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
|Contributions from parishes||3,607||3,477|
|Gifts & Donations||1,413||1,255|
|Gain on sales of fixed assets||9||7|
|General Assembly Registrations||188||-|
|Grants & Donations||1,383||1,084|
|Knox Centre Development||-||428|
|Operating Surplus/(Deficit) for the Year||153||(267)|
|Revaluation of Investment Property||14||(45)|
|Total Surplus/(Deficit) for the Year
Statement of Financial Position at 30 June 2011
|Accounts Payable and Accruals||487||715|
|Total Equity and Liabilities||26,398||26,548|
|Non Current Assets|
|Land and Buildings||-||285|
|Office Furniture and Equipment||159||171|
|Non-current Deposits Presbyterian Investment Fund||14,255||14,516|
|Total Non Current Assets||16,995||17,638|
|Cash and Bank||178||172|
|Deposits Presbyterian Investment Fund||8,581||7,647|
|Buildings Intended for Sale||-||462|
|Total Current Assets||9,403||8,910|