REGISTERED CHARITY NUMBER: 327384 OUR DAILY BREAD MINISTRIES TRUST REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Xeinadin Audit Limited Accouniants and Statutory Auditors Dalton House 9 Dalton Square LANCASTER LAI IWD
OUR DAILY BREAD MINISTRIES TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Reference and Administrative Detai15 Report of the Trustees Report of the Independent Auditors Statement of Financial Activities Balanee Sheet 10 Cash Flow Statement Notes to the FiDaDcial Statements 12 to 20 Detailed Ststement of Financial Activities 21 to 22
OUR DAILY BREAD MINISTRIES TRUST REFEREIYCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Mr A Plowman (resigned 241812023) Rev P Baxendale Mr D Mills Rev A Afuye Mr S Apted Principal address Unit 5 Shorcline Business Park Sandside MILNfHORPE LA7 7BF Registered charity number 327384 Auditors Xeinadin Audit Limited Accountants and Statutory Auditors Dalton Huus¢ 9 Dalton Square LANCASTER LAI IWD Bankers National Westminster Bank PIC 35 Bishopgate LONDON EC2M 3UR Page I
OUR DAILY BRFAD MINISTRIES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report with the fmancial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of ReCOnnended Practice applicable to charities preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeclive l January 2019). Objectives and activities The obj¢cL of the Trust shall be the proclamation and furtherance of th¢ Gospel of (iud concerning His Son Jesus Christ Our Lord. and the preachin&v and teaching of ihe Christian faith throughout the United Kingdom of Great Britain, the Continent of Europe and elsewhere by the organisation, sponsoThhip, promolion of non-denominational Christian worK seeking to pr¢sent the Gospel to every creature by ¢v¢ry means, and to lead men and wotnen and children to a saving faiih in Our Lord Jesus Christ and to help and encourage them in the Service of God. Aim5 of the charity The advanr¢ment and propagation of the Christian Faith through public proclamation, and through the distribution of Daily Devotional Materials and Biblical teaching Tesources through Study Booklets, lelevision programmes, Audio and Visual teaching DVDs/CDs and online resources available on the websites and mobile applications the ministy provides. These are made available throughout Europe. the United Kingdom of Great Britain, and els¢wh¢re. The global ministy produces material in over 55 different languages. Activilies Th¢ following are undertaken in pursuit of the charity's objectiv¢s'. Publication and distribution in print and digitally of Our Daily Bread and other d¢votionals to encourage people to read the Word of God. Publication and dislribltlion in print and digitally of teaching booklets to provide a better understanding of Scripture and its practical application. Publication and distribution in print and digitally of Looking at Life and Looking Deep series to provide relevant resources for specific events or occasions. Distribution of audio and visual teaching materials. Making Our Daily Bread Ministri¢s' audio and visual teaching material available to broadcasters. Sale of Christian books and resources to help people in th¢ir walk with our Lord Jesus Christ. Organising Bible conferences. Page 2
OUR DAILY BREAD MINISTRIES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED31 DECEMBER 2023 Aehievement and performanee Our Mission Statement To make the wisdom of the Bible understandable and accessible to all. Our Vision Statement See p¢opl¢ of all nations experiencing a personal relationship with ChrisL growing io bc more like him and serving in a local body of his family. ..but they delight in the law of the LoTd, meditating upon it day and night. Psalm I v 2 (NL T) Our Daily Bread Ministries 15 committed to nurturing a lifelong love for God's Word to help p¢ople grow closer to God and be transformed by their rv141tionship wtih Jesus. Through our daily devotions, podcasts and other resources, we work to make the life-changing wisdom and stOTies uf the Bible understandable and accessible to all. In our mission of fueling <i global Bible-engagernent movement, we strive to make Scripture a part of cvcryday life, giving the Holy Spirit waicr opportunity to transforn] hearts and help people share the light of Jesus with their 5PITitual frnit. 2023 was a challenging but encouraging year for the charity. We continue to distribute thousands of copies of Our Daily Bread and associated resuurces frcc of charge to individuals, churLhes and anyone who requests them. In 2023 we provided more free resources to a growing number of people. We ar¢ grateful to all our subscribcrs, supporters, staff, and volunteers for their en8agement and support of our work. Our primary objective in 2023 was to offer our print and digital resources to mor¢ people. We recognise ihe global shift to reading digitally and have adopted a digital-first strategy, but we also note the benefits of the print medium for focus and reader attention. So we were thrilled to se¢ a 15 % growth in print subscribers to the Our Daily Bread devotional through digitsl advertising, partnerships and general subscriptions. W¢ have continued to produce new resources to h¢lp people engage with the Bible, W¢ saw a water take-up of resouw¢s, including The Hope of Christmas booklet, of which 83,000 copies were requested. Other series, such as At a Glance resources, which explore Bibl¢ characters, books and th¢m¢s, are developed for our digital audience and then produced in print. Since their launch on Instagram this s¢ries has now been watched by over 1.7 million people. Our new podcast, Evening Meditations, saw incredible growth in listeners, sUassIng 500,000 downloads and accelerating its growth rate. Our call centre and social media teams continue to interact with a high volume of people with various n¢eds and sensitively respond to and guide contacts through their requests for Enaterials. We continue to support ministy work in Europ¢. as well as in the UK, providing support to local offices in Ir¢land, Gerniany and Belarus, and support work producing resources in Russian, UkTaini(w, Gern)an, Dutch and Italian. resources we produce are a150 used by uthcr Our Daily Bread Ministries offices. We offeT these at no charge. All this growth in aclivity does coine at a cost, both fillcIallY and organisationally, so we are inv¢sting in new structures and systems to support this growth. 2023 saw the appoinlment of UK Country Director. who is building resilienLe and capacity in the UK office. We are updating our systems to make us more efficient. We are working with partner Olce5 ill OUT Daily Bread ministries worldwide to deliver a better technology infrastruclure that will make our resources morc available to the general public aDd support our statT and volunteer team as th¢y work diligFently behind the scenes. We are excited by the growth we see. mindful of the chall¢ng¢s it brings and working hard serve all those opportunities. It is only with the generous prayer5. friendship. atFd support of people across the glob¢ that we can reach the ends of the earth with God's Word and see how He is continuing to work in the lives and faith journeys of all His children. Page 3
OUR DAILY BREAD MINISTRIES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED31 DECEMBER 2023 We pray that the activity and growth that we've seen in the charity in 2023 continues into future years and that th¢ plans and developments can meet th¢ needs of the people we serve and overcorne Challenges facing Bible engagement ministries in today's Secular environment. Public benefit The truslees have complied with the duty in section 17 of th¢ Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. Financial review Total incoming r¢sources for the year to 31 December 2023 were £2,121,950 compared to £2,169,279 for the previous year. Total resources expended for the year were £2,313,084 c<)mpared to £2,095,261 for the previous year. Consequently net expenditure in the year to 31 Deceniber 2023 w&$ £191.134 compared to the previous year net incotne of £74,018. The net assets of the charity w¢re £1,613,109 at 31 December 2023 compared to £1,804,243 at 3 l Decemb¢r 2022. The principal risks and uncertainties which the charity faces are that the charity relies heavily on donations lo continue its operations. The current inflation levels and rising cost of living in the UK is expected to reduce disposable income and is likely to reduce the level of donations which the charity receives. Reserves poliey Our Daily Bread Ministries Trust has in place a reserves policy which currently serves four primary purposes.. l. To allow for financial cycles. Our rninisty income and expenses are cyclical, and ther¢ is a need to accumulate funds throughout the year during high levels of giving in order to cover expens¢s inCued during low levels of giving. 2. To seize opportunities. We are a regional office for Our Daily Bread Europe and it 15 prudent to hold some reserve funds to take advantages of opportunities that may present themselves during the fiscal year for which th¢r¢ was no budget allocated. Often needs arise during times of crisis that would call for the use of fiLnds not previously budgeted. 3. To keep on hand a minirnurn of three to six months operating expenses which would allow us to continue to operate the ministry during that period even in the event of a total loss of income. 4. To build up sufficient reserves to b¢ abl¢ to fund any facilities development. The trustees, target level of free T¢5¢rv¢s is £700,000. At 31 Dec¢mb¢r 2023 the actl1 level of free reserv¢s w&s £988,287 (2022 - £1,154.695). The trustees will take steps during future periods to maintain fr¢e reserves at an amount similar to the target level. Future plans As we look to the futur¢, we will continue to build resilience inlo the ministry by stewarding our resources carefully, making our systems and processe5 more efficient and d¢v¢loping new resources for existing and futUT¢ readers. Structur4 governance and management Our Daily Bread Ministries Trust Is an Unincorporated Association governed by a d¢claration of Trust dated 27 February 1987 as am¢nded by deeds of variation dated 5 October 1999 and 12 May 2006. Appoinln]ent of trustees is vested in the trustee5. Statement of trustees, responsibilities The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounling Standards (Unlted Kingdom G¢n¢rally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and K¢public of Ireland" Page 4
OUR DAILY BREAD MINISTRIES TRUST REPORT OF THE TRUSTEFS FOR THE YEAR ENDED 31 DECEMBER 2023 ststemenl of truslees, responsibilities - continued The law applicable to charities in England <md Wales, the Charities Act 2011, Charity (Accounls and Reports) Regyulations 2008 and the provisions of the trnst deed requires the trustees lo prepare financial statement5 for each financial y¢ar which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of th¢ charity for that period. In preparing those fmancial statements, the trustees are required to s¢lect suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trust¢es are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensur¢ that the financial statements cumply with the Charities Act 2011, the Charity (Accounts and Reports) R¢gulations 2008 and the provisions of the trust deed. They are also responsible for safegu(dIng thc ass¢ts of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board of trustees on ... and signed on its behalf by: Mr S Apted - Trustee Page 5
REPORT OF THE INDEPEIYDENT AUDITORS TO THE TRUSTEES OF OUR DAILY BREAD MINISTRIES TRUST Opinion We have audited the financial statements of Our Daily Bread Ministries Trust (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the fmancial statements, iT)cluding a summary of significant accounting policies. The financial reporting fram¢work that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial R¢porting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion thc financial statements- give a tru¢ and fair view of the btatc of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended. havc been properly prepared in accordanc¢ with United Kingdom Generally Accepted Accounting Practice. including Financial Reporting Standard 102 'The Financial Keporting Standard applicable in thc IJK and Republic of Ire]{d,. have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. OUT responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements scction of our report. We are independent of the charity in accordance with the ethical rcquirements that are relevanl lo our audit of the financial statem¢nts in th¢ UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirement5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going coneern In altditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned, we have not identified any material uncertainties r¢lating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going Concern for a period of at least twelve months from when the fmancial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for thc other inforniation. The othcr infonnation comprises the information included in the Annual Report, other than the fmancial statemgnts and our Report of the Independent Auditors thereon. Our opinion on the financial stalements does not cover the other inforniation and. except to the ext¢nt otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In conn¢ction with OUT audit of th¢ financial statements, our responsibility is to read the other infonnation (L in doing so. consider whether the other intorniation is materially inconsistent with tbe linancial stalements or our knowledge obtain¢d in the audit or otherwise appears to be rnaterially misstated. If we idelltify such material inconsistencies or apparent materiiil misslAlcments, we are required to deterniine whether this gives rise to a material misstatement in the finanvial statements themselve5. If, ba8ed on the work we have performed. we conclllde that there 15 a Tnilterial misstatement of this other infonnation, we arc rcquired to report that fact. We have nothing to report in this regd. Matters on which we are required to report by exception We have nothing to report in respect of the lollowing matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion: the infonnation given in the Report of the Trustees is inconsist¢nt in any material respect with th¢ fmancial statements. or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records and returns, or we have not received all the infonnation and explanations we requir¢ for our audit. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF OUR DAILY BREAD MINISTRIES TRUST Responsibilities of trustees As explained more fully in the Slatement of Trustees, Responsibilities, the trustees are responsible for the preparation of the financial statemenls which give a trne and fair view, and for such internal control as the trustees deternline is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or e]TOr. In preparing the financial statements, the trustees ar¢ r¢sponsible for assessing the charity's abllity to continu¢ as a going concern, disclosing, as applicable, matters related to going concern and using the going ¢on¢¢rn basis of accounting unless the truslees either intend to liquidate the charity or to cease operations, or have no realistic alternalive but to do so. Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectiv¢s are to obtain reasonabl¢ assurance about whether the financial statements as a whol¢ are free from material misslalement, whether due to fraud or error, and to issue a Report of the Indep¢ndent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but És not a guarantee that an audit conducted 11] accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they Could reasonably be expecled to influence the ¢conomic decisions of users taken on the basis of these financial statements. Due to the inh¢rent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in th¢ financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed frorn the events and transactions refl¢ct¢d in the fmancial stat¢ments, as we will be less likely to become aware of instances of non-¢omplianc¢. The risk is also greater regarding iegulaTItieS occurring due to fraud rather than error, &$ fraud involves inteiitional concealment, forg¢ry, collusion, omission or misrepresentation. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below- enquiries are made of management and those charged with governance as to whether there is any knowledge of actual, suspected, OT alleged fraud. whether there is any known non-rompliance with laws or regulations, and whether the company has been subject lo any litigation or any legal claims. - minutes of meetings of management and those charged with governance are reviewed. audit work over th¢ risk of management overrid¢ of controls is undertaken. This includes testing of journal ¢ntries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the nornial course of business and reviewing accounting estimates for bias. analytical reviews are perfornied on the financial statements at all stages of th¢ audit by comparison lo prior years, budgets and expectations to ensur¢ th¢ re&sonableness of the figures therein. third party confirniation is obiained frorn the company's bankers to confmn bank balances. loan facilities and security held. detailed audtt testing is undertaken in specific areas to ensure that income and expenditure Is correctly recorded and is a genuine income or expense of the company. enquiries are made of enlity staff in compliance functions to identify any instances of non-compliance with laws and regulations. financial slalement disclosures are reviewed and t¢st¢d to supporting documentation to assess complianc¢ with applicable laws and regulations. A further description of our responsibilities for the audit of the financial statements is locat¢d on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fornis part of our Report of the Independent Auditors. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF OUR DAILY BREAD MINISTRIES TRUST Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charili¢s (Accounts and Reports) Regulations 2008. Our audit work has bccn undertaken so that we might state to the charity's trustees those matters we dre rcquired to state to them in an auditors, T¢POrt and for no other purpos¢. To the fullest extent pern]itted by law, we do not accept OT assurne responsibility to anyone other than the charity and the charity's truste¢s as a body, for our audit work, for this report or for the opinions we have fornied. Xeinadin Audit Limited Accountants and Statutory Auditors Dalion House 9 Dalton SquaTe LANCASTER LAI IWD Date: Page 8
OUR DAILY BREAD MINISTRIES TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total funds 2022 Total funds ljnrestrieted fund Restricted funds Notes llCUAue and endowments from Donations and legiicies 1,633,849 6,700 1,640,549 1.880.033 Charitable activitie5 Christian literature 238,068 238,068 237,616 Investment income Other income 11,079 232,254 11,079 232,254 2,037 49,593 Total 2,115,250 6,700 2,121,950 2,169,279 Expenditure on Charitable activities Christian literature Internatiuri<il ministry Biblical literature 317,921 382,803 1,609,111 317,921 385,982 ,609,181 333,475 400,155 1,361,631 3,179 70 Total 2,309,835 3,249 2,313,084 2,095,261 NET INCOME/(EXPENDITURE) (194.585) 3,451 (191,134) 74,018 ReconeiliaÉion of funds Total funds brought forward 1,794,866 9,377 1,804,243 1,730,225 Total funds carried forward 1.600,281 12,828 1,613,109 1,804,243 The notes forni part of these financial statements Page 9
OUR DAILY BREAD MINISTRIES TRUST BALANCE SHEET 31 DECEMBER 2023 2023 2022 Not¢s Fixed assets Tangible assets 13 611,994 639,671 Current assets Stocks Debtors Cash at bank and in hand 14 15 67,270 113,395 955,996 72,779 123,916 1,070,437 1,136,661 1,267,132 Creditors Amounts falling due within one year 16 (135,546) (102,560) Net current assets 1,001,115 1,164,572 Total assets less current liabilities 1,613,109 1,804,243 NET ASSETS 1,613,109 1,804.243 Funds Unrestricted funds Restricted funds 18 1,600,281 12,828 1,794,866 9.377 Total funds 1,613,109 1,804,243 The financial statements were approved by the Board of Trustees and authorised for issue and were signed on its behalf by.. on Mr S Apted - Trustee The notes fomi part of these financial statements Page 10
OUR DAILY BREAD MINISTRIES TRUST CASH FLOW STATEMENT FOK THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activities Cash generated from operations 21 (111,486) 106,111 Net cash (used in)Iprovided by operating activities (111,486) Cash nows from investiJJg activities Purchase of tangible fixed assets Sale of tangible fixed assets Interest received (14,334) 300 11.079 (11,459) 2.037 Net cash used in investing activities (2,955) {9,422) Change in cash and cash equivalents in the reporting period Cash and cash equivalent5 at Ihe beginning of the reporting period (114,441) 96,689 1,070,437 973,748 Cash and cash equivalents at the end of the reporting period 955,996 1,070,437 The noles forni part of these fancIal statements Page 11
OUR DAILY BREAD MINISTRIES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 102) 'Accounting and Reporting by Charities: Statemenl of Recommended Practice applicable to charttl¢5 preparing their accounts in accordance ivith the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and th¢ Charities Act 2011. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity ha5 entitl¢ment to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditur¢ as soon as there is a legal or constructive obligation committing ihe charity to that ¢xpenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measur¢d reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggreoate all Cost r¢lated to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Allocation and apportionment ofcosts Indirect costs, including support and governance costs hav¢ b¢en apportioned to the charity's activities uslng a basis consistent with the use of resources. For example, staff costs are apportioned by time spent, propety cosls by floor area and other costs by their usage. Tangible fixed P4ssets Depreciation is provided at the following annual rates in order to write off each asset over its estimated us¢ful life. Long leasehold Fixtures and fittings at varying rates on cost Individual fixed assets costing £500 or more are recognis¢d as assets and initially recorded at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairn)ent losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Stock5 Stocks ar¢ valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stock is valued at the lower of cost and estimated s¢lling price less costs to sell, after due regard for slow moving and obsolete stocks. Cost is detemiined using the first-ln, first-out (FIFO) basis. Taxation Th¢ charity is exempt from tax on its charilable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at th¢ discretion of the trustees. Restricted funds can only be used for particular restricled puOse8 within the objects of the charity. Restrithions arise when specified by the donor or when funds are raised for particular restricted puryoses. Further ¢xplanation of the nature and purpose of each fund is includ¢d in the notes to the financial statements. Page 12
OUR DAILY BREAD MINISTRIES TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policie5 - continued Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Pension costs and other post-retirement benefits The charity operates a defmed contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Going concern There are no material uncertaintles regarding the charity's ability to continue as a going concern. Governmenl grants The wmpany Teceives government grant5. These ants ar¢ wognis¢d at th¢ fair value of the amount received or receivable when there is reasonable assurance that the company will comply with condttions attaching to them and the grants will be received using the ac¢nl model. Donations alld legacies 2023 2022 Donations Gift aid Legacies 1,446,291 112,329 81,929 1.450.633 119,132 310,268 1,640,549 1,880.033 Investment income 2023 2022 Deposit account interesl 11,079 2,037 Income from eharilable activities 2023 2022 Activity Christian lit¢rature Christian lilatUre 238,068 237,616 Other incotne 2023 2022 Gain on sale of tangible fixed assets Income from Our Daily Bread Ministries (USA) Infonnalion systcms staff support InLernational finance sliiff sUPPOrt Other income 300 149,076 80.740 1,888 250 49,593 232,254 49,593 Page 13
OUR DAILY BREAD MINISTRIES TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activities costs Support eosts (see note 7) Direct Costs Totals Christliin liternture Inlernational ministry Biblical literature 293,637 377.924 1,436,851 24,284 8,058 J 72.330 317.921 385,982 1.609.181 2,108,412 204,672 2,313,084 Support costs Covernance costs Finanee Other Totals Christian lilcralure International ministy Biblical literature 2,602 20,547 6.637 153,688 1,135 1,421 5,326 24,284 8,058 172,330 13,316 15,918 180,872 7,882 204,672 Auditors, remuneratioJJ The auditors, remuneration foT the year in respect of the audit of the financial ststements was £7,882 (2022 £6,973) including VAT. Trustees, remuneration and benefits There were no trustees, rernuneration or other b¢nefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustees, expense5 There were no trustees, expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. io. Staff costs 2023 2022 Wages and salaries Social security costs Other pension costs 762,810 59,305 31,667 668,128 51,662 28,496 853,782 748,286 The average monthly number of employees during the year was 26 (2022 - 25). The number of employee5 whose emoluments fell within the £70,001- £80,000 band w&s l (2022 - 1). During the year the total remuneration paid in respect of key management personnel was £186,828 (2022 £166.613). Page 14
OUR DAILY BREAD MINISTRIES TRUST OTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 ii. Comparatives for the statement of financial activities Unrestricted fund Restrict funds Total funds Income and endowments fro Donations and legacies ,832,155 47,878 1,880,033 Charituble activities Christian literature 237,616 237,616 Investment incom¢ Other income 2,037 49,593 2,037 49,593 Total 2,121,401 47,878 2,169,279 Expenditure on Charitable activities Christian literature International rninisty Iliblical literature 333,475 362,154 1,361,131 333.475 400,155 1,361,631 38,001 500 Total 2,056,760 38,501 2,095,261 r44ET INCOME 64,641 9,377 74,018 Reconciliation of funds Total funds brought forward 1,730,225 1,730,225 Total funds carried forward 1.794,866 9,377 1,804,243 12. Foreign curreney The foreign exchange losses recognised in net incomelexpenditure during the year were £3,430 (2022 - gains of £1.102). Page 15
OUR DAILY BREAD MINISTRIES TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 13. Tangible fixed assets Fixtures and rittings Long leasehold Totals Cost At l January 2023 Additions Disposals 802,734 264,525 14,334 {7.762) 1,067,259 14,334 (7,762) At 31 December 2023 802,734 271,097 1,07J,831 Depreciation At l January 2023 Charge for year ElimiT]ated on disposal 205,098 23,988 222,490 18,023 (7,762) 427,588 42,011 (7,762) At 31 December 2023 229,086 232,751 461,837 Net book value At 31 December 2023 573,648 38,346 611,994 At 31 December 2022 597,636 42,035 639,671 14. Stocks 2023 2022 Stocks 67,270 72,779 15. Debtors: amounts falling due within one year 2023 2022 Trade debtOTS Other debtors Prepaymenls and accrued income 1,180 67,341 44,874 566 89,590 33,760 113.395 123,916 Page 16
OUR DAILY BREAD MINISTRIES TRUST NOTF.S TO THE FINANCIAL STATEMENTS - continued FOK THE YEAR ENDED 31 DECEMBER 2023 16. Creditors: amounts falling due within one year 2023 2022 Trade creditors Social security and other taxes VAT Othvr creditors Accrued expenses 64,835 16,653 15,592 22,535 15,931 40,998 14,532 12,399 18,751 15,880 135,546 102,560 17. Analysis of nel assets between funds 2023 Total funds 2022 Total funds Unrestricted fund Restrieted funds Fixed assets Current assets Current liabilities 611,994 ,123,833 (135,546) 611,994 1,136,661 (135,546) 639.671 1,267,132 (102,560) 12,828 1,600,281 12,828 1,613,109 1,804,243 18. Movement in funds Net movcment in funds At 31112123 At 111123 Unrestricted funds General fund 1,794,866 (194,585) ,600,281 Restricled funds Ukraine appeal India fund 9,377 3,421 30 12,798 30 9,377 3,451 12,828 TOTAL FUNDS 1,804,243 (191,134) 1,613,109 Page17
OUR DAIL Y BREAD MINISTRIES TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 18. Movement in funds- conlinued Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestrieted funds General fund 2,115,250 (2,309,835) (194,585) Reslricted funds Ukraine app¢al Prisons fund India fund 6.600 70 30 (3,179} (70} 3,421 30 6,700 (3,249} 3,451 TOTAL FUNDS 2,121,950 (2,313,084) (191,134) Comparatives for movement in funds Net movement in funds At 31112122 At 111122 Unrestricted funds G¢nerdl fund 1,730,225 64,641 1,794,866 Restricted funds Ukraine appeal 9,377 9,377 TOTAL FUNDS 1,730,225 74,018 1,804.243 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds Gen¢r(Il fund 2,121,401 (2,056,760} 64,641 Restricled funds Ukraine appeal Prisons fund 47,378 500 (38,001) {500) 9,377 47.878 (38,501) 9.377 TOTAL FUNDS 2.169,279 (2,095,261) 74,018 Page 18
OUR DAIL Y BREAD MINISTRIES TRUST NOTES TO THE FINANCIAL STATEMELNTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 18. Movement in funds- continued A cuent year 12 months and prior year 12 months combin¢d posltion is as follows: Net movement in funds At 31112123 At 111122 Unrestricted funds G¢n¢ral fund 1,730,225 (129,944) 1,600,281 Restrieled funds Ukraine appeal India fund 12,798 30 12,798 30 12,828 12.828 TOTAL FUNDS 1,730,225 (117,116) 1,613,109 A Cuent year 12 months and prior year 12 months combined n¢t movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds Cjcncral fwid 4,236,651 (4,366,595) (129,944) Restricted funds Ukraine appeal Prison5 fund India fund 53,978 570 30 (41,180) (570) 12,798 30 54,578 (41,750) 12.828 TOTAL FUNDS 4,291,229 (4,408,345) (117,116} 19. Employee benefit obligations The charity operates a defined contribution pension scheme. The p¢nsion charge for the year represents contributions payable by the charity to the scheme and amounted to £31,667 (2022 - £28,496). Contributions totalling £20,230 (2022 - £18,751) were payabl¢ to the scheme at the end of the year and a included in other creditors. Page 19
OUR DAILY BREAD MINISTRIES TRUST NOTFS TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 20. Related party disclosures During the year the charity provided goods and services of £2,951 (2022: £3,724) to Our Daily Bread Ministries Ireland, an organisation based in Ireland, of which Mr S Mitchell is a trustee while also a member of the key management personnel of the charity. During the year the charity provid¢d funds of £64,504 (2022: £49,474) to Our Daily Bread E.V, an organisation b&s¢d in Gernany whose board members include key managem¢nt of the UK charity. The charity also provided goods and services to Our Daily Bread E.V, for the sum of £1,205 (2022: £17,016). At the year end the charity w&s owed £nil (2022.. £nil) by Our Daily Bread E.V. 21. Reconciliation of net (expenditureyincome to net cash now (rom operating activities 2023 2022 Net (expenditure)lincome for the reporting period (as per the ststement of Financial Aetivities} Adjustments for: Depreciation charges Profit on disposal of fixed assets Interest received Decrease in stocks De¢reasel(increa5e) in debtors Increase in creditors (191,134) 74,018 42,011 (300) (11,079) 5,509 10,521 32,986 38.761 {2,037) 17,138 (40,882) 19,113 Net cash (used in)Iprovided by operations (111,486) 106.111 22. Analysis of changes in net funds At 111123 Cash flow At 31112123 Net cash Cash at bank and in hand 1,070,437 (114,441) 955,996 1.070,437 (114,441) 955,996 Tolal 1,070,437 (114,441) 955,996 Page 20
OUR DAILY BREAD MINISTRIES TRUST DFTAILF.D STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Income and endowments Donations and legacies Donations Gift aid Legacies 1,446,291 112,329 81,929 1,450,633 119.l32 310,268 1,640,549 1,880,033 Investment income Deposit account interest 11.079 2,037 Charitable activities Christian literature 238,068 237,616 Other income Gain on sale of tangible fixed assets Income from Our Daily Bread Ministries (USA) Inforniation systems staff support Inlemational finance staff 5UPPOrt Other income 300 149,076 80,740 1,888 250 49,593 232,254 49,593 Total incoming resourees 2,121,950 2,169,279 Expenditure Charitable activities Wages Social security Pensions Purchase of literature for distribution Purchase of books, CDS. DVDS and calendars Bible conference and prcsentations rreight and carriage Subconlracted mailing Services International ministy expenses Private healtb insurance Staff training 762,810 59.305 31,667 436,466 124.780 103,814 297,462 21,556 263,217 2,290 5,045 668,128 51,662 28.496 343,225 138,006 87,617 294.608 20.533 2fv1,270 293 5,129 2,108,412 1,901,967 Support costs Finance Bank charges 15,918 17,100 Thi5 page does not forni part of the statutory fmanGial statements Page21
OUR DAILY BREAD MINISTRIES TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Finance Other Rates and water Insurance Light and heat Telephone Stationery and photocopying Sundries Maintenance Computer maintenance Travel and subsistence Foreign currency (gains)/losses D¢preciation of long leasehold property Depreciation of fixtures and fittings 7.964 7,457 11.515 8,800 5,243 25.373 20,011 16,144 32,924 3,430 23,988 18,023 10,137 6.648 9,305 7.981 9,022 34,137 19,696 15,156 19,480 {1,102) 23,988 14,773 180.872 169,221 Governance eosls Auditors, remuneration 7,882 6.973 Total resources expended 2,313,084 2,095,261 Net (expenditure)lincome (191,134) 74,018 This page does not forni part of the statutory fmancial statements Pag¢ 22