Message from the Chairman

I am pleased to report another good result for the Society for the first six months of the financial year to 31 December 2010. The unaudited results showed a very satisfactory operating surplus of $333,000 which was similar to the previous year. We appreciate the continued support of our depositors which saw Depositors’ Funds increase by $528,000, taking total Depositors’ Funds to $42.0m. Reinvestment rates remained at previous levels, indicating depositors continuing confidence in the Society and we are very grateful for this. 

The Society remains in a strong position continuing to hold a significant portion of funds in quality short term liquid deposits and with Reserves having now increased to 13.1% of Depositors’ Funds. 

The Directors have been very conscious of the effects of the Pike River Mine tragedy and the two Christchurch earthquakes on the local churches, the people of those churches and the communities. Consistent with the Society’s purpose of serving the church, the Society was able to respond to the needs of these situations by providing significant grants to the respective Presbyteries. 

Under new legislation, the Society is now registered as a Financial Service Provider (FSP17741) on the Financial Service Providers Register at the Companies Office, which can be viewed at www.fspr.govt.nz. The legislation also introduced new complaint resolution procedures. If you are not satisfied with the service you receive from us, you should contact the Manager by phone, email or in writing. If you are not satisfied with our response, you may refer the matter to Financial Services Complaints Ltd (FSCL), the independent dispute resolution scheme approved by the Ministry of Consumer Affairs, that we belong to. FSCL can be contacted by email at info@fscl.org.nz or by phone on 0800 347 257. 

George Wadsworth