Chairman's Report to 40th Annual Meeting

This year, as well as being the 40th year of the Society's existence, it achieved its greatest ever gross surplus of $1.88m. More particularly, the operating surplus of $736,000 was very pleasing. The year saw a further increase in depositors' funds to $41.4m, with another improvement in the reinvestment rate which averaged 89% for the year.

Because of the excellent result, it is the Directors' aim to increase the grants made by the Society while continuing to maintain a high level of reserves. The Board's target of achieving reserves of 12.5% of depositors' funds has been attained. The balance sheet remains strong and the Society continues to have strong cash reserves and liquid investments, although because most of the Society's fixed interest portfolio is held to maturity it is not expected that surpluses will continue at such a high level.

The core purpose of the Society is to serve the Church and support its growth and development. The Society achieves this by making loans on attractive terms to congregations for their capital works, and by supporting them and the National Church through grants. During the year advances were made to churches totalling $2,866,000, and grants totalling $91,600 were paid out, with further grants allocated and budgeted. The Society continues to support parishes hosting interns training for National Ordained Ministry, as it considers this to be very important for the strategic future of the Church.

The Society has funds available for lending and is always delighted to receive enquiries and applications for loans.

It has taken many years of diligence by Directors and staff to get the Society to where it is now, but above all, nothing could have been achieved without the support of our depositors. The Society welcomes new depositors. If you would like to invest in the work and growth of the church, then invest with PSDS by completing the application form on this site.