Review of the 2022 Financial Year
Given the difficult economic conditions, the unexpected large increase in the rate of inflation and interest rates, we are thankful for the Lord’s ongoing provision.
OMF (UK)’s overall income for 2022 was still nearly £6.5 million, which was an increase on the income for 2021. It is particularly encouraging that Member support gifts also increased in 2022 in comparison to 2021. We are very grateful to the Lord and all our supporters who have given sacrificially when their incomes have been put under pressure as a result of the very large increase in living costs during the year.
We are also grateful for those supporters who have chosen to support OMF’s ministry to East Asians by leaving gifts in their wills. Once again we received over a million pounds of legacy income during the year. Although we have been blessed for a number of years with significant legacy income, we do not budget for it in our annual budgeting process due to its intermittent nature. Whilst when we are notified of a legacy, we often have an idea of the value, this is not always the case. We currently have seven legacies where we have no idea of their value.
We have recently reviewed how we present information in our financial reports. The income categories remain the same, but we have changed how we report expenditure. By splitting the categories, as we have done below, we consider this provides a better illustration of how the money we receive is being used.
All costs related to running the OMF (UK) centre are now grouped under a single budget line. This includes staff salaries, members’ allowances and the running costs of the National Office, to provide a much more accurate picture of the full cost of the UK National Office.
The UK Intercultural Ministry category covers our work with East Asians in the UK, both short-term and longer-term residents, as well as training churches to engage with people from other cultures and theological mission research. This is a strategic area which we expect to see growth in the coming years as we implement our refreshed OMF (UK) vision statement to be a hub for sharing the good news of Jesus with East Asians in the UK, supporting missionaries to the UK, and continuing to send workers from the UK.
Diaspora Returnee Ministries are also part of Intercultural Ministries but focus specifically on East Asians planning to return to East Asia. They are shown separately due to the large size of their team working in the UK.
Member Pension and National Insurance Contributions covers the cost of both UK-based and overseas based members.
The Retiree Allowance Expenditure, shown below, include payments made to workers who retired before OMF had implemented a pension scheme, served for 15 years and were born before 1st January 1954. (If you meet these criteria and need additional financial support, please get in touch here.)
The Funds Sent Overseas heading covers all the money that is allocated to the overseas-based aspects of ministry, such as allowances for workers, ministry funds and contributions to field and international centre costs. In addition, the figure of £2,510,000 includes £379,000 for restricted projects.
Director for Finance & Corporate Services