ADF Annual Report 2012 - Anglican Diocese of Melbourne

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Annual Report
2012
www.adfmelbourne.org.au
ADF 2012 1
Holy Apostles,
Sunshine Braybrook
St John’s, Cranbourne
– Worship Centre
St Silas’ and St Anselm,
Albert Park
From the Chairman
Dr Graeme Blackman OAM
The Anglican Development Fund
(ADF) has had a successful year.
The balance sheet grew by 7.8%
during 2012 driven by an increase
in investments from both parish
and individual investors in the
Fund. We greatly appreciate and
are encouraged by this increase in
support.
The ADF holds an Exemption from
the Banking Act, and as the Exemption
states, “is an investment opportunity
for those who wish to support the
charitable and religious purposes of the
Diocese of Melbourne”. This means
that the ADF is not supervised by
the Australian Prudential Regulatory
Authority (APRA). APRA has recently
extended the Exemption until June
2014, while it reviews its terms and
conditions from that date.
Your funds are guaranteed by the
Diocese of Melbourne. The ADF
Management Committee, which
is appointed by the Council of the
Diocese, takes its commitment to the
ADF’s investors very seriously and
has established policies for minimum
levels of cash liquidity and equity
capital. These are similar to those
which would be applicable if we were
supervised by APRA. Throughout
2012, we comfortably exceeded
those benchmarks and are resolved to
maintain that position.
The ADF achieved a surplus of
$317,000 in 2012. This is a satisfactory
result. However it understates the
overall financial contribution that the
ADF makes to the Diocese, through
our lending to parishes and other
Anglican institutions. Our lending
interest rate is significantly below
market rates. This enables parishes to
undertake capital projects, some of
them major, at a markedly lower cost
than would normally be the case.
In 2012, the ADF made 20 new loans
to parishes, following 27 new loans in
2011. The ADF now has loans to over
102 parishes in the Diocese, which is a
renewing legacy of the financial services
it has provided to parishes since its
establishment in the 1960s.
We assess that the financial
contribution to the work of the
Diocese through the operation of the
ADF in 2012, to be approximately
$850,000, being the difference
between the market interest rates and
those charged on loans by the ADF,
together with the direct contribution
Parishes to which the ADF has advanced funds for
significant parish projects in the last two years include:
St Silas, Albert Park
St John’s, Cranbourne
Banyule Anglican Parish
St Clement’s, Elsternwick
Bellarine Anglican Parish
St Luke’s, South Melbourne
St Paul’s, Boronia
Christ Church, Melton
Holy Apostles, Sunshine Braybrook
Mt Eliza Anglican Parish
St Thomas’, Burwood
St Mary’s, North Melbourne
St John’s, Camberwell
St Mark’s, Templestowe
2 ADF 2012
by the ADF of $200,000 to the
operational costs of the Diocese.
The ADF Management Committee,
supported by the Diocesan Council,
has decided that in the future any
distribution of surpluses by the ADF
will be to the Church Extension and
Development Fund, which makes
capital grants for church growth in
new growth areas of the Diocese. We
think that this distribution of the ADF
surpluses is wholly consistent with the
purpose of the ADF.
These contributions and achievements
have been generated primarily
through the support of our investors
to demonstrate their belief in the
ADF’s purpose. They have invested
their funds with the ADF at interest
rates that have involved a sacrifice of
some income compared with what
they could have obtained elsewhere,
The ADF is grateful for this ongoing
support, which enables it to earn the
financial margin on transactions that
would otherwise typically go to the
banks.
With the ADF’s introduction of
electronic facilities in late 2011, the
ADF is now able to provide enhanced
products and services which at least
match those available elsewhere.
We hope that this will lead to an
even higher level of support from
our investors, particularly parishes,
whether borrowing or not, so that
the ADF can further increase its
contribution to the mission of the
Church.
Dr Graeme Blackman OAM
Chairman
ADF Management Committee
Statement of Comprehensive Income for the year ended 31 December 2012
20122011
$$
Interest and Investment Income
2,365,909
2,846,534
Interest Paid
1,567,539
1,584,103
Net Interest and Investment Income
798,370
1,262,431
Other Income
101,440
113,089
Total Operating Income
899,810
1,375,520
Employee Benefit Expenses
272,534
289,688
Depreciation Expenses
113,763
227,200
Management Fees
77,854
75,741
Other Operating Expenses
258,966
244,859
Total Operating Expenses
723,117
837,488
Net Operating Income
176,693
538,032
Net Gain (Loss) on Financial Assets
140,956
(673,106)
Total Comprehensive Income
317,649
(135,074)
Statement of Financial Position as at 31 December 2012
Assets
Current Assets
Cash and Cash Equivalents Receivables
Total Current Assets
Non-Current Assets
Financial Assets at Fair Value through Profit or Loss
Receivables
Investment Properties
Plant and Equipment
Total Non-Current Assets
7,006,210
8,865,254
27,837,33927,420,925
5,074,200
5,114,401
169,518
243,080
40,087,267
41,643,660
Total Assets
49,474,896
Liabilities
Current Liabilities
Payables
Interest Bearing Liabilities
Provisions
Total Current Liabilities
597,712500,334
44,755,668
41,486,369
44,45734,996
45,397,837
42,021,699
Total Liabilities
45,397,837
42,021,699
4,077,059
3,959,410
4,077,059
4,077,059
3,959,410
3,959,410
Net Assets
Equity
Accumulated Surplus
Total Equity
20122011
$$
9,085,315
4,105,052
302,314232,397
9,387,629
4,337,449
45,981,109
These summarised accounts are not the audited statutory accounts but a summary of information relating
to both the statement of financial activities and the balance sheet. The full financial statements, from
which this summary is derived, have been prepared by the Fund’s auditor and may be obtained by
emailing the ADF office at adf@adfmelbourne.org.au
ADF 2012 3
Thank you for your support...
By investing with the ADF you are…
•
•
•
•
making a tangible contribution to the ministry of your church
supporting capital developments within your parish and within the Diocese
not being charged any fees
able to access online services including transfers between accounts and BPay
and downloading of transaction histories
• able to access your funds at any time
• reassured your investments are secured by the Diocese
• able to access a flexible range of products
and your parish has…
• free use of the ADF’s credit card processing service
• experienced advisers to facilitate your next stewardship campaign
• access to funds for approved capital projects at competitive interest rates
Contact our friendly staff with any enquiries.
We will be pleased to assist you and provide helpful information on
our investment accounts on offer and our current interest rates.
Andrew Hibbard, Manager
Julie Sizer, Senior Customer Service Officer
Robyn Jones, Customer Service Officer
Neither the ADF nor the Melbourne Anglican Trust Corporation
(MATC) is prudentially supervised by the Australian Prudential
Regulation Authority (APRA) and investments in the ADF are not
deposits and do not obtain the benefit of the depositor protection
provisions of the Banking Act 1959 (Cth).
An investment in the ADF is designed for persons who wish
to promote the charitable purposes of the Anglican Diocese of
Melbourne and for whom the considerations of profit are not of
primary relevance to a decision to make an investment in the ADF.
Anglican Development Fund
The Anglican Centre, 209 Flinders Lane
Reply Paid 70597, Melbourne Vic 3000
Phone (03) 9653 4220
Fax (03) 9653 4239
Email adf@adfmelbourne.org.au
4 ADF 2012
www.adfmelbourne.org.au
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