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 ReCOn￿nended 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, sU￿assIng 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 fill￿cIallY 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 O￿lce5 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 inCu￿ed 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 actl￿1 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 reg￿d.
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 i￿egulaTItieS 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 f￿ancIal 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 pu￿Ose8 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¢n￿l 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 lil￿atUre
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 cu￿ent 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 Cu￿ent 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