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Presbyterian Savings and Development Society of N.Z. Inc.

Chairman's Report 2001 - 2002

1. Introduction

From small beginnings at Assembly in Timaru PSDS has developed into a significant 32 year old organization. The confidence of depositors in the Society continues and grows. The Society's role in the development of the Church - especially at Parish level increases - in significance. The partnership between depositors and PSDS grows and strengthens.

2. Directors

2.1 Since last reporting to the General Assembly in 2000 a number of significant changes have occurred. The service of the two remaining founding Directors ended. Hillard McMullen gave 30 tremendous years of voluntary service, with cheerful enthusiasm, especially in the promotion area. He is now enjoying a well earned retirement.

2.2 Sadly the death of Alan Baker ended a life of service to the Presbyterian Church through PSDS and the New Vision Foundation at a level arguably without parallel in recent Presbyterian history. His enthusiasm, vision and wise counsel are sorely missed.

2.3 Lomond Seel gave nearly a decade of loyal service during most of which he was Chairman. His mature leadership, warmth of personality and strong financial as well as Parish leadership background were great assets to the Society.

2.4 New Directors include Glenn Mottram, Ian Kendall, Don Clark and Simon McLeay, with George Wadsworth

taking over as Chairman after 18 years on the Board. The Society works on a monthly Board meeting programme, with sub-committees in Finance, Mission and Promotion also meeting monthly.

3. Depositor Growth

3.1 Increasing numbers of Parishioners see the Society as a good place to deposit their spare funds. PSDS is especially strong in depositor support from Ministers and also from senior citizens. Efforts are always ongoing to encourage younger and even smaller depositors to start and continue savings habits with PSDS. The Society is pleased to have many grandchildren as depositors. Total depositor numbers are currently 2,650.

3.2 In terms of dollars PSDS had a planned approach to reach $37 m in depositor funds this year - and achieved it with $100,000 to spare. This means an increase of $5 m since we last reported to Assembly 2 years ago.

3.3 Interest rates roughly equate to those of banks.

4. Loans

4.1 Parish requests for these continue and none have been refused for lack of available funds. PSDS has also been able to continue wider assistance - to Church Schools, Camps and even to other denominational churches - Anglican, Baptist and Elim.

4.2 Interest rates continue to be below the floating rates of Banks and no fees are charged.

5. Links with Parishes/Presbyteries

PSDS has a policy of visiting each Presbytery district at least once every 7 years and as many Parishes and worship services as possible. The first of these deliberate 7 year cycles has just ended. Feedback on this personal communication is overwhelmingly positive.

6. Links with the Presbyterian Church

6.1 PSDS has always seen itself as a servant organization and works positively with the Presbyterian Assembly Structure. Good communication is maintained with Wellington and the Assembly Moderator.

7. Financial Statements

7.1 Attached to this report are abbreviated summaries of the PSDS audited financial statements for the June years of 2000 and 2001. Those for 2002 will be complete by approx. Assembly meeting date.

7.2 The investment arena is not an easy one in which to operate and the Society is always mindful of the need to protect depositors' funds while at the same time growing steadily and providing an appreciated financial service to Parishes. This year the Directors took the decision of moving out of Managed Funds.

8. Staff

The Society continues to serve the whole country from its offices in Newmarket and three of its five staff have been here for more than 5 years with General Manager Robin Guy into his 15th year of service.

9. Conclusion

PSDS is proud of its servant record, protective of its depositor trust and steadily marching on with its planned and prudent goals. It values the expertise and commitment of its Board members and is pleased to be near the forefront of the growing, developing, forward thinking edge of the Church.

STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEARS ENDED 30TH JUNE

STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE

Directors for P.S.D.S. and Trustees for Presbyterian New Vision Foundation

G T Wadsworth LLB FLCM (Chairman), K.H. Alison ACA, W A Caughey B.Com MBA (Harvard) CA ACCM CMA, D Clark B.Com FACA, D B Duske, I Kendall, Rev D Lendrum BTh, Rev S B McLeay BA BD, Rev S J D McCay MA MTh (UNISA), G R Mottram JP CA, P J Ross QSO.

General Manager: R W Guy ACA ACIS.

Presbyterian New Vision Foundation Chairman's Report 2001 - 2002

The idea of giving strategic grants to individuals and Parishes was close to the heart of the late Alan Baker and launched officially in 1989. It had begun in a small way 5 years previously.

Its level of funds has remained fairly static at approx. $50,000 and preserving the capital means little income is left for grants. This is assisted by the injection of approx $15,000 - $20,000 per year from PSDS.

Alan Baker hoped this Fund would grow into one of significance. It hasn't yet. If others catch the vision of Alan it might and true to his vision he left a legacy of $50,000 to the Foundation this year. We are very grateful.

The work continues much as in past years. Many grants are given each year to Ministers undertaking Presbytery approved study leave. Discussions with the Presbyterian Church Mission Resource personnel have led to grants being made available to computer and sound system purchases by Parishes.

Like its sister organization PSDS, the Foundation is always looking forward optimistically and making the best possible use of its resources. To avoid possible confusion with the recently formed Presbyterian Foundation, the directors are considering a change of name to remove the word Foundation from the title.

But we go cheerfully on our way, glad to assist in the ways we do.

Presbyterian New Vision Foundation

Presbyterian New Vision Foundation

George Wadsworth

Chairman

Robin Guy

General Manager

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