Paul Gilbert, SIM-UK Finance Director
SIM-UK and its 188 missionaries and staff have once again been sustained by the Lord through the prayer and financial support of thousands of supporters during 2008/9. We are grateful to each of them.
Economically 2009 was a difficult year. The ripples flowing out from the global financial crisis have resulted in many organisations suffering a crippling reduction in donations and the consequential restriction of activities. Against this background it is pleasing to report that the Lord has wonderfully provided for our needs.
Total income received during the year increased by 29% mainly due to the receipt of one substantial legacy. Donation income in the same period rose by 13% over 2008 levels, as donors responded to the desperate need in Zimbabwe and other parts of the SIM world. Against all predictions giving to the General Fund also increased by 4%.
The financial crisis adversely affected investment values, and interest rates were reduced to all time lows. As a consequence, SIM’s investment income was reduced by 35%.
Missionary Support
Missionary support continued to hold up well despite the weakening of Sterling against the US dollar putting pressure on the support required by individual missionaries. The SIM International salary pool is designed to provide a twelve month cushion for our missionaries against the effect of fluctuating exchange rates. This year it provided 10% of the total UK missionary support requirement for 2009. The continuing strength of the US dollar has had the effect of increasing the support required by our missionaries for the coming year, on average by between 12% and 15%.
The increased level of donations and legacies received during the year facilitated an 82% increase in expenditure on ministry and projects. Missionary support expenditure was down by 10% reflecting partly the reduced number of serving missionaries and the fact that fewer missionaries were on home assignment during the year.
Operating expenses increased by 5% as our mobilisation staff focused their efforts on recruiting more workers for the mission field, and additional member care resources were put in place.
Looking Ahead
As we look forward to 2010 we foresee SIM-UK being affected by continuing economic pressures. Interest rates continue at all time lows without much prospect of change in the short term. Investment values have recovered some ground but confidence remains fragile. We are also conscious that supporters and churches are struggling with static or reduced levels of income and with the increasing prospect of unemployment. In view of this we have set a prudent budget for 2009/10 with operating costs set at the same level as the previous year.
We continue to focus on mobilising resources for cross cultural mission, drawing on the reserves that God has provided. We are reliant on God to provide missionary candidates and, through His people, to provide the resources to support them as they seek to declare the gospel.
We are thankful to God for all His people who support the work of SIM, by prayer, and through their financial donations. The work is not possible without financial partners committed to supply the increasing cost of the resources required to preach the gospel in Judea, Samaria and to the ends of the earth, as well as in Jerusalem!
*For a copy of the audited accounts for 2008-9, please visit the Charity Commission website.
