PSDS Annual Reports
Complete copies of our annual reports are available for interested parties. You may download a PDF copy below.
A Message from the Chairman
Dear Investor
Last week the Society held its 39th Annual Meeting and reviewed the past 12 months.
Although it was an extraordinary year for investment markets and the Society was affected, the quality of its portfolio and the fact that it lends to the Church lessened the effect. It is therefore pleasing to report that the Society achieved a small operating surplus.
Even though the Society holds its fixed interest investments until maturity the Accounting Standards introduced last year requires changes in market value to be reported through the Income Statement and this has resulted in a net loss being shown in the accounts. The face value of the fixed interest investments is $1,293,653 greater than shown in the accounts and this amount will be progressively realised as investments approach their maturity date.
While world economic markets do not seem as bleak as the last year proved to be, the climate is still challenging and difficult to predict. The Society is well placed to manage in this environment. It has a strong balance sheet and is in a very liquid position with strong cash and short term bank deposit balances. Because of the market fluctuations in the value of the investment portfolio reserves represented 8.9% of depositors’ funds at balance date. Since then, favourable movements in the market has resulted in the reserves increasing to over 10%.
The Society continues to enjoy a very loyal and supportive depositor base, and has seen a further increase in funds over the year. The reinvestment rate for maturing deposits has also continued to be very strong. The Directors are very grateful to investors for their continuing support.
One of the functions of the Society is to make advances to churches for their building and development programmes and to support parishes and the wider Church by way of grants. The Directors would like to lend more for the development of Church facilities. During the year advances totalling $3,331,805 were made and loans totalling $10,051,645 were repaid.
Grants made during the year totalled $137,900. Support for Kids Friendly continued throughout the year. The Directors are thrilled that the initiative has been so successful and the funding so worthwhile and are pleased that future funding is now being undertaken by the national Church. The Directors also consider that the training of interns for National Ordained Ministry is very strategic to the future of the Church, and have again assisted those parishes hosting interns with grants this year totalling nearly $40,000. The Directors are committed to continuing to support parishes in this way.
Finally the Directors salute all those depositors who have shown their faith in the Society and continue to do so in uncertain times. Let us go forward in faith sustained by God’s presence amongst us with the same vision that led the founding Directors to commence the Society 39 years ago.
George Wadsworth
29 September 2009