2010/2011 General Assembly Accounts

Financial statements for the year ended 30 June 2011

Key Points

1. General Assembly made an operating surplus for the year of $167,000 compared with a budgeted loss of $73,000. Income was $808,000 (13%) over budget and Expenses were $583,000 (8%) over budget.

2. Budget Variances include:

  • Donations of $360,000 were received for the Christchurch Earthquake appeal. This amount was either spent on church relief or accrued for relief purposes this year.
  • Donations received for Press Go projects were $250,000. The same amount was spent on projects.  Press Go projects had not been budgeted for in 2010-11 but are in the current year.
  • Sundry income includes an unbudgeted contribution of $40,000 for the Knox Centre development received from Knox College. Other Sundry income items include Registration for General Assembly and other conferences ($254,000), Financial Services administration fees ($110,000) and investment property rental income of $116,000.
  • Staff costs are under budget because 2 General Assembly office staff resigned earlier this year and have not been replaced.
  • Administration costs are over budget due to unexpected legal expenses incurred, unplanned conference costs (funded by Council of World Mission) and presbytery support costs.
  • There was a $90,000 over-provision in the budget of doubtful Assembly Assessment Debt, because collection of AA remains strong and some prior year unpaid AA was paid.

3. The remaining three houses owned by the Knox Centre in Dunedin were sold during the year, resulting in the reduction of property assets of $734,000 and contributing to an increase in Presbyterian Investment Fund cash asset of $674,000.

4. Accrued expenses decreased by $229,000 during the year because Knox Centre development costs accrued at June 2010 were paid during the year.

Summary of statement of financial performance to 30 June 2011

  June 2011
($000's)
Prior Year
($000's)
Income    
Contributions from parishes 3,607 3,477
Investment Income 1,195 1,067
Property Income 144 164
Gifts & Donations 1,413 1,255
Gain on sales of fixed assets 9 7
General Assembly Registrations 188 -
Other 308 206
Total Income 6,866 6,178
     
Expenditure    
AA Provision 84 -
Beneficiary Fund 1,207 1,286
Computer Costs 61 66
Consultants 169 202
Depreciation 67 89
General Assembly 163 -
Grants & Donations 1,383 1,084
Interest Paid 93 53
Knox Centre Development - 428
Legal Fees 176 68
Miscellaneous Costs 420 424
Property Costs 151 197
Publications 133 122
Staff Costs 1,694 1,682
Student Training 649 455
Travel Costs 255 283
Total Expenditure 6,712 6,446
Operating Surplus/(Deficit) for the Year 153 (267)
Revaluation of Investment Property 14 (45)
     
Total Surplus/(Deficit) for the Year
167 (312)

Statement of Financial Position at 30 June 2011

  June 2011
($000's)
June 2010
($000's)
     
Equity 24,383 24,229
     
Liabilities    
Accounts Payable and Accruals 487 715
Funds Payable 1,241 1,290
Unsecured Deposits 285 313
2,320 2,164
     
Total Equity and Liabilities 26,398 26,548
     
Assets    
Non Current Assets
Unsecured Advances 1,059 1,159
Land and Buildings - 285
Investment Property 1,520 1,506
Office Furniture and Equipment 159 171
Non-current Deposits Presbyterian Investment Fund 14,255 14,516
Total Non Current Assets 16,995 17,638
     
Current Assets
Cash and Bank 178 172
Accounts Receivable 342 295
Unsecured Advances 300 332
Deposits Presbyterian Investment Fund 8,581 7,647
Buildings Intended for Sale - 462
Total Current Assets 9,403 8,910
     
Total Assets 26,398 26,548