Finance - Contents

1 Assembly Assessment

We are still receiving a number of queries in relation to Assembly Assessment. These queries cover issues that have already been explained in literature distributed in earlier months. Please note that responding to these questions will receive a low priority while we are completing the annual accounts and associated audit. Any delay in our response will not jeopardise a claim for a correction in the amount of your assessment.

2 Ram Ayyr

Ram Ayyr, our accountant, has resigned to return to India with his family. Ram finishes work with us on 13 August and leaves the country a couple of weeks later. He had made a valuable contribution to FSD, initially as a contract accountant then as the accountant over the last two years. We wish him well for the future.

Until a permanent replacement is appointed Keith Carmen will assume responsibility for Ram’s role. Keith will be familiar to many of you, as he has previously filled this role. While Keith is familiar with the Church he has not used the new accounting system so please make some allowance for this.

3 Amalgamated Investment Fund

The rate of interest paid on deposits with the Amalgamated Investment Fund remains at 6.25% for August.

4 Ministers’ Mortgages

The interest rate on ministers’ mortgages remains at 7.5% for August. Further increases in bank mortgage rates are expected following the announcement by the Reserve Bank that they are likely to increase interest rates. An increase in the rate in September is therefore likely.

5 Audit Confirmations

If you have received a confirmation request from our auditors we ask that you complete it and return it to them urgently. If you have already done so thank you for assisting us with our audit.

6 SSCWT Payments

Remember – parishes paying Assembly Assessment need not make an Sscwt payment to the Ird from August onwards. Those payments will now be made from the Assembly Office. You should advise the Ird of this change so they stop sending the parish requests for payment of this tax.

7 Mission and Ministry Giving

Despite the introduction of Assembly Assessment a small number of parishes have made Mission and Ministry payments in the new financial year. Any such money received will be credited against Assembly Assessment invoices.

8 Insurance Renewal

Our insurance cover has been renewed on terms similar to last year. Some savings in earthquake premiums have been secured for Wellington properties following completion of an independent report showing that expected losses are lower than anticipated by our insurers.

The renewal of our liability cover is presently only provisional. Cover is in place but final terms are to be agreed. A premium increase is expected but as yet is unknown.

We are again offering a prompt payment discount. A discount of 8.5% of the material damages premium cost will be provided to all parishes that pay in full by 30 September. The discount does not apply to administration costs.

Aon will issue a new insurance manual once the renewal is complete. As the manual includes details of your cover it can only be issued once the liability policy is agreed. In the meantime please refer to your existing manual. Claims procedures are unaltered from last year so details in the manual on how to make a claim are correct.

Invoices for your insurance premium will be issued in the next few days. A letter of explanation giving more details of the discount and insurance loans will be included with your invoice. Please read the letter carefully as it contains valuable information.

Geoffrey Bell
Manager Financial Services

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Presbyterian Church of Aotearoa New Zealand