OMF UK Financial report 2008
20/04/2009 10:35 am
Each year is different and as we all know 2008 was an extremely turbulent year in national and international economic terms. It saw
many countries, including the UK, move towards recession and a dramatic change in the relationship between the pound and the US
dollar.
As an international fellowship, OMF uses the US dollar, the world’s reserve currency, as its medium of exchange, so any change in the exchange rate has significant repercussions for us in the UK. The estimated exchange rate used for 2008 was 2.00 dollars to the pound, but by the end of the year this had decreased to only 1.50 dollars to the pound.
Despite this, we testify to the faithfulness of God in 2008, just as he has proved faithful over and over again in the history of CIM and OMF.
We set an income target for 2008 of £4.8 million and this was almost exactly matched by actual income. We praise and thank God for this.
In 2009, we know that the income required to meet our needs will increase quite significantly as a result of world events.
2008 HEADLINES
- Total general income: £4,817,000 (2007: £4,488,000), an increase of one per cent.
- Support gifts were 18 per cent higher than in the previous year. General donations were 13 per cent lower.
- Total expenditure: £5,013,000 (2007: £4,771,000). We increased spending on mobilisation and evangelisation by £169,000.
- Reserves decreased by £196,000 (2007: decrease of £283,000). Our policy is to equalise income and expenditure over the medium term, while maintaining an adequate level of reserve.
- We also gratefully received restricted gifts, for use within the UK (£230,000) and overseas (£433,000). These are draft summary figures, to which we have made certain adjustments for the sake of clarity. A full copy of our audited accounts will be available on request later in 2009.
We are very grateful for the prayers and generosity of our supporters. We thank you for your prayers, your gifts, and for the way you encourage us throughout the year.
Director for Finance & Administration
