Financial statements for the year ended 30 June 2011
The Resource Committee and the Council of Assembly have approved the budget for General Assembly operations for the year commencing 1 July 2010. It shows a budgeted operating loss of $73,000 in the year to June 2011, compared to a budgeted loss of $1.042 million in the prior year.
The reduction in the expected loss is mainly due to $750,000 in one–off budgeted costs for the development of the Knox Centre and Archives in the prior year, as well as an increase in interest income this year of $250,000 due to expected interest rate increases.
Staff, travel and office costs are expected to be slightly less than the prior year, reflecting continuing control over administration expenditure. General Assembly in October is budgeted to cost about $188,000 and this is expected to be fully funded by registration income.
A full intake of new interns to the Knox Centre for Ministry and Leadership increases training expenses to $225,000 this year but this expense is offset by an increase of $146,000 from contributing parishes.
The Council is very aware of the difficulty in funding parish operating costs and wants to keep Assembly Assessment as low as possible. For this reason, for the second year in a row they have agreed to keep AA at its present level, which is $2,886,000, and absorb the expected operating loss with General Assembly reserves. This means that total AA is now 8.2 percent of accessible parish income and, if adjusted to exclude the ministers’ Beneficiary Fund, 4.7 percent of income.
The continuing full and prompt payment of Assembly Assessment by most parishes has allowed the budgeted provision for nonpayment to decrease by $58,000 this year. AA payment is acknowledged and appreciated by the Council, and by this office.
Brendan Sweeney
Finance Manager
Table 1: Comparison between 2009-10 and 2010-11 Operating Budgets
| Budget 2009/10 $’000 |
|
Variance $’000 | Variance % | ||
| Income | |||||
| Assembly Assessment | 2,886 | 2886 | - | 0% | |
| CV Contributions | 407 | 373 | (34) | -8% | |
| Investment Income | 896 | 1145 | 249 | 28% | |
| Property Income | 161 | 147 | (14) | -9% | |
| Grants and Donations | 957 | 711 | (246) | -26% | |
| Parish Intern Contribution | 266 | 412 | 146 | 55% | |
| Financial Services | 130 | 110 | (20) | -15% | |
| General Assembly | - | 188 | 188 | 0% | |
| Other Income | 83 | 86 | 3 | 4% | |
| Total income |
|
6,058 | 272 | 5% | |
| Expenditure | |||||
| Salaries and Stipends | 1,513 | 1,486 | (27) | -2% | |
| Staff Expenses | 287 | 292 | 5 | 2% | |
| Ministers Beneficiary Fund | 1,219 | 1,244 | 25 | 2% | |
| Travel and Accomodation | 308 | 283 | (25) | -8% | |
| Property Costs | 287 | 164 | (123) | -43% | |
| Grants and Donations | 848 | 816 | (32) | -4% | |
| Administration | 683 | 610 | (73) | -11% | |
| Knox Centre Development | 750 | - | (750) | -100% | |
| Publications | 199 | 162 | (37) | -19% | |
| Student Training | 472 | 697 | 225 | 48% | |
| AA provision | 231 | 173 | (58) | -25% | |
| General Assembly | - | 188 | 188 | 0% | |
| Sundry Costs | 31 | 16 | (15) | -48% | |
| Total expenses | 6,828 | 6,131 | 697 | -10% | |
| Operating surplus/(deficit) | (1,042) | (73) | 969 | -93% |
Table 2: Income and Expense Budget by Function
| Governance | Expense | Income |
|
| Council of Assembly | 40 | 0 | (40) |
| Moderator | 61 | 0 | (61) |
| Council Sub Committees | 13 | 0 | (13) |
| Council Task Groups | 37 | 0 | (37) |
| 151 | 0 | (151) | |
| Administration | |||
| Archives | 217 | 60 | (157) |
| Assembly Executive Secretary | 206 | 0 | (206) |
| Finance | 329 | 110 | (219) |
| General Assembly Office | 248 | 15 | (233) |
| Communications | 348 | 40 | (308) |
| Employment Advisor | 164 | 6 | (158) |
| General Assembly | 188 | 188 | 0 |
| 1700 | 419 | (1,281) | |
| Mission | |||
| Youth Mission | 184 | 12 | (172) |
| National Mission | 191 | 200 | 9 |
| Asian Advisory Group | 25 | 0 | (25) |
| Pacific Island Synod | 105 | 0 | (105) |
| Kids Friendly | 158 | 18 | (140) |
| Te Aka Puoho | 156 | 67 | (89) |
| Global Mission | 390 | 225 | (165) |
| Sundry Grants Paid | 183 | 0 | (183) |
| 1,392 | 522 | (870) | |
| Leadership | |||
| Knox Centre | 1,426 | 1,162 | (264) |
| Income | |||
| Assembly Assessment (Excl BF) | 173 | 1,642 | 1,469 |
| Beneficiary Fund | 1,244 | 1,244 | 0 |
| Cooperating Ventures | - | 373 | 373 |
| Interest Received | 45 | 580 | 535 |
| Property Income | - | 116 | 116 |
| 1,462 | 3,955 | 2,493 | |
| Total | 6,131 | 6,058 | (73) |
Table 3: 2010-11 Assembly Assessment Calculation
| 2010-11 | 2009/10 | Variance | |||
| Recovery Amount | |||||
| Assembly Assessment | 1,642,205 | 1,666,594 | -1% | ||
| Beneficiary Fund | 1,243,795 | 1,219,406 | 2% | ||
| Total to be recovered | 2,886,000 | 2,886,000 | 0% | ||
| BF as % of AA | 43.10% | 42.25% | 2% | ||
| Parish Statistics (Excluding Te Aka Puaho) | |||||
| Communicant Members | 26,648 | 27,454 | -3% | ||
| Accessible Income | 34,838,000 | 32,144,769 | 8% | ||
| AA Breakdown | |||||
| AA per member | 54.15 | 52.56 | 3% | ||
| AA as % of Income | 4.14% | 4.49% | -8% | ||
Table 4: 2010-11 Budget Grants and Donations Expense
| 2009/10 Budget $’000 | 2010/11 Budget $’000 | Variance % | |
| Hewitson Library | 80 | 80 | 0% |
| Global Mission | 370 | 280 | -24% |
| Moderator | - | 41 | 100% |
| Knox Centre Grants | - | 80 | 0% |
| Presbyterian Foundation | 147 | 121 | -18% |
| Te Aka Puaho | 89 | 89 | 0% |
| Amorangi Training | 20 | 67 | 235% |
| Turakina Maori Girls College | 22 | - | 100% |
| Chaplaincy | 50 | - | -100% |
| UCANZ | 42 | 43 | 2% |
| Sundry | 28 | 15 | -46% |
| Total Grants | 848 | 816 | -4% |