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Summary Financial Report to 31 December 2005
The Resource Sub-committee is happy to provide this report of the General Assembly accounts for the period 1 July – 31 December 2005 , which has been produced by the Financial Services team and reported to the Council of Assembly and Resource sub-committee.
Should you have any questions or comments about this information, please contact either of us.
John Trainor and Ian Watson
Co-Conveners of Resource Sub-committee.
Financial Performance
The report shows a half-year operating surplus of $396,000 compared with a budgeted loss of $32,000. This is primarily due to investment income and donations received exceeding the level budgeted. Operating expenses were contained within budgeted limits. Current indications are that the target of a balanced budget for this financial year (total expenses not exceeding total income) is achievable.
Financial Position
Total General Assembly assets stood at $21.8m at 31 December, comprising as follows:
- Church property $8.7m
- Specific purpose funds held in Trust $10.8m
- Loans advanced, cash and receivables $2.3m
Despite a half-year operating surplus, Assembly has not been able to reduce borrowings from the Presbyterian Foundation that part funded the deficit in 2004/05. Resource will be considering recommendations to Council of Assembly in relation to the use of proceeds of the Laughton House sale at its meeting in March. Repayment of Assembly borrowings from the Presbyterian Foundation will be under consideration.
Assembly Assessment
Receipts of Assembly Assessment are closely tracking budget estimates with the amount paid to 31 December at 86 percent of the amount requested, in comparison to a budgeted level of 87.6 percent. Resource remains hopeful that parishes that are not meeting their full assessments will respond to initiatives over the next six months. If parishes continue to contribute as they have in the first six months of the financial year, total unpaid assessments for the full year will amount to $600,000 - imposing a considerable burden on those parishes that contribute. Resource will shortly be writing to all presbyteries requesting assistance with obtaining the support of parishes that are not fully contributing.