The annual accounts for General Assembly have been audited and signed off by the Council of Assembly. A summary Statements of Financial Performance and Position is contained in the appendix.
The financial performance for the 2009 year has resulted in a surplus of $286,000. We had prepared a breakeven budget. This is a particularly pleasing result as we spent $584,000 on the refurbishment and development of the Knox Centre in Dunedin. This project, which was not included in the budget, was approved by the 2008 General Assembly.
Key points to note:
- Adjusted operating surplus for the year was $286,000 compared with $1,569,000 recorded the previous year.
- Adjusted revenue fell by $666,000 to $6,476,000
○ Parish contributions by way of Assembly Assessment and CV contributions of $3,300,000 were $520,000 lower than the previous year. The amount of parish levies was able to be significantly reduced in 2009 due to the reduction in operating expenditure of the Church that has been achieved over a number of years.
○ Investment income fell by $101,000 to $1,408,000 because of the reduction in market interest rates that occurred in the second half of the 2009 financial year.
○ There was a $121,000 reduction in donations received
○ Sundry income remained about the same as the previous year, and includes $190,000 in registrations for GA08.
○ The investment property in Christchurch was re-valued up by $82,000 to $1,551,000.
- Adjusted expenses increased by $617,000 to $6,190,000
○ General Assembly administration costs fell by $418,000 to $997,000. Reasons for this include lower property and depreciation costs due to the sale of houses owned by the Knox Centre, a software upgrade in 2007 increased computer costs that year and reduced maintenance costs last year, and a reduction in non essential staff travel.
○ Knox Centre and Archives building work cost $584,000 to 30 June and has been recorded as an operating expense.
○ Grants and donations paid increased by $196,000 due to an increase in grants made by the Global Mission office. This has been funded by Global Mission funds held in Presbyterian Investment Fund accounts.
○ The provision for unpaid Assembly Assessment was reduced by $350,000 because of greater than budgeted collection of Assembly Assessment. This compares to a reduction of $500,000 in the previous year.
- There were few major changes in the Statement of Financial Position
○ Funds payable have increased by $260,000 mainly because of the receipt of Press Go Donations that have not yet been spent.
○ The sale of several Knox Centre houses over the year contributed to a reduction in the value of property owned by General Assembly of $658,000 and an increase in PIF investments of $1,329,000. PIF deposits were also boosted by compounded interest income.
Summary statement of financial performance to 30 June 2009
|Contributions from parishes||3,330||3,159||3,850|
|Gifts and Donations||1,083||965||1,204|
|Grants and Donations||1,051||738||855|
|Operating Surplus for the year||788||0||1,565|
|Knox Centre Development||(584)||0||0|
|Revaluation of Investment Property||82||0||4|
|Adjusted surplus for the Year||286||0||1,569|
Summary Statement of financial position at 30 June 2009
|Accounts Payable and Accruals||670||753|
|Total Current Liabilities||2,164||1,990|
|Total Equity and Liabilities||26,722||26,193|
|Cash and Bank||281||228|
|Office Furniture and Equipment||78||107|
|Deposits Presbyterian Investment Fund||21,887||20,558|