates course whlch was held In June in 2023, These were deslgned to help to ppare candldate5 for effectlve future minlstry. oblli ia A brlef revlew of the current outcomes is descrited telow each goal. tt) see Marketpl minlstry & creation Ca establlshed as a means for insplrlng people to Share Jesus Chrlst to East Asian peoples. to see at least 8 regular, strateglc & high-quality tralnlng opportunltles provlded for the Mobilisation & Medla team. In 2022 The OMF UK Serve Asia Pc¥Jcast Season 9 focused on Creatlon Care over a series of four episodes. A follow up eplsode was recorded in 2023 with Roger Car5well that was then issued to complete the series. These episodes continue to be listened to on the Serve Asia p)dcast channel. Season 10 of the podcast explored church planting in the 20205. The Jdcast continues to have an average audien of over 400 wplelepisode wlth total listens of all episcées over 12,000. Following on from the successes of 2022, a Suc$Sru1 Work+Go event happened in November 2023. The Workplace Ministry Project Manager develoFed the Work*Go pathway which was offlcially launched at the November event in 2023. This draft pathway has Èeen adopted by OMF International and was workshopped at a training event in Singapore in August 2023 with the participation of most of the OMF East Asia receiving ntre5. The first Work+Go candidate went to East Asia at the end of 2023. (In June 2024, we adverti for a new workpla Ministry Manager to continue to grow the work). Training opportunities continue to be provided to the Mobilisation and Media team at the quarterly events held in Borough Green. Each of these has 8 sessions within which fellowship. training and learning from each other is prioritised. Recent training has fc£used on developing an agreed team practice for the Customer Relation5 Management software, Donorfy. 10
OMF INTERNATIONAL (UK) TNstees' Annual Report For the year ended 31 December 2023 Media Team to see 20 new resources pr(xJuced, 10 for people who are already linked to OMF UK in some way and 10 for people who know nothing about OMF UK or who only have some awareness of OMF UK to create a measurlng system that wlll be able to idenufy the impatt and reach of each resour The Media team continues to deliver high quality resour5 on a regukir basis and have achleved their targets for 2023, These have included dellveriry Conferen (Work+Go, the Scotland & the Ireland conference) and the a5soclated literature. Social media and l¢)Jistics. Podcast season 10 was also completed. Seasons 11 and 12 are now underway. A new bcok was reased with Ioofthose (To a Different Drum) which tecame a bestseller in Christian clrcles, Alongslde these the Billions rnagazine has been regularty prL%luced and OMF'5 web and social media presence bs regukrly updated wlth Inspiring content. Each resour contlnues to be assessed and measured for its effectiveness. to see SA numbers reach 80 and SA Alumni members reach 40 annually to see at least one NextGen event to be hehj In each OMF UK area every year In 2023, 34 people went out on SA placements and 4 Feople were In protrss preparlng to go. Diaspora Returnee Ministry placements and Intercultural SA plaMentS are being progressed and applICatn5 received. There has been a NextGen held in most areas of the UK in the year. to see BA numbers reach 60, compr151rvJ of at least some from SA alumni to see 2-3 BA teams In each OMF UK area A 8ridge Asla conferents was run In May 2023 which was attend by 23 Bridge Asla team memters. There was significant turnover of volunteers in 2023, with some pIe considering their commltment5 Post the covid-19 pandemic. We were encouraged that new people lolned Bridge Asia to replace those w) left. Throughout 2023, there were around 50 Brldge Asia team members. Flnanclal Revlew Incoming resources to the organisation normally come from 3 maln streams.. general donations, legacies and gifts for the support of specific individua15. These donations are given to benefit the advance of the Christlan faith worldwlde, wlth a particular focus on the peoples of East Asla. Total incoming resources for the year amounted to £5,912k (2022: 6,734kl, of whlch £303k (2022.. £440k) was restricted income. Incoming resource5 include £746k (2022: £1,216kl of legacy income. Supky)rt gifts decreased slightly to £4,287k (2022.. £4,404k) reflecting the reduttion in members. OMF UK has a policy of not publicly asking for fund5. Therefore, although OMF UK does have a fundraising policy, this highlights the fact that whilst OMF UK does not engage in standard fundraising practices, it does comply wlth the Fundraising Regulator's Cc¥Je of Fundralsing Practice, where the provisions Wlthin this remain applicable to OMF UK. The expenditure on 'Raising Funds, reported in the fi'nancial statements, is an estimate of the proportion of the costs Spent on charitable activities
OMF INTERNATIONAL (UK) Trustees. Annual Report For the year ended 31 December 2023 e.g. communications literature, which has an ancillary outcorne of contributing to irreasing the amount of donations r1ved. In addltlon to the resources needed to furKI the UK and Iland operation, the Trustees, operating withln the principk of sharingi allocate unrestricted income to OMF International In Slngapore, for distribution to UK and [land members worldwlde who a directly Seing the organisation's objects of VancIng the Christian faith amongst East Asia's Feople's. During the year, £2.OIOk (2022.. £2,512kl was allocated to OMF International. The sum allcGlted contributed towards the overall living and ministry costs of those members sent out by OMF UK to work in Asian and other countries outskle the UK and Ireland. In 2023, all OMF UK member5 received at least 100% of thelr full support requirement through a comblnation of specific support glfts and general donations received. OMF UK prepares an annual budget. The budget for the year was an unrestrlcted operating deficit of E175k. The operating deficit tefore investment galns and other exceptional items was an unrestricted deflclt of £500k (2022.. Deflcit of £203k). Reserves Policy The reserves policy is reviewed annually, by the Trustees, in Ilght of the 5Fecific risks f&ed by the charity, OMF Internatljnal UK holds unStrIcted general funds (free reseNes) for the following S05. To allow for falls In our donation income as a s1t of Konomlc circum5tsnces or decllne in member numbers To albw for any one-off costs, strateglc Snvestments and other inltiatives A legacy Reserve is held to manage fluctuations In annual legacy income. The amount held as the legacy reserves buffer is calculated annually and Is based on the amount that would have been required to top up legacles, recelved ovef the worst three consecutlve years durirtg the last ID years, to the current value of £746k per year of legacy Income. Thls current glves a maxlmum legacy reserve flgure of £528k. The Trustee5 created a rW designated fund called "Ministry SupFort Reserve. In 2023, Thls fund allows for annual top-up of rnembers with support under 100%. EI,660k was held In thls fund at the year end. The current balants of É432k in General FuTha is wlthin the target range for free reserves, belng equlvalent to 3-6 months of operatlng exFenditure {E247k to £494k}, In order to maintain general reserves, defklts may be reduced by adjustlng the level of member allowances paid in the UK and the amount of grants made from general donations to support UK member's mlnistry budgets. At end of 2023, the totsl funds held We £14,948k (2022.. £16, 136k) of whlch £383k (2022,. E407k} were restrlcted funds and £14,565k (2022.. £15.729k) We unrestrlcted funds. It should be noted that of the £14,133k12022.. £12,670k) of designated funds, E6,370k12022: E5,840k) is represented by property asset5 currently in use by OMF UK and E3,731k (2022., £3,997k) is held with the aim of helping to fund OMF UK'S retlred member's allowances. OMF UK'S Trustees and Leadership Team continue to review the potential best strategic uses of the non-property related funds. Note 22 to the financial Statements shows the assets and liabilit5 attrlbutable to the various funds by type. There are three types.. General Fund, deslgnated funds, a1 restricted funds. Investments shown in the accounts comprlse mainly of managed funds and short-term cash funds. OMF UK has an Investment Committee, whlch reports to the Trustee Board, to oversee the management of its Investments in line wlth OMF UK'S Investment Polty. The Trustee5 have prepared the financial 5taternents on a going concern basis and conskler that no disclosures relating to OMF UK'S ability to continue as a going concern need to te made in the financial statements.
OMF INTERNATIONAL (UK) Trustees. Annual Report For the year ended 31 December 2023 Plans for Future Perlods In the context of the demographlc shlfts in world Christianity OMF UK will Contin to challenge the traditional narrative around the purpose of a mission agency. This will mean that instead of asking how many missionaries OMF (UK) is sending to East Asia, we will ask: what is the best way for OMF (UK) to seNe East Asian churches so that they can extend their witne55 in East Asia and beyond?1 Answers to this question will conts'nue to include missionaries iing sent to East Asia, but other avenues of services will need to be pursued if OMF is to remain faithful to its calling and relevant for the current context. Thef0, six strateglc mlnlstry streams are being prlorltlzed for development over the next 5 years.. l. Sending workers to East Asla: OMF UK remains committed to sending pioneer tyFe misslonarles but in Ilght of the maturity of many East Aslan churches and the emergen of East Aslan mlssion movements, we ognIse the need for an increased number of workers who can partner well wlth existlng churches. This Includes cont(nulng to send support workers in varlous areas. 2. Marketplace rnlnlstry.. OMF UK is commltted to developlng Innovatlve pathways for Christlans In thelr 205 and 30s to explore how to Sha the new5 of Jesus across cultures, whatever their profession and wherever Ihelr career takes them. OMF UK wlll create Inltiatives that Insplre workers to see the Intrinsic value of work, how thelr faith integrates wrth thelr work In cross-cultural settings. 3. Commltment to creatlon care.. In OMF (UK) the goal is for creation care to be under5t(>ad as part of biblical mission and an essential element to OMF'S commltment to integral mlssSon. OMF (UK) has a creation care working group In place, with strategic goals Identlfied and worked towards, for instance a partnership with Climate Stewards to enable OMF (UK) Centre memÈer flhtS to be offset. 4. Inve•ting In equlpplng and tralnlng East Aslan• for mlsslon In East Asla. Thls wlll Involve collaboratlng in projects wlth OMF Fields in East Asla and with like-minded organisations that are contributing to multiplicatlon ministrles and the equipplng of East Asian churches for global misslon. 5. Increaglng opportunities for Sisteningi reclproclty and reverse mlsslon. OMF {UK)1s commltted to Increasing the opportunltles to hear from East Asian church and misslon leaders, and to collaboratlng wlth diasp)ra churches and majority world mission initSatlves in the UK and Irebnd, This requlres the facilitatlon of good listenlng and the clprocity of people, prayer and perspectlves on theology and practical ministry, also equipping local churches In the UK and Ireland to see that mlssion is not only abjut sending but also includes recelvlng and learnlng from the gkjbal Church. 6. Developlng Integratlve ways of worklng wlth dlaspora mlnistrie¥ - b)th tUrnee focused and the wKler diaspora ministry that OMF UK Ss Increasingly engaglng wlth. D105pora Returnee Mlnistr¢es {DRM) has been a feature of OMF'S work in the UK for many years. A new structure has been agreed to enab the development of diaswra strategy in the UK. A new leadership role is teing created to ensu strategic coordination of all OMF {UK)'s diaswra related ministries in the UK and Ireland. The People and Culture Department will continue to provide reSoUrS for both members and churches Sn carlng for members through developing the Member Care core team and sourcing new members for the Area Ministry Teams. The Member ca and HR Department will continue to provlde resources for both members and churches in caring for members through expanding the Member Care CO team and 50urciThJ new members for the Area Ministry Teams.
OMF INTERNATIONAL (UK) Trustees. Annual Report For the year ended 31 December 2023 Prayer meetings & events will continue to be run in a hybrid manner bath online & in Ferson. Over 10 country specific virtual OMF prayer meetings have emerged throughout the pandemlc and are now meeting monthly to pray. Area RepresentatNes are now able and artive In organlslng both in-persona and virtual events In their areas. Future plans for the See Asia team, Include explorlng how to make short term mlssion ecolcrfjically sustainable for UK Serve Asla workers. The SeNe Asia team also plan to make NextGen accesslble will continue to work with the Communications departrnent to make these events relevant and transformational. Funds Held a5 Custodian trustee There are none held. Post Balance Sheet Events There have been no slgnlflcant post balance sheet events.
OMF INTERNATIONAL (UK) Trustees, Annual Report For the year ended 31 December 2023 5tstement of Trustees. Responslbilitie$ The Trustees (who are also directors of OMF International (UK) for the purposes of company law) are responslble for preparing the ReFQrt of the Directors and the financial statements In accordan with applicable law and Unitèj Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practlce)- Company law requi$ the Trustees to prepare finanoal ststement5 for each financial year. Under that law the Trustees have elected to prepa the financial statements in accordance with United Kingdom Generally ACpted Accountlng Prattlce (Unlted Kingdom Accountlng Standards and applicable law). Under company law, the Trustees must not approve the financlal statements unless they are satisfied that they give a true and falr vlew of the state of affairs of the charltsble company and of the income and expendlture of the charitable company for that period. In preparing these flnancial statements, the Trustees are required to.. select suitable accounting policies and apply them consistenuy observe the methods and princlples in the Charltles SORP make Judgements and estlmates that are reasonabÈ and prudent state whether applicable UK Accounting Standards have been followed, subjert to any materfal departures disclosed and explained in the flnanclal statements prepare the financlal statements on the golng conrn basls unle55 15 inapproprlate to psume that the Charlty will contlnue In buslness The Trustees a responslble for keeplng adequate accountlng records which are sufficient to show and explain OMF UK'S transartK)ns, whlch disclose with reasonable accuracyi at any tlme, the financial position of OMF UK, to enabk them to ensu that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (ScotlarKII Aci 2005, the Charfcies Accounts {Scotlandl Regulation5 2006 and the charty's constitution. They a also responslble for safeguardlng the assets of the charltable ccmpany and her for taklng reasonable steps for the prevention and detectlon of fraud and other Irregularities. As far as the Trustees are aware, there Is no relevant audit infomiatlon of whlch OMF UK'5 auditor Is unaware and the Trustees have taken all step5 that they ought to have tsken to make themsefve5 awa of any rdevant audlt InfomNition and to establlsh that the auditor is aware of that information. The Trustees a responslble for the MaIntenan and Integrfty of the corporate and flnanclal informatlon Included on OMF UK'S web51te. Leglslatlon in the United Kingdom governing the preparation and dissemination of flnancial statements may dlffer from lsIatIon in other jurisdittions. This report has been prepared in accordan wlth the speclal provlslons for small companies under Part 15 of the Companles Act 2006, rov In approvlng the Trustee5 Annual Rewjrt, the Trustees are also approving the Dlrertors Report In thelr capacSty as company directors. Signed on behalf of the Trustees B.A. Roles Trustee 5 September 2024
Independent Auditorfs Report to the trustees and members of OMF Internatlonal (UK) For the year ended 31 December 2023 Oplnlon We have audited the financial ststements of OMF Intemational {UK) (the 'charitable company,) for the year ended 31 Crnr 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement and notes to the financkil statements, Includlng signlficant accounting policies. The financial rep)rting framework that has been applied in their preparation is applicable law and ijnited Kingdom Accounting Standards, including Finaficial Reportirrfj Standard 102 The Finanaal Rewrtin9 Standardapplicable iii the UKandRepublroflreland(United Kingdom Generalty Accepted Accounting Practi}. In our opinion the financial statements: give a true and fair view of the 5tste of the charitable company's affalrs as at 31 December 2023, and of its incoming resources and application of resources, including its Income and expenditu, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practte; and have bn prepared In accordance with the requirements of the Companies Art 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulatson 8 of the Charities Accounts (Scotland) Regulations 20C6 las amended). Ba$1$ for oplnlon We conducted our audlt in accordan wlth Internatlonal Standards on Auditing (UK) (ISAS (UK)) and appllcable law. Our resF¥Jnsibllities under those 5tsndard5 a further described in the Auditor's responslbllltles for the audit of the flnanclal statements section of our report, We are independent of the charitable company in accordance wlth the ethlcal requlrements that are relevant to our audit of the financial ststements Sn the UK, includlng the FRC'S Ethical Standard. and we have fulfllled our other ethical reswJn5ibllltles In accordance with these requirements. We believe that the audlt evidence we have obtalned Is sufficlent and appropriate to provlde a basls for our opinion. Conclu$lons relatln9 to golng concern In auditing the flnancial statements, we have concluded that the trustee5' Use of tk going conrn basls of accounting in the preparatlon of the Nnanclal statements Is approprlate. Based on the work we have perfomed, we have not Identified any material uncertaintles relating to events or condltlons that, indlvidually or collectivelyi may cast significant doubt on the charitable company's ability to continue as a going conrn for a perbd of at least twelve month5 from when the financlal statements are authorised for issue, Our responslbllltles and the sp3n$IbllbtES of the trustees wlth respect to going conrn are de5crlbed In the relevant sectlons of thls reFKIrt. other Inlormatlon The other information comprises the Information included in the trustee5 annual report other than the flnanc5al ststements and our audltor's report thereon. The trustees are responsible for the other Infonnatlon contained within the annual report. Our opinion on the flnanclal statements does not cover the other information and, expt to the extent otherw15e expllcltly stated In our report, we do not express any form of assuran 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 5tstements or our knowledge obiained in the course of the audit or otherwlse appears to be materiallv mi55tated. If we identify such material inconsistencie5 or apparent materlal mlsststements, we a required to determine whether this gives rlse to a material misstatement in the flnanclal statements themselves. If, based on the work we have performed, we conclude that there Is a material misststement of this other inf0MtiOn, we are required to rep)rt that fact. We have nothlng to reFQrt in this regard, Opinlon$ 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 tru5tees' report (incorporating the directors, rew)rt) for the financial year for which the financial ststements are prepared 15 consistent with the financial statements,. and the dlrectors, report have been prePad in CordanCe with applicable legal requlrements. 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 identiffied material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Art 2006 and the Charities Accounts (Scotlandl Regulations 2006 (as amended) requires us to rewrt to you if, in our opinion..
Independent Auditor's Report to the trustees and members of OMF Internatlonal (UK) For the year ended 31 December 2023 adequate accounting record5 have not been kept, or returns adequate for our audlt 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 directors, remuneration specified by law are not made- or we have not reiVed all the information and explanations we require for our audlt. or the trustees were not entitled to Prepa the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptlon in preparing the directors, rep)rt. Responsibilities of trustees As explained rn0 fully in the trustees. responsibilities ststement set out on page 15, 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 detemiine is ne$sary to enable the preparatbn of flnanclal ststements that are free from material misstatement, whether due to fraud or error. In preparing the flnancial ststements, the trustees are responsible for assessing the charltable companls ablllty to contlnue as a golng concern, disclosing, as applicable, matters related to golng concern and uslng the going cOnr basis of accounting unless the trustees either intend to16quldate the charitable company or to cease operations, or have nu realistic alternatlve but to do so, Audltorfs responslbllltles for the audlt of the flnancial statements Our objectlves are to obtain reasonable assurance about whether the financlal statements as a whole are free from materSal misstatement, whether due to fraud Dr error, and to issue an al[tor'S report that Indudes our opinlon. Reasonable assuran is a high level of assurance, but Is not a guarantee that an audit conducted in accordance wlth ISAS (UK) will always detect a materlal m155tatement when It exlsts. Misstatements can arise from fraud or error and are considered materlal if, Individually or in the aggregate, they could reasonably L* expected to influence the economic decisions of users taken on the basis of these financial statement5. A further descriptlon of our responslbilities is avallableon the Flnancial Reporting Councll's webslte at.. https'.Ilwww.frc.org.uVOur-WorklAudiVAudit-and-assurancelStandards-and-guldancelStandards-and-guidance-for- auditorslAudltorS-ponSibIlitle5-lor-aUdsVDesCrIption-of-aud1tors-re5pDnsib1litieS-fOr-audlt.aSpx. This description fomis part of our auditor's report. Extent to whlch the audlt was con$ldered capable of detectlng Irregularltles, Includlng fraud [rgularitIes, including fraud, are instances of non-compliance wlth laws and regulations. We deslgn prCedureS in line with our responsibilities, outlined ab)ve and on the Financial Reporting Council's website, to detect material misstatements In respect of irregularitle5, Includlng fraud. We obtsln and update our understsnding of the entity, its actlvltfes, Its control envlronment, and Ilkely future developments, including in latiOn to the legal and ulatOry framework applicable and how the entity 15 complying with that framework. Based on this understanding, we identify and asses5 the risks of material misstatement of the financial statements, whether due to fraud or error, design an¢J perform audit procedures responsive to those risks, and obtain audit eviden that Is suff+clent and appropriate to provide a basis for our opinion, This include5 conslderation of the risk of acts by the ents'ty that were contrary to applicable laws and regubtlons, Including fraud. In reskK)n5e to the rlsk of irregularltles and non-compliance with laws and reguktions, incI1ng fraud, we deslgne procedure5 whlch Included.. Enquiry of management and those charged with governance around actual and potentlal litigation and claims a5 well as tual, SUSFected and alleged fraud,. Reviewing minutes of meeting5 of those charged with governance; Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection,. Reviewlng financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations- Perfoming audit work over the risk of management bias and override of controls, including testing of Journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of busine and reviewing accounting estimates for indicators of potential bias.
Independent Auditor's Report to the trustees and members of OMF Intemational (UK) For the year ended 31 December 2023 Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, Including those leading to a material misstatement in the financial statements or non-compliance with regulation. This r15k increases the more that compliance with a law or regulation is removed from the events and transartions reflected in the finandal statements, as we will be less likely to become aware of instances of noncompliance. The risk of not detetting a material misststement resultlng from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Use of our report This report is made solely to the charitable company'5 members, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1){c) ol the Charltles and Trustee Investment (Scotland) Att 2005 and regulation 10 of the Charities Accounts (Scotland) Regulatlons 2006. Our audit work has been undertaken so that we moht state to the charitsble company's members those matters we are required to state trj them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the ch8rltable company and the charitsble company's member5 as a tx)dy, for our audit work, for this reporL or for the opinions we have formed. Aa) I"*- su£)j John Howard (Senior Statutory Avdltor) For and on behalf of Azet$ Audlt Servlces Chartered Accountants statutory Audltor 2nd Floor Regis House 45 Klng William Street London Unlted Klngdom EC4R 9AN 30 September 2024
OMF INTERNATIONAL (UK) Statement of Fin•ncial Activitie5 for the yaar ended 31 December 2023 2023 2022 Vnrutrlcted Restrirted Funds Fund5 £OOOJ Unrertrlrted Regtricted Funds Funds £OOOs Totsl Fundi ÉOOOS Totsl Funth £0009 £OOOs Income from: Donations: Support gifts General donabons Projert Funds UK Projett Funds overseas Le9acies UK Legacles for cerSeaS Other Trading Actl¥ltlei Publications income Rental income 4,287 4,287 486 14 4,404 578 16 4,401 578 76 282 1,216 98 14 60 282 746 746 1,216 98 14 14 44 29 45 29 45 Investment Income: Interest receivable 32 32 Total Income 303 5,912 6,294 6,734 Expendltur• on: Ralslng lund$ Charltsble actlvltle• Mobilisatn Evangelisation Mission Support 1,164 3,105 5C6 21 318 1,185 3,423 509 1,082 3,560 39 433 1,121 3,993 494 Administratlon Support Educatlon and Inf0mtIon Retirement 572 572 614 614 56 699 56 699 47 700 47 7CKJ Total Expendlthre 6,109 342 6,451 6,497 477 6,974 Operatlonal gurplu• l (deficlt) (500) (39) {539) (203) 137) {240) Historfc Le9al costs Gains on waluab'on of fixed asset5 Net GainsllLos5e5) on investments 11,1401 968 14681 {1,140) 968 14771 {9) 485 io 495 Surplus l Deficit after unreallsed {1,140) 1481 11,1881 282 (27) 255 Transferg between funds (24) 24 10) Net movement in funds (1,164) {24) (1.188) 282 (27) 255 ReconcllSatlon of funds: Total funds brought forward 15,729 407 16.136 15,447 434 15,881 Totjl funds carrled forward 19. 12 14,565 383 14,948 15,729 407 16,136 All arnounts relate to continuillg activitie5. The notes on pages 22 to 36 form part of these financial statements.
OMF INTERNATIONAL (UK) Balance Sheet as at 31 December 2023 Note 2023 £ OOOS 2022 £ OOOS Fixed Assets Tangible Fixed A5sets- Properts'e5 Tangible Fixed A5sets- Other Fixed Assets Investments- Managed Fixed Assets Investments- Unlisted 12 12 13 13 6,370 28 6,691 33 13,122 5,519 7,168 33 12,754 Current Assets Investrnent propeity held for -Sale Stock Debtors Cash at bank and in hand 15 37 12 824 3,190 4,063 37 13 1,162 2,640 3,852 16 Credltors: anM>unts falling due wlthln one year Provision for hlstorlc legal costs Net Current Assets 17 (1,097) 14701 (1,1401 1,826 3,382 Total Not Assets 19-22 14,948 16,136 Funds: Unrestrlcted - General Fund 432 3,059 Deslgnated Property Fund Retlrement Fund Homeside Fund 8uffer resetve Legacy Reserve Mlnlstry Support Reserve Home Assignment Ministry Fund Reverse Mlsslon Training & Equipplng of East Asians Dlaspora Related Mln15try UK Ministry Fund Other Designated Funds {< £200k) Total Unrestrlcted Funds 6,370 3,731 517 528 1,660 248 250 5,840 3,997 556 618 523 250 200 247 382 2LXI 325 361 19-22 14,565 15,729 Restrlcted Funds 19-22 383 407 Total Funds 19-22 14,948 16,136 These financial statements have been prepared in accordance with the special provisions for small companie5 under part 15 of the Companies Art 2006, Approved and authorise by the Trustees for issue on 5 September 2024 and signed on thelr tshalf by: 4 Ali B.A. Roles Trustee The notes on pages 22 to 36 form part of the* financial statements.
OMF INTERNATIONAL (UK) Cashflow Statement for the year ended 31 December 2023 Total funds Prior Year funds £ OOOS £ OOOS Cash flows from operatlng actlvltles: Net Cash used in operating activitles 533 (3101 Cash flows from Investlng actlvltles: Intest from Investments Purchase of property, plant and equlpment 32 115) 1231 Net cash provlded (used In)Iby Investlng artlvltles 17 (17) Change In cash and cash equlvalents In the reportlng perlod 550 {3271 Cash and cash equlvalents at the beglnnlng of the reportlng perlod 2,640 2,967 Cash and cath equlvalents at the end of the reportlng perfod 3,190 Reconclllatlon of net (expendlture)Ilncome to net cash flow from operatlng actlvltles Current Year £ OOOS Prlor Year £ 0008 Net income for the reportlng perlod (a• per the Itatement ol rimncial activities) {1,188) 255 Depreciation Interest from investments InCaSe/(DeCreasel In creditors Increase in Provision for legal costs (Increasel/Decrea5e in debtors (Increase) / Decrease In stock Less Galns on valUation of property Add L055 1 {Gain) on investments 138 132) 627 1,140 338 150 {6) {157) 152) (5) 1968) 477 (495) Net (used in)Iprovided by operating activities 533 (310)
OMF INTERNATIONAL (UK) Notes to the financial statements For the year ended 31 December 2023 status and general information OMF Internatlonal {UKI 15 a company Ilmited by guarantee incorporated in the United Kingdom and a registered charitable company (company number 6541911, Englbnd and Wales registered charity number 1123973, Scottish registered charity number SC039645 and Republ of Ireland charity number 20200671). It is governed by its Memorandum and Articles and Its re9lstered office is Station Approach, Borough Green, Kent TN15 8BG. Refer to the Trustee's Annual Report (page 5) for a full description of the organisation's objectivities and attivrtie5. The financlal statements are prnted In Thousands of Pounds Sterling (EOOOS), the Company's functional currency and rounded to the nearest thousand pound. Accountlng pollcles a) Basls of accountlng and assessment of golng concern The flnanclal ststements are prepared on the historlcal cost basls of accountingi Wlth items recognlsed at cost or transactk)n value unless otherwise stated in these accounting pollcies, in compllance wlth the Companies Act 2006. the Charities Act 2011 and in accordanTr with applicable accounting standards and the Charltles SORP (FRS1021 Accounting and Reporting by Charltles applicable tt) charltles preparlng thelr accounts in accordan with the Financial Reporting Stsndard applicable In the UK and Republlc of [land IFRS 102) (effective l January 20191. OMF Internatlonal (UK) Is a publlc benefit entlty as deflned by FRSIO2, The Trustees have considered the potential future impact of the current political and economlc circUmstanS on the futu viability of the charitable company. The Trustee5 are of the oplnlon that given the surplus for the perlod and the high value of net assets, the charitsble company can continue In operatK)n for the foreseeable future and thef0 the flnanclal statements have been prepared on a golng concern basls, b) Flxed assets and ImpJlrment• Tanglble flxed assets, expt knd and bulKlings, are stated at cost kss depreciation. Assets a reviewed for Indkatlons of Impairment at each balan sheet date. If such indlcatlon exlst5, the recoverable amount of the asset Is estimated and compared to the carrying amount. Where the carrying arnount exceeds the recoverable amount, an Impaifment kjss is recognlsed in the ststement of financial activities. Land and buildings are carried at fair value at the date of the revaluation less any subsequent accumulated depreclatlon and subsequent accumulated impaimient losses. Revaluations are undertaken with sufflcient regularity to ensure the carrylng amount does not differ materlallty from that whkh would be detemiined using fair value at the Statement of Flnanclal Position date. Fair values are detemiined from market based evldence ertaken by professlonal qualified valuers. Revaluation gains and losses are recognlsed In the Statement of Flnancial Actlvltles. c) Depreciatlon of tanglble fixed assets Tangible fixed assets a depreciated over their expected useful life on the following straight-line bases: Land Buildings Motor vehicles Computer equipment Fixtures, fittiro5 and Offi equipment 25% 33.33% 25%
OMF INTERNATIONAL {UK) Notes to the flnancial statements For the year ended 31 December 2023 d) Fixed asset investments Investment5 are a form of basic financlal instrument and are inltlally recogn5sed at thelr transacuon value and subsequently measured at their fair value as at the balance sheet date uslng the quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluatlon and dlsposals throughout the year. The charity does not acquire, put options, derivatives or other complex financial instruments. All gains and1055es are taken to the Ststement of Financial Activities as they arise. Realised gain5 and losses on investments are calculated as the differen betmeen sales prOedS and their openiro carrying value or their purchase value if acquired subsequent to the flr5t day of the financlal year. Unrealised gains and losses are calculated as the difference beeen the fair value at the year end and their carrying value. Realised and unrealised investment gains and losse5 are combined In the Statement of Financial Activities, e) Investment property Investment property Is Included on the balan sheet at market value at the balarKe sheet date. The valuauon 15 the result of calculations made by surveyors, at the time of receipt of the assets, on the basis of the premiums payable if the lessee wished to extend their lease. Where the lessee has now extended their lease. the valuation included Is now the difference betwcen the surveyor's peppercorn rent based premium valuation and the ground rent based pMiuM valuation. Realised and unrealised galns and losses on Investment proFety are included In the Statement of Flnancial Activlt4es in the year in which they arise. f) Stock The stock of the publications department Is Stated at the lower of cost and net realisable value. Provlslon Is made for slow movlng and obsolete stock. g) Income recognltlon Iorne from donatlons 15 accounted for on a recelpts basis, and the lated GSft Ald Is usually re1Ve and accounted for In the month folk)wlng the month of the original donatlon. Legacles are accounted for when received or when receipt Is probable and the value can be measured wlth sufficlent Ilability. Where legacles notlfled to OMF Internatnal (UK) by the end of the relevant accounting period do not meet the above criteria, the total estlmated value of such legacies will be disclosed in a note to the flnanclal staternents. PublicatSons income is accounted for on a reIpts basls, Income other than mentloned above is dealt wlth on an accruals basls. h) Expendlture recognltlon Charitsble expenditure comprises seNices supplied and actlvlties undertaken whlch are Identifiable wholty or malnly In support of OMF International {UK)'s objettive5. Those costs shown as management and administration relate to the management of OMF Internatiorsal IUK)'s assets, organi5ational administration and Complian wlth constitutiona5 and statutory requirements. Where appropriate, exFendlture is aprtIoned on a reasonable and consistent basi5 to other costs within mobili5ation and evangelisatlon expenditure. The underlying principle upon which cost apportionment is based is staff time.
OMF [lERtIATIONAL (UK) Notes to the financial statements For the year ended 31 December 2023 h) Pension scheme OMF Internatlonal (UK) operates a defined contribution pension scheme for stsff. The a55ets of the scheme a held Separately from that of OMF International (UK) in an independently administered fund. The penslon costs charged Present the contrlbutlons payable under the scheme by the OMF International (UK) to the fund, OMF Internatlonal (UK) has no liability under the scheme other than for the payment of these contributions. l) Funds General funds are untricted funds which are avaikble for use at the discretion of the Trustees in furtherance of the general objectives of OMF International {UKI and which have not been designated for other pulSe5. Designated funds comprise unrestrirted funds that have been set aslde by the Trustees for particular purposes. The aim and se of each designated fund is set out in the notes to the financlal ststements. Restricted funds are funds wh are to be used In accordan with Skwific restrittlons Imwsed by dorKJrs. The aim and use of each restricted fund is set out In the notes to the finandal ststements, J) Financial Instrumentg Flnancial instruments are classlfled as either'basic, or'other, In accordan with Chapter 11 of FRS 102 and are reccrfjnised on the charity's balance sheet when It becomes paty to the contractual provls5on5 of the Instrument. Financial Instruments are Initially measured at transaction pr1, unless the arrangement constitutes a flnancing transaction, which Includes transaction costs for financial instruments not subsequently measured at falr value. A flnanclng transaction Is measured at the present value of the future payments discounted at a market rate of Interest for a similar debt instrument. The only flnanclal Instruments held by charity are debtors, creditors, loans and Investments. These a basic financial instruments and are therefore recognised at the transaction price less any Impairment, k) Funds slgnlflcant Judgements and estlmates The preparation of the financial ststements requires the Trustees to make estimates and a55umptlons that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial 5tstements. If in the future such estimates and assumptlons, which are based on the Trustees, best judgement at the date of the flnanclal ststements, deviate from the actual clrcumstances, the original e5tlmates and assumptions wlll be modified as appropriate in the year in whlch the cIrcumstan5 change. The Trustees consider the followin9 to k the main sources of estimation uncertainty: Income recojnitlon of legacies - legacies have been recognlsed when ceIpt Is probable and on a case-by-ca5e basis once the value can be measured relbblys rather than adoptlng uslng a pjrtfollo basis based on past experlence. Land and buildings - As set out in note 12, the land and buildings were valued at the year end by extemal valuers reglstered with the Royal Institute of Chartered Surveyors (RICSI, The valuation used relled upon assumptions and infomation provided by management. If the assumptions and information differs notsbly from expectations, the falr value of the propertles could requlre significant adjustment in future Feriods. ?4
OMF INTERNATIONAL (UK Notes to the financial statements For the year ended 31 December 2023 l) Governance costs Governance costs comprise the expendlture assodated wlth fulfllllng ststutory obllgatlons and provldlng strateglc dlrertion to OMF International (UK). 2023 2022 stsff cost5 Trustee Expenses Auditors, fees - for audlt other costs 13 13 19 24 20 29 59 63 3 Connected partles OMF International (UK) co-operates wlth other Chrlstlan agencies In the pursult of Its misslon. OMF International (UK) receSved £1,145 in donatk)ns from trustees during the year (2022.. É1,688}. None of the Trustees recelve any remuneratlon In thelr capadty as trustees, although all recelved refreshments at trustees, meetlngs provlded by OMF Internatlonal {UK}. 5 tnjstees received travel exFen5e payments durlng the year {2022:6). The total expenses latyng to trustees paid in the year were £3,135 (2022.. £607). 4 Cost of ralslng funds The cost of raising funds recognises the promotional aspect contsined wlthln educatlon and Information expenditure. C05t of generating funds was £7k (2022: £5k).
OMF INTERNATIONAL (UK Notes to the flnandal statements For the year ended 31 December 2023 Mobilisation expendlture Unrestrfcted Restricted TOTAL Funds Funds 2023 Unrestrlcted Restrlrtqd Funds Fundg TOTAL 2022 £ 0005 137 £ OOOS l74 470 26 81 £ OOOS £ OOOS 174 470 26 81 £ OOOS 137 489 38 £ OOOS stsff salarfe5 (note 11) Member Allowance payrnenl8 Member Expense p8ymenl Member Pension, Nl & Tax ome Assgnment Allowan9 & Expenses Literature & Information Other Costs Serve Asia Teams 38 287 287 212 212 44 82 36 85 36 124 21 103 39 1,164 21 1,185 1,082 39 1,121 Mobillsation expenditure comprises the allocated functional costs arlslng frtrn the process of encouraging people to participate in world mission. Evangellsatlon expendlture Unrn•trlctsd Restrlct•d Fynd• Fyrbd$ TOTAL 2023 Unrertrlct•d Rtstrltt•d Fun Fund TOTAL 2022 £ OOOS 26 £ OOO• £ OOOS 26 £ OOOS 20 £ 0009 £ 000$ 20 Stsff salaries (note 11) rseas allocation to OMF Internatlonal {SIngapol Member lOwanCe payrnents MemLEr Expense payments Member Pen51on, Nl & Tax Serve Asia Teams 1,721 289 2,010 2,132 2,512 659 659 638 638 689 712 712 other costs 29 37 51 53 104 3,105 318 3,423 3,560 433 3,993 EvarvJelisation eXndItUre comprises the allrxated functlonal costs arising from the pro55 of sharing the gospel wlth East Asians. The amounts shown as restricted funds represent payments made to specific overseas projects. ?6
OMF INTERNATIONAL (UK) Notes to the financial statements For the year ended 310ecember 2023 Mission Support expenditure Unrestricted Restrlcted Funds Funds TOTAL 2023 Unrestrlcted knstrfcted Funds Funds TOTAL 2022 £ OOOS 113 214 14 32 £ OOOS £ 000$ 113 214 14 32 £ OOOS 112 197 20 33 £ 0005 £ OOOS 112 197 20 33 Staff salaries (note 111 Member Allowan payment5 Member Expense payments Member Pension, Nl & Tax Home Assignment Allowan5 & Expenses l)ther costs 32 32 24 24 ioi 104 103 108 506 509 494 Mlsslon Support expenditure comprises the allocated functional costs arising from the proces5 of provldlng mission speclflc support l.e. prOsSing candidates and pastoral care to personnel engaged in Mobilisation and Evangelisatlon. Admlnlstratlve Support expendlture Unrestrlct•d Restrlcted Fun Fund$ £ OOOS 199 20 TOTAL 2023 £ 0009 £ 0008 199 20 Unr¢•trlrted Rtctsd Fund Funds TOTAL 2022 £ OOOS 227 16 £ OOOS 227 16 £ OOOS Staff salaries (note 111 Nember Allowan payments MeMr Expense payments NemtrEr Pension, Nl & Tax Information Techndogy Excepllonèl Cost5 Other costs 36 36 45 58 258 614 45 58 258 614 301 572 301 572 Admlnlstratlve support expendlture comprlses the allocat&Y functional costs arising from the stsndard organisatlonal admlnlstratlve processes e.g. IT, HR, facilities management and flnance processing required to support the organlsatlon. educatlon and Inforniation expenditure Education and information expenditure comprises the costs of projucing the magazlne"East Asia Billions" books, conferen5 and prayer resour5. Unrnstricte41 Restricted Funds Funds TOTAL 2023 Unyestrlcted Restrlcted Funth Funds TOTAL 2012 £ OOOS 12 £ OOOS £ OOOS 12 £ OOOS £ OOOS £ OOOS io Literatu and information BkS and cOnferenS Staff salaries (note 111 io 43 56 43 56 35 47 35 47
OMF INTERNATIONAL (UK) Notes to the flnanclal Statements For the year ended 31 December 2023 io Retlrement expendlture Unregtricted Rertdrted TOTAL Ubyestrfthd Restricted TOTAL Fund5 Funds 2023 Funds Fundo 2022 £ 0009 £ OOOS £ OOOS £ OOOS £ OOOS £ OOOS Retlred member allowance payments Member Allowance payments Member EXnSe payments Staff salaries (note 11) other costs 690 690 690 690 699 700 7110 Retirement expenditure comprises the costs of allowances paid to retired memters of OMF Internatlonal (UK) and allocated functional costs arising from the sUPPOrt of those retired members. 100 retired members received allowan payments during the year12022'. 1081. 11 *aff costs 2023 £ 000$ 2022 £ OOOS 457 42 36 535 Wages & salarles Sc(ial security costs Pension contributlons 39 32 559 Staff costs analysed by funttion.. Note 5 Mobilisation Expendlture Note 6 Evangelisation Expendlture Note 7 Mission Supp)rt Note 8 Administration Support Note 9 Educatlon and Snformation Expendlture Note 10 Retlrement costs 174 26 113 199 136 20 112 227 43 35 559 535 No employee earned rn0 £60,000 or more In the year. The average number of employees was 18 (2022.. 18). Key management Fersonnel comprise trustees, who are unpa, 11 senior managers (including the National Directors), of which 7 individuals were suprted members and 4 were employees. The total benefits ceiVed by key management personnel, including pension contributions, in the year was £400,032 (2022.. 1328,056).
OMF INTERNATIONAL (UK) Notes to the financial statements For the year ended 31 December 2023 12 Tangible fixed assets Land nd Buildlngs £ OOOS 5,840 tures and Fittings Computsr equlpment £ OOOS L54 Office equlpmeTrl £ OOOS Motor Vehiclts £ 000$ io Total £ OOOS 6,182 15 530 Cost or valuation at l January 2023 Addib"ons Revaluation Disposals at 31 December 1023 62 116 530 6,370 159 67 116 15 6,727 Accumulated deprncl•tlon at l January 2023 Charge for the year Released on revaluatM)n Released on disFM)sals It 31 December 2023 {321) {117) 438 (1301 1141 161} (i) 11081 {s) iioi (i) 1630) 1138) 438 (144) {62) 112 ii) (329) Net book value •t l J•nuary 2023 5,519 24 at 31 December 2023 6,370 15 6,398 The land and bulldings were valued at £6,370k in December 2023 by external valuers, Rcfjer Hannah, in accordan with the appropriate sectlons of the Royal Institutlon of Chartered Sutveyors (RICS) Valuation - Global Standards 2022 and International Valuation Stsndards {IVS). ?9
OMF INTERNATIONAL (UK) Notes to the financial statements For the year ended 31 December 2023 13 Fixed Asset Investments Managed Investments 2023 2022 £ OOO* £ OOOS Market Value at l January 2022 Additlons DIspalS Unrealised investment gain51 (los) 7,168 6,673 (4771 495 Marknt Value at 31 December 2023 6,691 7.168 The managed Investments a held wlth the Investment manager Ruffer LLP and represented by a segregated portfollo predominantly invested dlrectly in conventional assets, such as equitEs, nds, commodities and currencies. Investment Income and management fees a both rolled up in the capital accoun¢ wh(ch forms part of the market value of Investments. Unllgted Investments 2023 2022 £ OOOS £ OOOS Value at l January 2023 Addltknns Disposals Unreallsed Investrnent gain51 {Io55esl 33 33 Market Value at 31 December 2023 33 33 During 2017, 5hare5 in an unllsted company We received as part of a legacy. The shares have been valued at falr value. 14 Capltal cornmltments No capital expenditure was contratted for or committed at 31 Decemter 2023 (2022.. Nil). 30
OMF INTERNATIONAL (UK) Notes to the financial statements For the year ended 31 December 2023 15 Current Asset investments Current Asset Investments - property held for Sale (restrlrted} 2023 2022 £ OOOS £ OOOS Market Value at l January 2023 37 37 Additions Disposa15 Market Value at 31 ikcember 2023 37 37 16 Debtors 2023 £ 0005 2022 £ OOOS Other debtors Prepayments Accrued Income - Legacles Accrued income - Gift Ald 29 54 713 28 61 1,071 25 824 1,162 17 Credltors: amounts falllng due wlthln one year 2023 £ 000$ 105 290 20 522 160 2022 £ 0005 60 45 70 90 205 Trade Creditors Sundry creditors Accruals - general OMF International (Singapore) Deferred Income 1,097 470 Re¢onclllatlon of Deforred Income Amount deferred al 1 January 2023 205 321 Amounts deferred in year Amounts received - from prior years 27 {721 20 {136) Deferred income al 31 December 2023 160 205
OMF INTERNATIONAL (UK) Notes to the financial statements For the year ended 31 December 2023 17 Creditors (continued) Deferred income relates to donations given by sUPPOrters wrth the express intention for those donation5 to be used by OMF International {UKI in future accounting periods. The Trustees are satisfied that no provlslon should be made in the accounts in relatlon to future amounts which may te paid to retired member5, a5 they do not believe there 15 any commitment to make such payments. They are only made at the dlscretlon of OMF Internatlonal (UK), and as Income permlts. 18 Provlslon 2023 £ 000$ 1,140 2022 £ OOOS Provision for historic legal costs 1,140 The provision relates to claims against OMF Internatlonal {UKI In relatlon to harm caused to former Chefoo school pupils, a school operated by OMF Internatlonal, the federated StrUCtL*. 19 Flnanclal Instruments The charity's Ananclal Instruments may be analysed as follows,. 2023 £ OOOS 3,960 6,691 33 2022 £ OOOS 3,742 7,168 33 Flnanclal A8set• Current A$5e15 al amortised cost Investments al market value Unli51ed investments al fair value Flnan¢lal Ll•bllltlfr• Current Liabilltles at amort15ed cost 832 265 Flnancial assets measured at amortised cost comprlse cash at bank and in hand, trade debts, other debtors, and accrued Income. Accrued income from legacies contributed E713k {2022.' £L,071k) Flxed asset investments at fair value comprise shares in a private limited company received as part of a legacy during 2017. They have bn valued, for estate valuation purposes, by a fimi of chartered accountants on an average of the last 5 years dividend yield basls. Flnancial liabilitles measured at amortised cost comprise sundry creditors, accruals (including exceptional legal case accruals), tsxation and Sla4 security and amounts due to OMF Internatnd1 (singapo).
OMF INTERNATIONAL (UK) Notes to the financial statements For the year ended 31 December 2023 20 Funds Balance 0110112023 £ OOOS Income Expendlture Investment galn51(1055es) £ 000$ Transferg Balance 3111212023 £ OOOS £ 0005 £ OOOS £ 0005 General Fund 3,059 2,988 (4,299) {199) {1,1171 432 Designated Fund$: Property Fund Retirement Fund Home5ide Fund Buffer Re5eive Le9acy Reserve Mini5ty Support Reserve Reverse Mission Training & Equipping of East Aslans Diaspora Reted cdlaborats.ve & Ministry Projects Jolnlng Members Fund Home Assignment Ministry Fund UK Minlstry Fund5 Creation Care Fund Philip Henman Fund MarkOtpla Minlstry Fund Listening to East Asian Church Vo 5,840 3,997 556 618 968 1438) 6,370 3,731 517 528 1,660 {266) (391 (901 1,660 250 250 200 200 iii 523 325 31 36 140 75 258 2,220 {io) 1533} 12,298} 176 248 247 31 40 76 io (3) {68) (3) 15 15 Other MiSlIaneoUS Funds {<£20kl 28 54 {38} 44 Total Deslqnated funds 12,670 {2,950) (269) 1,093 14,133 Totsl Unrestrlcted Fundg 15,729 6,577 7,249) 468 24) 14,565 Restrlct•d Funds Holland Legacy Fund Hong Kong Welcome Project Fund Chapman Lega medical Misslonarie5 Fund Leah Evans Bequest Other Miscellaneous Funds (<£7kl 39 (311 17 17 74 41 113 171 67 39 106 (2} (7) 23 14 (151 24 46 307 14 (53) (9) 24 283 Other Overseas funds loo (2891 loo Total Restricted Funds 407 303 (342) {9) 24 383 Total Funds 16,136 6,880 {7,591) (477) 14,948
OMF INTERNATIONAL (UK) Notes to the financial statements For the year ended 31 December 2023 21 Pnor Year Funds Balance 0110112022 £ OOOS Income Expendlture Investment Transfvrs g•lnsl{losses) £ OOOS Balènce 3111212022 £ OOOS £ OOOS £ OOOS Genernl Fund 3,210 3,238 13,934) 199 347 3,059 Desi9nated Fund*: Property Fund Retirement Fund HSF Buffer Reserve Lega Reserve Reverse Mission Tralnin9 & Equippng of East Asian5 Diaspora Related Cdlaboratlve & Mln15ty Proie¢ls Joinlng Members Fund Home Assignment Mlnistry Fund UK Mlnlstry Funds Creation Care Fund Philip Henman Fund Marketplace Mlnlstry Fund Listening to East Asian Church Voices 5,840 3.714 283 3,997 556 618 (128) (219) 837 250 250 200 200 25 214 173 32 35 195 15 100 545 2,354 {14) 12361 (2,2021 iii 523 325 31 30 140 15 (31 1631 Other Mis11aneOvs Fund$1<£20kl 23 49 1441 28 Total De•lgnJt¢d fund• 237 2,563 286 347 12.670 Totsl Unre•trlrted Fund• 15,447 6,294 15,729 ReStrIct Funds Holknd Legacy Fund Hong Kon9 Welcome Pro)ert Fund Chaprnan Legacy Medical Mi55ionaries Fund Leah Evans Bequest Other mIlIaneOUS Funds1<£7kl 39 22 78 39 105 51 {8) {4) 17 74 41 113 23 57 (85) 334 197 10 307 Other fftrseas furnds loo 380 1380) loo Totsl Restricted Funds 434 477 io 407 Total Funds 15,881 6,734 16,974 495 16,136 34
OMF INTERNATIONAL (UK) Notes to the financial statements For the year ended 31 December 2023 Designated Funds The Property Fund represents the value of the proFerties Own by OMF International (UK). See the fixed asset note 12 for more detail. The Retrrement FuTrJ has been set up to help fund OMF Internatlonal (UKI'S ongoing tirernent provIsn. The HSF Buffer reserve has been set up to help oftset some of the costs of the UK and Ireland operation, which would otherwlse result in increased amounts being passed on to member support budgets durlng the current period of declining member numbers,. thls amount was calculated as iing the amount necessary to provtde buffering over a five-year period durlng which the UK and Ireland operatlon Is revlewed. The purwse of the Legacy ReseNe is to smooth the Impart of unusually hlgh or low acy Income during a particular year. The Minlstry Support Reserve contrfjbutes towards the tOPPifW up of under-supported members. For example, If OMF International (UK) reiVeS supwrt for a member of 850/D of thelr annual budget, It may top up the mainIng 15% from this deslgnated fund. The Reverse Mission Training & Equipping of East Asians Fund has been created as part of OMF Internatlonal (UK)'s strateglc plan approved by the trustees in 2021. The Diasp)ra Related Collaborative & Ministry Projerts Fund has been created as part of OMF Internatlonal (UK)'s strategic plan approved by the trustee5 in 2021. The Joining Member5 Fund 15 for funds desljnated for the 5UPWrt of candidate5 in the Joining process. Pfome Assi9nment Ministry Fund has ken estsblished prlmarlly for the provislon of memters, home a$snment allowances, as well as mlscellaneous Other member expenses. UK Ministry Fund was created for the provision of member allowances and ministry exFenses for those memters pemianently based In the UK. The Creation Care Fund was created to ass15t wlth ongoing project work to reduce OMF International {UK)'s Impact on the environment. PhSllp Henman Fund Is a fund de51gnated for general purposes. The Marketplace Mlnlstry Fund has been Cated as part of OMF Lnternatlonal (UK)'s ongolng strateglc vlslon for engagement. The Llstenlng to East Aslan Church Volces Fund has been created as part of OMF International (UK)'5 Strategic plan approved by the trustees In 2021. Other miscellaneous funds compri5e5 of a number of several funds with an IlIvidUal fund balance of k55 than E20k used for work in the UK. Restricted Funds The Holland legacy fund is used for OMF International (UK}'5 work in China. The Hong Kong Welcome Project is a fund created to partner with other organisations to asslst in welcoming those from Hong Kong to the UK. The Chapman Legacy fund is to be used to give sUPPOrt to the chIren of missionaries in whatever way it is needed, includlng the provision of holidays and the travel costs of bringing children and parents together in one pla. 35
OMF INTERNATIONAL (UK) Notes to the financial statements For the year ended 31 December 2023 Note 21 FurKls (continued) The Medical Missionaries Fund was estsblished in 1974 to SUPFQrt medical mlsslonary work Sn China and the other countrles of East Asia. The objectlve of Leah Evans Bequest fund is to assist with the accomm¢xlation costs of active servlce members and retlred members of OMF International (UK). Other MislIaneouS funds comprises of a number of several funds wlth an Indivklual fund balance of less than £7k used for work In the UK. 22 Analysls of net as$et$ between Funds Restrlcted Funds £ I)OOs Deslgnated funds £ 0005 General Funds £ OOOS Total 2023 £ OOOS Tangible Fixed Assets Flxed Asset Investments . Managed Fixed Asset Investments - Unlisted Current Asset Property Investments Other Current Assets Current Llabilltles Provlslon 6,370 3,771 28 2,775 33 6,398 6,691 33 37 4,026 11,0971 11,1401 145 37 201 3,992 {1671 11,0971 (1,1401 Total 383 14,133 432 14,948 23 Prlor YearAnaly*s ofnet assets between Funds Restrlcted Designated Funds funds £ OOOS £ OOOS General Funds £ OOOS Totsl 2022 £ OOOS Tangible Fixed Assets Fixed Asset Investments - Managed Fixed Asset Investments - Unlisted Current Asset Property Investments Current Assets Current Liabilities 5,519 4,151 34 2,884 33 5,553 7,168 33 37 3,815 14701 133 37 237 3.000 578 (4701 Total 407 12,670 3,059 16,136 36
OMF IKtERP4ATIONAL (UK) Notes to the financial statements For the year ended 31 December 2023 24 Taxation OMF International {UK) is a registered charltable company and thefOre is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities. 25 Llablllty of members OMF International (UK) is constituted as a company Ilmlted by guarantse and has no share capital. The liablllty of the members of the company, who are also the trustees of OMF International {UKI, in the event of the company being wound up is limited to a sum not exceeding £1 each, There We 9 members of the company at 31 December 2023 (2022: 101. 37