2009/2010 General Assembly Accounts

Financial statements for the year ended 30 June 2010

The General Assembly annual accounts for the year to 30 June 2010 have been audited and signed off by the Council of Assembly.

Key points to note:

  • General Assembly operations recorded an operating loss of $313,000 for the year to 30 June, compared with a budgeted loss of $1,033,000, and an adjusted surplus of $286,000 in the previous year.
  • Revenue decreased by $215,000 (4%) to $6,179,000 from the previous year.
    • Assembly Assessment remained about the same at $2,845,000
    • There was a reduction in investment income of $341,000 because of the fall in interest rates on Presbyterian Investment Fund deposits.
    • Grants and donations received increased by $173,000 largely due to donations received from parishes and individuals for Press Go projects, an increase in Global Mission office donations and a Council of Assembly grant for an Auckland youth conference.
    • Miscellaneous income increased by $62,000 and included sales of Spanz advertising, Financial Services Department administration fees for the Insurance and Beneficiary Funds and income from investment property.
  • Operating expenses decreased by $627,000 (7%) to $6,017,000
    • Grants and Donations paid increased by $167,000, reflecting Press Go grants paid and greater than expected Global Mission donations
    • Student training costs increased by $221,000 due to a large intake of new students to the Knox Centre for Ministry and Leadership. This was offset by an increase in Parish contributions to training of $173,000.
    • Administration costs increased by $167,000 because of unbudgeted expenditure on consultants, a CWM funded conference, and backdated membership fees to international Church groups.
    • $231,000 had been budgeted for Assembly Assessment provision for doubtful debt but a continuing trend of prompt payment and payment of prior year AA meant this provision was not used.
  • Adjustments to operating expenditure include $429,000 used to complete the Knox Centre and Presbyterian Archives building development. A change in the scope of the work resulted in the cost $321,000 under budget. The expense was in addition to $584,000 incurred in the prior year.
  • The Statement of Financial Position remains largely unchanged.
  • Funds Payable recorded donations for Press Go projects of $318,000 and grants paid of $394,000, and an increase in Council of World Mission Funds held of $75,000.
  • Property decreased by $320,000 mainly due to the sale of one house owned by Knox Centre.
  • Presbyterian Investment Fund deposits increased by $276,000. Compounded interest of $1,022,000 was offset by withdrawals for Knox Centre building work and Global Mission grants.

Please contact Brendan Sweeney at Financial Services for further detail or explanation.

General Assembly

Summary of statement of financial performance to 30 June 2010

  June 2010
($000's)
Budget
($000's)
Prior Year
($000's)
Income      
Contributions from parishes 3,221 3,293 3,330
Grants and Donations Received 1,256 957 1,083
Investment Income 1,067 896 1,408
Other Income 635 640 573
  6,179 5786 6,394
       
Expenditure      
Staff Costs 1,683 1,800 1,647
Beneficiary Fund 1,287 1,219 1,184
Administration 1,164 983 997
Grants and Donations 1,085 846 1,051
AA Provision 0 231 (62)
Student Training 455 473 234
General Assembly 0 0 213
Misc Costs 344 515 342
  6,017 6,069 5,606
       
OPERATING SURPLUS (313) (1,033) 286

Statement of Financial Position at 30 June 2010

  June 2010
($000's)
June 2009
($000's)
     
Equity 24,229 24,558
     
Liabilities    
Accounts Payable and Accruals 716 670
Funds Payable 1,291 1,237
Unsecured Deposits 313 257
  2,320 2,164
     
Total Equity and Liabilities 26,549 26,722
     
Assets    
Cash and Bank 173 281
Accounts Receivable 296 390
Unsecured Advances 1,492 1,510
Property 2,254 2,576
Office Furniture and Equipment 171 78
Deposits Presbyterian Investment Fund 22,163 21,887
     
Total Current Assets 26,549 26,722