A message from the Chairman

Below is a condensed version of the Chairmans message to investors and members of the Society after the 39th AGM held 23 September 2009.  A full copy of the message can be found with the 2009 annual report  placed in the relevant section on this website under  "About PSDS".

Although it has been an extrordinary year for investment markets and the Society has been effected, the quality of its portfolio and the fact that it lends to the Church has lessened the effect.  It is pleasing to report a small operating surplus. The Society has also continued to enjoy a very loyal depositor base and depositors funds have increased. 

Because of the downward revaluation of fixed interest securities, the net equity of the Society has declined, however the face value of the securities is $1,293,653 greater than shown in the accounts and this will be progressively realised as investments approach their maturity date.

The Society is well positioned to manage the current environment with a strong balance sheet and liquidity, with strong cash and short term bank deposits. Reinvestment rates of maturing funds from investors continue to remain high. 

Reserves at balance date (30 June 2009) represented 8.9% of depositors funds. However in the two months since, favourable movement in the market has resulted in reserves increasing to back over 10% of depositors funds

Loans to Presbyterian churches are our core business and during the year advances totalling $3,331,805. were made.  Grants totalling $137,900 were also able to be made to a range of national, regional and local, mission related projects.

The Directors give sincere thanks to all our investors who have shown such faith in the society and continue to do so in uncertain times. 

George Wadsworth, 29 Sept 2009